22 MARINE BIOLOGICAL LABORATORY. 



income-yielding securities, the remainder being in plant assets and 

 current assets. An additional sum of at least $200,000.00 is 

 available from the Friendship Fund for completion of the building 

 and its equipment, which will increase the assets of the Labora- 

 tory to considerably over $2,000,000.00. The securities belong- 

 ing to the "Reserve Fund" and the "Library Fund" of previous 

 reports were sold during the year at considerable profit as com- 

 pared with book value; the proceeds from the Reserve Fund were 

 applied on the purchase of the Hubbard property, and the money 

 from the Library Fund was used for purchase of books. These 

 funds were accumulated from small savings of many years past 

 for the purposes for which they were finally used. In the case of 

 the "Reserve Fund" it was felt that the ownership of such a 

 strategically placed piece of property as the Hubbard lot was 

 worth much more to the Laboratory than the securities in the 

 fund. The timeliness of conversion of the Library Fund into 

 books requires no comment. 



It will be observed that the current accounts of the year 1924 

 show a considerable surplus ($23,904.52) of income over expense 

 (Exhibit B of Treasurer's report). The operations of the year 

 were planned on the usual scale, without reference to the new 

 endowment fund, which was, however, paid in and invested early 

 in the year. The income, which was considerably increased by an 

 unusually good showing of the Supply Department (Exhibit B) 

 was thus largely in excess of requirements in spite of an additional 

 grant to the Library during the year, and repayment of loans 

 totaling $6,100.00. This surplus enables us to start the operation 

 of the enlarged plant with a considerable degree of confidence. 

 It should be said also that the estimates for the year 1925 show a 

 slight excess of income over expense including some unusual items. 

 The net impression of a study of the Treasurer's report is that the 

 Laboratory has an adequate financial foundation for its present 

 needs, but that the same rigid economy will be needed in the 

 future as in the past. 



4. Building Progress. As stated in the last report the Rocke- 

 feller Foundation made an appropriation of $500,000.00 for the 

 new building; Mr. C. R. Crane also gave a pledge on behalf of the 

 Friendship Fund to contribute whatever additional money was 

 needed, according to the architects' plans and specifications, for 



