Record. xlvii 



In frequent discussions and comparisons of ideas by members of the 

 Council for several years past, there has been a unanimity of opinion that if 

 the Academy ever became possessed of a home, it would be necessary to 

 obtain an endowment fund for its support, and that that fund should not 

 be less than $50,000.00. 



I am here to-night to submit a plan for securing this amount of money. 

 The plan, if approved by you, will be carried out in its details by the 

 Council. 



1st. The Council shall appoint three members to act as an Endowment 

 Fund Committee. This Committee shall receive and account for all dona- 

 tions and subscriptions to the Endowment Fund, and shall invest the same 

 in securities to be approved by the Council. 



2d. Thirty members of the Academy are to be appointed as Chairmen of 

 Soliciting Committees. Each Chairman may select five (5) Committeemen 

 to complete his Committee. These selections need not of necessity be mem- 

 bers of the Academy. It shall be the task of each Committee to collect 

 $1,000.00. 



3d. When $30,000.00 shall have been collected and placed in the hands of 

 the Endowment Fund Committee, a member of the Academy will raise 

 $10,000.00. 



While these are the main and definite features of the plan, it does not 

 stop here. I may take it for granted that every member of the Academy 

 wishes it well and is willing to do something to assist it in promoting its 

 aims and the purposes for which it was organized. Let each member who 

 is not selected to serve on a Soliciting Committee consider himself a com- 

 mittee of one to raise $50.00. It is difficult for me to believe that we have 

 in our membership anyone who has not ten friends and acquaintances who 

 would contribute $5.00 apiece to the support of an institution with such 

 noble and unselfish aims as this Academy. 



Our membership should be increased to 500. Every member who brings 

 in a new member is practically contributing $100.00 to the Academy — for 

 the annual dues of $6.00 are equivalent to 6 per cent per annum on $100.00. 



Such, gentlemen, is the plan which I submit for your consideration. This 

 or some better scheme must be adopted without delay, for the need of 

 money is urgent. We have had to borrow $1,750.00, and in sixty days this 

 loan must be met. This Endowment Fund comes home to every member of 

 the Academy as a personal matter, and I urge most earnestly upon every 

 man to throw apathy and indifference to one side and to do his share towards 

 securing the fund for this institution. 



The Treasurer reported as follows : — 



Balance from 1902 '. $ 358 09 



Gift of Henry W.Eliot 5,000 00 



Capital released 3,000 00 



Interest on invested money 372 50 



Rent from Academy building v 405 00 



Borrowed on note 1,750 00 



Membership dues 1,552 10 



$12,437 69 



