Viewing page 395 of 520

This transcription has been completed. Contact us with corrections.

SMITHSONIAN INSTITUTION   1569

CONSOLIDATED FUND

SALES

$85,000 Sears Roebock & Co. 4 3/4% (8-1-83)
1206 shares Continental Insurance Co.

PURCHASES

78/100 shares First National City Bank of New York
$90,000 U.S. Treasury Bonds 4% (8-15-71)
600 shares American Tel. & Tel. Co.
The proceeds from the above sales resulted in a net gain on sale of securities of $51,559.01.

YOUNGER FUND

Exchange of $3,000 - U.S. Treasury Notes 4% (2-15-62)
for
$3,000 - U.S. Treasury C/I 3 1/2% (2-15-63)
(No change in book value)

GENERAL FUND

Exchange of $190,000 U.S. Treasury Notes 4% (2-15-62)
for
$190,000 U.S. Treasury C/I 3 1/2% (2-15-63)
(No change in book value)

Respectfully submitted,

/s/ Robert V. Fleming
Chairman

At the conclusion of his report Dr. Fleming stated he would like to touch on the Continental Insurance successive underwriting losses in the last 5 years. In the light of these losses it seemed wise to dispose of this stock at a profit as reflected in the profit figures stated in the report. Dr. Fleming then orally gave the market position of the securities sold and those purchased in both the Freer and Consolidated Funds, which disclosed that in light of the stock market decline those purchased had declined less than those sold. He then explained to the Vice President the purposes of the various funds and the restrictions where they exist. He discussed the very sharp decline in the stock market beginning in March, and gave the following figures:

Transcription Notes:
.