torrc placement w/o make install

[pigpoked@xxxxxxxxxxxxx]

I installed tor v0.2.0.34 from source, Linux. I run tor from ~/tor(verion)/src/or, after running ./configure && make, omitting make install. It works well. As it starts, one message is:

[notice] Configuration file "/usr/local/etc/tor/torrc" not present, using reasonable defaults.

As I opted not to run make install, it appears I have no torrc file. If I desired to use a torrc file, should I pluck the sample from one of the directories inside ~/tor(version) and copy it to /usr/local/etc/tor/torrc to prevent this message from showing and to make use of the torrc file, or, being as this isn't a system wide install, should I place the torrc file elsewhere within ~/tor(version)?

What "reasonable defaults" are used when torrc is not present? What cons exist in not using a torrc file? I run tor in client mode only