treasurer's report 417 



The invested funds of the Society have been increased two thousand 

 dollars ($2,000) during the year, raising tlie total to five thousand dol- 

 lars ($5,000), the cost of which to the Society has been $5,120.86. 



The annual interest accruing upon these investments is two hundred 

 and seventy-three dollars ($273), or five and one-third (5a) per centum 

 upon the total cost, a very satisfactory rate considering the high charac- 

 ter of the securities purchased. 



The Council at its last meeting appointed the President, Treasurer, 

 and Professor Scott a committee upon investments, with instructions 

 to add fifteen hundred dollars ($1,500) to the invested fund. A most 

 favorable time for purchase came in March, 1898, Avhen war with Spain 

 appeared certain, and securities of all kinds dropped in price. The com- 

 mittee concluded to exceed the limits advised by five hundred dollars 

 ($500), and hence j)urchased two (2) one-thousand-dollar first-mortgage 

 5 i)er cent bonds of the Texas Pacific railroad, dated February 1, 1898, 

 and maturing June 1, 2000 A. D., with accrued interest from December 

 1, 1897, for the sum of nineteen hundred and seventy-six dollars and 

 twenty-five cents ($1,976.25). The interest upon these bonds is payable 

 semi-annually, June 1 and December 1. and as their current market 

 value is now $2,140, and the Society has already received one hundred 

 dollars ($100) interest thereon during the year, the Treasurer is of the 

 opinion that no mistake was made in exceeding the limit set by the 

 Council, and is only sorry that our resources at the time would not per- 

 mit the investment of an additional thousand. 



The " interest " item of $32.98 has accrued to the treasury from the 4 

 per cent ajlowed upon monthly balances with the Security Trust Com- 

 pany of Rochester, N. Y., where the Secretary deposits all the proceeds 

 I'rom sales of publications. This sum added to the amount, $275.50, re- 

 ceived during the j^ear from investments, makes a total of $308.48, no 

 inconsiderable sum, and largely offsetting the loss of revenue to the 

 Society from those whose names (37) have been droi)i)ed from the roll 

 for non-j)ayment of dues during the entire history of the Societ}'. 



The receipts from interest have shown a steady increase since the first 

 year of the Societ^^'s history, and the following summary exhibits their 

 rate of growth : 



Interest receipts 



1888-1889. . 



$16 63 



Interest receipts 1895-1896 . . 



191 00 



a a 



1889-1890. . 



51 34 



1896-1897.. 



220 34 



" " 



1890-1801.. 

 1891-1892.. 

 1892-1893.. 



100 32 

 102 73 

 150 15 



1897-1898.. 



308 48 



(1 f( 



Total receipts from in- 





" " 



1893-1894.. 



158 96 



terest, 1888-1898.... 



$1,470 01 



" " 



1894-1895.. 



170 06 







The detailed operations of the treasury are shown by the following 

 account of receipts and disbursements : 



LX— Bui.i,. Geol. Soc. Am., Vor,. 10, 1808 



