To the President, Officers and Members of the Institute :
Gentlemen:—I have the honor to submit the following report of the financial transactions for the year 1885, as deduced from the accounts of the three gentlemen who have held office during that year.
The cash statement is as follows:
Receipts.
Balance on hand January 1, 1885, per report, | $ 427 | 79 |
From dues, |
| 53 |
From back numbers, returned and credited to dues, | 4 | 00 |
From life-membership fees (11), | 330 | 00 |
From subscriptions, | 613 | 90 |
From sales of publications, | 772 | 14 |
From extra binding, | 38 | 75 |
From interest on bonds, | 69 | 50 |
From premium on exchange, |
| 15 |
| $4217 | 76 |
Expenditures
For postage, freight, telegraphing and incidental expenses at headquarters, | $ 274 | 64 |
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For messenger at headquarters, | 295 | 86 |
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For stationery at headquarters, | 51 | 86 |
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For expenses of Branches, | 35 | 47 |
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For printing publications, &c., | 2812 | 56 |
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For copyright fees, | 4 | 00 |
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For advertising, | 20 | 00 |
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For purchase of back numbers, | 8 | 75 |
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For Prize Essay for 1885, | 100 | 00 |
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For engraving medal, | 1 | 00 |
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| 3604 | 11 |
Balance on hand January 1, 1886, | $ 613 | 65 |
Of this balance the sum of $206.12 belongs to the Reserve Fund to be invested as soon as practicable.
Bills outstanding—Printer’s bill, No. 35, not yet rendered, probably amounts to $600.00. | |
Bills receivable—Outstanding dues for 1884 and 1885, | $700 00 |
Publications sold late in December, 1885, | 200 00 |
Total | $900 00 |
The Reserve Fund.
This fund consists of the life membership fees and of certain surplus that has from time to time accumulated. During the year 1885 one United States 4 per cent, bond was purchased at $123.88, and there now remains the sum of $206.12 to be invested and credited to the Reserve Fund, which is to be held in perpetuity to guarantee the future interests of the Institute and of the life members in particular. The following bonds are now deposited in the vault of the Farmers’ National Bank of Annapolis for safe-keeping, viz.:
Eight (8) United States 4 per cent, of face value $50 each =$400; five (5) United States 4 per cent, of face value $100 each = $500; total face value $900. Market value $1108.10; New York quotation January 1, 1886, $1,234; interest payable quarterly from January 1 ; bonds run till 1907.
Two (2) District of Columbia 3.65 per cent, bonds of face value $500 each = $1000. Market value $1170; Washington quotation January 1, 1886, $1.17; bonds run till 1924; interest payable semi-annually, February and August.
Total face value of bonds, $1900; total market value, $2278.10.
Membership.
The total membership of the Institute now stands as follows:
Regular members,................................... | 580 |
Associate members,................................. | 121 |
Life members.......................................... | 60 |
Honorary members.................................. | 8 |
Total membership January 1, 1886, | 769 |
Total membership January 1, 1885, | 763 |
Net increase............................. | 6 |
During the year 1885.
| Regular | Associate | Life | Honorary |
Died, | 7 | 0 | 1 | 1 |
Dropped, | 14 | 0 | 0 | 0 |
Resigned, | 23 | 5 | 0 | 0 |
Transferred to life members, | 5 | 0 | ... | ... |
Joined | 28 | 19 | 7 | ... |
Publications.
The Institute has on hand back publications as follows;
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| Copies Plain. | Copies Bound. |
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| Copies Plain | Copies Bound |
No. | 1 | 199 | . . . | No. | 19 | 126 | . . . |
" | 2 | 253 | . . . | " | 20 | 135 | . . . |
" | 3 | 80 | . . . | " | 21 | 218 | . . . |
" | 4 | 170 | . . . | " | 22 | 297 | . . . |
" | 5 | 138 | . . . | " | 23 | 210 | . . . |
" | 6 | 22 | . . . | " | 24 | 218 | . . . |
" | 7 | 28 | . . . | " | 25 | 110 | 48 |
" | 8 | 52 | . . . | " | 26 | 234 | 74 |
" | 9 | 58 | . . . | " | 27 | 306 | 27 |
" | 10 | 15 | . . . | " | 28 | none. | 6 |
" | 11 | 233 | . . . | " | 29 | 318 | 26 |
" | 12 | 52 | . . . | " | 30 | 262 | 6 |
" | 13 | 12 | . . . | " | 31 | 150 | 58 |
" | 14 | 10 | . . . | " | 32 | none. | 190 |
" | 15 | none. | . . . | " | 33 | 32 | 146 |
" | 16 | 238 | . . . | " | 34 | 109 | 102 |
" | 17 | none. | . . . | " | 35 | 190 | 72 |
" | 18 | 67 | . . . |
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The archive set, complete in twelve volumes, bound in full turkey, and nine copies of Vol. X., in two parts, bound in half-turkey.
In conclusion, I beg to state that the business affairs have increased so much in detail and importance that the best interests of the Institute demand the services of an individual who can devote his entire time to the work, and I respectfully suggest that an officer be specially detailed for this position.
JNO. W. DANENHOWER, Lieut. U. S. N.,
Secretary and Treasurer.