The Trustees of the Endowment Funds in presenting their annual report for the year ending January 15, 1912, desire to say that there has been no change in the securities held by the Board. The market price of most of them remaining about the same, changes could not be made to the advantage and desired betterment of the fund. The Trustees are pleased to state that all interest has been promptly paid. Mr. E. H. Anderson of the New York public library was again deputed to audit the accounts of the Board and inspect the securities, and he gives to the Trustees, as the result of that examination, the following letter: Dear Mr. Appleton: Enclosed herewith are the vouchers from Mr. Roden, Treasurer of the American Library Association, and the receipt for the rent of the safety deposit box in the vaults of the Union Trust Company. I have written the chairman of the Finance Committee that I have examined these vouchers and found them in accordance with your type written statement. The four type written sheets which you gave me yesterday I have checked as correct as to the bonds in your custody, as to the vouchers referred to above, and as to the cash balance on hand. I have certified to Mr. Andrews, the chairman of the Committee on Finance, that to the best of my knowledge and belief the reports contained on these sheets are correct. Very sincerely, (Signed) E. H. ANDERSON. The General Endowment Fund has been increased during the year by the taking of seven life memberships by the persons named, adding to the Fund, $175.00. Respectfully submitted, W. C. KIMBALL, WM. W. APPLETON, W. T. PORTER. Trustees of A. L. A. Endowment Fund. CARNEGIE FUND, PRINCIPAL ACCOUNT Cash donated by Mr. Andrew Carnegie $100,000.00 =Invested as follows:= June 1, 1908 5,000 4% Am. Tel. & Tel. Bonds 96-1/2 $ 4,825.00 June 1, 1908 10,000 4% Am. Tel. & Tel. Bonds 94-3/8 9,437.50 June 1, 1908 15,000 4% Cleveland Terminal 100 15,000.00 June 1, 1908 10,000 4% Seaboard Air Line 95-1/2 9,550.00 June 1, 1908 15,000 5% Western Un. Tel. 108-1/2 15,000.00 June 1, 1908 15,000 3-1/2% N. Y. Cen. 90 13,500.00 (Lake Shore Col) June 1, 1908 15,000 5% Mo. Pacific 104-7/8 15,000.00 May 3, 1909 15,000 5% U. S. Steel 104 15,000.00 Aug. 6, 1909 1,500 U. S. Steel 106-7/8 1,500.00 July 27, 1910 1,000 U. S. Steel 102-1/2 1,000.00 ------ --------- 102,500 99,812.50 Jan. 15, 1912 Union Trust Co. on deposit 187.50 ----------- $100,000.00