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With the poet who wrote "the snow-the beautiful snow," the fox thoroughly concurs. When all the world is shivering the fox is then at his best with a fur coat where it honestly and properly belongs.

REPORT OF

THE PENSION BOARD

TO THE BOARD OF MANAGERS

3

HE progress and usefulness of the Pension Fund of the New York Zoological Society for the past year has been fully in keeping with the record made heretofore. Its financial condition is satisfactory and the benefits to members are a source of gratification to the Board.

No changes were made in the personnel of the Board which continued to function with Wm. Pierson Hamilton as Chairman, Lewis Rutherfurd Morris, Vice-Chairman, Cornelius Agnew as Treasurer with H. R. Mitchell as assistant and Hermann W. Merkel as Secretary.

The loss by death of three members who had retired on pensions occurred. Henry Barloch, Anna F. Stanbury and Owen McCabe. Two employees, Thomas Enright with a record of 23 years, 6 months, 9 days employment in the New York Zoological Park, retired on a pension at the age of 78 years and Joseph Liebel with 17 years and 2 months to his credit, retired at 81 years of age.

A widow's pension was granted to Dora de Wellworth, widow of William de Wellworth, for many years a very valuable employee of the New York Zoological Park. The number of people receiving pensions remains at thirteen, as in the past two years. The total of the Pension Roll shows a slight increase, namely $14.69 per month. Eight former employees retired from the Fund because of their leaving the services of the Zoological Society, and one member, Thomas Dwyer died. The sum of $992.32 was paid out in refunds to the retiring members, same being dues paid in by them, plus accrued compound interest at three and one-half per cent. interest. This refund, however, relieved the Pension Fund of accumulated services of 37 years. Dues collected from employees show an increase over the previous year of $75.47,

while the earnings from interest on the investments showed an increase of $765.77, while disbursements for pensions increased but $188.19 for the same period.

The total expenses administering the pension system, such as the examinations by physician, printing and clerical services amounted to only $407, and for the first time in the history of the Fund the accumulated balance available for pension payments exceeds the original $100,000 donated by Mr. Carnegie for the purpose of establishing the pension system, as the total amount available on December 31, 1923, is $100,624.18, showing a net gain for the year of $10,394.61 which, although not as great as the previous year is well above the average for the last nine years.

In submitting this report the Board feels that the Zoological Society and especially its employees, are to be congratulated on the splendid condition of the Fund, which condition is due largely to the wise handling of the funds by the Zoological Society's Finance Committee, the very low cost of administration and the careful and equitable observance by the Board of all of the rules laid down for its guidance. The Board feels certain that with its present income it will be able to take care of all pension liabilities under the present rules, but trust, that in the near future, substantial donations will enable it to recommend an increase of pensions, which are at the present time too low to enable a pensioner to subsist on them.

Respectfully submitted,

LEWIS RUTHERFURD MORRIS,

Vice-Chairman, Pension Board.

HERMANN W. MERKEL, Secretary, Pension Board

FINANCIAL SUMMARY

The financial administration of the Zoological Society is under the Treasurer, the Executive Committee and the Finance Committee.

The City Funds are derived under the vote of the Board of Estimate and Apportionment, from the City of New York, as follows:

City Zoological Park Building Fund
Zoological Park Maintenance Fund
Aquarium Maintenance Fund

City Aquarium Building Fund

The total appropriation by the City for these purposes during the year 1923 was $409,741.00, which was expended as accounted for in this Report.

The Zoological Society Funds are divided into:

(1) The "Endowment Funds," including:

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(2)

5,056.46 100,066.25

(The above amounts are as of December 31, 1923) "Special Funds," including gifts from year to year from members and friends of the Society, which are divided into accounts as follows:

Animal Account, for 1923, derived from special

endowment gifts and receipts of privileges... $21,877.80

Art Gallery Account, for the purchase of Animal

Paintings

(No receipts during 1923)

The Society's funds and gifts also include:

(3) The Park and Aquarium building accounts, derive either from gate receipts, special contributions or from it endowment. The expenditures from these building account for the past year were as follows:

Zoological Park Improvement and Repair Account,

derived by authority from Gate Receipts... $23,388.2 and (4) The "Scientific Research and Publication Fund' divided as follows:

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Expedition to the Galapagos Islands, financed by Harrison Williams as a gift to the Society; expended to date...

98,670.00

This financial summary shows that during the year 1923 from endowment, from contributions and from publication funds the Society has expended a grand total of $138,645.68. For the continuation of this work, of such great public benefit in the Park and Aquarium, and of such great scientific and literary value in its publications, the Society requires the immediate addition of $2,000,000 to its general endowment and the constant attention of its members and friends for the needs of its Library, of its Heads and Horns Collection, of its Publications, of its Animal Painting Gallery, etc.

Communications and contributions to the Endowment Fund or Building Fund should be addressed either to the

Secretary of the New York Zoological Society, 101 Park Avenue, or to the

Treasurer of the New York Zoological Society, care Farmers' Loan and Trust Company, 20-22 William Street.

The form of gift or bequest is printed on page IX of this report.

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