Trust caC Report. 91 



It will be observed that there has l)een no change in the 

 mortgage securities since the report of a year ago. Some of 

 these mortgages are past due, but, following the rule in vogue 

 for a number of years, we allow mortgages to run after due, 

 where the security remains unimpaired, and the interest is 

 paid promptly. These requirements have been complied 

 with, and therefore the mortgages remain the same. 



In June of last year the Treasurer of the Society made 

 demand upon the Irustees for what is known as the Building 

 Fund. From inquiry of the former Treasurer and examina- 

 tion, it was found the funds in the hands of the Tru.stees 

 included a specified fund or sum of money which had been 

 known as the Building Fund, and was not properly a part of 

 the general funds of the Society. This had been included in 

 the general fund, and had been invested with the other funds 

 of the Society, and was, therefore, entitled to interest. This 

 Building Fund, upon calculation of interest, amounted, on 

 June 23d, 1890, to the sum of $1,762.54. To provide this 

 fund, it was necessary to convert some of the Society's secur- 

 ities into money. The Trustees accordingly disposed of the 

 U. S. 4 per cent bonds, par value, $2,000, at i22)i(, altogether 

 amounting to $2,445. O^t of this sum the Trustees paid over 

 to the Treasurer, Mr. James, the amount of the Building 

 Fund, as above stated. This left several hundred dollars on 

 hand for investment. 



Mr. Ferris, one of the Trustees, said to Mr. James, that he 

 could use $600, and would pay interest on the amount ; and 

 accordingly he gave a note for that amount, payable on 

 demand, which is in the hands of Mr. James, the Treasurer. 



The note of Miss Emily Orange for $540, appearing in our 

 report of a year ago, has been recently paid, and the proceeds 

 of that note and the other surplus money on hand have been 

 invested in the Deficiency Bonds, above noted. 



The bond for $500 was purchased at 102 j{, and the Sioo- 

 bond was purchased at 105^. 



The Trustees will exhibit their accounts and securities to 



the Board, or a committee that may be appointed, at any time 



agreeable to the wishes of the Board. 



Respectfully submitted, 



Aaron A. Ferris, ) _ 



TT7 Ti A , 1 rnstces. 



W. P. Anderson, ) 



