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SMITHSONIAN INSTITUTION 580 
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MADE BY BAKER-VAWTER CO. 
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ANNUAL REPORT OF THE EXECUTIVE COMMITTEE.

The Secretary submitted in printed form the Annual Report of the Executive Committee, giving a statement of the financial condition of the Institution for the fiscal year ending June 30, 1923; adding that it had been supplied the Regents by mail.

On motion, the Report was accepted.

ANNUAL REPORT OF THE PERMANENT COMMITTEE.

The Secretary, on behalf of the Permanent Committee, read the report as follows:

December 13, 1923.

Gentlemen:

The Permanent Committee submits the following report on matters coming under its supervision during the past year:

These matters are, for the most part, so well covered in the reports of the Executive Committee and of the Secretary that it seems hardly necessary to repeat them here. Suffice to say that no material change has occurred in the status of the various bequests and funds as reported upon at the last annual meeting. It may be of interest, however, to speak briefly of conditions in connection with a few of these funds.

[[underline]] Hodgkins and Roebling Funds [[/underline]].  Work is continuing steadily in the solar radiation researches being conducted on the Montezuma Mountain, in Chile, under an annual grant of $5,000.00 from the Hodgkins Fund.  Mr. John A. Roebling has added generously to his already liberal contributions to aid the work at this station, and also at the one on Mt. Harqua Hala, in Arizona, his total gifts for this purpose now amounting to upwards of $65,000.00.  These researches are being carried on under the direction of Dr. Charles G. Abbot, Assistant Secretary of the Institution and Director of the Astrophysical Observatory.

[[underline]] Freer Bequest [[/underline]] The balance of the loan of $200,000 made to settle this estate was paid during the year.  

In view of the fact that the Freer Foundation is invested entirely in Parke, Davis & Co.'s stock, the Permanent Committee took up the matter of safeguarding its principal and income; and after consideration, decided upon what may be termed a Sinking Fund, by which that part of the income in excess of 6% on the value of the Foundation at the time of Mr. Freer's death is to be re-invested in high-class securities and real estate mortgages until an amount equal to the original foundation is reached.  Under this plan, which was put in operation at the beginning of the current fiscal year, the income will ultimately be greatly increased.  As the Parke, Davis & Co. stock is largely locally held in Detroit, it was impracticable to dispose of any considerable

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Transcription Notes:
last word (considerable) should be transcribed as depicted: "con-".