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SMITHSONIAN INSTITUTION   573
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MADE BY BAKER-VAWTER CO.
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services of suitable men to give lectures for the amount available. There had now accumulated $1000.00 interest on this Fund, and he would recommend that the Fund be increased from $2000.00 to $3000.00 by the addition of this sum.

Senator Lodge offered the following resolution, which was adopted:

RESOLVED; That the Secretary be authorized to increase the Hamilton Fund from Two thousand to Three thousand dollars by the addition of accrued interest.


INVESTMENTS.

On December 9, 1920, the Board adopted a resolution granting authority to 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". With the current values, the rate of interest on such bonds is about 4 p.c.

The question has come up of investing the funds of the Institution in high grade mortgage notes on real estate in the District of Columbia under the restrictions and limitations exercised by savings banks and trust companies in the District. 

After discussion, it appeared to be the opinion of the Regents that no formal action was called for, as the Permanent Committee had been given ample power in the matter of investments under the terms of the resolution establishing the Committee, adopted January 24, 1894.

FREER GALLERY OF ART.

[[underlined]]Opening of the Gallery.[[/underlined]] The Secretary stated that plans were being made to formally open the Gallery by invitation from May 2 to 8 next, and to open it to the general public May 9, 1923.
[[initialed]] CDW [[/initialed]]