Ohio, Walter H. Howson, Water and Walnut streets, Chillicothe. Cincinnati. Cleveland. Columbus. Oregon, Dayton. J. U. Lloyd, Court and Plum streets, Lancaster. Lebanon. Rhode Island, South Carolina, Texas, Utah, Washington, Wisconsin, Prov. Nova Scotia, George A. Kelly, 101 Wood street, Philip M. Ziegler, 526 Penn street, Edward A. Cornell, Fourth and Pine streets, Wm. H. Cotton, 226 Thames street, Jas. S. Robinson, Second and Madison streets, Edwin L. Boggs, Kanawha Bank Building, Pittsburgh. Reading. Scottdale. Williamsport. Charleston. Memphis. Fort Worth. San Antonio. Richmond. Seattle. Halifax. THE PERMANENT FUNDS OF THE AMERICAN PHARMACEUTICAL ASSOCIATION. At the San Francisco meeting in 1889, the Permanent Secretary was directed to publish annually, in the Proceedings, a brief history of the origin, money value, and use to which each Fund may be applied. There are three permanent Funds at the present time, all of which are invested in government bonds, in the name of the Treasurer of the American Pharmaceutical Association, and kept in the custody of the Chairman of the Council. THE LIFE MEMBERSHIP FUND. The Constitution, as originally adopted in 1852, and up to the year 1856, contained no provision for life membership or for the creation of a permanent fund. In the year named, a revised Constitution was reported by a committee, and, after consideration, adopted (see Proceedings 1856, pp. 12, 14, 27 and 79). Article II., Section 7 (afterwards Section 8), contained the following provision: "Members who have paid their annual contribution for ten successive years shall be considered life members, and exempt from their yearly payments, and entitled to a certificate to that effect." Owing to increased expenditures for the publication of the Proceedings, etc., the Association found it necessary in 1867 (Proceedings, p. 75) to increase its revenue, one of the measures being the erasing of Section 8, and the total abandonment of life membership in the future. In 1870 a revised Constitution was adopted (see Proceedings 1870, pp. 87-96), and is in force at the present time, containing the following: “Article IV. All moneys received from life membership, together with such funds as may be bequeathed, or otherwise donated to the Association, shall be invested by the Treasurer in United States Government or State securities, the annual interest of which only shall be used by the Association for its current expenses." Chapter VI., Article 5, of the By-Laws adopted the same year, reads as follows: "Any member who shall pay to the Treasurer the sum of seventy-five dollars at a time shall become a life member, and shall be exempt from all future annual contributions." In the roll of members for the year 1872 (page 338) the name of the late Charles W. Badger, of Newark, N. J., appears for the first time as a life member, and the only one (until the time of his death in 1877) under this provision, which was subsequently modified (Proceedings 1879, page 799) so as to reduce the sum to be paid into the treasury by those who had been members for from five to twenty years. In the same year the published roll contained the names of two new life members. The article on life membership was further modified in 1888 (Proceedings, page 52) so as to apply also to those who have been members for over twenty years (see Chapter VIII., Article 4 of By-Laws). Under this clause the life membership (new style) of the present roll is thirty-seven, as published in the Proceedings, pages 387 and 1106. The Treasurer's report for 1880 (page 524) states the life membership fund to be $75, for 1881 (p. 513) $613, for 1882 (p. 608) $685, for 1883 (p. 436) $904-38, and for 1884 (p. 524) $944.14. At the Milwaukee meeting, held in the same year, the Association directed (Proceedings, p. 525) that $316, which amount had been in past years donated to the funds of the Association by various members, be withdrawn from the general fund and be added to the Life Membership Fund. At the Providence meeting in 1886 (Proceedings, p. 147), it was recommended by the Finance Committee, and approved by the Council and by the Association, that the sum of $3,000 be transferred from the general fund to the Life Membership Fund. At the Cincinnati meeting in 1887 (Proceedings, p. 471), the Association ordered again a transfer to the same fund of $4,000. Since 1887 the annual reports of the Chairman of the Council give the number of each bond of the Government securities in which the Life Membership Fund is invested. The report published on page 27 of the present volume shows that on June 4, 1892, the value of the Life Membership Fund was $10,208.97, of which sum the annual interest only shall be used by the Association for its current expenses. THE EBERT FUND. At the Richmond meeting in 1873 (Proceedings, p. 58), Mr. Albert E. Ebert presented to the Association the sum of five hundred dollars, to be used in the following manner: "The money to be properly invested by order of the Executive Committee, and the annual interest derived therefrom to be appropriated for conferring a suitable prize for the best essay or written contribution containing AN ORIGINAL INVESTIGATION OF A MEDICINAL SUBSTANCE, determining new properties, or containing other meritorious contributions to knowledge; or for IMPROVED METHODS of determined merit, for the preparation of chemical or pharmacal products: the prize to be awarded by a suitable committee within six months after the annual meeting at which the essays are presented for competition; provided, that in case no one of the essays offered is of sufficient merit to justify the award, in the judgment of the Committee on Prize Essays, all may be rejected, and the sum added to that of the Fund." The offer was accepted by the Association, and by a special vote (Ibid., page 70,) the fund was ordered to be called the Ebert Fund, and the prize awarded from the proceeds to be known as the Ebert Prize. The Ebert Prize was awarded for the year 1874 to Chas. L. Mitchell; for 1877, to Fred. B. Power; for 1882, to John U. Lloyd; for 1886, to Emlen Painter; for 1887, to Edward Kremers; for 1888, to Jos. F. Geisler; for 1890, to Wm. T. Wenzell; and for 1891, to John U. Lloyd. The Ebert Fund amounted in 1883 (Proceedings, p. 436) to $683.43. Since 1887 the reports of the Chairman of the Council specify the securities in which this fund is invested. On June 4, 1892 (Proceedings, p. 26) its reported value was $761.55. The annual interest must be applied to a prize for an original investigation meeting the requirements stated above. THE CENTENNIAL FUND. After the meeting held in Philadelphia in 1876, the local committees, on settling all accounts for the entertainment of the Association, had an unexpended balance left, which by subsequent collections made in Philadelphia was increased to $525. At the Toronto meeting in 1877 (Proceedings, p. 481), Dr. A. W. Miller, local secretary for 1876, presented this sum in the name of the local committees, to the Association, with this condition, "that a like amount be subscribed by the members within one year," with a view of establishing a fund to aid in the prosecution of original investigations, the interest accruing from the investment of the fund to be devoted to the defraying of expenses actually incurred by members in conducting investigations in some branch of science connected with pharmacy. The Association accepted the conditions (Ibid., pp. 526, 528), and adopted the name Centennial Fund. The collection of a like amount by the Association was completed at the Saratoga meeting (Proceedings 1880, p. 553), when $582.81 had thus been received. In the following year a committee of the Centennial Fund was provided for in the By-Laws of the Council, Chapter VII. (Proceedings 1881, pp. 190, 549). Members have not availed themselves of this Fund to the extent contemplated at its foundation; for the amounts paid out have been only $7.50 to Rob. B. Warder for material used for investigations reported in 1885; $96.80 used by the Committee on National Formulary during the years 1886 and 1887 (Proceedings 1889, page 16); and $32 to Edward Kremers for material necessary for the prosecution of scientific research on the menthol group, reported in the present volume. The original sum of $1117.81 ($525+ 582.81) had increased in 1883 to $1232.76. Since 1887 the securities in which the Fund is invested are specified in the reports of the Chairman of the Council; the reported value was $1470.49 on June 4, 1892 (see Proceedings, p. 27). The interest accruing from this Fund is to be used for defraying the expenses incurred in conducting original investigations in pharmacy or an allied science. THE GENERAL FUND. In October, 1891 (see Proceedings 1892, page 13), the Council instructed the Treasurer to draw from the cash on deposit a sufficient sum and purchase therewith three bonds, one thousand dollars each, the same to be such bonds as shall be approved by the Finance Committee, said bonds to be registered in the name of the Treasurer of the American Pharmaceutical Association, and placed in the custody of the Chairman of the Council. The investment was made in bonds of the American Security and Trust Company at Washington, D. C., for the sum of $3021.62 (see Proceedings 1892, pages 27 and 28). |