treasurer's report 483 



(apartment houses) in a city like Washington is sure to enhance in value, 

 thus yielding an increasing rate of interest instead of a diminishing one. 



In consequence of this Cosmos Club bond redemption the invested 

 fund has decreased $700 since the last statement and now amounts to 

 only 84,300, which sum represents 43 life commutation fees. This leaves 

 10 life commutations, or $1,000, immediately available from the treasury 

 for permanent investment in the publication fund, according to the Con- 

 stitution. 



The Society continues to realize 4 per cent on monthly balances from 

 the Security Trust Company of Rochester, New York, where all surplus 

 moneys are kept, the receipts from this source during the year having 

 amounted to $100.61, and the " interest " items from all sources foot up 

 $383.24, a very snug sum considering the general reduction of interest 

 rates that has taken place in recent years on all classes of good secur- 

 ities. 



In spite of the extra expenditure of $501.75 for printing the special 

 index of the first 10 volumes, the total balance for the } T ear is $3,600.32, 

 from which, after deducting the $1,000 previously referred to as belong- 

 ing to the life commutation or publication fund, we have left $2,600.32 

 available for general purposes. The Treasurer would suggest that at 

 least $1,000 of this, making $2,000 in all, be invested on account of the 

 publication fund, thus increasing it to $6,300, and providing for the ad- 

 ditional life commutation fees that are soon sure to be paid by the w r ise 

 forethought of both new and old Fellows. 



The detailed financial statement for the year with all known bills 

 settled to December 1st, including the entire cost of volume 12, is on 

 the preceding page. 



Respectfully submitted. 



I. C. White, 



Morgantown, West Va., December 20, 1901. Treasurer. 



Editor's Report 



To the Council of the Geological Society of America : 



Volume 12 was completed November 27. 1901, by the issuing on that 

 date of the proceedings brochure of the Albany meeting. It forms a 

 book of 538 pages, with xii pages of preliminaiy matter, and is illus- 

 trated with 45 half-tone plates and 28 line cuts. It is slightly below T the 

 average of the first ten volumes in pages, but is nearly double in 

 plate illustrations. This reflects the Society's generous polic}^ in this 

 direction and indicates the appreciation by the members of the facilities 

 afforded. While the number of plates in volume 12 are less than those 



LXX— Bum.. Geol. Soc. Am., Voi,. 13, 1901 



