REPORT OF 

 THE PENSION BOARD 



TO THE BOARD OF MANAGERS 



OWING to the relief of the Pension Fund by the resigna- 

 tion of a large number of members, thereby relieving it 

 from the liability of 165 years accumulated service, and the fact 

 that the interest of invested funds is rapidly helping assume the 

 burden of the pensions already active, and because the Pension 

 Fund has been administered on a very economical basis and 

 that the investments made by the Finance Committee of the 

 Board of Managers have been successful, the Fund is now in 

 a better condition than ever before. 



A very serious loss to the Board occurred in the death of 

 Mr. George C. Clark, Chairman of the Board since May 14, 

 1914, the date of its organization. The friendly relationship, 

 cooperation with the members and the able management of the 

 meetings of the Board, by Mr. Clark, endeared him to all of 

 its members. At the meeting of the Pension Board of March 

 5, 1919, the following resolution was adopted : 



Whereas: The Pension Board has learned with deep regret 

 of the death of George Crawford Clark, Chairman of the Pen- 

 sion Board since its formation, and one of its most valued mem- 

 bers, whose good counsel and untiring interest were always at 

 the service of the Board, therefore it was 



Resolved, That the earnest sympathy of the Pension Board 

 be extended to the family of our late member George Craw- 

 ford Clark in their deep bereavement, and that this resolution 

 be spread upon the minutes of the Pension Board. 



At the same meeting Mr. Wm. Pierson Hamilton was electea 

 as Chairman of the Board, and has officiated since that time. 

 Mr. William Woodward was appointed by the Executive Com- 

 mittee to fill the vacancy in the Board. 



