obtain money for the uses of the Association. It seems to me it would be better to invest the funds in some well-known and sound safe-deposit company or savings bank, where it would draw a reasonable interest, and where it would be subject to the drafts of the proper officer. GEN. HICKENLOOPER-If there is any better security than United States Government Bonds, I do not know what it is; and you can sell the bonds and realize upon them with the same facility that you could use your money were it in a bank or safe-deposit company. Any fluctuation in the market value of the bonds, is as liable to be in favor of the Association as against it. CAPT. WHITE-Without entering into a discussion of the question at all, I would simply state, that it is very inconvenient to be obliged to sell a $1,000 bond when it is necessary to use $250 or $300, besides losing the interest on the money; whereas, if you draw $250 from the bank, you will not lose the interest on the part that remains on deposit. GEN. HICKENLOOPER-Perhaps it has not occurred to my friend Capt. White, that there are $100 government bonds, as well as $1,000 honds. MR. HARBISON-Before the question is put, I would suggest to the Association, whether there are not other bonds in which our funds can be invested, as secure as government bonds, and which pay a higher rate of interest. I think there are. At any rate, I believe the gentlemen of the Finance Committee are capable of deciding what form of investment they had better make. If the money is intrusted to them at all, it seems to me that we ought to trust them with the duty of safely investing it. I don't think the committee ought to be instructed as to what investment they ought to make, but I think the matter ought to be left to their own judgment and discretion. THE PRESIDENT-As the recommendation of thec ommittee now reads, it is left to the discretion of the treasurer, with the approval of the Finance Committee, to safely invest the funds. If this amendment is adopted, instructing the treasurer and Finance Committee to invest in United States bonds, it simply leaves them to decide what government bonds. As it now stands, the treasurer cannot invest in government bonds, or anything else, without the approval of the committee. But now, if this amendment is adopted, the Finance Committee would be restricted to investment in government bonds alone. A MEMBER-I move that the whole matter be left to the Finance Committee. THE PRESIDENT-I shall declare that motion out of order, because if you vote adversely upon the amendment proposed, the effect will be to leave it in the hands of the Finance Committee. The question is on the amendment offered by Gen. Hickenlooper, that the committee be instructed to invest the money in United States Government Bonds. The amendment was lost. THE PRESIDENT-The question now recurs upon the original recommendation of the committee, that the surplus funds in the treasury after each annual session be safely invested by the treasurer, with the approval of the Finance Committee. Carried. THE PRESIDENT-The next question is upon the adoption of the fourth recommendation, that the printing in book form of the proceedings of the Association be deferred until after the next annual meeting. Carried. THE PRESIDENT-The next question is upon the fifth recommendation of the committee, that the distribution of printed books to new members be confined to the date of their admission. Carried. THE PRESIDENT-The next question is upon the adoption of the next recommendation of the committee, viz.: that the sales of copies of the proceedings of the Association, to parties not members, may be made at the rate of $1.50 per volume. CAPTAIN DRESSER-Before that recommendation is acted upon, I would like to say a word in regard to it. It seems to me that the price of these proceedings, as printed in book form, ought to be at least equal to the fee for annual membership. If a man does not take the trouble to come here, and will not pay for his admission as a member, I do not think he ought to get all the advantages of this Association for $1.50, and I think he certainly ought to have to pay for the printed volume a price at least equal to the amount of annual dues. MR. HARBISON-I object to the suggestion made by Capt. Dresser that those who are not members should be obliged to pay $5 apiece for these reports. I do not think this Association wants to go into the book business, and get 25 per cent. profit on what they sell. Besides that, any one can obtain the Gas Light Journal, in which these proceedings are printed. The committee were of the opinion that $1.50 was sufficient, and that 38 or 40 cents would be sufficient profit to make, the books costing $1.10 to $1.12. The PresidenT-The question is on the amendment offered by Capt. Dresser, that the amount to be charged for these volumes, to non-members, should be equal to the yearly dues. The amendment was lost. THE PRESIDENT-The question now recurs upon the original recommendation of the committee, that the price be $1.50 per volume. Carried. THE PRESIDENT--The question now is upon the adoption of the seventh recommendation, which you have heard, regarding lectures. Carried. The report as a whole was then adopted. TREASURER'S REPORT. MR. NETTLETON-I have here the report of the Treasurer, but for the present purpose I suppose a synopsis is all that will be required: Balance cash on hand from last year, Cash received for annual dues, Four copies proceedings sold (3 vol. I., and I copy vol. II.) and old paper, $169 32 160 00 735 00 617 $1,070 49 CASH PAID. For 100 copies vol. II., For salary of secretary and treasurer, For printing, For insurance on books, Vol. II, proceedings Postage, postal cards, etc. $47 06 350 00 6 15 4 25 38 43 $445 89 624 60 188 Balance on hand Number of active members on roll, Membership payment commuted, Honorary members, . I 3 In reference to the amount paid for printing extra copies of the proceedings, I ought, perhaps, to say that when the volume was ordered to be printed, 500 copies was the number ordered, but 600 copies were printed, and it came about in this way: After having the 500 copies printed, the number I had on hand ran so low that I thought the Association ought to have more, so I asked those who had printed them what they would print 100 additional copies for, and they said $47.06, and I ordered the 100 copies to be printed, which I paid for myself. Then, when the meeting was held at Cincinnati, I stated the facts to the Association, and they authorized the purchase. That 100 copies cost $47.06, while the other 500 copies cost a little over $1 a copy. On motion, the report was accepted, and entered upon the minutes. REPORT OF THE FINANCE COMMITTEE. MR. CHAMBERS-I am instructed by the Finance Committee to report that they have examined the accounts of the treasurer of this Association, and found the same correct, and that there is a balance in his hands of $624.60. This report is signed by all the members of the Finance Committee. On motion, the report was accepted. REPORTS OF SPECIAL COMMITTEES. MR. NEAL-There was a committee on statistics appointed, and Mr. McIlhenny was appointed chairman. I hope he has a report to make. MR. MCILHENNY-Mr. President; I have no report to make, except a verbal one. After the adjournment of the Association last year, I corresponded with my two associates on the committee, in regard to getting up statistics, and sending a list of what I supposed to be the proper questions to ask the companies, and got their views on the subject, which concurred, with a slight difference, with my own. After thinking the matter over, and after corresponding with some of the companies, I come to the conclusion that it would be impossible to get the principal companies of the country to submit their statistics for publicity; and, consequently, dropped the whole matter. I did not suppose there was a gas company in this city that would furnish this Association with its statistics, and I did not think it would be worth anything unless it was universal. For these reasons I did not pursue the matter any further, but dropped it. That is the only report I have to make on the subject. On motion, the report was accepted, and the committee discharged. MR. NEAL-I understand there was a committee appointed. to prepare a paper giving the Association the benefit of their investigation in regard to the subject of unaccounted-for gas. I think Mr. Dwight is one of the members of that committee. MR. DWIGHT-This is all news to me. I think there must be some mistake. MR. NEAL-On page 246 of the report of last year, I find that such a committee was appointed. THE PRESIDENT-I was not aware before that I was on that committee. On motion of Mr. Clement White, the committee was discharged. ELECTION OF OFFICERS. On motion of Mr. Harbison, the following named gentlemen were appointed a committee by the Chair, to report a list of officers for the ensuing year: J. P. HARBISON, C. E. CUSHING, G. A. McILHENNY, A. C. WOOD, A. B. SLATER. |