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 Fu7id. — 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 



