FINANCIAL
EXHIBIT Β
Financial The audit of t h e books covering the year 1951 b y F . W . Lafrentz & Co., which follows, is respectfully brought to t h e atten tion of the members. ROBERT V. M E L L E F O X T , Treasurer;
W M . MUEHLHAUSE,
Controller
EXHIBIT A AMERICAN CHEMICAL SOCIETY Balance Sheet December 3 1 , 1951 ASSETS"
S t a t e m e n t o f Income and Surplus—General Fund For t h e y e a r ended D e c e m b e r 3 1 , 1951 I n c o m e from P u b l i c a t i o n s : Advertising sales $2,320,615.01 814.400.01 Less—Agency commissions 850.318.71 Cash discount 35.SOS.10 N e t Advertising Sales $ 1 .470,206.30 789.S90.60 Subscription sales A l l o c a t e d f r o m m e m b e r s ' d u e s t o c o v e r sub»crir>tions t o t h e 247.031.00 v a r i o u s p u b l i c a t i o n s in a c c o r d a n c e w i t h t h e B y - l a w s 71,300.23 Rack numbers 58.217.40 Postage—Foreign subscriptions 14.107.77 I n c o m e f r o m s a l e s of m i s c e l l a n e o u s p u b l i c a t i o n s I n c o m e d e f e r r e d f r o m 1 9 5 0 t o c o v e r c o s t of last 1 0 5 0 i s s u e of OS.500.00 Chemical Abstracts $2.720.039.39 Total Income from Publications C O S T O F PUBLICATION'S:
CURRENT ASSETS:
Cash in h a n k s a n d on h a n d Accounts rerpi v a l > l e — a d vertising $ Less — P o m missions payable» u p o n col lection Se-i.702.8A Reserve for d o u b t f u1 a c counts 11 . S 5 0 17
«5
0 5 2 . 481
Editorial Expense: Journal of the American Chemical S-*·.»/ Analytical Chemistry Chemical and Engineering Xe't> Total Editorial E x p e n s e P r i n t i n g c o s t for a d v e r t i s i n g Circulation servicing Circulation promotion Circulation administration Rack numbers Miscellaneous publications T o t a l C o s t of P u b l i c a t i o n s N e t O p e r a t i n g I n c o m e f r o m Publication*» S u b s i d y a l l o c a t e d f r o m m e m b e r s ' duc> N e t I n c o m e from Publications
I·»
222.318.7S
145 .70."» 7 5
7Γ>.Γ>43.03 S u n d r y advancp.* an«l deposit»» - n e t Inventories—at cost: Postage, stationery an·! supplies $ 5 . 5 8 5 0Λ Membership pins 1 . Π 0 10
8 . .mo 5 7
ο. 000
P u b l i c a t i o n s , at n o m i n a l a m o · ;i r i t Prepaid expenses
EARMARKED
S ι . ι ? 3 . oo ι $r> Value 7 4 0 . 4 0 0 08
Frxnf· (ΓΟΝ-ΤΠΑ)
— E x h i b i t 1>: Investments Cash
$ 2 . 7 3 1 , 0 3 6 07 290.-J ΛI . 2 1
3 . 0 3 1 . 3 8 7 28
FIXED ASSETS:
Land a n d buildings Less—Reserve authorized b y t h e B o a r d of I>iroetors S Accumulated deprecia tion
210.000 oo
s
104 . 0 0 0 . 0 0 1 .00 104.001
00
net
24.108
11
23 .250 75 851.30
S
Total Deferred E x p e n * Total Assets
S 5 . 0 2 2.0ΛΟ 33
LIABILITIES A N D RESERVES CURRKVT LIABILITIES:
A c c o u n t s p a y a b l e , t r a d e creditor;» $ 70.333.81 C a s h r e c e i v e d for a d v a n c e d u e s , s u b s c r i p t i o n * . etc. 027.430.35 Cash held in suspense p e n d i n g allocation 148,701 .05 Photocopying coupons redeemable 41 , 8 5 1 . 0 0 Fellowships 1,205.00 Withheld taxes 310.30 T o t a l Current Liabilities 75th Anniversary committee International Congress Publicity Chemical Exposition supplement
S Otnmittee
NO. 8
525.00 032.20 233,353.02 18.211.53 121,194.67 84.154.73 70,227.67 31,543.80 5.660.34 3.000.00 80.135.66 43,221.30 12,433.29 9,203.02 5,363.92 4,000.00 626.33
1951
s 125.300 00 15.000 00
\
720 .402 .48 182, . 8 3 0 03
§
140 . 3 0 0 00 M 2. 5 3 0 .03
s
575 . 0 7 0 34 017 . 0 0 0 07
General Investments December 3 1 . 1951
Bonds 12.037.72
1 0 2 . 7 3 1 .29 $4. , 4 0 5 , 0 5 3 .30 0 1 7 , 0 0 0 .97 $ 5 . . 0 2 2 . 0 0 0 33
3 0,
4 0 2 . 0 1 0 31 9 1 2 , 3 2 3 . 11
EXHIBIT C
Total Deferred Income
V O L U M E
INCOME FOR T H E Y E A R
Less: T r a n s f e r t o Chemical Abstracts Fund T r a n s f e r t o R e s e r v e for N a t i o n a l M e e t i n p Net A m o u n t to Surplus S U R P L U S — E x c e s s of A s s e t s o v e r L i a b i l i t i e s : B a l a n c e , J a n u a r y 1. 1 0 5 1
10.280.24 1.740.30 17.18
R e s e r v e for d e c l i n e in v a l u e o f i n v e s t m e n t s SI 00.000 R e s e r v e for n a t i o n a l m e e t i n g s 30,000. B a l a n c e of a u t h o r i z e d a p p r o p r i a t i o n s n o t e x pended Total Reserves Total Liabilities a n d Reserves S U R P L U S — E x c e s s of Assets over Liabilities Kxbil it R
s
E X C E S S OK A S S E T S O V E R L I A B I L I T I E S — E X H I B I T A
RESERVES:
Total
NET
S I , 1 0 8 . 8 0 7 07 3 t 0 3 1 r 3 8 7 28
EARMARKED FUND» (CONTRA) D E F E R R E D INCOME:
1 .705.11
C h a i r m a n of t h e B o a r d ' s office P r e s i d e n t ' s office E x e c u t i v e S e c r e t a r y ' s office T r e a s u r e r ' s office Local sections National meetings N e w s service Special c o m m i t t e e s Manpower study F i l m of I n t e r n a t i o n a l C h e m i c a l C o n c l a v e E m p l o y e e s r e t i r e m e n t plan e x p e n s e Building maintenance Legal a n d auditing Social Security taxes P r o v i s i o n for d o u b t f u l a c c o u n t * Microfilming records Incidentals Total Other Expense
EXPENSES:
Miscellaneous publicat ions C o s t of m a i l i n g l i s t s
315.802.00 1 3 7 . 0 0 7 SO 3 2 . 0 2 0 43 5.715.00
ΟΤΠΒΒ EXPENSE:
100 . 0 0 0 0 0
10.000 00
^551^975^62 108,0673.77 _25U340.00 4107403.77
CROSS INCOME—
00.000.00
F u r n i t u r e a n d fixtures, a t n« «Mutual a m o u n t Total Fixed Assets DEKKRRED
S
82,SârS.25 15,044 80 36,102.49 40,148.04 11.813.80
M e m b e r s ' a n d s t u d e n t affilia t e s ' d u e s , n e t of a m o u n t allocated to publications income S323.S5 2 t L e s s — A l l o c a t i o n of c o r p o ration m e m b e r s ' dues t o Chemical Abstracts deferred i n c o m e 7.0!*Ο ( N a t i o n a l m e e t i n g s — r e g i s t r a t i o n f«-es. e t e . N e t i n c o m e from i n v e s t m e n t s Rental Income from buildings N e t i n c o m e f r o m s a l e s of m e m b e r s h i p pii a n d certificates, a n d mailing li-ts Total Other Income
SECURITY TXVKSTMKNTS—AT COST:
General Fund (Quoted Market $ 8 8 6 , 0 3 3 . 0 2 ) — Exhibit C
400.157.07
OTHER INTOMB:
05
1 00 ->oo 0 0
Total Current Assets
254.585.22 531.107.33 300.130.00 150.100.21 585.851.52 SI,887.840.37 S
FEBRUARY
Principal % mount
Illinois Rell Telephone Co.. 2*/*%, 1 s t A ' s , d u e 1 - 1 5 - 8 1 S 25.«)«) 0 0 Philadelphia Electric Power C o . . 2s/e%, 1st mortgage, d u e 5 0 . 0 0 0 . On 7-1-75 U. S . S a v i n g s B o n d s . Series F . 5.000 00 registered, d u e 9 - 1 - 5 4 U. S. T r e a s u r y N o t e s . Ι ' / ΐ ' Ί , 150.ono oo S e r i e s A, d u e 3 - 1 5 - 5 5 U. S. Treasury R o n d s , i · / * ^ . 1 5 0 . 0 0 0 UO due 6-15-72/67 U. S. T r e a s u r y B o n d s , 2 · / » ^ . due 1 2 - 1 5 - 7 2 / 6 7 1 oo.ooo.oo
2 5, 1 9 5 2
At Market
At C o * t L e s s Amortization of P r e m i u m
S 2 3 . 3 13 7 5
S 23 7 0 1 . 1 3
4 0 . 0 0 0 0O
51.002.20
4.500 00
4 .500.00
1 4 7 . 2 3 1 37
150.000.00
1 U.1S7.50
151 .ΟΙΟ '.«S
'.+0.125.00
101 . 5 0 0 0 0
793
A C S O F F I C I A L REPORTS 1 9 5 1 Schedule 1 American Chemical Society Educational Fund
Preferred Stocka Shares American Tobacco C o . . 6 % cumulative D o w Chemical Co., $4.00 cumu l a t i v e . Series A M. I. d u P o n t d e N e m o u r s a n d Co., $4.50 cumulative
200
26.000.00
2S.200.00
100
9.925.00
10.500.00
34.425 00
37.110.00
200
22.750 00
17.706.59
205 200
3 741.25 12, 4 5 0 . 0 0
3.734.26 11 . 1 9 1 . 2 5
300 110 400 600 500 200 572 4O0 300 200 Si5 304
27. 5, 23 31 27 9 19 19, 10 14, 61 30
600.00 060.00 800.00 200.00 312.50 850 0 0 305.00 700.00 537.50 950.00 736.25 438.00
11.688.75 3.707.58 16.641.36 17,582.99 12.050.00 4.811.94 18.362.41 11.285.00 3.697.89 5.430.00 20.523 61 10.828.39
3(10 600
H> 15
.50 .00
6.344.00 14,268 7 5
$886.633.62
$749.469. 0 8
Stocks
T o t a l —Exlhir.it A
EXHIBIT D
C o m p o s e d of Investments
·>
American Telephone a n d T e l e g r a p h C o . . 2*/e% d e b e n t u r e . $ 75,000.00 due 7-1-SO C o n s o l i d a t e d Gas. E l e c t r i c L i g h t and Power C o . Baltimore. 2 7 / e % 1 s t refunding m o r t g a g e , 25.000.00 S e r i e s U . due 4 - 1 - 8 1 Pacific Telephone and T e l e g r a p h Co.,2»/*% debenture, due 1225,000.00 1-85 S t a n d a r d O i l Co. of N e w J e r s e y , 3 6 0.000.00 2 /e% debenture, d u e 5-15-71 U . S . S a v i n g s B o n d s . S c r i e s F, 50.000.00 r e g i s t e r e d , due 6 - 1 - 5 7 U. S . Treasury B o n d » . 2*/«%. 10.000.00 due 6-15-69/64 U. S . Treasury B o n d s , 2,/ir,'.. 150.000.00 due 12-15-72/67
S 66,000.00
$ 69.187.50
23.968.75
25.948.23
22,562.50
23.937.50
54.375.00
58.900.00
41,750.00
41.750.00
9.681.25
10,000.00
144,187.50
153,209.31
35,781.25 24,900.00 14.000.00 16,071.87 5,950 00 22.437.50 20.S50.00 13.850.00 73.875.00 9,000.00 59,850.00 12.312.50 16.125.00 $687.528.12
34.290.67 25,929.80 13.140.08 14,735.24 3,703.38 18.516.90 13,466.38 10,125.18 46.100.56 8.220.95 35.880.57 9,361.30 16,901.84 $633,305.39
C o m m o n Stocks
Earmarked Funds December 31. 1951
N a m e of Schedule Total Cash Fund No. Asset» American Chemical Society Educational 1 S 693.975.51 S 60.670.12 Chemical 2 Abstracts 5 1 7 . 6 5 3 . 2 2 154.88S.83 Decennial Index 3 459.210.41 45.148.05 Employees Retirement 4 206.4S9.79 7.696.43 1,319.11 G a r va n M e d a LSI 9.11 Life M e m b e r 6 ship S.564.14 995.14 754.80 7.H43.04 N t c h o U M*»da! 7 Permanent Endowment S 104.881.56 4.123.0 1 Petroleum u Research 92»'.. 493.ï« 2 21.791.61 Pri#»stlfv Medal 14.456.58 1.864.08 ΐυ 200.00 Publication:» 11 2110.00 Total — Exhibit A $ 3 . 0 3 1 . 3 8 7 . 2 8 S:299.4.Γι 1.21
At Market
At Cost Less Amortization of Premium
Principal Amount
Bonds
Common American Can C o . American Machine and Foundry Co. American Tobacco Co. E . 1. d u P o n t d e N e m o u r s a n d Co. Ea>tman Kodak C o . G e n e r a l Electric C o . General Motors Corp. G u l f Oil C o r p . National Dairy Products Corp. Pacinc fias and Electric C o . Pittsburgh Plate Glass C o . S o c o n y V a c u u m Oil C o . S t a n d a r d Oil C o . ( I n d . ) S t a n d a r d Oi! C o . ( N . J.) T e x a s Gulf S u l p h u r C o . Union Carbide a n d D U H I N ? Y E A R 1951 F U N D B A L A N C E . J a n u a r y 1. 1951
$
23.038.15 670.937.36
TOTAL A S S E T » - A M E R I C A N CHEMICAL SOCIETY EDUCATIONAL FC.VD, D e c e m b e r 31, 1951
S693.975.51
Schedule 2 CHEMICAL ABSTRACTS FUND
$2.731.936.07 S3.167.345.36 INVESTMENTS:
Analysis of Changes in Earmarked Funds For the Year Ended December 3 1 , 1951 Balance 1-1-51
N a m e of Fund A m e r i c a n f *h»->rtttcai Society Educa tional 5 Chemval Abstract* Decennial Index Employees Retire ment Garvan Medal Life Membership Nichols Medal Permanent Endow ment Petroleum Research Priestley Medal Publications
Income
Expense
Bonds Balance 12-31-51
670.937 36 $ 2S.370.27 $ 5.332.12 3S1.072.93 1 9 3 . 5 4 9 42 56.969.13 443.320 73 5 6 . 0 5 2 92 40.163.24
693.975.51 517.653.22 459.210.41
314.524 89 1.681 36 8.647.39 7.55S.CS
,983.95 355.00 480 00 591.40
26,019.05 217.25 563.25 507.04
296.489.79 1.819.11 8.564.14 7.643.04
1U4.S81.56 757.992.05 14.192.79
6,362.00 169.495.13 608.00 200.00
6,362.00 993.26 344.21
104.881.56 926.493.92 14,456.58 200.00
A m e r i c a n T e l e p h o n e and T e l e g r a p h C o . , 2W~© d e b e n t u r e , $ 10,000.00 due7-l-8G S t a n d a r d O i l C o m p a n y of N e w Jersey, 2a/e% d e b e n t u r e , due 5-15-71 60.000.00 United States Savings Bonds, S e r i e s F , registered, due 2 - 1 - 5 5 5,000.00 Westchester Lighting Co.. 3 V i % . general mortgage, d u e 7 - 1 - 6 7 10.000.00
At M a r k e t
$
At Cost Less Amortization of P r e m i u m
8.800.00
$
9,600.00
54.375.00
58,892.50
4,435.00
4.435.00
10.425.00
10.457.16
9
1.021.50
905.63
100
9.925.00
11,560.00
Preferred S t o c k s
$2.704.809.74 $464.048.09 $137.470.55 * I n c l u d e s a c c r u e d i n t e r e s t i n t h e a m o u n t of $ 1 6 4 . 8 4 .
794
Principal Amount
$3.031,387.28
Shares A b b o t t L a b o r a t o r i e s . I n c . , 4°r. cumulative, convertible D o w Chemical C o . , S4.00 c u m u l a t i v e . Series A
C H E M I C A L
A N D ENGINEERING
NEWS
FINANCIAL INCOME AND E X P E N S E :
C o m m o n Stocks Abbott Laboratories. Inc. Air Reduction Co., Inc. Commonwealth Edison Co. Corn Products Refining Co. Industrial Rayon Corp. Lorillard. P . Co. Otis Elevator Co. Pennsylvania Railroad Co. Pittsburgh Plate Glass Co. Procter and Gamble Co. Socony Vacuum Oil Co. Standard Oil Co. of California Standard Oil Co. of Ohio Union Carbide and Carbon Corp. Union Tank Car Co. Wool worth. F. W., Co. Total Investments
17.700.00 5.250.00 15.250.00 14.805.00 34.680.00 23.331.00 19.000.00 1.787.50 44.325.00 19.950.00 51.633.75 53,011.75 28,181.87 50.900.00 15.300.00 12.712.50 S496.799.87
300 200 500 210 578
1.111
500 100 900 300
1.470 1.042
673 800 400 300
CASK IX BANK. December 3 1 . 1951
1 2 .740.65 7,.786.06 1 4 , ,118.83 1 2 , ,606.38 1 9 , ,938.30 2 3 ,427.82 17, ,763.15 1,,900.00 2 9 .406.22 12 ,188.00 2 0 .223.97 1 9 ,994.65 18 .676.57 2 9 ,534.88 1 3 ,029.63 1 3 ,578.99
$362 .764.39 154 .888 83
Income: From invest ments $2ô Less—A m ο rtization of premium on bonds 97.90 Sales: Decennial Index S29.469.95 Patent 1.163.50 Index Expense: Decennial Index Write-off of unamortized premium on bonds re deemed
S 25.419.47
30.633.45
40.163.24
133.37
INCREASE IN F U N D DURING YEAR 1951 $ 15.889.68 F U N D BALANCE, January 1. 1951 443.320.73 TOTAL ASSETS—DECENNIAL INDEX FUND,
December 31. 1951
INCOME AND EXPENSE:
Income: Transferred from the Gen eral Fund Sales of "27 Year Collective Formula Index" From invest ments $22,819.60 Less—Amorti zation of remtura on onds 28.57 Transfer of net income from Permanent Endowment Fund Contributions
9V2
Expense: "27 Year Collective Form ula Index" Custodian's fees
.300.00
EMPLOYEES RETIREMENT FUND INVESTMENTS:
Principal Bond» Amount Port of New York Authority. 3 V i % general and refunding. 5th Series, due 8-15-77 $ 10.000.00 U.S. Treasury Bonds. 2»/s%. due 12-15-69/64 100.000.00 U. S. Treasury Bunds. 2»Λ%. due 6-15-72, 67 150.000.00
22.791.03 6.324.89 16.00
$ 56.681 74 287.39
[NTRKASK IN- F U N D D U R I N O YEAR 19Λ1
F c v u BALANCE. January 1. 1951
$193.549.42
December 31, 1951
$517.653.22
Schedule 3 DECENNIAL INDEX FUND
C o m m o n Stocke Pacific Gas and Electric Co. 114 Potomac Electric Power Co. 720 TOTAL INVESTMENTS CASH IN BANK. December 31. 1951
Bonds
Income: From invest ments $8.038.20 Less —Amorti zation of pre mium on bonds 77.75 Net profit on sale of invest ments Expense: Pensions Custodian's fees
At Cost Less Amortization At .Market of P r e m i u m $
5.143.75
$
23.375.00
5.064.93 25.575.05
2 6 . 520 00
27.045.11
7 2 . 500.00
77.950.00
2 4 . 225 00
25.000.00
$
23.50
C A S H IS BANK. December 31. 1951
3 0,
NO. 8
500 625 200 200 5 900
11.475 00
12.910.00
3.847.50 10.800 00 $277.135.00
3.434.00 11.221.86 $288.793.36 7.696.43
$
7.983.95 26.019.05
December 31. 1951
S296.489.79
Schedule S
At Shares > Market
C o m m o n Stock E. I. du Pont de Nemours & Co.
17.085.00
100
20,000.00 15,250.00 19.540.62 51,968.00 36,800.00 45,540.00 8,400.00 54,175.00 50.325.00 27,720.00
10.811.72 14.118.83 16,862.40 14.444.79 10.048.00 29,246 12 10.601 38 26,061 50 14,320.30 11,140.29
16,125.00 30,781.25 11,200.00 14.950.00 378.75 57,262.50 $625.179.87
17,197.80 21.277.89 6.641.50 5.818.50 346 25 27.405.00 $414,062.36 45.148.05
FEBRUARY
At Cost
S9.200.00 $
500.00
_1 .319. 1 1
CASH IN BANK. December 3 1 . 1951 INCOME AND EXPENSE:
C o m m o n Stock»
660
151.162.50
GARVAN MEDAL FUND
100
1,100 1,650
100.000.00
144.187 50
$ 25.848.12 170.93
Shares
400 500 845 448 400 990 200
$ 10.065.00
96.625.00
7.960.45
INVESTMENTS:
Borden Co. Commonwealth Edison Co. Detroit Edison C o . D o w Chemical Co. K. I . du Pont de Nemours and Co. Eastman Kodak Co. Electric Storage Battery Co. National Dairy Products Corp. National Lead C o . Pfizer. Chas., and Co., Inc. R. J. Reynolds Tobacco Co., Class Β St. Joseph Load Co. Sears. Roebuck and Co. Standard Oil (Ind.) · Standard Oil (N". J.) Union Carbide and Carbon Corp. Total Investments
$ 10.200.00
DECREASE IN F U N D DURING YEAR 1951 $ 18.035.10 F U N D BALANCE. January 1. 1951 314,524 89 TOTAL ASSETS—EMPLOYEES RETIREMENT FUND.
Preferred Stock
American Tobacco Co., 6"^. cu mulative
At Coat L e · · Amortisation of Premium
INCOME AND EXPENSE:
INVESTMENTS:
Canada. Dominion of, 3 l /«%. due 1-15-61/56 $ 5.000.00 Cincinnati Gas and Electric Co.. 2*A% 1st mortgage, due 101-75 25.000 00 Port of New York Authority, 3*/«% general and refunding. 5th Series, due 8-15-77 26.000 00 Standard Oil Co. (N. J.) 2»/·% debenture, due 5-15-71 80.000.00 l \ S. Savings Bonds. 2l/zcO, Series (!. due 4 - 1 - 6 2 25.000.00
At Market
Preferred Stock Share» K. I. du Pont de Nemours and Co.. $4.50 cumulative 100
56.969.13 $136.580.29 381.072.93
TOTAL ASSETS—Chemical Abatrart* Ft*
Principal Amount
$459.210.41
Schedule 4
31». 117 50
E
V O L U M E
$ 56.052.92
$ 40.029.87
Income: From investments Expense : Cost of medal Increase in fund during year 1951
$ 355. 0 0 217 2 5
$
F U N D BALANCE, January 1, 1951 ND. TOTAL ASSETS—GARVAN MEDAL FUND.
137 .75 1.681 .36 $1 ,819. 11
December 31, 1951
Schedule 6 LIFE MEMBERSHIP FUND INVESTMENTS:
2 5, 1 9 5 2
Shares Preferred Stock Dow Chemical Co.. $4.00 cumulative. Series A
50
At Market
At Cost
$4.962 50 $ 5 . 7 8 0 . 0 0
795
REPORTS 1 9 5 1
Common
INCOME AND E X P E N S E :
Stoek
Honlt η C o .
KM)
TOT A L Ι χ νESTM ΚΝ Τ S
C A S H IN H A N K . D e c e m b e r 3 1 . 1 9 5 1 IXCIIMK A N D F . X T K X S E :
Income: From ί η \ τ > ι H u n t » Kx p e n s e : I.if·· m e m b e r s ' d u e s a n d subscript»t incuts F.\ ι»ci.se· Cii^t nf n.n Ιη«·Γ··.·ι-«· it: fund d u r i n g v.-ar I * ·.". 1 F I N I · HAL W < Κ. January 1. l'«"»l A s s i r - N ' u n n i . s Μι ι » \ · . Γ Γ Χ Ι · , I).·. »inl.i-r 3 1 . 1 ·#.". l
Common
At Cost
Market
Storks
Monsanto Chemical Co. P o t o m a c Flectric Power C o .
S21 . 1 5 0 . 0 0 S I 1 . 0 5 2 . 5 0 1.800 00 1.540.00
200 120
$22.050.00
TOTAL IXVKSTMFXTS ( ' A S H I N H A V K . D e c e i n h e r 31. 1 9 5 1
S12.592.50 1.804.08
INCOME AND KXIM.NSK:
Income: F r o m investment.·: Γ! χ pei is*»: C o s t of m e d a l C o s t of r e p l a c i t m d e f e c t i v e d i e
s i 3i; . 55s os
Schedule 8
TOTAL ASSETS
PUIFSII.F.Y
oos. 00
S
3 4 4 21 203 70 14.102.70
S 101:• 2 1 17, 5.1)11
I n c r e a s e in fund d u r u m y e a r 19.51 F u x n B A L A N C E . I)eccml»»*r 31. 1 9 5 1
PERMANENT ENDOWMENT FUND
s
AL 1• f.v 1».
l)eccmt».T 3 1 . 1951
SI 4 . 4 5 0 . 5 8
INVESTMENTS
M. rL.
Shares Preferred Stock·» Aid...ft L a b o r a t o r i e s . I n c . . 4',' c u m u la l i v e , c o m erf ible A m e r i c a n T o b a c c o C o . . 0*',* c u m u l a · t i ve D o w C h e m i c a l ('«... S l . o o c u m u l a tive. Sen··- A i.50 Common Storks Abbott Laboratories. I n c . 2IM» Horden C o . 5011 F.. Γ. du P o n t do N e m o u r s Λ: C o . 100 F a s t man Kodak C » . r.C.o T o i \i. IXVKSTMKVTS
At Cost
A
Schedule 11 rtSl 0 0 S
17.185 00
3 1.737 5 0
37.220.55
1 1 .SIM) 25.000 30.800 30.300 ?152.378
OO 00 00 0O 5Q $
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