$1,351,000 U. S. 4% Registered Consols, sold, netting $1,718,202.93 $82,000 U. S. 6% Registered Currency Bonds sold Second Mortgage Bonds, Syracuse, Binghamton, and 105,902.74 $1,824,105.67 Cash on deposit withdrawn Less an uninvested balance applied as income . Making 98,000.00 1,031.93 $1,923,137.60 137.60 $1,923,000.00 In Bonds and Mortgages on approved property in the All done in pursuance of the powers given by the vote of the Trustees at their meeting of Oct. 6, 1886, to the Finance Committee to consider the question of changing some of the investments of the Peabody Education Fund, in order that a larger income may be derived therefrom. The income derived from the securities held by the Trustees, Sept. 30, 1890, per statement annexed, is as follows: It was proposed by an owner whose bonds and mortgages for $35,000 and $25,000 respectively, covering two pieces of property, were held by the Trustees, to pay $10,000 on the first-named mortgage, and to pay off that for $25,000, and give in place thereof his bond and mortgage for the sum of $35,000, covering certain other property. A proposition was also made by an owner whose bond and mortgage for $90,000, covering certain property, was held by the Trustees, to pay it off, and give in place thereof his four bonds and mortgages upon the same property, together amounting to $90,000, apportioned upon the four pieces of property, giving the bond of another party as additional security. On these propositions being submitted to a majority of the Finance Committee, they authorized the changes in the investments to be made, also authorizing me to execute a proper certificate of satisfaction of the mortgages proposed to be paid off, and to give a proper receipt upon the payment of the $10,000, all of which was done; the authority for this action being given pursuant to a Resolution of the Trustees of June 27, 1872, by which it was voted, "That the Treasurer, under the direction of the Finance Committee, be authorized to execute all necessary releases or receipts on the payment of any securities belonging to the Trust." There is no interest in arrears upon any of the bonds and mortgages held by the Trust. In closing the first fiscal year after completion of the conversion authorized by the Board of Trustees, the Treasurer desires to state that in 1885 the amount of the principal invested was To-day the amount of principal invested stands at $1,851,358.26 2,075,175.22 223,816.96 $70,871.80 97,818.00 $26,946.20 Showing an increase of J. PIERPONT MORGAN, Treasurer. Statement of Securities held by "The Trustees of the Peabody Education Fund," September 30, 1890. 464 State of Mississippi (Planters' Bank) 6 per cent Bonds, $1,000 each. 143 Florida 6 per cent Bonds, of which 21 Bonds are for $1,000 each, and 122 Bonds are for $1,000, or £225 each. The Reports of the Treasurer and the General Agent were accepted and ordered to be printed, as usual. Mr. MORGAN'S account was referred to Governor PORTER and Mr. DREXEL as an Auditing Committee; and to the same Committee was referred the account of Dr. CURRY, the General Agent. The subject of the amount of scholarship money given to the students of the Normal College at Nashville was referred to a Committee consisting of Messrs. COURTENAY, GIBSON, and SOMErville. An application was received from the Board of Education of Florida that the schools of that State should again be placed in harmonious relations with the work of the Peabody Trustees, whereupon it was voted that the whole question connected with the bonds issued by the States of Florida and Mississippi, now in the possession of the Trustees, should be referred to Messrs. EVARTS, GIBSON, HENRY, and COURTENAY, as a special Committee for consideration. Mr. WINTHROP, the Chairman, read the following letter from Governor Fish: GLENCLYFFE, GARRISON'S P. O., PUTNAM COUNTY, N. Y., MY DEAR MR. WINTHROP, I fear that I shall not be with you to-morrow at the meeting of the Peabody Trustees. Last week I went to the city (the second time that I have been more than an hour's drive from my home since I came here in May), and returned with a cold, followed by a slight indisposition, which I feel compelled not wholly to neglect. Possibly I may in the morning find myself able to venture the journey; but I write to excuse my absence in case that I shall not report in person, - in which latter case please present my cordial regards to my associate Trustees, and be assured of the esteem and friendship of, Yours faithfully, The HON. ROBERT C. WINTHROP, LL.D., HAMILTON FISH. President Trustees Peabody Fund, Fifth Avenue Hotel, New York. Adjourned to Thursday, October 2, at 10 o'clock, A. M. NEW YORK, Oct. 2, 1890. The Trustees met this forenoon agreeably to adjournment. There were present: Mr. WINTHROP, the Chairman, and Messrs. EVARTS, WHIPPLE, HAYES, Drexel, Green, Porter, Morgan, COURTENAY, GIBSON, FULLER, HENRY, and SOMERVILLE; and Dr. CURRY, the General Agent. The records of the last meeting were read and accepted. Governor PORTER, for the Auditing Committee, reported that the accounts of Mr. MORGAN the Treasurer, and Dr. CURRY the General Agent, were found to be correct and properly vouched; which Report was accepted. Voted, That the Board approve of the changes made in the investments of bonds and mortgages reported by the Treasurer. |