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Dues of Group for Phonemics 1939 (2), 1940 (43), 1941 (1).
P. Scherer, for Dissertation No. 32..
Office expenses: stationery, printing, postage, addressing, mimeographing, binding, telephone, telegrams, circulars of meetings, etc..
R. G. Kent, for sale of author's copies of Sounds of Latin, 1st ed. $31.20, 2d ed. $31.00...
Balance on deposit in First National Bank of Philadelphia, Cen-
Paid to University of Michigan, for Linguistic Institute..
GROUP FOR AMERICAN INDIAN LINGUISTICS
Balance on hand, Dec. 19 1939, still remaining Dec. 19 1940...
The report of the Trustees of the Endowment Funds is here appended: The Trustees of the Endowment Fund report that during the year 1940 the sum of $2.00 has been added to the Endowment Funds of the Society, as gift; and that the sum of $1031.95 has been received for the Endowment of the Linguistic Institute, through the activity of Mr. Edgerton's Committee.
The invested funds consist of one Five Thousand Dollar United States Treasury Bond, due 1951-55, and bearing interest at 3 per cent, purchased in 1933 for $4937.50. This Bond is held by the First National Bank of Philadelphia, Centennial Branch, for the Trustees,
subject to withdrawal by the Treasurer and one other Trustee. The funds invested therein are the following:
Linguistic Society of America, Endowment Funds..
The Treasurer reports the receipt of the interest on this Bond, up to and including September 15 1940, and states that the proportionate part, $64.42, has been placed to the credit of the Linguistic Institute.
Inasmuch as the Constitution of the Society requires the investment of the Endowment Funds in interest-bearing securities, the Trustees have felt it desirable to await definite instructions at the 1940 meeting of the Society, as to whether the Endowment Funds of the Linguistic Institute, received during the year, should be invested in bonds or in good common stocks. To invest this sum in the Bond already held would have required the purchase of the proportionate part at a considerable premium above par. (signed) Edwin B. Williams Albert C. Baugh
Roland G. Kent, Treasurer
SCHEDULE OF ASSETS AND LIABILITIES, AS OF DEC. 31 1940
The President announced that he had previously appointed Mr. W. N. Brown and Mr. Speiser to serve as Auditors of the Treasurer's report; he then read their official report that they had examined the accounts and the report of the