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SMITHSONIAN INSTITUTION 476 
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MADE BY BAKER-VAWTER CO. 
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late by the addition of its own earnings until it reached the sum of $250,000.00 - when its income should be available for the purposes of the Institution. The bequest now amounts to $32,588.00.

[[underlined]] Bruce Hughes Bequest [[/underlined]]. This bequest, which was left to the Institution in 1918 by the Rev. Bruce Hughes, of Pennsylvania, is being allowed to accumulate. It amounts at present to $10,410 including balance of $2,000 due on note. The original bequest was $9,500 in cash and secured notes.

[[underlined]] Other Bequests [[/underlined]]. No change is to be reported in the condition of several small bequests to the Institution, aggregating about $35,000, except that they are all gradually increasing in amount by the addition of their earnings.

[[underlined]] Consolidated Fund [[/underlined]]. This fund is made up of miscellaneous bequests and is in excess of the main fund of $1,000,000.00 deposited in the Treasury of the United States. The fund is increased by the addition of its revenues semi-annually, and it now amounts to $82,896.02.

The following securities constitute this fund:-

American Telephone & Telegraph 4p.c. collateral trust bonds, due 1929.

Province of Manitoba 5p.c. gold debentures, due 1922.

West Shore R.R. guaranteed 4p.c. bonds, due 2361.

Cleveland Electric Illuminating Co. First Mortgage 5p.c. gold bonds, due 1939.

United States Liberty Bonds of several issues.

The Institution also holds receipts for $3,500 par value, of 5p.c. notes of the Brooklyn Rapid Transit Co., which were due July 1, 1918. The Company defaulted its interest and was placed in the hands of receivers. Plans of reorganization have not yet been agreed upon. 

Respectfully submitted:

George Gray
Henry White
C. D. Walcott

Permanent Committee.

Dr. Bell not signing owing to absence from the country.
[[initialed]] CDW [[/initialed]]