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SMITHSONIAN INSTITUTION 1600

Dr. Hunsaker, and carried it was

VOTED that the minutes of the annual meeting, as previously circulated, be approved.

REAPPOINTMENT OF MEMBER

The Secretary announced that by Joint Resolution of Congress, approved on April 26, 1963, Dr. John Nicholas Brown was reappointed as a Regent for the statutory term of six years.

REPORT OF THE EXECUTIVE COMMITTEE

Before reading his report aloud, Dr. Fleming stated that each member had a copy before him.  Dr. Fleming reported that the net gain on securities would now be higher than as reflected on March 29, 1963.  The report is as follows:

REPORT OF CHAIRMAN OF THE EXECUTIVE COMMITTEE BOARD OF REGENTS OF THE SMITHSONIAN INSTITUTION

The Executive Committee has held no formal meetings since the annual meeting of the Board on January 24, 1963. During this interval, however, the Committee has continued its work in connection with the investments of the Institution. The transactions that have taken place since January 1, 1963 through April 30, 1963 are as follows:

[[two column table]]

FREER FUND SALES | PURCHASES
---|---
$200,000 U.S. Steel 4% (7-15-83) | $200,000 U.S. Treas. 4 1/4% (8-15-92-87)
100,000 Consol. Edison 3 5/8% (5-1-86) | 200,000 U.S. Treas. 3 1/2% (2-15-90)
100,000 New England Tel. & Tel. 4% (4-1-93) | 202,000 U.S. Treas. 4% (2-15-72)
200,000 Fed. Nat'l Mortgage Assoc. 4 3/8% (4-10-69) | 98/100 shs. Radio Corp. of America
4,725 shares Northern Natural Gas |  34/100 shs. Great Atlantic & Pacific Tea Co.
2,500 shares Merck Co. | 
1,861 RIGHTS Consol. Edison of N.Y. | 435,000 U.S. Treas. 3% (2-15-64)
[[/table]]

The proceeds from the above sales resulted in a net gain on sale of 
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