NINETEENTH ANNUAL REPORT 47 



extent of $1,500, and during the last three months of the year 

 it was necessary to practice the strictest economy. This short- 

 age of funds was occasioned by an unusual amount of cleaning, 

 painting and repair work, by extensive repairs to the boilers, 

 and also by the unusual expense of feeding the porpoises, the 

 cost of this item alone amounting to about $850 to date. 



A similar amount has been granted for the year 1915, which 

 will probably prove sufficient in the absence of special repairs. 



CARNEGIE PENSION FUND. 



During the early part of March, the Chairman of your 

 committee placed before Mr. Andrew Carnegie, the need of the 

 Society for a Pension Fund for the employees of the Zoological 

 Park and the Aquarium. The small salaries paid in these two 

 institutions render a pension fund imperatively necessary, and 

 there is no expectation that such a fund could ever be supplied 

 by the City. There are one hundred and thirty-nine persons 

 employed at the Park, and thirty-two at the Aquarium. 



As the result of this application Mr. Carnegie generously 

 offered to provide the sum of $100,000 necessary to start the 

 proposed fund. A special pension fund was thereupon planned 

 and examined by an actuary. A Pension Board was appointed 

 as follows: 



George C. Clark, Chairman; Lewis R. Morris, H. Casimir 

 deRham, William B. Osgood Field, Percy R. Pyne, Treasurer, 

 representing the Board of Managers ; H. R. Mitchell, Raymond 

 L. Ditmars and Hermann W. Merkel, representing the em- 

 ployees at the Zoological Park ; and Raymond C. Osburn, repre- 

 senting the employees at the Aquarium. 



The plan provides on a fairly liberal scale for pensions for 

 the employees of the Society at both the Park and the Aquarium, 

 and is based on a contribution of 2 per cent of their salaries 

 from employees; and a contribution of $8,000 per annum from 

 the Society, including the income from the Pension Fund of 

 $100,000 provided by Mr. Carnegie, which has been invested in 

 securities providing annual net income at the rate of 4.35, or 

 $4,350 approximately, leaving a balance of $3,650 to be an- 

 nually provided by the Society. This will render an increase in 

 the income of the Endowment Fund during 1915 an absolute 

 necessity. With this end in view, an effort will be made by your 

 committee to increase the total endowment of the Society from 

 $349,962 to $500,000. 



