REPORT OF THE TRUSTEES OF THE ENDOWMENT FUND. _To the Secretary of the American Library Association._ I submit herewith a report of the receipts and expenditures from the date of last report, June 6, 1900, to July 1, 1901, together with a schedule of assets, and an estimate of income for the ensuing year. There are no donations to report. The permanent fund has been increased by the fees for three (3) life memberships, $75 in all. In March, 1901, the mortgagor on a loan of $1000, bearing interest at six per cent., and falling due Aug. 1, 1903, asked leave to pay off the mortgage. He was allowed to do so on paying $53.97, being the difference between the six per cent. he was to have paid, up to maturity of the mortgage, and the four per cent. which the trustees can expect to get on reinvestment of the $1000 repaid. This repayment to the fund has been kept in bank until after this conference. If not needed by the Publishing Board as a loan, it can be invested at, say, four per cent. Of the $2102.18 now on deposit, subject to check, $655.04 is on interest account, available for expenditure as the Council may direct. (In addition to this, $301.03 income may be expected during the year 1901-2.) $1437.14 is on principal account to be invested as opportunity offers. CHARLES C. SOULE, _Treasurer A. L. A. Endowment Fund_. ENDOWMENT FUND STATEMENT, JUNE 6, 1900-JULY 1, 1901. _Cash account--Received._ 1900, June 6. Balance on hand, $619.27 1901, March 8. Repayment of mortgage loan, 1000.00 _For permanent fund--life memberships._ 1901, March 5. E. P. Thurston, $25.00 " S. H. Ranck, 25.00 June 21. B. C. Steiner, 25.00 ------ $75.00 _On interest account._