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installment of $6,000; bringing the sums received from the John J. Schmitt Estate to $10,000., which was the full amount of the bequest made under Clause Fourth of the decedent's Will, under the terms of which said sum was "to be placed by the Board of Trustees in and made part of the Endowment Fund of said Museum, to be designated as the John J. Schmitt Memorial". The Treasurer stated that under advice of counsel he thought that the said Schmitt Memorial Fund should be held separate and apart from the general endowment fund and should be invested in legals, in view of the terms of the gift. The Board following out this recommendation appointed Messrs. Blair S. Williams and Thomas Roberts as a committee to consider and recommend to the officers securities - legal under New York laws for the investment of trust funds - in which the said fund should be invested, and authorizing the officers to make purchases of securities in accordance with such recommendations. The Board further went over the list of securities in the portfolios of various endowment funds and likewise appointed Messrs. Blair S. Williams and Thomas Roberts as a Committee to make recommendations as to changes in the portfolios in their discretion, and the officers of the institution were authorized to act on the purchases and sales of securities in the portfolios in accordance with such recommendations. 

The Board then discussed the status of the Publication Accounts on the Museum's books. The Chairman stated the the manuscript by Victor vonHagen was ready for publication but wasbeing deferred pending the completion of negotiations