REPORT OF AUDITORS. 



Washington, D. C, November 20, 1922. 



To the Board of Trustees, 



Carnegie Institution of Washington, 



Washington, D. C. 



Dear Sirs: We have audited the books and records of the Carnegie Insti- 

 tution of Washington for the year ended October 31, 1922. We did not audit 

 the books of the various departments, as this is done by the Bursar and 

 Assistant Bursar. 



The income from investments and other sources has been duly accounted 

 for and disbursements were supported by proper vouchers. 



We counted the cash on hand, and the cash in banks was verified with cer- 

 tificates from the despositaries. 



The securities representing the investments were exhibited to us. 

 We certify that the balance-sheet, the schedules of securities and real estate 

 and equipment, and the statement of receipts and disbursements printed on 

 pages 40 to 45 of the Year Book for 1922 are in accordance with the books. 

 Respectfully submitted. 



The American Audit Company, 

 By C. R. Cranmer, Resident Manager. 

 [seal.] 

 Approved : 



F. W. Lafrentz, 



President. 

 Attest: 



W. H. Pickett, 

 Ass't Secretary. 



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