The Woods Hole Oceanographic Institution
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THE WOODS HOLE OCEANOGRAPHIC INSTITUTION REPORT FOR THE YEAR 1936 TABLE OF CONTENTS Page Trustees, as of December 31, 1936. 3 II Members of the Corporation, as of December 31, 1936. 4 III Report of the Treasurer . 5 IV Report of the Director. 9 V Staff, as of December 31, 1936 . 17 ApPENDIX: Reports of progress by investigators working at the Institution during 1936 . .. .... ........ ... ... ' " . " 18 I. TRUSTEES (As of December 31, 1936) To serve until 1940 WILLIAM BOWIE. U. S . Coast & Geodetic Survey, Washington, D.C. A. G. H UNTSMAN, University of Toronto, Toronto, Canada. COLUMBUS O'D. ISELIN, Woods Hole Oceanographic Institution, Woods Hole, Mass. ALFRED C. REDFIELD, Harvard Un i versity, Cambridge, Mass. HENRY L. SHATTUCK, Boston, Mass. T. WAYLAND VAUGHAN, Washington, D.C. To serve until 1939 ISAIAH BOWMAN, Johns Hopkins University, Baltimore, Md. E. G. CONKLIN, Princeton University, Princeton, N.J. ALEXANDER FORBES, Harvard Medical School, Boston, Mass. Ross G. HARRISON, Yale University, New Haven, Conn. FRANK R. LILLIE, University of Chicago, Chicago, Itt. HARLOW SHAPLEY, Harvard University, Cambridge, Mass. To serve until 1938 CHARLES FRANCIS ADAMS, Boston, Mass. THOMAS BARBOUR, Museum of Comparative Zoology, Cambridge, Mass. BENJAMIN M. D UGGAR, University of Wisconsin, Madison, Wis. JOHN A. FLEMING, Carnegie Institution, Washington, D.C. FRANK B. JEWETT, New York, N.Y. ELIHU ROOT, JR., New York, N.Y. To serve until 1937 THE COMMANDANT (Admiral R. R. Waesche), U. S. Coast Guard, for the time being, Washington, D.C. MARION EpPLEY, Newport, R.I. THE HYDROGRAPHER (Capt. L. R. Leahy), U. S. Navy Department, for the time being, Washington, D.C. T. H . MORGAN, California Institute of Technology, Pasadena, Calif. R. S. PATTON, U. S. Coast & Geodetic Survey, Washington, D.C. B . W. ST. CLAIR, Cambridge, Mass. Ex officio HENRY B. BIGELOW, Museum of Comparative Zoology, Cambridge, Mass. LAWRASON RIGGS, JR., New York, N.Y. OFFICERS FRANK R. LILLIE, President of the Corporation, University of Chicago, Chicago, Ill. LAWRASON RIGGS, JR., Treasurer, 120 Broadway, New York, N.Y. HENRY B. BIGELOW, Clerk of the Corporation, Woods Hole, Mass. 3 II. MEMBERS OF THE CORPORATION (As of December 31, 1936) CHARLES FRANCIS ADAMS, Boston, Mass. THOMAS BARBOUR, Museum of Comparative Zoology, Cambridge, Mass. HENRY B. BIGELOW, Museum of Comparative Zoology, Cambridge, Mass. ISAIAH BOWMAN , Johns Hopkins University, Baltimore, Md. THE COMMANDANT (Admiral R. R. Waesche), U. S. Coast Guard, for the time being, Washington, D.C. E. G. CONKLIN, Princeton University, Princeton, N.J. BENJAMIN M. DUGGAR, University of Wisconsin, Madison, Wis. MARION EpPLEY, Newport, R.I. JOHN A. FLEMING, Carnegie Institution, Washington, D.C. Ross G. HARRISON, Yale University, New Haven, Conn. A. G. HUNTSMAN, University of Toronto, Toronto, Canada THE HYDROGRAPHER (Capt. L. R. Leahy), U. S. Navy Department, for the time being, Washington, D.C. COLUMBUS O'D. ISELIN, Woods Hole Oceanographic Institution, Woods Hole, Mass. FRANK B. JEWETT, New York, N.Y. FRANK R. LILLIE, University of Chicago, Chicago, Illinois T. H. MORGAN, California Institute of Technology, Pasadena, Calif. R. S. PATTON, U. S. Coast & Geodetic Survey, Washington, D .C. ALFRED C. REDFIELD, Harvard University, Cambridge, Mass. LAWRASON RIGGS, JR., New York, N.Y. ELIHU ROOT, JR., New York, N.Y. B. W. ST. CLAIR, Cambridge, Mass. HARLOW SHAPLEY, Harvard University, Cambridge, Mass. HENRY L. SHATTUCK, Boston, Mass. T. WAYLAND VAUGHAN, Washington, D.C. 4 III. REPORT OF THE TREASURER To THE MEMBERS AND TRUSTEES: GENTLEMEN: At the meeting of the Trustees held last August, the fiscal year which formerly ended February 28th was changed to agree with the calendar year and it was voted that the report of the Treasurer cover the period March 1, 1936 to December 31, 1936. The accounts for this period have been audited by Messrs. Stagg, Mather & Hough, public accountants, and a copy of their report is on file in the office of the Institution. During the period the proceeds from securities redeemed or sold was, $665,858.39. These were all bonds except one preferred stock (Standard Oil Export) and the annual income on these securities was, $29,205.00. The proceeds and in addition $7,961.08 was in vested as follows : In Bonds . ...... $366,260 .00 Fixed annua) income. $14,312.50 Preferred stock .... $122,891 .50 Fixed annual income. 5,947.50 Common stock ...... $184,667.97 Estimated ordinary income. 8,945.00 Total. ..... ..... .. .. .. .... $29,205.00 The return on the cost of the securities sold was .0443, on the va lue at time of sale or redemption, .0438 and on the new investments (ordinary dividends estimated) at cost .0390. Due to the investment of the $7,961.00 (from amortization of premium and back dividends on preferred stock allocable to princi pal) in addition to the proceeds of sales and redemptions, the dollar income (with ordinary dividends estimated and special dividends ex cluded) remains the same. A net profit of $6,793.64 was realized from the sale or redemption of securities to which must be added $2,398.60 being reserve for amortization of premiums applicable to securities disposed of, making $9,192.24. At the beginning of the period there were unamortized losses on securities sold of $4,696.05. Applying the above gains for the period leaves a net realized gain in endowment account of $4,496.19. Extra dividends and special dividends on stock amounting to $8,224.25 were placed in a Special Income Account. A payment of $2,366.27 was received from the Rockefeller Foun dation. This was made so as to bring the total of income for the year ending February 29th, 1936, when the annual grant was capitalized, up to the income for the prior year. With this payment the Rocke feller Foundation has completed all its obligations to the Institution. The following are summaries of the various accounts: 5 6 WOODS HOLE OCEANOGRAPHIC INSTITUTION BALANCE ENDOWMENT FUND ASSETS Investments, at cost : Endowment Fund bonds.... .. .. $1 ,509,529 .20 (Market Value $1,574,191.25) Endowment Fund stocks... .... .... .. $ 908 ,030.96 (Market Value $1,035,192 .00) Reserve Fund bonds.. , . ...... .. ... .... .. $ 3 ,970 .00 (Market value $3,705 .00) Reserve Fund stocks. .. $ 25,723 .99 (Market value $19 ,500 .93) $2,447,254.15 Cash: Endowment Fund: In Bank . .. ... ... " """" " '" $ 12,677.03 Reserve Fund ....... .. .. ... .. .... 2,299 .66 14,976 .69 $2,462 , 230.84 PLANT ASSETS Laboratory plant: Land ... .. $ 27,072 .32 Building . .. ..... .. .. .. .. ... .. 323,213.12 Laboratory equipment ... .. ... ... .. 21 ,361.93 Crew room equipment. ... ..... .. ... .. 557.95 Library . ... .. ... .. .. .... .. 9,500.00 $381,705 .32 Ship "A tlantis" Construction . .. .. ... .. $218,674.47 Equipment. .. .. ... .. ... ... ... 27,298.50 245,972.97 Sma ll boat and equipment ..... .. ... .. .. ... $ 6,570 .55 Depreciation Fund (reserve for periodical replacements) Investments--Bonds. .. ... .. .. ... ....... $ 7,000 .00 (Market value $7,251 .56) Cash .. .. .. ... .. .. .... .. .. .. .. .... $ 16,170. 16 23,170 .16 $657,419 .00 CURRENT ASSETS Cash--Current funds . .. ..... $11 ,539.52 Cash--Special Income Account ... .. .... .. 8,224 .25 $19,763.77 Interest receivable (Accrued interest paid on bonds purchased) .. .... ... 504.67 $20,268.44 REPORT FOR THE YEAR 1936 7 SHEET ENDOWMENT FUNDS Endowment Fund-General, , ' $2,000,000 .00 Endowment fund for upkeep of plant. , , ' , , , . , . , . 419,419.96 $2,419,419 .96 Add: Realized net gain on securities called or sold., $4,496.19 Reserve for amortization of bond premiums, , , , , , , , , . , . , 6,321.04 10 ,817.23 $2,430,237.19 Reserve fund. ' 31,993,65 $2,462,230,84 PLANT FUNDS Plant fund-General , . ... , . , .. , ' $607,642.13 Plant fund from current account, . ' , , . , . , , . ' . ' . ' . , . , .. .. , 26,606.71 Reserve for depreciation (Reserve for periodical replacements), , . , . , . ' . ' 23,170.16 $657,419.00 CURRENT LIABILITIES AND SURPLUS Accounts payable .. ' $3 ,235.76 Bank overdraft, , 35.17 $ 3,270.Y3 Current surplus and reserve for "working balance": Reserve for working balance, , , , , , , , . , . , . 1) 5,000.00 Current surplus-Balance at February 29,1936 . , ",.,., ...... $3,045 . 17 Excess of income over expenditures, for the period ended December31,1936 .. 8,952 .34 11,997.51 16,997 .51 $20,268.44 8 WOODS HOLE OCEANOGRAPHIC INSTITUTION GENERAL ACCOUNT Income: Income from endowment funds: Interest. .. $52,196.44 Dividends (including extra divi dends of $8,224.25). .. .... .. 44,918.87 $97,115 .31 Less-Custodian Fees ... .. .. .... .. 1,331.52 $95,783 . 79 Appropriation from Rockefeller Foundation for cur rent expenses.. .. .... .. ................. ... $ 2,366.27 $98,150.06 Expenses: Upkeep oj Plant: Upkeep of buildings and grounds . .. .. .... $ 5,532.18 Upkeep of Atlantis .. 8,199.93 Upkeep of Asterias . 63 .79 Insurance ...... ... 5,444.00 Reserve for depreciation ... .. .. ..... ... .... ... 4,000.00 Operating Expenses: $23,239.90 Operation of Atlantis. $24,560 .90 Operation of Asterws . ... ... 804.95 Scientific salaries ........... 22,514 .50 Scientific supplies & equipment. 3,713 .04 Travelling expenses ... 643.98 Publications .... 2,943.23 Administration .... .. ..... .. 5,966.46 Amortization of bond premiums . 2,743.20 Contribution to retirement fund . .. .. 1,567.56 65,457.82 $88,697.72 Expenditures for permanent plant additions: Additions ('0 library .... $ 500.00 $89,197.72 Excess of income over expenditures . .. .. .... ... ... $ 8,952.34 Due to the number