320 THE NATIONAL GEOGRAPHIC MAGAZINE 



Table showing Progress of the National' Geographic Society since 1907 



THE society's reserve EUND 



I beg once more to call attention to the 

 great wisdom of the Board of ]\Ianagers 

 in adding to the reserve fund of the So- 

 ciety a large per cent of its income each 

 year. If this policy had not been pur- 

 sued, we would not have been able to 

 erect our new building, and the present 

 accommodations for the greatly increased 

 business of the organization would have 

 been lacking. 



In view of the increasing activities of 

 the Society, the Board of Managers 

 deemed it advisable in 19 14 to purchase 

 a large unimproved property fronting on 

 1 6th street and adjoining its present 

 buildings (see page 262). 



The present assets of the Society, of 

 $368,650, are divided as follows : 



Cash $35,766 . 70 



Bonds and mortgages 51,238.90 



Administration building and land.. 165,886.32 



New land 105,188. 13 



Publications at cost 10,570.00 



$368,650.05 



While the sum total is gratifying, it is 

 very small compared to what a society of 

 the size and influence of the National 

 Geographic Society ought to have if its 

 work is to become permanent. The re- 

 serve represents about one dollar per 

 member. 



The recommendations for research for 

 the coming year call for an appropriation 

 of $35,000. This is the equivalent of 5 

 per cent on $700,000. In other words, 

 our Magazine represents an endowment 

 for exploration and research of three- 

 quarters of a million dollars. 



distinguished speakers 



During the year the National Geo- 

 graphic Society has been addressed by 

 President Wilson, ex-President Taft, ex- 

 President Roosevelt, Colonel Goethals, 

 and many travelers and explorers, and 

 the lecture course has been made practi- 

 cally self-supporting by the action of the 

 Board in slightly increasing the price of 

 the lecture tickets to resident members. 



During the year 2,100,000 letters and 

 100,000 postal cards were mailed from 

 the office to the members of the Society, 

 an average of over 700 letters for each 

 working day. 



In conclusion, the Director and Edi- 

 tor wishes to express his hearty apprecia- 

 tion of the efficient and faithful assist- 

 ance of the Associate Editor, John Oliver 

 La Gorce ; of George W. Hutchison, As- 

 sistant Secretary ; of Frederick Eichel- 

 berger, Assistant Treasurer, and of every 

 other member of the staff. 



GiEBERT H. Grosvenor, 



Director and Editor. 



