48 NEW YORK ZOOLOGICAL SOCIETY 
The cash was invested in securities under the direction of 
the Finance Committee and a portion of the securities were sold 
and reinvested, all of which appears at length in the Treasurer’s 
Report. 
It is believed that a second installment on account of the 
Sage bequest will be made during the spring of 1921. 
A letter of thanks, expressing the appreciation of the Society 
to the Executors of the Estate of Margaret Olivia Sage, was 
written by the Executive Committee, and it was determined that 
the improvement of the Aquarium should be in the form of a 
memorial to this great benefactress of science. 
The following were the balances to the credit of the Society’s 
various accounts on January 1, 1921: 
Income «Account. iene eee oe hee eee $9,295.14 
Save Hndowmentsltund.s:. «2.06 «aca ss asst. ee 1,837.54 
Endowment Fund (Cash uninvested).............. 2,622.56 
WG ait gare) RIEU OG Lames Nes ee eRe a Renna at Samy a ea enrae an mena Rea 38,235.73 
Special Trust Funds: 
Cadwalader Animal Fund........... $1,696.58 
Stokes ir CuI sens. ce rca sree 358.54 2,055.12 
Improvement and Repair Fund.................... 11,462.33 
Special Funds: 
Bublication (Mund ooo. neaseee dee cok 1,896.02 
Tropical Research Mund) 323.22... .- 679.67 
Art Gallery Mun eae atc 2.5 a 5,082.91 
Heads and Horns Building Fund.... 1,661.98 
Het raiey sun ese ree heres 38.54 
Wald Maite smund) csp eeeaee cee 1,065.63 
National Collection Heads and Horns 155.03 10,579.78 
$76,088.20 
INCOME ACCOUNT. 
The Income Account shows a balance of over $9,000. This 
was solely due to the inclusion in this account of the subscrip- 
tions of the Managers for the Special Maintenance for 1920. 
