336 JOURNAL OF FORESTRY 



from the purchase price of $35,270.30 to a market value of $16,417.50, 

 a loss of $9,852.80. This leaves a net market value of all assets on 

 this date, of $8,642.51 of which $5,000 cannot be expended, leaving 

 the actual cost value of $3,642.51 of the life membership fund of 

 $17,733.73 intact, or a difference in this fund of $14,091.22. A por- 

 tion of this value will probably be regained should these securities 

 rise in price, but some, at least, as for instance, one $1,000 bond of the 

 Russian government may be considered lost. 



In order to meet these deficits the executive committee on October 

 14, 1920, voted to approve a transfer of $7,000 from these trust funds, 

 to current incomes which transfer had already been made as follows: 



June 30, $1,000 

 Sept. 30, 0,000 



$7,000 



and also voted to raise the annual dues from S3 to $4 an act wJiich 

 required ainciidurcnt of the b\-hnvs in an annual meeting. Bills were 

 sent out in December, 1920, for $4 for the year 1921. 



On November 4, 1920, the minutes of the executive committee meet- 

 ing of October 14 of that year were read and approved by the Board 

 of Directors. This action was probably intended to repeal the vote of 

 the Board taken on January 14, 1914, the Secretary having stated that 

 according to the minutes of the meeting providing for the disposition of 

 the sinking fund, the money could be used in this manner. Since the 

 sinking fund, which was to provide for cancelling the bonds, and the life 

 membership fund, were entirely separate, and the Board had never 

 voted to repeal their former action, they probably acted in ignorance 

 of the true status of this life membership fund in confirming this action 

 of the executive committee. The measure had been approved by Mr. 

 Pack on October 15. 



The sinking fund ceased to exist on cancellation of the bonds, and it 

 would appear that these facts were not understood either" by the exec- 

 utive committee nor by the Board in thus voting to expend what had 

 been set aside as capital funds for a definite purpose in 1914. 



On February 25 the annual meeting voted to amend the by-laws by 

 which the price of the magazine should be $4. No financial statement 

 was read or available at this meeting:. 



