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AUDITOR'S REPORT OF THE EXHIUTION DEPARTMENT

Chicago, Jan. 23, 1919.
President and Directors,
American Foundrymen's Association, Incorporated,

Cleveland, Ohio.
Gentlemen:

We have examined the books of the Department of Exhibits of the American Foundrymen's Association, Incorporated, for the period from Dec. 24, 1917, to Dec. 15, 1918, and submit here with the following reports which we have prepared:

Balance Sheet at Dec. 15, 1918.

Profit and Loss Statement for the period from Dec. 24, 1917 to Dec. 15, 1918.

Agreement of Surplus-Income Account. We also include a separate schedule of the detail of accounts receivable.

Our examination of the above records included a check up of all sources of income including space rentals, permits, gate receipts, etc.

All cash records including manager's petty cash account with the Second Ward Savings Bank, Milwaukee, and the general fund account with the Superior Savings & Trust Co., Cleveland, Ohio, were found to agree with statements sub:nitted from these institutions for the period covered.

Included in the item of Booth Expense on the Profit and Loss Statement is material for booths amounting to $500.00 and skids and jacks $50.00 which are on hand and can be used at future exhibits.

We would suggest that the manager's Petty Cash Fund be made sufficiently large to avoid using gate and other receipts to meet daily expenses at the exhibitions. Two bank accounts should be used, one for Gate Receipts and one for manager's Petty Cash.

It would of course, be possible to transfer (by check) amounts from the Gates Receipts Account to the Manager's Petty Cash Fund if the need arose. In this way the identity of the two funds would be kept distinct, a very desirable thing in our opinion.

Trere should also be a clear division between Profit and Loss 2nd Surplus. Surplus is the combined earnings of previous years. Profit and loss is the profit or loss of the present year. Donations irom previous earnings and any other charges against previous lears should be charged against surplus.

The Profit & Loss account for the current year should not be opened until the time when the books are closed. Any charges or income during the year should be charged or credited to specific expense or income accounts, not to Profit & Loss.

In view of the possibility of serious loss due to postponement or cancellation of any exhibit, it would seem desirable to create from the Surplus Account a special fund that might be called a Reserve for Contingencies. This fund should be kept intact and used nly in case of unexpected loss. By investing this fund in high grade securities its permanent nature would be better assured, to say nothing of the greater interest yield.

Your very truly,

A. E. White & Co.

American Foundry men's Association, Incorporated
Balance Sheet-Department of Exhibits

Dec. 15, 1918.
ASSETS-
Cash in Bank

.$12,471.56 Accounts Receivable

33.00 Furniture and Fixtures

223.50

$12,728.06

LIABILITIES

Surplus-Income

. $12,728.06

Department of Exhibits
American Foundrymen's Association, Incorporated

Profit and Loss Statement

Year 1918 (Ending Dec. 15, 1918)

INCOME

REVENUE FROM EXHIBITION AT MILWAUKEE Gate Receipts

.$ 2,376.55 Space Rent

24,950.00 Exhibitor's Permits

5,000.00 32,326.55 Interest on Deposits in Bank

137.30 Total Revenue

32,463.85 EXPENSES Advertising

3,047.90 Power

2,277.51 Booth Work

2,939.78 Signs

350.20 Registration

556.88 Watchman and Doorman

248.50 Insurance

33.50 Badges

612.52 Building Rental

1,500.00 Janitor Service

474.44 Cleaning and Repairing..

200.51 Installation, Labor and Material

337.85 Ordnance Exhibit Expense.

147.61 Space Rent

185.00 Exhibitors' Permits

50.00 Manager's Salary

5,900.00 Printing and Stationery.

563.47
Postage (Exclusive of Ad-
vertising Postage)

200.00
Committee's Traveling Ex-
penses

740.38
Salary, Secretary-Treasurer's
Assistant

600.00
General Expenses

225.53
Telephone and Telegraph..

151.54
Manager's and Assistant's
Expenses

910.03
Stenographers' and Assist-
ants' Salaries

1,755.45
Office Supplies

76.95 Exchange

2.18 24,087.73

1918 Operating Profit

$ 8,376.12

Address of Welcome

By THOMAS DEVLIN, Philadelphia

In the name of and on behalf of the Philadelphia Foundrymen's association, I tender to your association a most sincere, cordial and brotherly welcome to Philadelphia, the city of homes and brotherly love, and the city from which your youthful start was made 28 years ago. I am delighted to be the spokesman in extending the greeting to you, but regret that I have not the ability to greet you in a satisfactory manner.

I tried to guess why I was selected, especially as the membership contains many able men, ---men who are competent to greet and welcome you in language that would have charmed you.

Then, why was I unanimously selected? Perhaps it was in consequence of my being over 65 years in the foundry business or perhaps it was to show the young men that 65 years of hard work do not necessarily shorten one's life. If the latter was the object, I wish to confirm that thought by stating that I am still on the job from 8:30 a.

m. unil about 3 or + p. m. and eat but two meals a day.

Early Salary Was $1.50 Per Weck Still another thought; could it be possible that the unanimouis voters hoped that I would explain the conditions existing in those days of long ago and do it in the form of a word picture, somewhat the equivalent of a moving picture show, depicting the privations, hardships, labors, the ups and downs. and disappointments that came into my life from that fourth of August. 1854, when I entered the office of Thomas R. Wood & Co., Vinth and Jefferson streets, Philadelphia, at the munificent salary of $1.50 per week, which was paid me every Monday for the previous week's labor : Monday was selected by the company so that I might not waste my salary foolishly on Saturday or Sunday.

I had much to contend with, but had good health, a cheerful and hopeful disposition, and was not afraid of work. I iook pride in doing well what was given me to do. Progress was slow, but I kept on. Perplexing difficulties were in evidence all along the line as they are today, but of a different character. Debits there were and these were duly recorded.

But then, as now, there was also a credit side. Good, honest, faithful service will be rewarded. Payments sometimes are slow, and we may think them long overdue; but, young men, do not be discouraged; do your best. Circumstances and conditions often change when least expected and the priceless friendships that you make are a very great source of pleasure and satisfaction, and for me are equal to cash reserve in bank. Young men, from

my observation and experience, the chances are better today than they ever have been during my 65 years' experience, because there are so few who are willing to serve the necessary probation or apprenticeship and give the best that is in them in order to reach the goal for which they strive.

Organise Philadelphia Foundrymen's Association

I had intended to confine my desultory remarks largely to the history of the foundry association, but you all know an Irishman is privileged to say what he wants to say and explain his meaning afterwards. The Philadelphia Foundrymen's association was organized about 1888 with Henry T. Asbury as president and Stanley G. Flagg Jr., as secretary. There seems to have been a break in the meetings, but the organization was given a fresh start in January, 1891, when it was entrusted to new men.

Howard Evans, man who doesn't know such a word as failure, was elected secretary; Francis Schumann, a bright and big man in every sense of the word, was elected president; and Josiah Thompson was elected treasurer. If the North Penn bank had had him for treasurer, the poor widows and orphans would not now be mourning the loss of their all.

The Philadelphia Foundrymen's association had men who did things. They had no time for slackers. Among the membership were such men as Abram C. Mott, W. H. Pfahler and Thomas I. Rankin, of the Abram Cox Stove Co.; Antonio C. Pessano, of George V. Cresson & Co.; Thomas Glover, of

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