18S0.] NATURAL SCIENCES OF PHILADELPHIA. 397 



The following reports were read and referred to the Publication 

 Committee : — 



REPORT OF THE PRESIDENT 



For the Year ending November 30, 1880. 



Nothing has occurred during the year to disturb the Societ}^ in 

 its usual course. It is a source of satisfaction that its financial 

 condition is better now than it was at the close of last j-ear. 

 Although its current income is not yet quite equal to the sum it 

 needs or desires, it still remains free from debt. 



The effort begun more than a j'ear ago to collect subscriptions 

 for the purpose of establishing a maintenance or working-fund, 

 has not been as successful as was expected. The aggregate of 

 subscriptions is now $2680, of which $1550 have been paid. It 

 may be hoped that at the close of 1881 the Treasurer will be able* 

 to report that the Maintenance Fund has been largely increased. 

 The eftbrt should not be abandoned in despair. 



In this connection it may be mentioned that an addition of 

 $3000 to the permanent fund of the Academy' has been made by 

 reserving for investment, under a by-law (Chapter IX) enacted 

 Ma}^, 1876, all moneys received from members for commuting 

 their semi-annual contributions, as long as they may retain their 

 membership. This commutation fee is designated life-membership, 

 and the fund accruing from it is convenieutl}^ called the Life- 

 membership Fund. The income from it is applicable to the pay- 

 ment of the ordinary expenses of the society. 



The Charlotte M. Eckfeldt Fund, formed of money received, 

 June, 1879, from the executors of the late Mrs. C. M. Eckfeldt, 

 who made the Academy one of her residuary legatees, amounts to 

 $2466.86. The income from it has been temporarily assigned to 

 the use of the Publication Committee, 



The heirs of the late Mr. Joshua T. Jeanes, who died suddenly 

 January 3d, 1880, have generously given to the Academy twenty 

 thousand dollars, the sum which he had indicated his intention to 

 bequeath to the Society in an unsigned codicil to his last will. 

 The money has been invested in approved mortgages, and b}^ 

 order of the Academy constitutes the Joshua T. Jeanes Fund, the 

 income from which has been duly made applicable, like that of 

 the Maintenance Fund, to the general purposes of the society. 



