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SMITHSONIAN INSTITUTION  676
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INVESTMENTS FROM THE FREER FUND.

Mr. Delano stated that as a memeber of the Permanent Committee he had been approached with a proposition to dispose of a number of the shares of the Parke, Davis & Co. stock at a figure which would be profitable to the Institution.

He had thought the matter over carefully and had talked with his associates and felt that it might be well to get the authority of the Board to make such sale in case it was later definitely decided to do so. His thought was that it would be better possibly not to carry so large a part of the fund in any one stock, and that if the sale were effected the proceeds should be invested in high grade bonds and mortgages.

The Board discussed the matter and adopted the following resolution which was submitted by Mr. Moore:

RESOLVED; That the Board of Regents hereby authorize the sale of any part of the stock of Parke, Davis & Co. held under the will of Charles L. Freer that may be approved by the Permanent Committee, at such price as it may think desirable after ascertaining all the facts that are available, the proceeds therefrom to be invested in high grade bonds and mortgages.

ASTROPHYSICAL OBSERVATORY.

The National Geographic Society having made a grant of $55,000 to Doctor Abbot, to select and install a new solar variation station in the Eastern Hemisphere, to cooperate with those of the Astrophysical Observatory in Chile and California, Doctor Abbot sailed on October 31 via England and France on this mission.

Inspection of weather records show that only three suitable regions, distinct from those now occupied and from each other, remain in the world. These are South West Algeria, North East Baluchistan, and South Africa. Doctor Abbot will examine all three and install the new observatory in the best

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