To THE OFFICERS AND MEMBERS OF THE INSTITUTE:
Gentlemen:—I have the honor to submit the following report for the year ending December 31, 1908.
ITEMIZED CASH ACCOUNT.
RECEIPTS DURING THE YEAR 1908.
Items. First Second Third Fourth Totals.
Quarter. Quarter. Quarter. Quarter.
Dues $1,307.55 $653.10 $230.77 $237.00 $2,428.42
Subscriptions 481.15 384.26 291.96 279.85 1,437.22
Sale of extra
Publications 5,471.20 4,903.56 4,807.41 7,186.27 22,368.44
Sale of
Proceedings 204.38 54.02 14.84 103.88 377.12
Advertisements 350.00 366.12 139.69 541.66 1,397.47
Interest on
Investments 303.50 283.75 202.47 426.49 1,318.21
Binding 17.30 13.05 0.00 2.08 32.43
Credits 2.30 .54 1.10 .58 4.52
Postage .12 10.12 4.40 3.20 17.84
Expressage 0.00 0.00 .75 .35 1.10
Premium on
Draft 0.00 0.00 .18 .04 .22
Bonds 0.00 0.00 0.00 2,917.50 2,917.50
Rebates on
Insurances, etc. 0.00 0.00 0.00 87.60 87.60
Totals $8,137.50 $6,668.52 $5,795.57 $11,786.50 $32,388.09
EXPENDITURES DURING THE YEAR 1908.
Items. First Second Third Fourth Totals.
Quarter. Quarter. Quarter. Quarter.
Printing and binding
Proceedings $678.76 $1,162.38 $968.27 $913.65 $3,723.06
Printing and binding
extra publications 2,072.35 2,284.74 1,644.40 7,319.28 13,320.77
Authors of text books 0.00 400.00 100.00 2,418.40 2,918.40
Salaries 750.00 750.00 750.00 750.00 3,000.00
Paid contributors 378.00 415.00 326.50 430.00 1,549.50
Postage, drayage,
expressage and
telegrams 132.02 136.83 173.97 142.45 585.27
Stationary 9.51 39.35 0.00 98.72 147.58
Furniture 3.00 0.00 0.00 16.65 19.65
Prize Essay award 215.75 10.00 0.00 0.00 225.75
Honorable mention
awards 180.00 0.00 0.00 0.00 180.00
Advertising 15.00 17.85 0.00 0.00 32.85
Purse of books
mainly for sale 0.00 59.13 65.75 14.50 139.38
Rebate to Mid’s
Storekeeper 0.00 23.40 0.00 0.00 23.40
Purchase of back
numbers of
Proceedings 0.00 10.00 0.00 9.50 19.50
Baltimore bonding Co 0.00 0.00 7.50 0.00 7.50
Purchase of bonds 0.00 0.00 0.00 2,917.50 2,917.50
Insurance 0.00 0.00 0.00 80.00 80.00
Royalty on War on
the Sea 0.00 0.00 0.00 40.00 40.00
Discount on money
order and drafts .04 0.00 .07 .63 .74
Miscellaneous 5.94 18.95 0.00 8.00 32.19
Totals $4,439.67 $5,327.63 $4.036.46 $15,159.28 $28,963.04
SUMMARY.
Balance unexpended January 1, 1908, including $30.00 to the
credit of the reserve fund $28,409.70
Total receipts for the year 1908 $32.388.09
Total available cash for the year 1908 $60,797.79
Total expenditures for the year 1908 $28,963.04
Balance unexpended January 1, 1909 $31,834,75
Bill receivable for back dues 1,579.58
Bills receivable for binding 18.10
Bills receivable for subscriptions 111.22
Bills receivable for extra publications 3,825.81
Bills receivable for advertisements 357.29
Value of back number of the Proceedings 300.00
Value of Institute property 200.00
Value of extra publications 2,500.00
$40,726.75
Liabilities 1,126.01
Total assets $39.600.74
RESERVE FUND.
Baltimore & Ohio and Northern Pacific Bonds $4,683.14
The balance, #31,847.22, unexpended January 1, 1909, is distributed as follows:
Deposited in Seaman’s Bank and Savings $3,000.00
Deposited with R.I. Hospital Trust Co. 2,601.28
Deposited with Society for Savings, Harford, Conn 2,639.30
Southern Railway bonds 2,266.25
Washington R.R. and Electric Co.’s bonds 1,715.00
Northern Pacific and Great Northern bonds 7,945.00
Potomac Electric Power Co.’s bonds 2,115.00
Northern Pacific bonds 6,581.20
Baltimore & Ohio R.R. bonds 529.36
Farmer’s National Bank, Annapolis, Maryland 2,033.23
Checks in safe in Institute office 361.63
Money orders in safe, Institute office 11.40
Cash in safe, Institute office 36.10
$31,834.75
Respectfully,
PHILIP R. ALGER, Professor U.S. Navy, Secretary and Treasurer
The books of the Institute have been examined from January 17, 1908 to January 20, 1909, and found to be correct, and the balance sheet verified.
W.H.G. BULLARD, Lieut.-Commander, U.S. Navy.
N.M. TERRY, Professor, A.M., Ph.D.
H.F. BRYAN, Lieut.-Commander, U.S. Navy