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SMITHSONIAN INSTITUTION 1450

During the year ended December 31, 1957, the turnover from sales and purchases and the collection and reinvestment of maturing obligations in securities of the Smithsonian Institution amounted to $4,383,943. The net profit accruing to the Institution from these transactions amounted to $188,091. 

The net amount received during the year from profits in the Freer Fund, which have been reinvested amounted to $165,623. The Consolidated Fund was increased by $76,628, of which amount $18,581 was derived from the investment of profits on sales of securities. The remainder was made up of new bequests and the investment of accumulated income. I have referred to the history of these transactions in my report on the meeting of the Executive Committee held on November 21, 1957. 

May I again say, if it is the wish of the Board of Regents, that I will be glad to continue in my present capacity and to take the responsibility of passing upon recommendations for the investment and reinvestment of Smithsonian funds as made to us by Scudder, Stevens & Clark. As I have said in previous years, the members of the Board know that I will always use my best judgment in this work, but especially in a period such as the present, no man can be infallible in matters relating to the care and reinvestment of trust funds. 

Respecfully submitted, 

/s/ Robert V. Fleming
Chairman

Dr. Fleming interrupted the reading of his report after the paragraph referring to Mr. Graf, and requested that a resolution of appreciation of Mr. Graf's services over the long period of years be adopted and presented to him in an appropriate form. This was unanimously agreed to as given below. 

RESOLUTION ON RETIREMENT OF MR. JOHN E. GRAF

RESOLVED: That the Board of Regents of the Smithsonian Institution has received with great regret the notice of the retirement on January 1, 1958, of Mr. John E. Graf, who has been Assistant Secretary of the Institution since 1945, and who has served the Institution faithfully since 1931. 

That the Board hereby records its deep appreciation of the long and unselfish service which Mr. Graf has given to the Institution for more than a quarter of a century.