SIXTEENTH ANNUAL REPORT 39 
to this loss. The Society in carrying out its policy of living 
strictly within its means, is greatly cramped in its work, and this 
fund more than any other, needs attention. 
Endowment Fund Income Account.—The Endowment Fund 
Income Account is a fund created by your Committee to receive 
the income from the Endowment Fund as distinguished from the 
income from dues and other sources. From time to time trans- 
fers are made to the Income Account, as funds are needed. Dur- 
ing the past year the only transfer necessary was $4,000. In the 
statement of the Income Account preceding this, the two funds 
are considered together. 
Endowment Fund.—During the year a total of $26,300 has 
been added to the Endowment Fund. In addition the Life Mem- 
bership fees, amounting to $1,800, have been placed in this fund. 
The policy of paying the Life Membership fees into this fund, 
adopted on January 1, 1911, will be continued. 
During the year $35,258.78 of the Endowment Fund were 
invested by the Treasurer in the following bonds :— 
$20,000 Vandalia R. R. 4% Series ““B”’ Bonds. 
5,000 Missouri & Illinois Bridge & Belt R. R. Co., first mort- 
gage 4% Bonds. 
10,000 Chicago, Milwaukee & Puget Sound, first mortgage 4% 
Bonds. 
1,000 New York, Lackawanna & Western 4% Terminal Impt. 
Bonds. 
The total investments of the Endowment Fund are all at 
about the net rate of four and one-half per cent. 
Stokes’ Bird Fund.—The Stokes’ Bird Fund on January 1, 
1911, had a cash balance of $353.90, and during the year interest 
in the amount of $205.98 accumulated. Of this special fund, 
$350 were expended for the preservation of bird life, under the 
order of your Committee. On December 31, 1911, there re- 
mained a balance of $209.88 to the credit of this fund, all of 
which will be expended immediately for the protection of birds. 
The principle of this fund is invested in five Illinois Central 
Railway, 4% Gold Bonds. 
Library Fund.—The balance to the credit of the Library 
Fund on December 31, 1911, amounted to $1,081.61, which is all 
that remains of a gift received two years ago for the purpose of 
adding to the collection of books. This amount is so limited that 
it is only practical to buy very important books as they appear 
