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[[preprinted]] SMITHSONIAN INSTITUTION 665 [/preprinted]] [[preprinted left margin]] MADE BY BAKER-VAWTER CO. [[/preprinted left margin]] the generosity of Mr. John A. Roebling, who within five years past has contributed over $123,000 for the furtherance of this important work. The Committee was learned with regret that Mr. Roebling's support of these studies has been discontinued. [[underlined]]National Geographic Society Grant[[/underlined]]. - This organization has recognized the necessity for a new solar variation station in the Eastern Hemisphere, to cooperate with those of the Astrophysical Observatory in Chile and California, and has generously made a grant of $55,000 to Doctor Abbot for the purpose of installing such a station. Doctor Abbot recently sailed for Europe, and expects to devote several months to this work. [[underlined]]Freer Sinking Fund.[[/underlined]] - This Fund, as has been explained, was established for the purpose of safeguarding the principal and income of the Freer Foundation. Under the plan of re-investing a certain excess of the income, the Fund has now reached the sum of $262,347.50. [[underlined]]Consolidated Fund.[[/underlined]] - This Fund, as is known to the Board, consists of bequests, gifts, and interest earnings, in excess of the One million dollars authorized by law to be deposited in the U.S. Treasury at 6% interest. It now amounts to $218,186.50. [[underlined]]Increase of Endowment.[[/underlined]] - The Board authorized your Committee to take steps looking to the establishment of a million-dollar endowment in addition to the present Smithsonian Fund, and a plan of campaign was submitted by Messrs. Tamblyn & Brown, which was approved. The work was to start upon the receipt of funds sufficient to meet the expenses of the campaign, and it has been initiated by the above-named firm, $36,000 having been provided. Fuller details will be given by the Secretary. Respectfully submitted, Henry White, Frederic A. Delano, R. Walton Moore, C.D. Walcott, Permanent Committee. On motion, the report was accepted. ANNUAL REPORT OF THE SECRETARY. In presenting his printed annual report to June 30, 1925, the Secretary said: The Smithsonian publications of the year have been of great importance and interest. Since the last meeting, 132 publications have been issued, 67 of these by the Institution proper, 62 by the National Museum, and 3 by the Bureau of American Ethnology. During the last fiscal year, the Institution distributed 171,865 copies of its publications. Two papers by your Secretary have summarized several seasons work on certain of the life forms of the Cambrian and Lower Ozarkian rocks of the Canadian Rockies; three papers by Doctor [[initialed]] CDW [[/initialed]]