THE DIRECTOR S REPORT. 23 



ing, 3. The new form of application for admission to courses, 

 4. The Staff, 1923, 5. List of investigators and students, 1923, 

 6. A tabular view of attendance, 1919-23, 7. The subscribing 

 and cooperating institutions, 1923, 8. The evening lectures, 

 9. The membership of the Corporation as of August 14, 1923. 



i. THE DEED OF TRUST COVERING FUNDS 

 FOR ENDOWMENT. 



FRIENDSHIP FUND, INC., AND CENTRAL UNION 

 TRUST COMPANY OF NEW YORK. 



AGREEMENT. 



DATED NEW YORK, JANUARY 22, 1924. 



AGREEMENT made the 22d day of January, 1924, between FRIENDSHIP 

 FUND, INC., a corporation organized and existing under the Member- 

 ship Corporation Law of the State of New York, and having its 

 principal office at 70 Fifth Avenue, in the City, County and State of 

 New York, (hereinafter known as the "Grantor"), and CENTRAL 

 UNION TRUST COMPANY OF NEW YORK, a corporation organized and 

 existing under the Laws of the State of New York, (hereinafter some- 

 times called the "Trustee"), having its principal office at 80 Broadway, 

 in the City, County and State of New York: 



WITNESSETH: 



That in consideration of the premises and of the agreements herein- 

 after contained, the Grantor does hereby assign, transfer and set over 

 unto the said Central Union Trust Company of New York, as Trustee, 

 and to its successor and successors in trust, securities of the par value 

 of Four hundred and five thousand Dollars ($405,000), and of the 

 approximate market value as of December 31, 1923, of Three hundred 

 ninety four thousand and twenty-one Dollars ($394,021), which said 

 securities are listed upon a schedule hereto annexed and marked 

 list of securities, IN TRUST NEVERTHELESS, upon the uses and trusts 

 following, that is to say: 



I. To hold, manage, invest and reinvest the same, to collect the 

 income, interests, issues and profits therefrom and after paying all 

 proper and necessary expenses including compensation of the Trustee 

 to pay over the net income as collected in monthly instalments to 

 the Marine Biological Laboratory, (sometimes hereinafter called the 

 "Beneficiary"), a corporation organized and existing under the Laws 

 of the State of Massachusetts, and having at the present time its 



