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SMITHSONIAN INSTITUTION

Sales:(continued)

160 shares Baltimore Gas & Electric
150 shares Indiana & Michigan Electric
600 shares Alcan Aluminium, Ltd.
200 shares Fored Motor Co
5,200 shares American Cyanamid Co.
$93,000 U.S. Treasury Billsldue 07/31/67
6,000 shares Borden Co.

Purchases:

$300,000 U.S. Treasury Bills due 07/31/67
3,000 shares Revlon, Inc
1,600 shares General Goods Corp
2,500 shares Proctor & Gamble

These transactions resulted in a net loss of $2,751.79. Gains of $20,140.32 resulted from the sale of Ford Motor Co. ($1,418.58), American Cyanamid Co. ($3,689.72), and Borden Co. ($15,032.02). Losses of $22,892.11 resulted principally from sales of Tampa Electric ($11,485.00), Indiana & Michigan Electric ($4,673.20), Baltimore Gass & Electric ($3,552.06), and Alcan Aluminium, Ltd. ($3,163.52).

GENERAL FUND

Sales:

$500,000 Federal National Mortgage Association

The above transactions resulted in a loss of $1,034.35.

SPECIAL ENDOWMENT FUND - UNRESTRICTED

No transactions occurred during this period. 

VALUE OF SECURITIES

Scudder, Stevens & Clark have advised that market value has changed from $29,143,867 on December 31, 1966 to $30,686,418 on March 31, 1967. One year ago the market value was $28,664,186.

The counsellors advise further that during the quarter ended March 31, 1967, the trend of security prices was generally upward with common stocks, as measured by the Dow-Jones Industrial Average, rising sharply for a net gain over