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SMITHSONIAN INSTITUTION

The Executive Committee recommends, therefore, that the Board of Regents direct the Secretary to request that appropriations for operation of the National Zoological Park be made directly to the Institution rather than to the District of Colombia. 

The Secretary described a proposal of a Garden of Sculpture to grace the Mall between the Museum of Natural History and the National Gallery of Art. Legislation to authorize this improvement should now be considered by the Board in view of the great interest prevalent in improving the Mall, including Smithsonian Park. 

The Secretary reported that he had requested the President to place the two positions of Assistant Secretary (Science) and Assistant Secretary (History and Art) in Level IV of the Federal Executive Pay Act of 1964. This is the level provided generally for Assistant Secretaries in other agencies, at $27,000. The salary of the other Assistant Secretary, Mr. Bradley, was fixed by the Board of Regents at $25,000 last January, before the Executive Pay Act was enacted. The Committee recommends to the Board that if the President placed one or both of the Assistant Secretaries in Level IV, an appropriate adjustment be made in the salary of the other Assistant Secretary, Mr. Bradley. 

Concerning the investment of the funds of the Smithsonian, I would like to explain that recommendations originate ordinarily with the investment counsellors. They are reviewed by me, personally, and also by the Trust Department of the Riggs National bank. They are then submitted for approval to the Members of the Permanent Committee. 

I am pleased to mention that the Freer Fund has had one of the most successful investment histories of any such fund in the nation. 

The current status of the Freer Fund and the Consolodated Fund are presented in the attachment. The Freer Fund in 1919 had a value of under $2 million. The current book value is $11,333,041 and its market value is $17,541,355. The increase is entirely a result of growth of the investments. No gifts or accumulated income have been added. Through the years the income has been used for the Freer Gallery as directed by the donor. 

The Consolidated Fund had a book value in 1923 of $177,965. This fund now has a book value of $6,299,347 and a market value of $8,142,908. I am pleased to report that Senator Anderson has consented to serve on the Executive Committee and on June 8, 1964, was appointed by the Chancellor to fill the vacancy created by the death of Congressman Cannon.