_To the Secretary of the American Library Association._
I submit herewith a report of the receipts and expenditures from the
date of last report, June 6, 1900, to July 1, 1901, together with a
schedule of assets, and an estimate of income for the ensuing year.
There are no donations to report. The permanent fund has been increased
by the fees for three (3) life memberships, $75 in all.
In March, 1901, the mortgagor on a loan of $1000, bearing interest at
six per cent., and falling due Aug. 1, 1903, asked leave to pay off the
mortgage. He was allowed to do so on paying $53.97, being the difference
between the six per cent. he was to have paid, up to maturity of the
mortgage, and the four per cent. which the trustees can expect to get on
reinvestment of the $1000 repaid. This repayment to the fund has been
kept in bank until after this conference. If not needed by the
Publishing Board as a loan, it can be invested at, say, four per cent.
Of the $2102.18 now on deposit, subject to check, $655.04 is on interest
account, available for expenditure as the Council may direct. (In
addition to this, $301.03 income may be expected during the year
1901-2.) $1437.14 is on principal account to be invested as opportunity
offers.
CHARLES C. SOULE,
_Treasurer A. L. A. Endowment Fund_.