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SMITHSONIAN INSTITUTION   641
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MADE BY BAKER-VAWTER CO.
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unnecessary to repeat them except to speak of the following three items:

[[underlined]] Solar Radiation Researches. [[/underlined]] This work has been conducted for several years by Assistant Secretary Abbot, at stations on Montezuma Mountain, Chile, and on Mt. Harqua Hala, Arizona. The operations are financed by an annual grant of $5,000.00 from the Hodgkins Fund of the Smithsonian Institution and through the generosity of a public-spirited citizen, Mr. John A. Roebling. whose contributions since May, 1920, for this and other purposes total $92,883.68.

[[underlined]] Freer Sinking Fund. [[/underlined]] Mention was made in the Permanent Committee's last report of the establishment of a Sinking Fund for the purpose of safeguarding the principal and income of the Freer Foundation. Under this arrangement, the income of the Freer Bequest 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. The amount invested to date in the Sinking Fund is $153,463.75.

[[underlined]] Consolidated Fund. [[/underlined]] Under the organic act the sum authorized to be deposited in the United States Treasury at 6% interest as the Smithson Fund is limited to One million dollars, which was reached January 11, 1917. Bequeats, gifts and interest earnings in excess of this amount have been constituted a Consolidated Fund, which is invested in securities approved by your Permanent Committee. This Fund now totals $213,386.50. 

Respectfully submitted

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

Permanent Committee

On motion the report was accepted. 
[[initialed]] CDW [[/initialed]]