62 INTRODUCTORY PROCEEDINGS. 



Acting Secretary Baxter: — Gentlemen, it gives me great pleasure to be of service 

 to the Society at any time. Following the example of many distinguished men, I shall serve 

 as Secretary vi^ithout compensation; and, furthermore, my salary as Honorary Vice-Presi- 

 dent is hereby donated to the Society. 



This report has been distributed throughout the room. It shows a very satisfactory 

 condition as regards the members and financial position of the Society. We came to the 

 meeting last year with 1,521 members, and th,is report shows that we elected 241 new mem- 

 bers at the last annual meeting. Since that time we have lost 81 members by death, resig- 

 nations, etc., making our net increase 160, and the present total membership is 1,681. De- 

 spite present conditions, we are coming to this meeting with 122 new applications, with 

 many more still expected from recent appeals to members to bring in at least one new 

 member. 



The report shows that we have increased our resources by the addition of a $5,000 U. S. 

 Certificate of Indebtedness and a $3,000 Bank of America Certificate of Deposit. The 

 depressing effect of business conditions at the present time is shown in the amount owing 

 for dues, a total of $5,705, but a considerable number of those in arrears have written ex- 

 pressing their intention to remit at an early date. 



The Secretary-Treasurer and the Committee on Papers have endeavored to effect a 

 reduction in the cost of printing the preliminary papers and the volumes. The cost of the 

 papers and the volume for 1920, when compared with the cost of the papers and volume 

 for 1919, shows a reduction of nearly $2,800. 



It will be noted under Exhibit "B" that 25 per cent has been deducted for deprecia- 

 tion of the value of the publications on hand. Undoubtedly the older volumes have depre- 

 ciated in selling value and some reduction should have been made. 



The increase in rent is due to the fact that we were required to move to a larger ofifice 

 in June, 1920, in readjusting space in the Engineering Societies Building. 



The increase in salaries was incidental to the appointment of an assistant to the Secre- 

 tary-Treasurer, with some clerical assistance in the office, which is also the reason for the 

 increase in office expenses over last year; but this latter item includes a large amount of 

 circularizing made in an effort to sell publications on hand and to procure new members. 



Exhibit "B" shows a surplus of income over expenses amounting to $6,507.68, which 

 means that our present worth has increased from $14,431.16 to $20,938.84, whereas the last 

 report showed we suffered a loss of nearly $2,000 in this respect. 



A most gratifying feature of the report is the steady advance shown by the increase 

 of the Endowment Fund from $36,379.05 to $40,530.84, being an increase of $4,151.79. 



The President : — Gentlemen, you have heard the report of the Secretary-Treasurer, 

 which was approved by the Council at its meeting yesterday, and accepted as the report of 

 the Council to the Society. 



Motion was made, seconded and adopted that the report of the Secretary-Treasurer 

 as approved by the Council be accepted. . 



The President : — During the past year, the Society, as noted by the Secretary, has 

 lost by death a substantial number of its members. Following our usual custom, the mem- 

 bers present will please rise while the Secretary reads these names. 



