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SMITHSONIAN INSTITUTION   1406

[[3 column table]]
|CONSOLIDATED FUND |   ||   |
| Book Value of investments July 1, 1923 |   || $177,965.28 |
| Additions to investments 1923-1954 |   ||   | 
| Gifts, bequests and miscellaneous | $1,475,514.06 |   |
| Reinvestment of income | 551,224.23 |   |
| Gains from sales of securities | 586,914.07 | 2,613,652.36 |
| Total Book Value, December 31, 1954 |   || $ 2,791,617.64 |
| Market Value, December 31, 1954 |  
 | 3,660,924.17 |
| Gains on securities now owned |   | 869,306.53 |
| Profit on securities sold from December 31, 1953 to December 31, 1954 |   | 180,353.79  |
| FREER FUND |   ||   |
|Original Book Value |   | $1,958,591.42 |
|Total Book Value, December 31, 1954 |   | 7,212,390.73 |
| Gain in Book Value |   | $5,253,799.31 |
| Market Value, December 31, 1954 |  
 | $ 9,829,437.00 |
| Gain on securities now owned |   | 2,617, 046.27 |
| Profit on securities sold from December 31, 1953 to December 31, 1954 |   | $ 401,720.03  |
| Summary of Profits on securities sold from Consolidated and Freer Funds from December 31, 1953 to December 31, 1954: |   ||   |
| Consolidated Fund | $180,353.79 |   |
| Freer Fund | 401,720.03 |   |
|  Total | $ 582,073.82 |   |