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The Treasurer then discussed with the Board the status of the portfolios of the various funds and called attention to the purchases and sales which had been made with the approval of the Special Committee, consisting of Mr. Blair S. Williams and himself. He also advised the Board that the $125,000 par value of Pacific Electric Ry. Co., Series A Refunding Mortage 5% Gold Bonds at 61, held by the Huntington Publication Fund had improved in market value and were now around 75. He suggested to the Board that it consider the advisability of marketing a part of these bonds, if it could be done advantageously, in order to produce funds for the payment of the Museum's loan of $25,000 from the United States Trust Company, for which these bonds were pledged as collateral. After discussion it was the consensus that no effort be made at this time to sell any of these bonds in view of the high income return in the expectation of further improvement in market value. The Treasurer stated, however, that the situation in connection with these bonds should be borne constantly in mind and that the matter be brought up for consideration at later meetings.

A regular meeting of the Trustees was held on October 5, 1943.

As regards the Hawikuh Publication Fund, the Chairman stated that he regretted to report that Mr. Frederick W. Hodge was physically incapacitated through the impairment of his eyesight from completing any further material for the Hawikuh publications and he recommended that the question of the disposition of the credit balance in that Fund be taken up for consideration at a later meeting.