tracted for them at $105 each. At about the same date Seth Bemis, a prosperous manufacturer of duck, introduced power-looms into his factory in Watertown. From 1803 he had been spinning Sea Island cotton yarns by waterpower, and paying English weavers fourteen cents per yard for weaving sail-cloth, for which he received one dollar per yard. With the power-looms, the cost of weaving was reduced to one cent per yard. His use of the power-loom doubtless preceded the experimental trial of the four Waltham machines of Poignaud and Plant by a few weeks or months, and therefore the Watertown mill, it may justly be claimed, ranks next to that of Waltham as to priority in the utilization of water-power for weaving, in America. But, so far as any records are discovered, the power-looms of Poignaud and Plant were the first successfully operated in Worcester County.

REPORT OF THE TREASURER.

IN compliance with the By-Laws the Treasurer of the American Antiquarian Society herewith submits his annual report of receipts and disbursements for the year ending October 7, 1903.

In his report for April, 1888, the Treasurer took occasion to give a list of the various funds in his charge and to state the objects for which they were established. Since then four new funds have been created, and he deems it desirable again to lay before the Council and the Society a statement of the various Funds :

1. The Librarian's and General Fund, established in May, 1831, was originally called "The Twelve Thousand Dollar Fund," that being the amount of a legacy from Isaiah Thomas, the first President of the Society. The income of the Fund was to be used in the purchase of books, for paying the salary of the librarian and for incidental expenses. In 1858 about $10,000 was carried to this Fund from what had been known as the General Fund, and for a time the Research Fund. Since that date the present name has been applied to the Fund. The last addition was in December, 1884, when $10,000 was received from the estate of our late President, Hon. Stephen Salisbury. The Fund with its accumulations now amounts to over $36,000.

2. The Collection and Research Fund, originally $5,000, was also received from the estate of Mr. Thomas, and was

first called "The Fund of Antiquities and Research," also the Five Thousand Dollar Fund." It has been known by its present designation since April, 1858, at which time it amounted to about $8,000. The income is to be used for the purpose of exploring the ancient monuments of this continent, and to aid in increasing the library and cabinet. By the accumulation of income the Fund now amounts to over $16,000.

3. The Bookbinding Fund, created by the gift of $5,000 from Hon. Stephen Salisbury, in December, 1885, the income to be used for the binding of newspapers, periodicals and pamphlets, now amounts to $7,245.13.

4. The Publishing Fund, established in 1858, and originally $6,000, now amounts to $30,527.72. Ten thousand dollars was added to this Fund in 1884, being a legacy from Hon. Stephen Salisbury, and the balance has been raised from time to time by voluntary subscriptions of members and others.

5. The Salisbury Building Fund, founded in October, 1867, by the gift of $8,000 from Hon. Stephen Salisbury, had increased to about $14,000 in 1877, when it was mostly expended in the extension of the Library building and the introduction of steam for heating. This fund, which is now over $5,000, was renewed a short time since by the son and successor in office of the original donor.

6. The Isaac Davis Book Fund was established by the gift of $500, in January, 1868, from Hon. Isaac Davis, which was increased by a later gift, to $1,000. By the terms of the gift the income of the fund "is to be applied to the purchase of books, maps, charts, and works of art, relating to that portion of North America lying south of the United States." The sum of $5,000 was added to this fund in April, 1891, by Hon. Edward L. Davis, of Worcester. Since that time the fund has been called The Isaac and

Edward L. Davis Book Fund. By the accumulations of income it now amounts to $12,772.72.

7. The Lincoln Legacy Fund, originally amounting to $1,000, a legacy from the late Gov. Levi Lincoln, with its accumulations, now amounts to over $6,000. By the terms of the bequest the income is "to be expended as a premium for the writing of papers on archæological subjects."

8. The Benjamin F. Thomas Local History Fund, of $1,000, was established in February, 1879, by the receipt of that sum from the estate of Judge Thomas. The income of this fund is appropriated to the purchase of local histories.

9. The Tenney Fund was founded in March, 1881, by the bequest of $5,000 from Joseph A. Tenney, of Worcester. No restrictions were placed upon the use of the income from this fund, the income being applied where it is most needed.

10. The Alden Fund of $1,000 was bequeathed to the Society in 1881, by Ebenezer Alden, M.D., the income thereof "to be expended for the benefit of the library, especially in preparing catalogues."

11. The Haven Fund was created in 1882, by the receipt of $1,000, a bequest from Samuel F. Haven, LL.D., for many years the librarian of the Society. The income of this fund is to be appropriated to the purchase of books for the Haven alcove, already started by the gift of many valuable volumes. It now amounts to about $1,600.

12. The George Chandler Fund was founded in 1884, by the gift of $500 from George Chandler, M.D., of Worcester, the income to be used for "procuring works in genealogy and kindred subjects." At the same time Dr.

Chandler presented two hundred copies of his "Chandler Family," the sale of which will for a long time add to the income of the fund.

13. The Francis H. Dewey Fund was created by a legacy of $2,000 from Hon. Francis H. Dewey, of Worcester, "the income to be applied to the purchase of the biographies and miscellaneous writings of distinguished judges and lawyers."

14. The George E. Ellis Fund, founded in 1895, by the bequest of Rev. George E. Ellis, D.D., of Boston, of $10,000. The income to be used for any object of the Society, approved by it, on the recommendation of the Council.

15. The John and Eliza Davis Fund, established in August, 1900, by the gifts of $1,000 each from John C. B. Davis, of Washington, Horace Davis, of San Francisco, and Andrew McFarland Davis, of Cambridge, now amounts to $3,402.36. The income of this fund is to be applied to the purchase of literature relating to the Civil War of 1861-1865.

16. The Life Membership Fund is now $2,200.

A detailed statement of the investments is given as a part of this report, showing the par and market value of the various stocks and bonds, by which it will be seen that notwithstanding the great depreciation in the market value of all securities the past year, the market value of those owned by this Society shows a satisfactory margin over that at which they are carried on the books of the Treasurer.