1890.] NEW YORK ACADEMY OF SCIENCES. 205 



to $218.39, and every year the premium on the U.S. 4 per cent 

 consols is steadily decreasing, and whereas by investing the 

 securities in a 5 per cent bond and mortgage the annual income 

 would be increased to 8327.80; therefore it is 



Resolved, That Chapter X., Section 1, of the By-Laws be 

 amended so as to read as follows: All such contributions and 

 other permanent funds of the Academy shall be invested in 

 Unitpd States or in New York State securities, or in bonds and 

 mortgages on improved real estate in the cities of New York or 

 Brooklyn; and further be it 



Resolved, That the Treasurer, with the approval of the Coun- 

 cil, be authorized to sell the United States 4 per cent consols 

 nnd invest the proceeds of such sale, together with the savings 

 bank moneys, in a good and proper bond and mortgage, such 

 bond and mortgage to be approved by the Council and the Fi- 

 nance Committee. 



This resolution was amended by inserting after " Brooklyn " 

 the words *' which shall be a first lien thereon, and shall not ex- 

 ceed 65 per cent of the value thereof." In this shape the reso- 

 lution will lie over until the October meeting, and may then be 

 acted upon. 



Statement of the condition of the assets of the Academy, 

 showing the increased income to be derived by proposed change: — 

 I3,800U.S. Govt. 4percents, coupon, 



300 " '' " " registered 84,100 00 



Premium at 22 per cent , 902 00 



Publication Fund (Savings Bank) 658 80 



General Fund 895 37 



Total assets 86,556 17 



Interest on 86,556.17 on bond and mortgage at 5 per cent. .8327 80 

 Present income 218 39 



Balance in favor of bond and mortgage 8109 41 



PuoF. Martin read the following papers by title: — 



(l.) THE NEW METEORIC IRON FROM PULASKI CO., YIRGIISriA. 

 (ll.) METEORIC IRON FROM BUTTE, MONTANA. 

 BY GEORGE F. KUNZ. 



