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Gifts to current expenses.

Gift to Endowment Fund of Linguistic Society..
Gift to current funds of Linguistic Institute..
Gifts to Endowment Fund of Linguistic Institute.
Overpayments standing to customers' credit..
Received for luncheon and dinner, 1939 meeting.
Received for transmission.....

Dues of Group for Phonemics 1939 (2), 1940 (43), 1941 (1)..
Subventions to publications not yet issued:

P. Scherer, for Dissertation No. 32..

32.48 639.05

2.00

35.67

1031.95

37.75

154.40

1.50

46.00

300.00

433.40 $11145.48

$13811.23

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8.50 $646.80

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Office expenses: stationery, printing, postage, addressing, mimeographing, binding, telephone, telegrams, circulars of meet

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R. G. Kent, for sale of author's copies of Sounds of Latin, 1st ed. $31.20, 2d ed. $31.00...

62.20

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Balance on deposit in First National Bank of Philadelphia, Cen

tennial Branch, 32d and Market Sts., bank report..
Less outstanding checks 1617.

1620

1623.

SPECIAL FUNDS

$5350.34

$16.00

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STURTEVANT'S PRONUNCIATION OF GREEK And Latin, 2d ed.

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Paid to University of Michigan, for Linguistic Institute...

Balance on hand, Dec. 19 1940.

GROUP FOR PHONEMICS

Balance on hand, Dec. 19 1940:

Dues 1939 in International Phonemics Society..
Dues of 1940, paid in advance...

Received dues for 1939 (2), 1940 (43), 1941 (1).

Disbursements:

For bibliographies from American Speech.......
To Linguistic Society for administration, etc..

Balance on hand, Dec. 19 1940:

Dues 1939 in International Phonemics Society..
Dues 1940 in International Phonemics Society.
Dues of 1941, paid in advance..

$32.12

64.42

35.67 $132.21

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GROUP FOR AMERICAN INDIAN LINGUISTICS

Balance on hand, Dec. 19 1939, still remaining Dec. 19 1940...

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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,

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subject to withdrawal by the Treasurer and one other Trustee. The funds invested therein are the following:

Linguistic Society of America, Endowment Funds..
Linguistic Institute, Endowment Funds....
Linguistic Society of America, current funds.

$1512.00

2092.00

1333.50

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
Trustees

SCHEDULE OF ASSETS AND LIABILITIES, as of Dec. 31 1940

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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

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