564 PROCEEDINGS OF THE XEW YORK MEETIXG 



Tbeasuree's Report 



To the Council of the Geological Society of America: 



The Treasurer herewith siibmits his annual report for the year ending 

 December 1, 1906. 



On this latter date two (2) Fellows were liable to be dropped from the 

 roll for non-payment of dues, in accordance with section 3, chapter 1, of 

 the By-laws; six (6) were delinquent for two years, while thirty-one (31) 

 had not yet paid for the present year. 



Since December 1 8 of these have paid, leaving only 4 delinquent for 

 1905 and 1906 and 25 delinquent for 1906. 



Five (5) Fellows, A. P. Low, A. P. Brown, E. A. Daly, S. H. Ball, 

 and P. G. Clapp, have commuted for life by the payment of $100.00 

 each, thus increasing the total Life Commutations to eighty (80) at the 

 present time. 



The Permanent Publication Fund (only interest of which can be used 

 for the current expenses of publication) was both decreased and increased 

 during the year. This Fund amounted to $9,300.00 at the date of the 

 last statement, of which $300.00, representing three (3) bonds of the 

 Tunnelton, Kingwood and Fairchance railroad, matured during the year 

 and were redeemed under date of July 28, 1906, at par and accrued inter- 

 est. To offset this reduction of invested funds, 10 more shares in the 

 Ontario Apartment House Company of Washington, D. C, were pur- 

 chased b}^ myself and j\Ir Emmons, the majority of the Committee on 

 Investments, under date of March 24, 1906, thus increasing this fund to 

 exactly $10,000.00 par vahie, half of which yields 6 per cent interest and 

 the other half 5 per cent, or a total of $550.00 annually. The entire 

 cost of the Publication Fund was $9,342.50, so that the rate of interest 

 on the actual investment is nearh" 6 j^er cent. The total interest received 

 during the year from these permanent investments ($517.33), increased 

 by that ($64.38) on monthly balances from the Security Trust Company 

 of Eochester, New York, amounts to $581.71, while $120.00 more will 

 accrue (on the 40 shares of the Ontario Apartment House Company 

 stock) January 1, 1907. 



A table showing the growth of the Publication Fund and these interest 

 items from the beginning of the Society's financial history will prove both 

 instructive and useful. 



Tlie first purchase on account of permanent investments was made 

 during the incumbency of my predecessor in the Treasuryship, Professor 

 H. S. Williams, on April 1, 1891, when a $1,000.00 seven per cent bond 

 of Tioga township, Kansas, was bought at a cost of $1,140.25; so that 

 M'hen the present Treasurer assumed the office, January 1, 1892, the in- 



