may be said to correspond to those of your employees who 

 would be entitled to retire after 30 years of service, irrespec- 

 tive of their then age. An employee entering your service at 

 the age of 21 would become entitled to retire at the age of 

 51, and it is manifest that if employees should avail them- 

 selves of this privilege to any considerable extent the burden 

 might prove embarrassing." 



To the friends mentioned below we feel especially grateful 

 for kindnesses conferred : 



To Mr. S. Herbert Wolfe for his painstaking and complete 

 survey of our Pension Fund. 



To Mr. Horace F. Hutchinson and Mr. Richard B. Kelly 

 for their generosity in placing at our disposal their endowed 

 beds in the Presbyterian Hospital for the treatment of our 

 sick. 



To Mr. Lewis L. Delafield for advisory services freely ren- 

 dered. 



