$7,000 Atlantic Coast Line R.R. Co. first consolidated 4 per cent bonds at 951..... $6,711.25 4,000 Manhattan Railway Co. consolidated 4 per cent bonds at 974.. Cash on hand awaiting investment June 30, 1911. 3,900.00 -$11,008.75 STATEMENT A RECEIPTS Rents on 4762 Lake Avenue, Chicago, received by First Trust and Savings Bank, $300.00 $300.00 STATEMENT OF SECURITIES HELD FOR THE PERMANENT FUND JUNE 30, 1911 MUNICIPAL AND SCHOOL BONDS Par Value $ 8,000 Security Acquired Interest Book Value 9,000 2,500 1,000 1,000 City of New York registered Lemont, Ill., school bonds, Nos. 30 and 32, payable 40,000 Sanitary District of Chicago drainage bonds, Nos. Par Value 7,000 15,000 20,000 10,000 10,000 10,000 10,000 4,000 Security St. Louis and San Francisco 21,236-21,250, due Nov. 14,339, Manhattan Railway Co. Acquired GENTLEMEN: The above and foregoing is a correct statement of the account of the funds of the National Education Association of the United States as the same appears on the books of this bank. Chicago, Ill., June 15, 1911 First Trust and Savings Bank, By LOUIS BOISOT, Trust Officer To the Board of Directors of the National Education Association: I have this day examined the securities in the foregoing statement made by the Board of Trustees, and find all bonds and securities therein named in the custody of Louis Boisot, Trust Officer of the First Trust and Savings Bank, of Chicago, Ill. Chicago, Ill., June 15, 1911 JOHN MCLAREN Pres. International Audit Co., Chicago, Ill. The above report is approved as correct; not approved as to investment of a trust fund in bonds other than school, municipal, county, state, or national.* San Francisco, Cal., July 10, 1911 ELLA FLAGG YOUNG, President, N. E. A., Trustee Ex Officio This statement is added on request of Trustee Young and by authority of the Board of Directors (see Minutes, p. 27). MINUTES OF THE MEETING OF ACTIVE MEMBERS OF THE NATIONAL EDUCATION ASSOCIATION FOR THE YEAR 1910-1I SAN FRANCISCO, CAL., THURSDAY, JULY 13, 1911 The annual meeting of the active members was called to order by President Ella Flagg Young, at the Golden Gate Commandery Hall, Sutter Street, at 12 M., July 13. 1911. PRESIDENT YOUNG: The first item in the order of business is the reading of the minutes of the last meeting. SECRETARY SHEPARD: The minutes of the last meeting were printed in the last annual volume and Yearbook and have been distributed to all active members. Is it desired that they be read at this time? On motion it was ordered that the reading of the minutes be dispensed with and that they be approved as printed in the volume and Yearbook for 1910. PRESIDENT YOUNG: The next item in the order of business is the report of the Board of Trustees. James M. Greenwood, of Kansas City, Mo., vice-chairman of the Board of Trustees, presented the report of the Board of Trustees and explained in detail certain features of the report, showing the care taken in the annual report to give in detail all securities belonging to the permanent fund, with the revenue derived from each security. Special attention was called to the fact that $9,900 had been transferred from the surplus of current funds in the Treasurer's hands to the permanent fund, and that the same had been duly invested in approved securities. This raised the permanent fund to $180,000. The report, which was in printed form, had been previously distributed to all members present. This report showed, in addition to the signatures of four members of the Board of Trustees, the certificate of Mr. Louis Boisot, Trust Officer of the First Trust and Savings Bank of Chicago, as the official custodian of the fund, and of John McLaren, President of the International Audit Company, who had been officially appointed, in accordance with the By-Laws, to examine the funds and securities and to certify as to their integrity. PRESIDENT YOUNG: Attention is called to the fact that the signature of the President as ex-officio member of the Board of Trustees does not appear with the signatures of the other members. This signature was withheld, not because of any objection to the facts of the report, but because the President thought that the funds should be invested in a different kind of security. To make my point clear, I think that every trust fund should be invested in school, municipal, county, state, or national bonds, altho the interest revenue may be greater from industrial bonds. I indorse the report in all respects excepting as to the investment of the amount added to the permanent fund in industrial bonds. CHAIRMAN GREENWOOD: As a member of the Board of Trustees, I wish to say that the only money, either in principal or interest, that has ever been lost from the permanent fund is that which was invested in school and municipal bonds. PRESIDENT YOUNG: That was long ago, before school affairs were so well organized as now. On motion, duly seconded, it was ordered that the report of the Board of Trustees, with the addition of the statement of the President which had been adopted by the Board of Directors at its meeting on July 10 (see p. 38), be accepted and adopted and printed in the volume of proceedings and Yearbook for the current year. PRESIDENT YOUNG: The report of the Treasurer is next in order. SECRETARY SHEPARD: The members will find distributed in every seat in the hall copies of both the report of the Treasurer and the report of the Board of Trustees. DURAND W. SPRINGER, of Detroit, Mich., Treasurer: Since the members have printed copies of the report in hand, it seems hardly necessary to read the report in detail, unless there are some questions to be asked. The members will note that the report bears the certificate of the President of the International Audit Company. On motion the report of the Treasurer was accepted and adopted and ordered printed. PRESIDENT YOUNG: The next in order is the report of the Committee on Nominations, by ex-President James Y. Joyner, of North Carolina, chairman. CHAIRMAN JOYNER: Madam President and Active Members of the National Education Association: Your committee begs leave to submit the following report of nominations for officers of this Association for the ensuing year, as agreed upon by said Committee on Nominations at its regular session held at nine o'clock this morning at the St. Francis Hotel: And for directors for the states and territories the following: .Hawaii Birmingham Washington .Boise . Orono North Attleboro Kirksville Missoula .Lincoln Reno |