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SMITHSONIAN INSTITUTION    1483

National Zoological Park against intruders from the parkway.

6. Land lying east of the parkway and north of the tunnel will be transferred from the National Zoological Park to the National Park Service.

This topic will also be brought up for consideration under a later item of the agenda at this meeting. 

The appointment by the Secretary of Mr. Edgar L. Roy as Treasurer of the Smithsonian Institution effective December 2, 1959 was confirmed. Mr. Roy has recently served as acting Treasurer of the Smithsonian and has been a member of the staff of the Smithsonian Institution for 35 years.

It was noted by the Executive Committee that Mr. Harry F. Guggenheim has addressed each of the members of the Board of Regents concerning the awarding of the Langley Medal posthumously to Dr. Robert H. Goddard. This matter was discussed and it was voted that the Executive Committee recommends to the Board of Regents that consideration be given to the proposal that the Langley Medal be awarded to Dr. Robert H. Goddard. This matter will be taken up under a separate item on the agenda.

The Executive Committee gave some consideration to the value to the Smithsonian of maintaining the tradition of nominating individuals to the Board of Regents, when vacancies occur, who are known as authorities in different fields of science.

The investment portfolio of the Smithsonian was then discussed. This presentation was introduced by Mr. George S. Johnston and Mr. Hardwick Stires, partners of Scudder, Stevens & Clark, investment counselors to the Smithsonian Institution. A copy of graphs prepared for this presentation concerning the history of the investments of the Smithsonian Institution are on the table here for the information of members of the Board.

Peat, Marwick, Mitchell & Co., a nationally known firm of auditors, has made the annual audit of the Institution's accounts. This report is incorporated in the printed report of the Secretary that is before you. Copies of the typed and signed audit are also on the table for examination. 

It seems appropriate to review each year the procedure by means of which the investments of the Smithsonian are managed. During the current year, as in previous years, recommendations for changes in the portfolio of investments of the Institution come to me as Chairman of both the Executive Committee and the Permanent Committee of the Smithsonian. The recommendations concerning such changes ordinarily originate with Scudder, Stevens & Clark. Copies of these proposals from the investment counselors are