536 PROCEEDINGS OF THE PHILADELPHIA MEETING 



Branner in Europe, and he fully sustained the views of the Treasurer in 

 advising the acceptance of the same rather than a resort to the courts, 

 in which the costs, even if successful, would have much exceeded the 

 amount involved. 



With the receipts from this redemption and several fees for life com- 

 mutations the Treasurer had more funds than seemed advisable to retain 

 in bank at only 4 per cent interest ; so, in concurrence with Doctor Wal- 

 cott and Doctor Emmons, the two other members of the Committee on 

 Investments, the Treasurer purchased on April 11, 1904, three (3) $1,000 

 second mortgage 5 per cent bonds of the United States Steel Corporation 

 at 781 net, or $2,366.25, which yield an annual interest return of $150 

 in two payments (May 1 and November 1), or a little more than 6£ per 

 cent on the amount invested. These bonds are now (December 20, 1904) 

 quoted at 92?, and if the Council does not approve of the investment in 

 this class of securities, which yield the higher rate of interest, the bonds 

 can be sold at a profit to the Society and the proceeds reinvested in any 

 other securities which Council may prefer. At the time of purchase 

 these were the only bonds available which appeared to be reasonably 

 safe and would yield 6 per cent interest on the investment. 



The interest item from all sources ($576.98) has thus been consider- 

 ably increased over that ($328) for last year by this increase in the in- 

 vested funds from $6,300 to $8,300. 



On Account of Publication Fund 



The securities now owned by the Society (all of which are deposited 

 in the fire and burglar proof vaults of the Bank of the Monongahela 

 Valley at Morgantown, West Virginia) are as follows : 



March 17 and 25, 1898, two Texas Pacific Railroad first mortgage 5 percent 



bonds, cost $1,976.25 $2,000 



February 6, 1901, 10 shares of the capital stock of the Iowa Apartment 



House Company, Washington, D. C 1,000 



April 1, 1903, 20 shares of the capital stock of the Ontario Apartment 



House Company, cost $2,000 2,000 



May 5 and September 27, 1895, 3 first mortgage 6 per cent bonds of the 



Kingwood, Tunnelton and Fairchance railroad, cost $304 300 



April 11, 1904, 3 second mortgage 5 per cent bonds, United States Steel Cor- 

 poration, cost $2,366.25 3,000 



Total cost, $7,646.50 ; total par value $8,300 



The Texas Pacific and United States Steel bonds are quoted on the New York 

 Exchange at 119^ and 92^, respectively, on December 20, 1904. 



The general financial condition of the Society, as shown by the receipts 

 and disbursements for the past year, is exhibited in the following tabular 

 statement. 



