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SMITHSONIAN INSTITUTION    1524

Summary of Profits on Securities sold from Consolidated and Freer Funds from December 31, 1959 to December 31, 1960:

Consolidated Fund - $50,570.94 
Freer Fund - 334,849.07 
[[total]] - $ 385,420.01 

During the year ended December 31, 1960, the turnover from sales and purchases and the collection and reinvestment of maturing obligations in securities of the Smithsonian Institution amounted to $2,162,695. The net profit accruing to the Institution from these transactions amounted to $385,420.

The net amount received during the year from profits in the Freer Fund, which have been reinvested amounted to $334,849. The Consolidated Fund was increased by $61,382, of which amount $50,571 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.

The members of the Board of Regents know, as I have said each year since I have served as Chairman of the Executive Committee, that I will always use my best judgment in this work for the Smithsonian. I am sure that the members of the Board agree with me, however, that in a time such as the present no one can be infallible in matters related to the investment of trust funds.

Respectfully submitted,

/s/ Robert V. Fleming
Chairman

NONPUBLIC FUNDS BUDGET FOR THE SMITHSONIAN INSTITUTION FOR FISCAL YEAR 1962

Mr. Cannon expressed an interest in whether or not there was an increase or decrease in the trend of the public to make financial bequests. The Secretary stated there has been a very real increase in recent years, and it was his great objective to add to the permanent endowment of the Institution. The subject of property donations was mentioned, and the Secretary reported that the gift of the Barney Studio House on Sheridan Circle has been accepted by the Smithsonian Institution.

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