Viewing page 217 of 520

This transcription has been completed. Contact us with corrections.

SMITHSONIAN INSTITUTION    1405

2. Any attempt to include Trust Fund Employees under this act might considerably complicate efforts now under way to have the independent status of Trust Fund Employees of the Smithsonian Institution clearly defined.

3. Little would be gained by Trust Fund Employees under this act since their employment is more stable than that of Federal employees who are subject to reduction in force when Federal funds are reduced.

The Secretary reported the appointment of Mr. Thomas F. Clark as Treasurer of the Smithsonian Institution. Mr. Clark, the present chief of the Accounting Division, will also continue in that position. Mr. John D. Howard, the former treasurer, retired as of December 31, 1954.

During the year, as reported at the previous meetings, the recommendations of Scudder, Stevens & Clark relative to changes in the endowment portfolio of the Institution come to me as Chairman of the Executive and the Permanent Committees. Copies are sent also to the Secretary of the Institution. Under my personal direction and supervision, the recommendations as received are checked against information available in the Trust Department of the Riggs National Bank. My decision is then made as to appropriate action to take on the recommendations. Before action is taken it is approved in writing by members of the Permanent Committee.

Quarterly statements of all our investments are also received from the investment counsel. Copies of these reports are on the table. These statements represent approximately the current picture of our investment holdings.

Mr. James F. Lawrence and Mr. George S. Johnston of the firm of Scudder, Stevens & Clark, who now have the immediate supervision of the portfolio of the Smithsonian Institution, met with the Executive Committee at its meeting on December 6, 1954. At this meeting general policies concerning investments were considered.

It may be of interest to present here a brief history of the two main endowments of the Smithsonian Institution. These are given as follows:

Transcription Notes:
.