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SMITHSONIAN INSTITUTION    1369

THAT, In view of our substantial holdings, the Executive Committee be given authority to exercise its judgment relative to the sale of stock owned by the Smithsonian Institution in the Ontario Apartment House Company.

The Secretary was instructed to arrange a meeting in the spring or summer of 1953 with Mr. D. L. Richardson, representative of Scudder, Stevens and Clark, investment counsel, for Smithsonian holdings, and the Executive Committee, at which time a report may be given as to the present situation of the stock market, with a summary of any recent changes in the Smithsonian portfolio. Mr. Richardson has these matters under daily consideration and last met with the Executive Committee on July 8, 1952, in the Colonial Room of the Cosmos Club.

The Board voted unanimous approval of Mr. Fleming’s report and expressed deep appreciation of his able performance and devotion relative to investment recommendations, and authorized fully his operations as in the past in these matters.

RESOLUTION RELATIVE TO INCOME AND EXPENDITURE

The following resolution was presented by Mr. Fleming:

RESOLVED:  That the income of the Institution for the fiscal year ending June 30, 1954, together with such allotments from the unobligated funds as are needed to meet necessary expenses, be appropriated for the service of the Institution, to be expended by the Secretary, with the advice of the Executive Committee, with full discretion on the part of the Secretary as to items.

On motion, the resolution was adopted.