170 
was asked if it would cooperate with the Society, take charge of 
the business management, and assume certain financial responsi- 
bility. 
The Trustees of the Garden approved the recommendation of 
the Director that this proposal be accepted, and he was authorized 
to execute, on behalf of the Garden, the Agreement under which 
the Society and the Garden have cooperated in the production of 
the Journal since January, 1914. 
It was the present Business Manager who christened the new 
publication, ‘* AMERICAN JOURNAL oF Borany,” and prepared the 
first dummy, establishing the physical characteristics of the Jour- 
‘ ” 
nal. 
From a circulation of less than 400 and a budget of $1775 in 
1914, the Journal grew to a circulation of 1,673 and a budget of 
$19,073.51, as of November 30, 1930, dropping to a circulation of 
1,561 and a budget of $10,810.44 as of November 30, 1935. The 
largest circulation for the 22 year period was 1,704 in 1931. 
By the terms of the Agreement, the Botanic Garden assumed 
financial responsibility for three years of not to exceed $1,000 a 
year for deficits. Vhe Society made an initial contribution of 
$300, and agreed to contribute to the Journal each year the total 
interest income on its invested funds. 
The initial subscription price to non-members was $4.00, and 
to members of the Society $3.00. The steady increase in the cost 
of labor and materials brought about by the World War made it 
necessary to advance the subscription price to $5.00 in 1917, to 
$6.00 in 1920, and to $7.00 in 1927. Notwithstanding these neces- 
sary increases, the number of non-member subscriptions increased 
about 800 per cent (from about 50 in 1916 to 473 in 1931, dropping 
to 440 in 1935). This was brought about, in large part, by 
extensive worldwide advertising. 
The subscription price to members was advanced to $3.50 in 
1918. The advance in the subscription price to non-members (as 
of 1935) was 75 per cent, but to members only 1625 per cent. 
While the Business Management supplied the Journal to members 
at a discount of 25 per cent on a $4.00 subscription for the first 
three years, the members’ discount for the last nine years has been 
50 per cent on a $7.00 subscription. 
