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SMITHSONIAN INSTITUTION     1230

with the proviso that this total should include any retirement pension that might be received under Civil Service. The actual change in salary rate has not at this date gone into effect due to consideration being given to possible changes in the Retirement that will come up later at this meeting.

The investments of the Institution continue to be handled with the advice of the firm Scudder, Stevens and Clark, investment counsel, who are employed for this purpose on a fee of $10,000 per year. A summary of the types of investment is given in the printed report of the Executive Committee. As a matter of interest, the Executive Committee presents for the inspection of the Board a list of the existing securities held at this date with their book value and the market price current within the past ten days.

There is submitted also a brief summary of present business and investment prospects, just received from Scudder, Stevens and Clark.

The following resolution is offered in recognition of Mr. Roebling's interest:

RESOLVED: That the Board of Regents of the Smithsonian Institution hereby records its appreciation of the great interest which Mr. John A. Roebling has manifested for many years in the work of the Astrophysical Observatory and of his continued financial support of these investigations.

RESOLVED FURTHER: That the Board desires particularly at this time to express its thanks to Mr. Roebling for his generous contribution for these researches during the past year.

On motion, the Resolution was passed.

A.W.