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SMITHSONIAN INSTITUTION    1407

During the fiscal year ending June 30, 1954, a considerable number of changes in the investment portfolio of the Institution were made. The turnover from sales and purchases and the collection and reinvestment of maturing obligations amounted to more than $4,500,000. The net profit accruing to the Institution resulting from these transactions amounted to $582,073.82.

The amount of capital available from profits in the Freer Fund which have been reinvested amounted to $172,211.07. The Consolidated Fund was increased $214,044.76 of which amount $180,353.79 was from the reinvestment of profits on sales of securities. The remaining $33,690.97 was made up of transfers from new bequests and the investment of accumulated income. 

On the 656 shares of Ontario Apartment House Company stock held in the Walcott Fund, an additional payment of $10.00 per share was made, amounting to $6,560.00. This makes a gain of $39,360.00 over the book carrying figure at the time of the receipt of these shares. There may be further liquidating dividends paid on this stock.

If it is the will of the Board of Regents I will be pleased to continue in my present capacity to take the responsibility of passing upon recommendations for investment made by Scudder, Stevens & Clark. I will use my best judgement but I wish to state that I do not consider myself infallible.

Respectfully submitted, 

/s/ Robert V. Fleming
Chairman

Following the presentation of this report it was discussed by a number of members of the Board.

Dr. Compton spoke of the difficulty of managing the general work of the Institution when so many of its funds are limited by their donors to very specific purposes.

Mr. Cannon spoke of the great value of the service to the Institution performed by Mr. Fleming and the bank of which he is president.

On motion the Report of the Executive Committee as presented was

VOTED approved for inclusion in the minutes.

PROPOSED BOOKLET

After active discussion of the possibility of securing larger private funds for the Smithsonian Institution it was

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