TWENTIETH ANNUAL REPORT 101 
In view of the fact that the drafts upon the fund for pen- 
sions are certain to be quite heavy, it is highly desirable that 
further subscriptions to the Pension Fund be obtained. Of 
course, only the income of this fund can be expended for pen- 
sions, and there is grave danger that even in the near future 
the present income will not be sufficient to meet the demands 
that will be made upon it. 
Respectfully submitted, 
H. W. MERKEL, 
Secretary, Pension Board. 
Approved: 
GEORGE C. CLARK, 
Chairman, Pension Board, N. Y. Z. S. 
