Viewing page 127 of 520

This transcription has been completed. Contact us with corrections.

SMITHSONIAN INSTITUTION 1319

The Series Publishers, Inc., distributing company for the Smithsonian Scientific Series, is in financial difficulties and as has been reported before at earlier meetings of the Regents, has not been able to make full royalty payments for a period of nearly two years. The Company asked for reconsideration of the contract with the Institution at a lower royalty, and the Secretary was authorized to proceed with this, but with the stipulation that the contract would terminate in two years time. As the present contract still has six years to run, the company finally decided not to accept this offer. Dr. Wetmore is to report later in this meeting relative to the present state of royalty payments. 

The services of Scudder, Stevens and Clark, as investment counsel, have been continued through the year. Recommendations from this firm relative to the endowment portfolio come to me as Chairman with copies to the Secretary of the Institution. These are checked against information available in the Trust Department of the Riggs National Bank, under my direction, and action then is authorized. Our investment counsel also submit to us a quarterly statement on our portfolio that we may keep fully informed. Copies of this are on the table representing current status of our investments as of December 30, 1950. 

In addition to the regular contact which our Treasurer's Office maintains with the offices of Scudder, Stevens and Clark, Mr. Richardson who has direct supervision of our portfolio, met with the Executive Committee at a meeting of July 11 for a discussion of our investments and present market trends. 

Mr. Richardson presented statements relative to the views of Scudder, Stevens and Clark, as to the present situation in the stock market, with a summary of recent changes in the Smithsonian portfolio, which have brought considerable capital increase. Further details relative to these matters were furnished by me and there was a full general discussion of the present status of Smithsonian investments, with the expression that both 

A.W.