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paper there on Evolutional Factors in the Phylogenetic Shaping of the Head Form. With the Director's permission, he will spend the summer in Germany in the pursuit of special studies. He also plans to attend the meeting of the German Anthropological Society to be held at Salzburg, Austria, and, if feasible, the International Congress of Americanists in Rome. He has announced papers for both sessions.

Among the visitors to this department were Prof. R. H. Lowie and Dr. E. W. Gifford of Berkeley, California, and Prof. N. Wingate Todd of Cleveland, Ohio.

TREASURER'S REPORT

Attached hereto and submitted as a part hereof is the Treasurer's report for the year ending March 31, 1926.

Respectfully submitted

THE BOARD OF TRUSTEES OF THE MUSEUM OF THE AMERICAN INDIAN-HEYE FOUNDATION   

George G. Heye, Chairman,
Frederic K. Seward, Secretary.

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MUSEUM OF THE AMERICAN INDIAN-HEYE FOUNDATION 

Assets

Cash:
Unexpended Balances:
Hawikuh Publication Fund     $755.92
Special Publication Account   488.00
                             -------
                           $1,243.92
Overexpended Balaces:
Huntington Publication Fund.............$5,860.17
                  --------
                  $5,860.17
Cash Overdraft, March 31, 1926..........$4,616.25

Securities:
Endowment Fund:
United States Liberty Loan Bonds.........650.00
Huntihgton Publication Fund:
$125,000 Par Value Pacific Electric Railway Company,
Series "A" Refunding Mortgage 5% Gold Bonds, due 1961 at 50...................62,500.00

Bronx Annex Building Fund:

%5,000 Par Value Southern Pacific Railway Co. Conv.
  4% Bonds, due 1929 at 96(7/8) and Commission..................   $4,851.25
$5,000 Par Value Michigan Southern Railway Co. Deb.
  4% Bonds, due 1928 at 98(1/2) and Commission..................    4,932.50
$5,000 Par Value Union Pacific Railway Co. Conv.
  4% Bonds, due 1927 at 99(3/8) and Commission..................    4,976.25
$10,000 Par Value Canadian National Railway Co. 4(1/2)%
  Bonds, due 1930 at 98 5/16 and Commission.....................    9,837.50
$10,000 Par Value Edison Electric Illuminating Co. of Boston
  4(1/2)% Bonds, due 1928 at 99(5/8) and Commission.............    9,968.75
$15,000 Par Value Atlantic Refining Co. 4 (1/2)% Bonds,
  due 1927 at 99(7/8) and Commission............................    4,996.88

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