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SMITHSONIAN    1484

not only sent to me but also to the Secretary of the Institution. Each of these recommendations receives my personal consideration and approval or disapproval. I also ask my associates in the Trust Department of the Riggs National Bank to check these proposals on the basis of the many sources of information that are at their disposal. My final decision is then made as to the appropriate action to be taken in regard to each recommendation. Such action is then submitted in writing for approval or reconsideration to the members of the Permanent Committee.
   
As I have already pointed out the official communications concerning the investments of the Smithsonian Institution are necessarily very numerous. Sometimes a number of telephone calls and several daily written communications are required in carrying out these transactions. In this connection it may be noted that detailed quarterly statements of all of the Smithsonian Institution's investments come to me from the investment counselors for consideration. Copies of these reports are before us today on the table. These statements in the form in which they are presented summarize the investment holdings of the Smithsonian Institution on the dates when they are issued. 

The history of the Freer Fund should encourage any donor who is thinking of establishing an endowment at the Smithsonian Institution. In 1919, when this fund was established, its book value was less than two million dollars. Today the market value of this fund is in excess of thirteen million dollars. This increase is in its entirety the result of increase in value of the investments of this fund and does not include the addition of any income to the fund as the income is used for the purposes of the Freer Gallery as directed by the donor.

It may now be of interest to report the holdings of the Consolidated Fund and the Freer Fund as carried forward to December 31, 1959. The figures are as follows:

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