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SMITHSONIAN INSTITUTION  1433

order to carry forward the management of the investments of the Institution. Detailed quarterly statements of all Smithsonian investments come to the Committee from our Investment Counsel.  Copies of these reports are also on the table. These statements represent in a clear and concise form the current picture of the investment holdings of the Smithsonian Institution.

It will now be of interest, I believe, to present a brief history of the two main endowments of the Smithsonian Institution carried forward to December 31, 1956.  These figures are as follows:

[[3 column table]]
CONSOLIDATED FUND
Book Value of investments July 1, 1923 |  | $177,965.28
 
Additions to investments 1923-1956

Gifts, bequests and miscellaneous | $1,588,481.72 |   |

Reinvestment of income | 563,793.04 |
   
Gains from Sales of Securities | 876,401.88 | 3,028,676.64

Total Book Value, December 31, 1956 |  | $3,206,641.92 

Market Value, December 31, 1956 | 4,092,547.13 |

Gains on Securities now owned | 885,905.21 |
Profit on Securities sold from December 31, 1955 to December 31, 1956 | 85,350.44 |   

FREER FUND

Original Book Value |  | $1,958,591.42
 
Total Book Value December 31, 1956 |  | 7,798,784.92
 
Gain in Book Value |  | $5,840,193.50
 
Market Value December 31, 1956 |  | $11,235,614.09
 
Gains on Securities now owned |  | 3,436,829.17
 
Profit on Securities sold from December 31, 1955 to December 31, 1956 | 395,373.65 |
   
Summary of Profits on Securities sold from Consolidated and Freer Funds from December 31, 1955 to December 31, 1956:
 
Consolidated Fund |  | $85,350.44
 
Freer Fund |  | 395,373.65 
  |  | $ 480,724.09 

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