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Executive Committee of the American Institute of Physics

Minutes of Meeting

February 19, 1944

In accordance with notices sent by authority of the Chairman, the Executive Committee met at 10 a.m., February 19, 1944, at the office of the Institute.

1. Members present: Mr. Klopsteg, Chairman, presiding; Messrs. Fletcher, Gibson, Pegram and Tate. Absent: none

Mr. Barton, Miss Mitchell and Mr. Burnham of the Institute were also present by invitation, all or part of the time.

2. The minutes of the previous meeting on December 10, 1943 were read and voted approved.

(Note: The Secretary noted two corrections to be made to the mimeographed copies of these minutes, which had been distributed before the meeting)

3. Retainer of legal counsel.

On motion it was voted that the action taken by this Committee at its December 10, 1943 meeting, authorizing a retainer fee of $500 for the year 1944 to the firm of Robinson and Henson, 120 Broadway, be revised to make the retainer “for the year July 1, 1944 to June 30, 1945,” instead of “for the year 1944”.

4. New associates.

The secretary reported a mail ballot in February unanimously favoring admission as associates of

  • Sun Oil Company, Philadelphia, Pa.
  • Tung-Sol Lamp Works, Inc., Newark, N.J.

On motion this mail ballot was confirmed and approval was given to the admission as associate of

  • The Bristol Company

5. Inspection of the new quarters of the Institute.

A recess until 11:15 a.m. was taken to let members of the Committee inspect the house, and see the alterations and improvements made or in progress.

6. Finances of the Physics Building Fund and the Building.

Director Barton discussed for the Committee the status of the Physics Building as to financing and as to adaptation of the building to Institute use. Mr. Barton submitted two schedules:

  1. Physics Building – Income and Expense
  2. Improvements under consideration

Copies of which are attached.

After full discussion it was on motion voted to rescind the resolution 3.b, minutes of December 10, 1943, appropriating “a sum of not more than $20,000….” And to substitute the following resolution:

Resolved, that advances be authorized from the surplus of the Institute in an amount not to exceed $30,000 to meet necessary costs of preparing the Physics building at 57 East 55th Street for occupancy by the Institute, of making such modifications as may be necessary to meet the city requirements, and of moving the Institute from its former offices.

7. Cost of Building, Contributions, and Accounting Procedure – Statement and Resolutions.

As the result of discussion by the Director and the Treasurer with the auditors for the Institute the following statement and resolutions were offered by the Treasurer:

  1. The following particulars, as at December 31, 1943, respecting the real property of the Institute, 57 East 55th St., New York, N.Y., are presented to the meeting:

    As to cost of premises and improvements thereon
    Purchase cost$70,000.00
    Expenditures incident to purchaseLegal Fee$400.00
    Title Insurance226.45626.45
    Building Improvements, and expenditures Incident thereto (to December 31, 1943)377.58
    Total Cost to December 31, 1943$71,004.03
    As to contributions to Building Fund received
    Total Amount received (exclusive of certain securities without market value, perhaps $6,000.00)$61,857.34
    Deduct
    Expenses incident to acquisition of property not chargeable to cost of property$3,001.25
    Contributions, Campaign expenses2,159.565,160.81
    Net amount of contributions to December 31, 1943, available to be applied to cost of premises$56,696.53
    As to payment for premises and improvements thereon
    Amount provided by contributions to Building Fund, as above$56,696.53
    Amount provided, either in Cash, or in obligations assumed, by general funds of the Institute14,307.50
    Total cost to December 31, 1943, as above$71,004.03

    The aforesaid contributions, when received, were credited on the books of the Institute to a special surplus account, entitled – Building Fund.

  2. Resolutions:

    WHEREAS, it is believed desirable and appropriate for the American Institute of Physics Incorporated, for the purposes of its financial records and published financial statements, to state the value of premises occupied by it at 57 East 55th St., New York, N.Y., at the nominal value of $1.00;

    NOW, THEREFORE, BE IT RESOLVED that, as of December 31, 1943, there be written off from the value of Land and Building account and charged to the special surplus account – Building Fund – the sum of $56,696.53 and that there be charged to an account entitled – Suspense, the sum of $14,307.50, thus leaving a balance in the Land and Building account of $1.00; and

    BE IT FURTHER RESOLVED, that said amount of $14,307.50, plus any further outlays from the general funds of the Institute in connection with this project, be charged, on December 31, 1944 or at such earlier date as may be fixed by this Committee, against such surplus as may arise in said special surplus account – Building Fund – as shall represent contributions received subsequent to December 31, 1943; and

    BE IT FURTHER RESOLVED that, in the event that the said $14,307.50 and further outlays from general funds on this project exceed the surplus which may arise in the special surplus account – Building Fund – referred to in the preceding paragraph, such excess be charged to the general surplus of the Institute.

    On motion, the forgoing preamble and resolution were adopted by unanimous vote.

  3. RESOLVED that, as of December 31, 1943, the Furniture and Fixtures account of the Institute be written down to the nominal value of $1.00, and that the amount written off be charged to the general surplus account of the Institute.

    On motion, the foregoing resolution was adopted by unanimous vote.

8. Physics Monograph Series.

Director Barton presented a memorandum, copy of which is filed with the official copy of these minutes, report of recent conversations with Messrs. Turner and Hawley of the Reinholt Publishing Corporation on the subject of publishing under Institute auspices a series of “Physics Monographs” somewhat similar to “Chemical Monographs”.

(At the December 10, 1943 meeting of this Committee a letter from Reinholt Publishing Corporation was read and referred to the Adviser on Publication and the Editors of the Institute.)

On motion, it was voted to appoint a committee consisting of Messrs. Hutchisson, Condon, and Tate to study the question of the feasibility and desirability of arranging for the publication of a series of books or monographs on special fields of physics under the sponsorship of the Institute.

9. Advertising.

Mr. Barton stated that the Reinholt Publishing Corp. handles all the advertising solicitation and managing for the American Chemical Society. This led to a discussion of the possibility of expansion of the advertising in Institute journals. It was agreed that considerable expansion should be possible at the present time and the Director was encouraged to investigate the possibilities of getting the services of a good advertising agent.

10. The opportunities for and policies concerning the development of the JOURNAL of APPLIED PHYSICS were discussed. It was agreed that the journal should, if conditions were normal, be allowed to run a deficit of several thousand dollars (prior to crediting advertising income) for a year or so to insure its best development. However, the current difficulty of obtaining articles of acceptable standards and the limitations which may be imposed by the shortage of paper, were likely, in the Committee’s opinion, to restrict what could be done. The 1944 budget was to be set according to our best estimate of these considerations.

11. It was decided to hold the 1944 annual meeting of the Governing Board at 10 a.m., Friday, March 10.

The Committee adjourned at 3:15 p.m.