_Cash account--Received._
1900, June 6. Balance on hand, $619.27
1901, March 8. Repayment of mortgage loan, 1000.00
_For permanent fund--life memberships._
1901, March 5. E. P. Thurston, $25.00
" S. H. Ranck, 25.00
June 21. B. C. Steiner, 25.00
------ $75.00
_On interest account._
1900, June 28. Interest mortgage loan, $75.00
" 29. " International Trust Co.'s deposit, 6.82
Aug. 14. " Mortgage loan, 30.00
Oct. 1. " " " 24.50
Dec. 27. " " " 75.00
1901, Jan. 14. " Brookline Savings Bank deposit, 40.80
Feb. 6. " Mortgage loan, 30.00
" " " Int. Trust Co., 6.82
March 8. " Mortgage loan, 53.79
Apr. 6. " " " 24.50
June 26. " " " 75.00
" 29. " International Trust Co. deposit, 16.48
------ 458.71
--------
$2152.98
_Paid out._
1901, Jan. 14. Interest added to deposit in Brookline
Savings Bank, $40.80
Apr. 18. Rent of safe box for securities, 10.00 50.80
--------
1901, July 1. Balance on deposit with International
Trust Co., Boston, $2102.18
_Assets._
Loan on mortgage at 7%, due Oct. 1, 1902, $700.00
" " " " 5% " Jan. 24, 1902, 3000.00
Deposit with Brookline (Mass.) Savings Bank, 4% interest 1050.80
" " International Trust Co., Boston, 2% " 2102.18
--------
$6852.98
[Of this amount $6187.94 is principal, to be left intact, $665.04 is
interest, available for use.]
Liabilities, none.
Annual expense, $10 for safe deposit box.
_Available for appropriation by the Council, 1901-1902._
Cash on hand July 1, 1901 (interest account), $665.04
Interest on $700.00 @ 7%, 49.00
" " 3000.00 @ 5%, 150.00
" " 1050.80 @ 4%, 42.03
-------
$906.07
(If no part of the principal is needed as a loan by the
Publishing Board, add also) Interest on (say) $1500.00 invested
at 4%, 60.00
------
Estimated total, $966.07
The following report of audit was appended:
At the request of Charles C. Soule, treasurer of the Endowment Fund, we
have examined his accounts and securities, and find evidence of
investment of $3700 in mortgage loans, of deposit of $1050.80 in the
Brookline (Mass.) Savings Bank, and of $2102.18 in the International
Trust Company, of Boston. We also find his accounts correctly cast, with
proper vouchers for all expenditures.
JAMES L. WHITNEY, } _of the_
CHARLES K. BOLTON } _Finance Committee_
Mr. SOULE: In submitting this report, I would call the attention of the
Association to the fact that the permanent fund is not as large as it
ought to be. If you will remember, the attempt at collection, made with
much vigor at first, had to be abandoned on account of general financial
trouble through the country. No systematic effort has since been made to
increase the fund. The work of the Association would be very much
furthered if this fund were large enough to provide $5000 or $6000 of
income, so that the Association could have two or three, or one or two,
permanent paid officers, with a good allowance for travelling and
incidental expenses. If any of you should be asked where an amount of
say $100,000 could be placed with advantage to the general library
cause, I hope you will bear in mind the inadequate funds of the
Association.
The report was accepted.