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Balance on deposit in First Capital National Bank of Iowa City.........

$ 4,857.87

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Received by sales Dec. 19, 1940 to Dec. 20, 1941. .


Postage on books and bills..

Storage in Baltimore, 12-1-40 to 2-1-41.

Transportation to Iowa City, shelving, inventory.

Deducted from remittance to Yale University on other volumes..


Balance due to Yale University Dec. 19, 1940..
Received by sales, Dec. 19, 1940 to Dec. 20, 1941.

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Postage on books and bills..


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Balance on hand, Dec. 19, 1940.

Interest on U. S. bonds sold..

By dividends, Am. Tel. & Tel..

E. I. du Pont.
General Electric.
Irving Trust....
Kennecott Copper.

Montgomery Ward.

Phillips Petroleum.

Texas Gulf Sulphur..

Union Carbide...

United Aircraft..

Paid to University of North Carolina for Linguistic Institute lecture..

Balance on hand, December 20, 1941...

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The report of the Trustees of the Endowment Funds is here appended:

The Trustees of the Endowment Funds report that during the year 1941 the sum of $506.50 has been received for the Endowment of the Linguistic Institute through the activity of Mr. Edgerton's Committee.

In order to act on the recommendation of the Committee on the Investment of Linguistic Institute Endowment Funds that the Endowment Funds of the Linguistic Institute be invested in good common stocks, the Trustees sold the Five Thousand Dollar United States Treasury Bond. The proportionate capital gain on the $2092.00 of Linguistic Institute Endowment Funds in the bond was $278.01. The following is an account of the Linguistic Institute Endowment Funds on December 20, 1941:

Balance December 19, 1940...
Proportionate share in U. S. bond.
Profit on sale of bond..

$1,031.95 2,092.00


Received from Committee on Pledges..

By gift received in 1940 and transferred from current funds.

By sale of A. T. & T. rights...





The following stock securities, representing an investment of $4,328.48, were purchased by the Trustees upon the recommendation of the Committee on the Investment of Linguistic Institute Endowment Funds:

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There remains a balance of $133.58 to be invested in interest-bearing securities.

The proportionate capital gain on the $1,512.00 of Endowment Funds of the Society in the U. S. Treasury Bond was $195.22. The Trustees purchased $1,800.00 worth of Federal Savings and Loan Certificates, $1,707.22 of which represent the present Endowment of the Society, and the balance current funds.

By written agreement with the officers of the First Capital National Bank of Iowa City, Iowa, the above listed stock securities and savings and loan certificates of the Society were inventoried and placed in a safety deposit box in that bank, where they are subject to removal in the presence of a bank trust officer only upon written order bearing the signatures of the Treasurer and one Trustee, or the signatures of two Trustees and the President of the Society.

(Signed) Edwin B. Williams
Albert C. Baugh

J. M. Cowan, Treasurer

The President announced that he had previously appointed Mr. H. O. Lyte and Mr. C. E. Cousins to serve as Auditors of the Treasurer's report. He then read their report as follows:

We have examined the Balance Sheet and the Profit and Loss Statement submitted by the Treasurer of the Linguistic Society of America for the period December 20, 1940 to December 20, 1941 and certify, from a check of the entries in the Ledger, that the said Statement and Balance Sheet are correct. It is our understanding that the report of the Trustees of the Endowment Fund will be included in the published report of the Treasurer. (Signed) C. E. Cousins H. O. Lyte

On motion the report of the Treasurer was then adopted. On behalf of the Executive Committee, the Secretary presented the following report:

During the year the Executive Committee, acting by correspondence, elected to membership several lists of nominees published in LANGUAGE as elected in 1941; fixed the time and place of the present meeting; and arranged the program.

Mr. Kent, as President, appointed Mr. Vernam E. Hull as Delegate to the Centennial Celebration of Fordham University; appointed Mr. Carl Darling Buck as Delegate for the Fiftieth Anniversary Celebration of the University of Chicago; appointed as Local Committee for the Summer Meeting in Chapel Hill Mr. George Lane, chairman, with Mr. U. T.

Holmes Jr., Mr. J. J. Lund, and the President and the Secretary of the Society; appointed as Local Committee for the Eighteenth Annual Meeting at Indianapolis Mrs. Margaret T. Fisher, chairman, with Messrs. T. G. Wesenberg, Guido H. Stempel, C. F. Voegelin, and the Secretary of the Society.

The Executive Committee voted to approve the recommendation of the Committee on the Place of the Linguistic Institute 1941 and 1942, that the Society accept the invitation of the University of North Carolina to conduct the Linguistic Institute of 1942 as part of that University's Summer Session, on terms which had been agreed upon between the University and the Society's Committee. Mr. Kent, as President, continued the Committee on the Place of the Linguistic Institute 1941 and 1942 to serve until such time as the Committee itself, or the Executive Committee of the Society, shall consider it wise to discontinue it or to change its membership. The Executive Committee appointed Mr. Robert W. Linker to the Administrative Committee of the Linguistic Institute.

The Executive Committee appointed an advisory Committee on the Investment of Linguistic Institute Endowment Funds consisting of Messrs. E. H. Sturtevant, chairman; A. C. Baugh, E. B. Williams, W. F. Edgerton, Henning Larsen, and J. M. Cowan.

The Executive Committee voted to transfer a gift of $550.00 made to the Society in 1940 by an anonymous donor from Current Funds to the Endowment Fund of the Linguistic Institute, with the reservation that under the terms of the gift the Society may, at its discretion, order the allocation of this sum from the Linguistic Institute Endowment Fund to other purposes if, in the future, it should appear desirable. This action was taken after it had been determined that the gift had originally been intended for the support of the Linguistic Institute, although this intention was not expressed at the time the gift was made.

The Executive Committee authorized the Treasurer to make a token contribution of $25.00 in behalf of the Society toward preparation of the volume Studies in the History of Culture which is being published by the Conference of Secretaries of the Constituent Societies of the American Council of Learned Societies.

The Executive Committee met on Wednesday afternoon, December 31, 1941, at the Claypool Hotel, Indianapolis, Indiana. Present, President R. G. Kent, presiding, and Mr. A. C. Baugh, Mr. W. Freeman Twaddell, Mr. C. F. Voegelin, Mr. Franklin Edgerton as proxy for Mr. W. F. Albright for the meeting; also, by constitutional provision, Miss E. A. Hahn, Mr. E. H. Sturtevant, Mr. M. L. Hanley (these without vote); and Mr. Bernard Bloch by invitation.

Additional nominees for membership were elected.

Reports of officers, of standing and special committees, and of delegates were informally presented and their contents considered.

Mr. Kent presented the following report for the Managing Committee of the Group for Phonemics:

The Managing Committee of the Group for Phonemics (Hans Kurath, W. F. Twaddell, R. G. Kent) has, after correspondence with all members, decided to discontinue the Group as a working organization. The dues of recent years in the International Association for Phonemics which have not been paid over, will be held by the Treasurer of the Linguistic Society of America for later payment if the Association proves still to be a living organization; and if not, this sum shall be devoted to some kindred subject. If later there shall be the possibility of usefulness in the Group, the Managing Committee will take steps to reorganize it.

Mr. Hanley, for the Committee on the Present Status of College and University Courses Announced under the Name of Phonetics (Mr. Hanley, chairman; Mr. R. H. Stetson, Mr. J. S. Kenyon), reported progress to the Executive Committee, which acted to add Mr. J. B. McMillan to the Committee.

The Executive Committee, as the result of its deliberations, asks the Society to approve the following recommendations:

1. That the Treasurer of the Society be empowered to pay to the University of North Carolina, for the purpose of bringing special lecturers to the Linguistic Institute, a sum not

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