Viewing page 39 of 488

This transcription has been completed. Contact us with corrections.

[[preprinted]]
SMITHSONIAN INSTITUTION  491
[[/preprinted]]

[[preprinted left margin]]
MADE BY BAKER-VAWTER CO. 
[[/preprinted left margin]]

RESOLVED; That the income derived from the property administered by the Committee constituted by the preceding resolution, be appropriated for the service of the Institution, to be expended by the Secretary under the conditions of the resolution relative to income and expenditure adopted by the Board of Regents.

The course of action set forth in these resolutions has been very closely adhered to in the past, but the actual working of the plan has frequently caused much delay, owing to the fact that the members of the Committee have been at widely separated points just at the time a decision was needed, and before the approval of the full Committee could be obtained, the opportunity of securing - for instance, bonds a^[[t]] a minimum price had passed, and they had to be purchased in the open market often at a higher rate.

A similar condition of delay arose somewhat recently in the matter of executing deeds for the transfer of property belonging to the Poore Estate, and on the recommendation of the Permanent Committee, the Board of Regents, at the annual meeting held December 12, 1918, adopted a resolution giving the Secretary authority to transfer any property and to execute deeds conveying titles to any real estate thereafter disposed of, with the approval of the Permanent Committee.

This arrangement has worked satisfactorily, and it suggests that the same plan might be adopted with regard to more prompt investments, and thus put the Secretary in a position to make selections without delay. With this object in view, the Permanent Committee submits the following resolution for the consideration of the Board:

RESOLVED; That the Board of Regents of the Smithsonian Institution hereby grants authority to the Secretary to invest newly acquired or idle funds in such bonds as are legally approved for investment by savings banks, in New York, Massachusetts, or other eastern states.

On motion the resolution was adopted.

REQUEST OF MISS CAROLINE HENRY.

The Secretary announced that under the will of Miss Caroline Henry, a daughter of Professor Joseph Henry, the first Secretary of the Institution

[[initialed]] CDW [[/initialed]]