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SMITHSONIAN INSTITUTION 581 
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MADE BY BAKER-VAWTER CO. 
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part of the Institution's holdings without greatly depreciating the market value. The sum of $51,487.50 has already been invested under this Sinking Fund. 

[[underlined]] Poore Bequest [[/underlined]]. Negotiations are now pending for the sale of several of the lots in Lowell, Massachusetts, received under this Bequest, which will net the Institution about $1,500. The remaining lots will be disposed of as opportunity offers. Since the last meeting of the Board the City of Lowell has agreed to abate the taxes on this property. 

All the other funds previously detailed are in sound condition and are slowly but steadily increasing in volume through the addition of their earnings to the principal. 

[[underlined]] Consolidated Fund [[/underlined]]. As has been previously reported, the Institution has been holding receipts for $3,500 par value, of 5% notes of the Brooklyn Rapid Transit Company, which were due July 1, 1918. The Company defaulted its interest and was placed in the hands of receivers. These notes have recently been called in by the National City Company of New York and replaced by $3,800 Brooklyn Manhattan Transit Corporation 6% bonds. 

The Consolidated Fund, which comprises bequests and gifts to the Institution in addition to the One million dollars deposited in the United States Treasury in accordance with the Organic Act, is invested in the various securities listed on page 3 of the Secretary's Report, and now amounts to $196,570.28. 

Respectfully submitted,

George Gray
Henry White
Frederic A. Delano
Charles D. Walcott.

On motion, the report was received and ordered to be filed. 

SECRETARY'S ANNUAL REPORT.

In submitting his annual report of the operations of the Institution for the fiscal year ending June 30, 1923, the Secretary stated that this report had been sent to the Regents recently.  He also said that the publications of the Institution are its chief means of carrying out one of its primary functions, the "diffusion of knowledge among men." Since the last annual meeting of this Board,in December 1922, the Institution and its branches have issued a total of 98 publications, both volumes and pamphlets. Of this number, 49 were published by the Institution proper, 44 by the National Museum, 4 by the Bureau of American Ethnology, and 1 by the National Gallery of Art. A large
[[initialed]] CDW [[/initialed]]

Transcription Notes:
Per transcription instructions, opening partial word "siderable" is on the previous page with its "con".