TO THE OFFICERS AND MEMBERS OF THE INSTITUTE:
Gentlemen:—I have the honor to submit the following report for the year ending December 31, 1904.
SUMMARY.
Balance of cash unexpended Jan. 1, 1904, including $150.00 held to
the credit of the reserve fund $ 8013 53
Total receipts for 1904 26548 11
Total available cash, 1904 $ 34561 64
Total expenditures, 1904 20518 73
Cash unexpended January 1, 1905 $ 14042 91
Held to the credit of reserve fund 330 00
True balance January 1, 1905 $ 13712 91
Bills receivable for back dues. 1638 27
Bills receivable for binding 14 60
Bills receivable for subscriptions 20 89
Bills receivable for sales 1094 47
Bills receivable for advertisements 598 00
Value of back numbers of the proceedings (estimated) 275 00
Value of Institute property, furniture 300 00
Value of extra publications, including electrotype plates 4670 00
Total assets, exclusive of reserve fund $ 22324 14
RESERVE FUND.
District of Columbia 3.65% registered bonds $ 2000 00
District of Columbia coupon bonds 650 00
Deposited in Seamen's Bank, New York, N. Y 1433 14
Deposited in Farmers' National Bank, not invested 330 00
Total $ 4413 14
Very respectfully,
PHILIP R. ALGER, Professor U. S. Navy,
Secretary and Treasurer