24 



Sears, Esq., on Beacon Street, the latter best illustrating its 

 wear and aj)pearance after the lapse of nearly half a century. 



The entire cost of the erection of the building, according to 

 the estimates of Mr. Bryant, made to your Committee and pro- 

 cured from responsible parties, and since revised, will not ex- 

 ceed $102,500, and when the offers are open to competition he 

 believes it will be reduced. When your Committee take into 

 consideration the greatly enhanced value of its stocks, over that 

 of 1862, this excess over the estimates of the first plan is far 

 more favorable than they were led to anticipate. 



The income of the building, according to the best judgment 

 of your Committee, and obtained by careful enquiry of the 

 income of property in the immediate vicinity, will be fully equal 

 to six per centum per annum on the entire cost of the invest- 

 ment. 



To meet the cost of the erection of the building, your Com- 

 mittee herewith annex a statement of the assets of the Society 

 available for that purpose, very carefully and accurately pre- 

 pared by your Treasurer, and believed to be correct, amounting 

 to $100,054 on the 23d January last. 



To meet the payment of the mortgages upon the estate, pay- 

 able in twenty years from September 1, 1863, it is proposed by 

 your Committee to recommend to the Society, immediately 

 upon the completion of the building, the creation of a sinking- 

 fund, which shall meet its liabilities in 1888. This proposition 

 is 10 lay aside every year $3500 from the income of Mount 

 Auburn, which will, with interest, amount in sixteen years to 

 $98,745. 



The deep interest which will be created by the erection of a 

 new building, it is believed by your Committee, will greatly 

 increase the number of members ; and the income from this 

 source and its exhibitions will probably be sufficient to pay the 

 ordinary expenses of the Society ; and should this hope be real- 

 ized, a larger sum can be added to the sinking fund, should the 

 Society so direct, which will enable it, should the opportunity 

 offer, which it is thought possible it may, to pay off some of the 

 mortgages (being made to six parties) before the period of their 



