ENDOWMENT FUND.

Receipts.
Balance December 1, 1907$ 2,516.25
Contributions from:
Mrs. Russell Sage$ 25,000.00
Mr. F. A. Keep1,000.00
Admiral Robley D. Evans400.00
Miscellaneous121.00
26,521.00
Life membership dues:
Through propaganda$ 875.00
Through Branches3,875.00
4,750.00
Interest on investments:
West Shore R. R. 4% 1st. Mortgage Bonds$ 720.00
Lehigh Valley R. R. 4% 1st. Mortgage Bonds40.00
Provident Loan Society Certificates54.17
Bank Balances82.83
847.00
Total$ 34,634.25
Disbursements.
Invested in Provident Loan Society Certificates$ 25,000.00
Interest on investments and bank balances transferred to Administration Fund847.00
Total$ 25,847.00
Balance December 1, 19088,787.25
$ 34,634.25

Note—The Endowment Fund on December 1, 1908, is thus stated:

Invested in $18,000, par value, 4% West Shore R. R. Bonds, cost$ 18,771.50
Invested in $1,000, par value, 4% Lehigh Valley R. R. Bonds, cost1,000.00
Invested in $25,000, par value, Provident Loan Society Certificates, cost25,000.00
Cash8,787.25
$ 53,558.75