Report of the Treasurer
The Treasurer presents herewith his annual report of receipts and
disbursements for the fiscal year ended September 30, 1961, including a
statement of the Society's investments and a schedule of Fund Accounts.
The Purchasing Fund has been increased by $346.50 by the sale of
duplicates. The present balance is $5,709.93.
The Bibliography Fund has been increased by the sale of Evans and
Spear publications and Revere engravings in the amount of $4,378.61.
The present balance is $11,850.76.
The Harriette M. Forbes Fund has been established with contributions
of $2,544.60.
The Dr. Arthur Adams Fund has also been established with a bequest
of $1,000.
The following amounts have been contributed for additional book
purchases and current expenses:
Adams, Frederick B., Jr
$25.00
Adams, Thomas B.
25.00
Adams, Thomas R
5.00
Babb, James T.
5.00
Barton, George S
150.00
Bemis, Samuel F
25.00
Brainard, Newton C
100.00
Brigham, Clarence S
500.00
Brown, John N
100.00
Buck, Paul H
10.00
Bullock, A. George
25.00
Bullock, Alexander H
100.00
Bullock, Chandler
50.00
Butterfield, Lyman H
50.00
Butterfield, Roger
100.00
Cameron, Kenneth W
50.00
Campbell, LeRoy A
25.00
Caulfield, Ernest
20.00
Cole, Arthur H.
50.00
242
[Oct.,
AMERICAN ANTIQUARIAN SOCIETY
Commager, Henry S
Daniels, F. Harold
duPont, Henry F
Flynt, Henry F
Fuess, Claude M
Gaines, Pierce W
Gilman, Bradley B
Gimbel, Richard
Gipson, Lawrence H
Goff, Frederick R
Goodspeed, George T
Graff, Everett D
Hamilton, Sinclair
Harrington, Frank L
Heald, Richard A
Higgins, John W
Higgins, Milton P
Howe, Parkman D
Hugo, E. Harold
Johnson, Alden P
Knollenberg, Bernhard
Lincoln, Daniel W
Little, Bertram K
Loring, Augustus P
Lowens, Irving
McDonald, Gerald D
McKay, George L
Merk, Frederick
Metcalf, Keyes D
Middendorf, J. William
Montgomery, Charles F
Nash, Ray
Olds, Irving S
Peckham, Howard H
Pell, John H. G
Pomfret, John E.
Riccius, Herman P
Rice, Albert W
Richmond, Carleton R
$50.00
1,000.00
50.00
50.00
25.00
50.00
25.00
100.00
10.00
10.00
100.00
200.00
100.00
350.00
200.00
200.00
500.00
200.00
75.00
300.00
25.00
120.00
50.00
150.00
25.00
10.00
10.00
20.00
25.00
200.00
10.00
10.00
100.00
10.00
25.00
10.00
50.00
1,000.00
100.00
1961.]
243
R E P O R T OF THE TREASURER
Riley, Stephen T
Rosenwald, Lessing J
Sawyer, Charles H
Scott, Donald
Shaw, Ralph R
Shipton, Clifford K
Shryock, Richard H
Silver, Rollo G
Spencer, Rae M
Stobbs, George R.
Streeter, Thomas W
Swem, Earl G
Tinker, Edward L
Wall, Alexander J
Walsh, Michael J
Welch, d'Alté A
Wheeler, Nathaniel
Whitehill, Walter M
Wright, Lyle H
Wyllie, John C
Miscellaneous Gifts
325.00
25.00
10.00
50.00
50.00
100.00
25.00
30.00
25.00
25.00
737-8o
15.00
100.00
10.00
75-oo
124.82
60.00
10.00
10.00
25.00
3,480.00
$11,972.62
244
AMERICAN ANTIQUARIAN SOCIETY
[Oct.,
EXHIBIT "A"
BALANCE SHEET
As AT SEPTEMBER 30, 1961
ASSETS
CURRENT FUNDS
Current Assets:
Cash in Banks and on Hand:
In Checking Account
On Hand
$28,652.01
8.00
Due from Consolidated Investment Fund
for Current Income
$28,660.01
6,258.48
Total Current Fund Assets
$34,918.49
UNRESTRICTED FUNDS
Assets Unrestricted as to Principal and Income:
Investment:
In Consolidated Investment Fund, including
realized Profit on Securities (27,232.74 Units) . . . .
$22,077.00
FUNDS RESTRICTED AS TO PRINCIPAL
Assets Restricted as to Principal:
Investment in Consolidated Investment Fund,
including realized Profit on Securities (1,584,225.50
Units)
$830,117.99
FUNDS RESTRICTED AS TO PRINCIPAL AND INCOME
Assets Restricted as to Principal and Income:
Investment in Consolidated Investment Fund,
including realized Profit on Securities (639,181.76
Units)
$334,905-83
PLANT FUND
Fixed Assets:
Real Estate, Buildings and Equipment
Less:
Reserve for Depreciation
Total Assets
$484,023.94
50,582.89
$433,441.05
$1,655,460.36
1961.]
REPORT OF THE TREASURER
24s
LIABILITIES, FUNDS AND SURPLUS
CURRENT FUNDS
$178.90
Employees' Payroll Deductions
Surplus of Current Funds
34.739-59
Total Current Liabilities and Surplus
$34,918.49
UNRESTRICTED FUNDS
Bequests and/or Donations (Schedule "A-i")
Surplus
Total Unrestricted Funds and Surplus
i!i8,4i6.44
3,660.56
$22,077.00
FUNDS RESTRICTED AS TO PRINCIPAL
Bequests and/or Donations (Schedule "A-2")
Surplus
$692,498.10
137,619.89
$830,117.99
FUNDS RESTRICTED AS TO PRINCIPAL AND INCOME
Bequests and/or Donations (Schedule "A-3")
Surplus
$279,389.49
SS>Si6-34
$334,905.83
PLANT FUND
Investment in Plant
$433,441.05
Í433.44I-OS
Total Liabilities, Funds and Surplus
$1,655,460.36
246
[Oct.,
AMERICAN ANTIQUARIAN SOCIETY
EXHIBIT "B"
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE YEAR ENDING SEPTEMBER 30, 1961
Balance in Bank, October i, i960
Add:
Income from:
Consolidated Investment Fund:
Unrestricted
Restricted as to Principal..
Restricted as to Principal
and Interest
Gifts
Sale of Publications
Micro—Research
Less—Disbursements
Readex
Less—Disbursements
Deduct:
Operating Expenses:
Salaries
Payroll Taxes
Pensions and Retirement
Expense
Office Supplies and Expense..
Less—Receipts
Telephone and Telegraph
Light
Fuel and Water
Supplies
A.D.T. Protective Service
Repair and Maintenance of
Building and Equipment...
Insurance
Legal and Accounting Fees ..
Safekeeping of Securities
Travel and Entertainment...
Sundries—Library
Income Less Operating
Expenses
Deduct—Other Expenditures:
Publishing
Purchase of Books
Purchase of Equipment
Excess of Expenditures
over Income
Total—Forwarded
$34,103.95
Interest
Dividends
Total
$4iS-74
12,913.89
$864.41
50,285.92
$1,280.15
63,199.81
5,210.32
'8.539-95
20,288.68
71.439-or
25,499.00
89,978.96
12,101.54
11,066.18
1,306.95
1,108.95
4,249.27
4,128.39
198.00
120.88
113,465.56
69,383.69
1,784.66
8,646.50
2,432.29
21.95
2.410.34
552.16
934-68
2,506.18
486.93
971-19
524-79
325.84
350.00
540.84
1,737.80
455.37
9I1610.97
21,854.59
12,690.88
12,496.57
879.78
26,067.23
4,212.64
$29,891.31
I96I.]
REPORT OF THE TREASURER
247
STATEMENT OF RECEIPTS AND DISBURSEMENTS—Continued
FOR THE YEAR ENDING SEPTEMBER 30,
1961
Total—Brought Forward
Add:
Other Receipts:
Arthur Adams Trust:
Legacy from Arthur Adams Estate
$29,891.31
$i,ooo.cx>
Harriett Merrifield Forbes Fund:
Gift from Esther F. Hoskins
Russell S. Paine Trust
1,421.44
6,007.27
Bibliography Fund:
Sale of Evans Bibliography,
Volume No. 14
1,690.00
Sale of Spear Bibliography of
American Directories
Sale of Revere Engravings
Purchasing Fund:
Sale of Duplicates
Less—Deductions from Funds:
Bibliography Fund:
Disbursements pertinent to
Evans Bibliography, Volume No. 14
Publishing of Spear Bibliography
of American Directories
2,618.61
70.00
346.50
13,153.82
35.60
8,075.80
8,111.40
5,042.42
34.933-73
Deduct—Employees' Payroll Withholdings:
As of September 30, 1961
Less—Balance September 30, i960
Paid in October i960
178.90
163.66
15.24
34,918.49
Accounted for as follows:
In Banics:
Worcester County National Bank
In Agency Account from Current Income..
On Hand
28,652.01
6,258.48
34,910.49
8.00
34,918.49
248
[Oct.,
AMERICAN ANTIQUARIAN SOCIETY
STATEMENT BY THE TREASURER
The total book value of the invested assets of the Society is $1,180,301.19. These securities had a market value on September 30, 1961 of
$2,816,890—80% of which was represented by common stocks, the
balance by bonds and preferred stocks. Thus, these assets are now
worth ^1,636,589, more than they were when received from donors or
originally purchased for the Society (and approximately $600,000 more
than one year ago).
The income received from investments during the year totaled
$89,979, representing a return of 3.2% on the market value of these
securities as of September 30 (7.6% of book value).
Your present Treasurer^—having assumed his duties in May of this
year—is reporting, to a large extent, the results of another man's work.
Chandler Bullock had been Treasurer of this Society since 1927.
It is hoped that the diligence and judgment of your Finance Committee and present Treasurer, together with the favor of the market
place, may continue to produce financial results comparable to those of
the past 33 years.
BONDS
NAME
Alabama Power Co
Alabama Power Co..:
Aluminum Co. of America
Boeing Airplane Co
British Columbia Power
C.I.T. Financial Corp
Consolidated Edison Co
Dallas Power & Light Co
Deere & Company
Florida Power & Light Co
Florida Power & Light Co
General Motors Acceptance Corp
Gulf States Utilities Co
Idaho Power Co
Illinois Bell Telephone Co
Interstate Power Co
Interstate Power Co
Jersey Central Power & Light Co
Merrimack Essex Electric Co
RATE MATURITY
4}^ May,
4^^ May,
4.}^ Jan.,
5 Aug.,
4% Apr.,
3^ Sept.,
4}^ Oct.,
4>< Dec,
4K Aug.,
3 % Apr.,
4}^ Apr.,
3 ^ Sept.,
4J^ July,
4K Jan.,
4% Mar.,
5 May,
$14 May,
5 July,
4 ^ May,
1983
1987
1982
1978
1987
1970
1986
1986
1983
1983
1988
1975
1990
1987
1994
1987
1989
1987
1988
PAR
BOOK
VALUE
VALUE
$7,000
25,000
5,000
15,000
10,000
10,000
10,000
10,000
14,000
10,000
10,000
25,000
10,000
10,000
10,000
10,000
15,000
10,000
10,000
$7,237.51
25,375.00
5,000.00
14,785.42
9,800.00
9,857.50
10,214.00
10,084.80
13,562.81
9,900.00
10,129.50
24,562.50
10,086.70
10,000.00
10,100.00
10,000.00
15,000.00
10,156.30
10,250.00
REPORT OF THE TREASURER
New Orleans Public Service
New York State Electric & Gas
New York Telephone Co
Northern States Power Co
Province of Nova Scotia
Pacific Finance Corp
Pacific Telephone & Telegraph Co
Potomac Edison
Potomac Electric Power Co
Potomac Electric Power Co
Public Service Electric & Gas
Southern Bell Telephone Co
Southern Natural Gas Co
State Loan & Finance Co
State Loan & Finance Co
Toronto Ontario Metropol Municipality
Western Massachusetts Electric Co
Wisconsin Michigan Power
4.}^ Apr.,
4% May,
4^^ May,
4^4 June,
3}^ Oct.,
4}^ Mar.,
3% Aug.,
4.^ May,
3% June,
4% Dec,
4^ Aug.,
5 Dec,
4
May,
3 J< May,
5% June,
4!^ Aug.,
s% Oct.,
¡^ Nov.,
249
210,301.80
15.232-50
20,351.00
9,800.00
10,175.00
7,921.25
20,509.40
15.257-25
10,037.50
10,130.70
15,000 15,306.90
8,000
8,460.00
4,000
3,960.00
10,000 10,000.00
10,000 10,037.50
5,000
4,772.00
10,000 10,187.50
10,000 10,187.50
1983 310,000
1987 15,000
1991 20,000
1987 10,000
1971 10,000
1967 8,000
1991 20,000
1987 15,000
1988 10,000
1993 10,000
1988
1997
1973
1966
1981
1986
1989
1989
-$428,729.84
PREFERRED STOCKS
SHARES
400
75
2,000
100
150
100
100
60
300
2,000
250
BOOK
VALUE
NAME
American Can Co. (7% Pfd.)
American Tobacco Co. (6% Pfd.)
Atchison, Topeka & Santa Fe Railroad ( 5 % P f d . ) . . . .
Baltimore Gas & Electric Co. ( 4 ^ % Pfd. B)
E. L DuPont de Nemours Co. ($4.50 Pfd.)
General Motors Corp. ($3.75 Pfd.)
International Harvester Co. (Pfd.)
New England Power Co. (6% Cum. Pfd.)
Pacific Gas & Electric Co. (6% ist Pfd.)
Union Pacific Railroad Co. (4% Pfd.)
U. S. Steel Corp. (7% Pfd.)
$17,367.92
9,229.20
20,228.31
10,482.80
17.774-77
9,783.62
14,977.05
8^625.30
9.279.29
t9 853 85
33,637.50
-$171,239-61
COMMON STOCKS
SHARES
NAME
121 ACF Industries, Inc
133 Aetna Insurance Co
666 Aetna Life Insurance Co
720 American Insurance Co
472 American Telephone & Telegraph Co
3,971 Babcock & Wilcoi
400 Bethlehem Steel Corp
100 Boston Edison Co
830 Boston Insurance Co
BOOK
VALUE
$4,400.00
4.319-35
4,013.14
9,050.00
15,742.74
35,711.86
5,351.18
4,277.27
11,915.81
250
Soo
159
326
1,880
135
1,048
714
780
166
275
1,000
257
1,600
120
440
606
800
322
624
279
1,502
700
804
150
264
448
100
200
100
412
2,131
400
240
200
200
200
450
416
130
200
630
918
1,522
1,146
1,705
300
400
AMERICAN ANTIQUARIAN SOCIETY
Central Hudson Gas & Electric
Chase Manhattan Bank
Chemical Bank New York Trust
Chemical Fund, Inc
Cities Service Co
Colonial Energy Shares
Columbia Broadcasting System
Continental Casualty Co
Continental Illinois National Bank & Trust Co
Continental Insurance Co
Continental Oil Co
Deere & Co
Dun & Bradstreet, Inc
E. I. duPont de Nemours Co
Eastman Kodak Co
Family Finance Corp
Federated Department Stores
First National Bank of Boston
First National City Bank of New York
First Pennsylvania Banking & Trust Co
General Electric Co
General Foods Corp
General Motors Corp
Great Northern Paper Co
Hartford National Bank & Trust Co
Insurance Co. of North America
Kennecott Copper Corp
S. S. Kresge Co
Liggett & Myers Tobacco Co
Manufacturers-Hanover Bank
Massachusetts Investors Trust
McKesson Robbins, Inc
Morgan Guaranty Trust Co
National Dairy Products Corp
National Shawmut Bank of Boston
Niagara Mohawk Power
J . C . Penney Co
Philadelphia Electric Co
Phoenix Insurance Co
Public Service Co. of Indiana
Royal Dutch Petroleum
Sears, Roebuck & Co
State Street Bank & Trust Co
Standard Oil Co. of California
Standard Oil Co. of New Jersey
Sterling Drug, Inc
J. P. Stevens & Co., Inc
^8,042.05
7,622.82
I2,S7O.39
I2|S3O-S3
S.44i-ii
8,022.09
8,134.53
662.13
9.537-01
3.952.50
15,388.48
5.150.36
8,975.00
4,267.43
5.480.42
10,171.29
10,152.38
10,242.55
24,489.23
8,840.64
9.529-03
10,501.08
7.4*9-82
6,128.50
7.236-36
2,999.38
12,611.24
5.030.20
7,987.06
9.576-52
4,943.58
10,430.66
11,134.45
4,655.98
7.835-0O
5,183.20
5.577-05
3.628.46
7,099.88
6,106.69
15,079.26
7.866.57
21,782.23
14,026.07
19,043.21
4,944.31
9,422.87
[Oct.,
1961.]
2,138
500
500
150
350
233
110
715
REPORT
OF THE TREASURER
Texaco, Inc
Torrington Co
Travelers Insurance Co
Union Carbide Corp
Union Pacific Railroad Co
Western Massachusetts Companies
F. W. Woolworth Co
Worcester County National Bank
251
314,979.85
13,500.00
3.935-oo
4,469.95
4,460.00
3.701.35
4.598.95
11,152.50
$573,040.55
MISCELLANEOUS
SHARES
NAME
I Interest in Income from Russell S. Paine Trust
BOOK
VALUE
$1.00
1.00
Principal Cash
2,290.19
2,290.19
$1,175,301.19
MR. A. GEORGE BULLOCK, Treasurer
AMERICAN ANTIQUARIAN SOCIETY
WORCESTER, MASSACHUSETTS
DEAR SIR:
In accordance with your instructions, we have examined the books
and accounts of the American Antiquarian Society as at and for the
year ended September 30, 1961.
As a result of our examination, we have prepared the following
financial statements which are appended hereto:
EXHIBIT
Balance Sheet as at September 30, 1961
Statement of Receipts and Disbursements
for the year ended September 30, 1961
Statement of Surplus Accounts for the
year ended September 30, 1961
"A"
"B"
"C"
SCHEDULE
Bequests and Donations:
Unrestricted
Restricted as to Principal
Restricted as to Principal and Income
"A-i"
"A-2"
"A-3"
252
AMERICAN ANTIQUARIAN SOCIETY
[Oct.,
In considering the foregoing it should be borne in mind that they are
predicated upon changes made in the Society's Accounts which were
revised to more clearly differentiate between the Operating Assets and
Income and Expense Accounts and the Fund Accounts and the Income
therefrom.
In addition to revising its accounts the Society has also placed the
assets underlying its Funds in the Trust Department of the Worcester
County National Bank and the Income therefrom is being distributed
on a unit basis to the various funds based primarily upon the value of the
assets of each fund to the total of all the Fund Assets.
Our work embraced a detailed check of the transactions of the year,
a review and analysis of the Accounts relating to the Cash Receipts and
Disbursements. The cash in banks was confirmed by a Certificate
received from the Depository and the Securities held by the Bank and
the purchases and sales thereof and the Income therefrom was confirmed
to us by that Institution.
Yours truly,
HARRY W . WALLIS & Co.
Accountants and Auditors
October 17, 1961
1961.]
REPORT
OF THE TREASURER
253
CONTRIBUTORS OF $500 OR OVER TO ANNUAL EXPENSES,
1910-1961
Alfred L. Aiken, 1923
Simeon E. Baldwin, 1923
C. Waller Barrett, 1953-1960
George S. Barton, 1927-1961
Frank B. Bemis, 1927-1935
William E. Benjamin, 1931-1935
George F. Booth, 1927-1955
Clarence W. Bowen, 1920-1935
Richard LeB. Bowen, 1947-1960
Morgan B. Brainard, 1942-1957
Clarence S. Brigham, 1914-1961
A. George Bullock, 1923
Alexander H. Bullock, 1942-1961
Chandler Bullock, 1932-1961
Hampton L. Carson, 1927-1928
Ernest Caulfield, 1946-1961
William R. Coe, 1949-1954
George Crompton, 1935-1955
Henry W. Cunningham, 1915-1930
F. Harold Daniels, 1957^1961
Francis H. Dewey, 1921-1927
Henry F. duPont, 1946-1961
George S. Eddy, 1927-1941
William M. Elkins, 1941-1946
Theodore T. Ellis, 1924
David H. Fanning, 1920
John W. Farwell, 1922-1925
Henry N. Flynt, 1958-1961
Donald M. Frost, 1941-1953
George F. Fuller, 1924
Homer Gage, 1917-1935
Mabel Knowles Gage, 1936-1948
T. Hovey Gage, 1921-1938
Harry W. Goddard, 1924-1925
Charles E. Goodspeed, 1923-1949
George T. Goodspeed, 1954-1961
Everett D. Graff, 1941-1961
Sinclair Hamilton, 1948-1961
Francis R. Hart, 1923-1935
Richard A. Heald, 1944-1961
Aldus C. Higgins, 1927-1949
John W. Higgins, 1935-1961
Milton P. Higgins, 1957-1961
Samuel V. Hoffman, 1921-1924
Esther Forbes Hoskins, 1942-1960
James M. Hunnewell, 1938-1954
Archer M. Huntington, 1935-1953
$1,000
500
3,921
51O25
1,000
13,500
5i40o
6,350
2,915
615
14,300
2,000
l,6oo
2,265
1,000
530
1,600
987
5.985
5,000
4,500
700
1,650
1,600
i,ooo
5,000
2,000
550
6,690
1,000
6,600
9,600
1,950
1,000
1,345
800
6,700
1,325
1,650
4,425
8,750
6,538
2,500
2,000
10,035
2,418
3,675
254
AMERICAN ANTIQUARIAN SOCIETY
James Hazen Hyde, 1954-1957
Alden P. Johnson, 1959-1961
Matt B. Jones, 1926-1940
William V. Kellen, 1924-1942
Henry P. Kendall, 1952-1959
John T. Lee, 1946-1952
Lilly Endowment, Inc., 1946-1953
Daniel W. Lincoln, 1949-1961
Waldo Lincoln, 1910-1917
Herbert E. Lombard, 1918-1939
Augustus P. Loring, 1941-1961
Tracy W. McGregor, 1936-1937
William S. Mason, 1927-1928
William G. Mather, 1924-1950
John M. Merriam, 1923-1958
William J. Middendorf, 1958-1961
Stewart Mitchell, 1935-1956
Paul B. Morgan, 1927-1952
Samuel E. Morison, 1935-1960
Samuel L. Munson, 1923-1927
Charles L. Nichols, 1923-1927
Grenville H. Norcross, 1919-1935
Irving S. Olds, 1954-1961
Russell S. Paine, 1927-1958
J. Duncan Phillips, 1944-1954
Stephen W. Phillips, 1935-1954
George A. Plimpton, 1921-1929
Albert W. Rice, 1941-1961
Carleton R. Richmond, 1953-1961
George I. Rockwood, 1925-1935
A. S. W. Rosenbach, 1931
Arthur P. Rugg, 1923-1935
John H. Scheide, 1939-1941
Emily E. F. Skeel, 1925-1951
Foster Steams, 1937-1955
George R. Stobbs, 1946-1961
Harry G. Stoddard, 1935-1959
Thomas W. Streeter, 1935-1961
Charles H. Taylor, 1923-1941
Forrest W. Taylor, 1924
Edward L. Tinker, 1951-1961
Charles G. Washburn, 1921-1927
Lemuel A. Welles, 1929-1935
Leonard Wheeler, 1921-1935
James B. Wilbur, 1921-1927
Lucile K. Wilkin, 1952-1954
John Woodbury, 1922-1935
Samuel B. Woodward, 1921-1941
George A. Zabriskie, 1940-1953
;
$500
1,300
1,220
2,595
950
900
30,000
1,120
2,285
1,275
1.575
5.000
1,000
4.700
4,600
700
825
7,690
1.700
2,100
2,750
4.840
850
2,150
725
16,770
2,000
37,6oo
3.410
2,000
500
800
1.085
4.35O
524
550
10,200
I7.I37
10,895
1,000
1.650
2,600
600
1,100
8,000
1.355
550
1,750
850