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.
ENDOWMENT FUND STATEMENT, JUNE 6, 1900-JULY 1, 1901.
| 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 | |||||
| ———— | ||||||
| Total, | $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 Charles K. Bolton | } | of the 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.