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SMITHSONIAN INSTITUTION    1470

During the year ended December 31, 1958, the turnover from sales and purchases and the collection and reinvestment of maturing obligations in securities of the Smithsonian Institution amounted to $6,261,156. The net profit accruing to the Institution from these transactions amounted to $389,006.

The net amount received during the year from profits in the Freer Fund, which have been reinvested amounted to $238,010. The Consolidated Fund was increased by $237,429, of which amount $141,010 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. 

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, investment and reinvestment of trust funds.

Respectfully submitted,

/s/ Robert V. Fleming
Chairman

Dr. Fleming expressed his willingness to continue to serve as Chairman of the Executive Committee, if reappointed as a Regent. The Secretary stated that Dr. Fleming's term as Regent would expire July 23, 1959, and that with the permission of the Regents he would be glad to prepare the necessary papers to present to Senator Anderson and Mr. Cannon to effect this reappointment. On motion by Dr. Brown, seconded by Dr. Hunsaker it was

VOTED that the Regents request the Congressional members of the Board to sponsor Dr. Fleming for reappointment as a Regent.

PRIVATE FUNDS BUDGET FOR THE SMITHSONIAN INSTITUTION FOR THE FISCAL YEAR 1959 AND THE FISCAL YEAR 1960

The Secretary reminded the members of the Board that at the last annual meeting

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