48 NEW YORK ZOOLOGICAL SOCIETY 



The cash was invested in securities under the direction of 

 the Finance Committee and a portion of the securities were sold 

 and reinvested, all of which appears at length in the Treasurer's 

 Report. 



It is believed that a second installment on account of the 

 Sage bequest will be made during the spring of 1921. 



A letter of thanks, expressing the appreciation of the Society 

 to the Executors of the Estate of Margaret Olivia Sage, was 

 written by the Executive Committee, and it was determined that 

 the improvement of the Aquarium should be in the form of a 

 memorial to this great benefactress of science. 



The following were the balances to the credit of the Society's 

 various accounts on January 1, 1921 : 



Income Account $9,295.14 



Sage Endowment Fund 1,837.54 



Endowment Fund (Cash uninvested) 2,622.56 



Animal Fund 38,235.73 



Special Trust Funds: 



Cadwalader Animal Fund $1,696.58 



Stokes Bird Fund 358.54 2,055.12 



Improvement and Repair Fund 11,462.33 



Special Funds : 



Publication Fund 1,896.02 



Tropical Research Fund 679.67 



Art Gallery Fund 5,082.91 



Heads and Horns Building Fund. . . . 1,661.98 



Library Fund 38.54 



Wild Life Fund 1,065.63 



National Collection Heads and Horns 155.03 10,579.78 



$76,088.20 



INCOME ACCOUNT. 



The Income Account shows a balance of over $9,000. This 

 was solely due to the inclusion in this account of the subscrip- 

 tions of the Managers for the Special Maintenance for 1920. 



