News of the Society rearage on September 1 amounted to $3706.21, and at December 3 1 , 1934, it amounted to $5539.54. This certificate and interest thereon are apportioned a s follows:
Treasurer's Report T h e annual audit of books of the AMERICAN CHEMICAL
SOCIETY has been made and the audit is herewith respectfully^submitted and recommended t o your attention. ROBERT T. BALDWIN,
Treasurer
General Investments Decennial I n dex 2Fund Morris Loeb Fund
February 8, 1935. M R . R O B E R T T. B A L D W I N ,
Treasurer
American Chemical Society 50 East 41st Street N e w York, N . Y. Dear Sir: We have examined your Treasurer's records for the year ending December 31, 1934, and learned in this connection that the Secretary's records for the year, as reflected b y the Treasurer's books, were verified by D . N . Burnham & Co., accountants of Washington, D . C , as per copy of their report on file in Treasurer's office. We submit herewith the following Exhibits:
TOTAL
Principal
Interest to Dec. 31, 1934
Received during 1934
In arrears Dec. 3 1 . 1934
$37,773.36
$2,769.99
$ 677.57
$2,092.42
36,234.39
2,657.10
649.97
2.007.13
25,992.25
1,906.24
466.25
1.439.99
$100,000.00
$7,333.33
$1,793.79
$5,539.54
Interest o n securities and mortgage certificates, other than -the aforesaid, were found t o have been collected in full, a n d properly credited t o the respective accounts. Outstanding accounts receivable for advertising charges, carried at a net amount of $13,598.02, were found to b e in accordance with detailed lists furnished b y the Reinhold Publishing Corporation, but were not otherwise verified. The^re is a n unexpended balance of $17,376.90 a s at D e cember 31, 1934, of t h e original authorized outlay of $30,000.00 i n connection with contract of August 2 1 , 1 9 3 3 , for t h e purchase of monographs, as referred t o i n our previous report. On December 8,1934, a n assignment of this contract w a s made, with t h e consent of your SOCIETY, by the Chemical Catalog Company to Reinhold Publishing Corporation, its successor. T h e foregoing balance of $17,376.90 as a t December 31, 1934, i s determined in t h e following manner:
Exhibit "A"—Statement of Assets and Liabilities a s at December 3 1 , 1934. "B"—Statement of Receipts and Disbursements for the year ending December 3 1 , 1 9 3 4 . "C"—Statement of Trust Funds, Investments and cash in hands of Treasurer or with United States Trust Company, as Trustee as a t D e cember 3 1 , 1934. The cash o n deposit in N e w York, a s reflected b y t h e Treasurer's records, amounted to $34,358.82. Ther«e deposits were confirmed b y certificates obtained from t*ie depositaries. It was found that all recorded cash received was deposited, and that the disbursements were made under proper authority, and properly supported by vouchers o n file; w e also footed the records of cash receipts and disbursements for the year. The securities a s set forth in the Permanent Endowment Fund, Life Membership Fund, and Priestley Memorial Fund were confirmed b y the United States Trust Co., a s Trustee, all other securities are held for safekeeping at t h e 42nd Street Branch of the National City Bank of N e w York, where they were inspected in the presence of Messrs. Baldwin and Metzger on January 16,1935, and found to b e in order. The $19,000.00 mortgage held b y the SOCIETY o n t h e West 24th Street, Brooklyn, property w a s foreclosed during t h e latter part of 1934, necessitating outlays of $4483.32 in connection with foreclosure proceedings, thus increasing t h e book value thereof t o a total of $23,483.32. The Referee's deed for the property, dated October 4 , 1934, together with other related documents, were presented for inspection by Mr. J. B. Kilsheimer, Jr., of your counsel, and found to be in order. The $45,000.00 wholly-owned mortgage o n property l o cated a t 25th Avenue and 41st St., Long Island City, maturing December 15, 1933, is in default a s to principal. The interest due June and December 1 h a s been fully paid. T h e mortgage participation certificate for $60,000.00 maturing January^. 1934, is in default as to principal, and is in arrears as to interest. T h e interest is payable January and July 1, the amount in arrears on July 1 was $2495.12, and at December 3 1 , 1934, i t amounted t o $4145.12. T h e mortgage participation certificate for $100,000.00 maturing March 1, 1935, is in arrears as to interest. T h e interest is payable March a n d September 1, and t h e ar-
Balance as a t December 3 1 , 1933, per prev i o u s report Add Legal Expenses during the year in this connection Total D e d u c t P a y m e n t s received during ($900.00 per month)
$27,876.90 300.00 $28,176.90
year 10,800.00
Balance as a t December 31, 1934
$17,376.90
Subject t o the qualification that no reserve has been provided on t h e books of t h e SOCIETY for declines in values of its mortgage investments, the accompanying Statement of A s s e t s and Liabilities as a t December 3 1 , 1934, in our opinion, fairly presents the financial position of the SOCIETY at t h a t date, as reflected by the records of t h e Treasurer. Respectfully submitted, F. W . LAFRBNTZ & C o .
Certified Public
Accountants
EXHI S I T " A " AMERICAN CHEMICAL SOCIETY STATEMENT O F A S S E T S AND LIABILITIES—AS AT DECEMBER 31, 1934 (Additional information in respect to items stated hereon i s contained in text of this report) ASSETS CASH O N H A N D — A s per Exhibit "B" INVESTMENTS:
$34,358.82»
At cost
Government Bonds: (Market Value $146,845.63) $ 2 1 , 0 0 0 . 0 0 U. S . Treasury 3»/«%, 1946-1949 $ 20,573.43 3,000.00 U. S . Treasury 8>/«%, 1944-1946 3,000 0 0 1 In addition t o t h e general cash balance of $34,358.82 shown on the records o f the Treasurer, the Society has on deposit, i n the name of the Secretary at t h e Munsey Trust Company, Washington, I>. C , the sutxn of $ 3 3 1 6 . 8 8 , as set forth in the report of D . N. Burnham & Co., dated January 15, 1935.
98
NEWS
March 10, 1935 45.000.00 U. S. Treasury 3«/t%. 1943-1947 20,000.00 U. S. Treasury 3»/«%, 1946-1956 10,000.00 Federal Land Bank, 4»A%. 1937-1957 10.000.00 Federal Land Bank, 4>/*%. 1934-1943 25,000.00 N e w York State, 3 % , 1956 7.000.00 Port of New York Authority, Holland Tunnel. 4»/«%. 1943 Total Government Bonds
EDITION
99
Transfer to Chemical Abstracts Fund..
44.971.87 20.287.50
36,804.84
36,804.84
Balance, December 31, 1934 $350,036.70 $249,588.10 $599.624.80
9,987.50 10,150.00
599.624.80
TOTAL,
24.372.44
$652,624.80
AMERICAN CHEMICAL SOCIETY:
We have examined the records of the Treasurer of the American Chemical Society for the year ending December 31, 1934, including confirmation of the cash and securities by inspection or certificates from depositaries, and subject t o the qualification that no provision has been made for shrinkage i n the book value of investments, by reason of market declines, in our opinion, the foregoing Statement of Assets and Liabilities fairly presents the financial position of the Society as a t December 31, 1934, a s reflected by the records of the Treasurer.
7,103.54 $140,446.28
Wholly Owned Mortgage: (Past Due) $45,000.00 25th Avenue and 41st Street, Long Island City, 5«/t%, due December 15, 1933 Title Guarantee and Trust Company, Mortgage Participation Certificates at 5»/*%: $60,000.00 Due January 1, 1934 $60,000.00 100.000.00 D u e March 1. 1935 (Proportionate Int.) 37.773.36 30,000.00 D u e October 31, 1935 30,000.00 Real Estate Acquired under Foreclosure: Located at 3017 West 24th Street, Brooklyn, N . Y.: Lien on Property $19,000.00 foreclosure Costs 4.483.32 Other Securities: 8 Shares Chemical Foundation, Inc., 1 Preferred I 2 Shares Chemical Foundation, Inc., [ Common J
45,000.00
F. W. LAPRBNTZ &
February 8, 1935.
Certified Public
Co.
Accountants
EXHIBIT "B" STATSMBNT
OP RBCBIPTS A N D DISBURSEMENTS—FOR ENDING D B C B U B B R 31. 1934
CASH ON HAND, January 1, 1934
THB
YBAR
$27,733.05
RBCBIPTS MEMBERSHIPS, D U B S , ETC.:
127,773.36
Dues Subscriptions Life Membership Dues
$145,795.00 161,628.36 391.10
307.814.46
$92,921.79 3,905.44 19.50 1,674.55
98,521.28
PUBLICATIONS:
Advertising Back Numbers Directory Reprints
23,483.32
OTHER RBCBIPTS:
j QQQ QQ '
Total Investments
337,702.96
ACCOUNTS RECEIVABLE:
Representing Charges for Advertising made b y Reinhold Publishing Corporation for account of the American Chemical Society
$15,108.91
Less Provision for Bad Debts ( 1 0 % ) . . .
1,510.89
13.598.02
REINHOLD PUBLISHING CORPORATION:
Balance due on Monograph Contract
17,376.90
Interest o n Securities Interest o n Bank Balances Income from Sale of M o n o g r a p h s . . . . . Rentals from Foreclosed Property, less expense Monograph Royalties Received for Postage Award for Research Prize, year 1935 (A. C. Langmuir Fund) Receipts in connection with Monograph Contract (Applicable t o re' duction of Investment) consisting of twelve monthly payments of $900.00 each Proceeds from Sale of Securities Sundry Receipts
$11,146.05 3,727.04 810.00 49.15 1,472.43 13,626.08 1.000.00
10,800.00 7,236.25 41.93
49.908.93
TRUST FUNDS:
Chemical Abstracts Fund Decennial Index Fund Nichols Medal Fund Morris Loeb Fund Permanent Endowment Fund Life Membership Fund Priestley Memorial Fund
TOTAI.
$47,26tf. 78 71,585.39 3.466.37 26,458.50 92,417.52 7,036.58 1,356.96
Total—EXHIBIT •'C"
PUBLICATIONS AND GENERAL E X P E N S E S , E T C :
249.588.10
TOTAL
$652,624.80 LIABILITIES
A. C. Langmuir Research Prize for year 1935 Endowment Fund Reserve for Employees' Retirement Total General Fund
General Fund
Trust Funds
Combined Total
Balance, January 1,1934.. $350,036.70 $206,462.31 $556,499.01 Add Excess of Revenues over Expenses, year 1934 36.804.84 6,320.95 43,125.79 Total
$1,000.00 2,000.00 50,000.00 $53,000.00
EXCESS OF ASSETS O V E R LIABILITIES:
$386.841.54 $212,783.26 $599,624.80
$483,977.72 DISBURSEMENTS
Journal of the American Chemical Society Chemical Abstracts Industrial and Engineering Chemistry News Edition News Service Business Manager's Office Secretary's Office Treasurer's Office Printing Reprints Printing Advertisements: Industrial Journal $19.557.22 Chemical Abstracts 1,124.81 Journal of the American Chemical Society 485.22
$47,881.63 145,568.21 83,593.71 18,239.85 8.537.90 24.905.37 16.736.92 4,978.97 1.060.52
Advertising Development Technological Monographs—Editor's Salary and Expenses Scientific Monographs—Editor's Salary Back Numbers Purchased Local Sections Local Section Rebates General Meetings Legal Expenses Incidentals Committee on Codes Expense Whitmore Committee Expenses
3,667.54
Total,
21,167.25
868.13 1,000.00 1,873.36 11,230.38 726.25 470.40 1,202.60 5,408.84 763.82 45.55 $399,927.20
INDUSTRIAL AND
100
ENGINEERING
^Disbursements: Salaries $1,920.00 Securities purchased as Investment 9.133.12
OTHBB DISBURSEMENTS:
Securities Purchased as Investment..... Expenditures made in connection with foreclosure of $19,000.00 Mortgage maturing November 21, 1933: Real Estate Taxes, Water and Interest thereon for the years 1930-1934, inclusive. $3,469.71 Other Costs and Disbursements 1,013.61
$7,103.64
Vol. 13, No. S
11.053.12
O n Hand, December 31, 1934
8,279.78
TOTAX.
$71,585.39
NXCSOLS MBDAL F U N D :
4.483.32
Legal Expenses in connection with the assignment of Monograph Contract from Chemical Catalog Company, Inc., to Reinhold Publishing Corporation. To be reimbursed from the Reinhold Publishing Corporation.... 300.00 Award for Research to C. Frederick Koelsch (A. C. Langmuir Prize for 1934) 1,000.00 Amount transferred to Chemical Abstracts Fund, in accordance with resolution of the Board of Directors at a meeting held December 8, 1934, being the net operating receipts for the year ending December 31. 1934. Total
A s to Corpus: Investments: 30 Shares Allied Chemical and D y e Corporation, Preferred Stock—Par Value $100.00 a share...
12.886.86
As> to Income: Cash: On Hand. January 1, 1934 P/ceipts: Dividends Received from Investment Total
TOTAL EXHIBIT "C"
34.368.82 $483,977.72 — — —
STATEMENT OP TRUST FUNDS INVESTMENTS AND CASH I N HANDS OP TBSASURBK OR WITH UNITED STATES TRUST COMPANY, AS TRUSTEE, AS AT DECEMBER 31, 1934
$4,918.00
Receipts: Donations from Industry 1,100.00 Interest on Investments 249.16 Received in payment of Principal on Mortgage Certificate 82.00 Received from the General Funds of the Society, being the net operating receipts for the year ending December 31. 1934 36,804.84 Received from the Permanent Endowment Fund, the net income for the year ending December 31, 1934.... 3,921.88 On Hand, December 31, 1934
$19,332.90
M O R R I S LOBB F U N D :
A s to Income: Cash: Receipts: Interest o n Investment
PERMANENT ENDOWMBNV F U N D : Company, Trustee)
$5,104.10 3,000.00 9,133.12 $17.237.22
Title Guarantee and Trust Company, Mortgage Participation Certificates: $100,000.00 Due March 1, 1935. 5»/*%. Proportionate Interest 10.000.00 Due February 14, 1936, 5%, Less amount oaid on account r«hOn Hand. January 1, 1934 $7.100.55 Receipts: Interest on Investments 1,808.74 Decennial Indexes Sold 880.00 Gift from Chemists Club of Gloucester. Gloucester, Massachusetts... 68.24 Proceeds from Sale of Securities 9,309.37 Received in payment of Principal on $10,000.00 Mortgage Certificate.. 166.00
466.37 $3,466.37
TOTAL
466.25 $26,458.50
Heretofore the income from this Fund has been remitted to the Smithsonian Institute, Washington, D. C ; however, the Society is retaining the income for 1934 awaiting the outcome of negotiations with the Institute.
DBCBNNIAL INDBX F U N D :
Market Value—$17,533.75
573.76
On Hand, December 31, 1934—-as to Income.
NOTE:
42,348.78
Investments: $5,000.00 U. S. Liberty, 1st, 4>/«%. 1932-1947 3,000.00 U. S. Treasury. 3»/«%• 1944-1946 9,000.00 Port of New York Authority, Holland Tunnel. 4»/«%. 1943
207.37
TOTAL
$47,266.78
TOTAl..
$832.76
A s to Corpus: Investments: Proportionate Interest in $100,000.00 Title Guarantee and Trust Company Mortgage Certificate a t 5Vt%, due March 1, 1935 $25,992.25
CHBMXCAI* ABSTRACTS F U N D :
Investments: $5,000.00 Title Guarantee and Trust Company 5% Mortgage Participation Certificate, due February 14, 1930—Less amount paid on account. Cash: On Hand, January 1, 1934 $ 190.90
$3,000.00
$1,040.13
Disbursements: Medal Award Expenses for 1934 $125.07 Medal Award Expenses for 1935 43.69 Cost of Purchasing Three Gold Medals 405.00
36,804.84
$449,618.90
CASH ON H A N D , December 31. 1934—EXHIBIT "A".
Total
CHEMISTRY
36,234.39 9.834.00
(United States Trust
A s to Corpus: Investments: (Market Value $79,120.00) $10,000.00 Baltimore & Ohio R. R., 1st Mortgage, 4%, 1948 10,000.00 Baltimore & Ohio R. R., Convertible, 4Vs%. I960 10,000.00 Detroit Edison Company, Gen. & Ref. 4»/s%. 1961 10,000.00 Great Northern Rwy., General Mortgage. 4Vs%, 1S»77 10,000.00 New York Central R . R., Ref. and Imp., 4»/«%, 2013 12,000.00 Pennsylvania R R., General 4*/«%, 1965 10,000.00 Southern Pacific Railroad, 1st Refunding. 4%, 1955 10.000.00 Southern Pacific Railroad, 4»/»%, 1969 10,000.00 Union Pacific Railroad, Debenture, 4»/s%. 1967 Total
$9,787.50 9,700.00 10,089.80 9,850.00 10,000.00 12,265.28 9,762.50 9,900.00 10,180.82 $91,535.90
Cash: On Hand. January 1, 1934 $864.06 Add Amortization of Premium on Securities—Transferred from Income... 17.56
881.62
Total, as t o Corpus—Held by United States Trust Company
$92,417.52
NEWS
March 10, 1935 As t o Income: Cash: Receipts: Interest on Investments.
P. W. LAP&BNTZ & Co.
$4,040.00
Certified Public
C H A N « S or ADDRESS. When sending in any change of address, plea** also forward information regarding position held, company or business connection, and olaee of products manufactured to AUBRICAN CBBUZCAX. SOOXSVY, 7*8 MiUe Bldg., Washington, D. C.
118.12
LDTB MEMBERSHIP F U N D : (United States Trust Company, Trustee) As to Corpus: Investment: (Market Value $4,270.00) $7,000.00 N e w York Central R. R. Ref. and Imp., 4»/*%. 2013
$6,921.25
Cash: On Hand, December 3 1 , 1934 ( N o change during year)
263.79
TOTAL, as t o Corpus, Held b y United States Trust Company
$7,185.04
As to Income: Cash: Overdraft, January 1. 1934 Receipts: • Interest on Investment Total Disbursements: Life Membership Dues $391.10 Commission on Collections.. 7.88
JAMBS H. BROWN, 1039 West Woodruff St., Toledo, Ohio, has been appointed sales representative of the Wilson & Bennett Mfg. Co. AiiViN A. BURTON has received the Ph.D. degree from the University of Illinois and has accepted a position in the Research and Development Department of the Standard Oil Co. of California, Richmond, Calif. HERBERT C. HAMILTON, who has been very active in the Detroit Section and in several divisions of the AMERICAN CHEMICAL SOCIETY, particularly in medicinal chemistry, has now retired and is devoting himself to graduate work in bacteriology at the Pennsylvania State College, State College, Pa., a subject in which he has long been interested. MARTHA F. LEONARD has won the "Junior Prize in Chemistry" at the New Jersey College for Women. The prize consists of a year's membership in the AMERICAN CHEMICAL SOCIETY
%64.48 315.00 250.52
398.98
Overdraft, December 3 1 , 1934—Cash advanced from General Funds BALANCK
148.46 $7,036.58
PRIBSTLBY MEMORIAL F U N D :
As to Corpus: Investment: (Market Value $610.00) $1,000.00 N e w York Central R. R. Ref. and Imp., 4»/*%, 2013 Cash: On Hand, December 3 1 , 1934 ( N o change during year) TOTAL, as to Corpus—Held by United States Trust Company
$988.75
127.00 $1,115.75
and is awarded annually t o that junior who has made an honor rating in chemistry and who stands highest in. the junior group of chemistry majors. A. E. MARSHALL, president of the American Institute of Chemical Engineers, sailed February 2 2 on the Europa with Mrs. Marshall for a combined business and pleasure trip to England and Continental Europe. WILLIAM O. SWAN, professor of chemistry at Southwestern University, Memphis. Tenn., for the past ten years, has been appointed head of the Chemistry Department at the Virginia Military Institute, Lexington, Va., where he will take over his new duties in September, 1935. C. R. TEXTER has left the Mine Safety Appliances Co., and is now in the Sales Department of the Hagan Corp., Pittsburgh, Pa., and its affiliated companies. WALTER R. TRENT has accepted a position as research chemist in the Research and Development Department of the ColgatePalmolive-Peet Co., Jersey City, N". J. He was formerly research assistant in organic chemistry at The Pennsylvania State College. HENRY J. WING, having completed the investigation of the causes of the failure of paint on galvanized iron, carried out under a grant from the du Pont Company to the Antioch Industrial Research Institute, has accepted a position as research chemist with E. I. du Pont de Nemours & Co., Inc., Parlin, N. J. ADVANCED CERAMIC DEGREES AT M. I.
$197.33
THE
Interest on Investment
45.00 $242.33
Disbursements: Commission on Collections 1.12 On Hand, December 3 1 , 1934—In Hands of S o ciety TOTAL
241.21 $1.356.96
SUMMARY OP T R U S T F U N D S
Investments Cash Chemical Abstracts F u n d . . . S 4,918.00 $42,348.78 Decennial Index F u n d 63,305.61 8,279.78 Nichols M e d a l Fund 3,000.00 466.37 Morris Loeb Fund 25,992.25 466.25 Permanent Endowment Fund 91,535.90 881.62 Life Membership F u n d 8,921.25 115.33 Priestley Memorial F u n d . . . . 988.75 388.21 TOTAL
Accountants
Personalia
BALANCB, transferred to Chemical Abstracts Fund, in accordance with resolution of t h e Board of Directors meeting $3,921.88
Total
101
The monies and securities in t h e custody of the United States Trust Company, a s Trustee, were confirmed by written certificates. All other securities were verified by actual count.
Disbursements: Amortization on Premium o n Securities charged against interest o n Investments $17.56 Commission on Collections. 100.56
As to Income: Cash: On Hand, January 1, 1934 Receipts:
EDITION
$196,661.76 352,926.34
$47,266.78 71,585.39 3,466.37 26,458.50 92,417.52 7,036.58 1,356.96 $249,588.10
W e have carefully examined the record pertaining t o all t h e foregoing F u n d s a n d find t h a t all monies received, or collected, pertaining t o said Funds h a s been credited t o t h e respective accounts to which thev nrooerlv nertain.
T. NOTABLE CONTRIBUTIONS of ceramics m industrial
processes and the opportunities for applying modern knowledge in chemistry and physics for future developments have led to the establishment of the degrees of master and doctor of science in ceramics at the Massachusetts Institute of Technology. Candidates for the new doctorate must have, in addition to strictly ceramic subjects, a knowledge of physics, chemistry, physical chemistry, combustion, furnace design, x-ray and crystal structure, drying, heat measurement, and colloids. In awarding either degree, major emphasis will be placed on an original ana convincing thesis. Among advanced special studies offered are optical ceramics, the investigation of products and materials with the petrographic microscope; fundamental ceramic processes, a detailed study of physical and chemical mechanism; and the physical properties of ceramic products. Among the important contributions which have come from the institute's ceramics laboratories during the past 20 years are asbestos shingles, kaolin brick, asbestos board, insulating refractories, and machines for molding silica brick. Much light has been thrown on the nature of plastic phenomena and the mechanism of color in the form of new glazes and materials. Studies are now being made of quick methods of firing and forming, fresh decorative processes, and the adaptation of new materials to ceramic purposes. The Geological Society of America recently gave the institute a grant from the Penrose Fund for a study of the origin of clays, and this investigation will b e carried out under the direction of Frederick H. Norton.
