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 sulficient to meet the demands 

 that will be made upon it. 



Respectfully submitted, 



H. W. Merkel, 



Secretanj, Pension Board. 

 Approved : 



George C. Clark, 



Chainnan, Pension Board, N. Y. Z. S. 



