y's Expense 77.23
Treasurer's Expense 94.04
Dues, American Horticultural Society 5.00

TOTAL $2,605.68

Cash on deposit, First Bank, South Bend $1,313.78
Disbursements 2,605.68

$3,919.46
-- -- -- --
On hand August 26, 1951 $1,730.99
Receipts 2,188.47

$3,919.46
-- -- -- --
U. S. Bonds in Safety Deposit Box $3,000.00

I know that Mr. Best has still some more material that he will supply to
any of you who are anxious to go out and help in getting the new
members. It's only a matter of every person getting a couple, or like
Spencer Chase getting 10. That would put us well toward our goal of a
thousand members, on which the Association probably can operate without
deficit. I thank you. (Applause.)

PRESIDENT MacDANIELS: Thank you very much, Mr. Prell. We are very much
indebted to you for your business-like handling of the affairs of the
society. It is sometimes bitter to know the facts, but the only way that
we are ever going to get anywhere is by knowing the facts and facing
them. Either fortunately or unfortunately we are not like the federal
government, which can go on piling up deficits. We have to do as each
one of us as individuals has to do: If our operating-expense exceeds
income, we either have to get more income or cease out-go. That is the
situation under which we are confronted at the present time.

A little later we can take up some of the things we have in mind. Did
you have a further report, Mr. Secretary?

I think probably the Treasurer stole some of the thunder that you might
otherwise have.

MR. MCDANIEL: He did that, and the Membership Committee also. You know
something of the activities of the secretary's office during the current
year, a matter of getting out three issues of The Nutshell and assisting
with the editing of the annual report, which I hope you will receive
about the time you get home.

One other activity in which the Secretary part