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SMITHSONIAN INSTITUTION

1000 Shares Bank of America
2300 Shares Weyerhaeuser Company
$325,000 U.S. Treasury Bonds 4% (8-15-73)

In addition to the above there was received by the Smithsonian Institution 22 shares of preferred stock of The Municipal Asphalt Company and 30 shares of common stock of The Municipal Asphalt Company. Both of these were listed as of "no value" in the inventory. The Executors still hold for distribution, pending transfer of ownership, 100 shares of The Fast Bearing Company and 100 shares of Medical Chemicals, Inc. These are also listed as of "no value." 

After the discussion Mr. Johnston and Mr. Lawrence withdrew from the meeting. 

The Secretary then presented the proposed nonpublic funds budget for the fiscal year 1965. In this connection it was noted that at the meeting of the Board of Regents held on January 17, 1958 it was VOTED that an annual statement of nonpublic, unrestricted funds other than Government funds be submitted to the Executive Committee for its approval and report to the Board of Regents. After detailed consideration of the 1965 budget, it was unanimously

VOTED that pursuant to the vote of the Board of Regents January 17, 1958 the Executive Committee considered the nonpublic funds budget of the Smithsonian Institution for the fiscal year 1965 and approves this budget and directs that it be reported to the Board of Regents at the next annual meeting. 

In the consideration of this budget, in reply to a question concerning the total accumulated, unexpected unrestricted income as of June 30, 1963, the Secretary reported the figure as being $1,474,194.00. In reply to another question he stated that the figure corresponding to this ten years ago, in 1953, was $82,676.63.

The Secretary the presented a brief report on the present state of the building programs of the Smithsonian Institution and the plans for the dedication of the new building.

The question of compensation of Mr. James Bradley, Assistant Secretary of the Smithsonian Institution, was discussed. After a careful review of Mr. Bradley's career in Government and a discussion of the procedure at the National Gallery of Art it was unanimously

VOTED that the Executive Committee recommends to the Board of Regents favorable consideration of the transfer of Mr. Bradley from the public funds roll to the private roll and that his salary be at the rate of $25,000 a year. It was further VOTED that in addition to this salary, the regular retirement, insurance and other benefits provided for other comparable, nonpublic roll employees of the Smithsonian be provided.

As Chairman of the Executive Committee I call notice to the fact that Peat,