XXVlll 



CARNEGIE INSTITUTION 



John S. Billings. 

 William N. Frew. 

 I^YMAN J. Gage. 

 Daniel C. Gilman. 

 Henry L. Higginson. 

 C. L. Hutchinson. 



Carroll D 

 Absent : 



Active. 



William Lindsay. 

 D. O. MiLi^s. 

 S. Weir Mitchell. 

 William W. Morrow. 

 Charles D. Walcott. 

 Edward D. White. 

 Wright. 



Ex Officio. 

 The President of the United States. 



Active. 



William E. Dodge. 

 John Hay. 

 Abram S. Hewitt. 

 Seth Low. 



Wayne MacVeagh. 

 Elihu Root. 

 John C. Spooner. 

 Andrew D. White. 



The Board resumed its discussion of policy and the recommenda- 

 tions of the Executive Committee, especially the purchasing of a 

 site. As the outcome a motion to postpone till the next annual 

 meeting the decision on the question of site was made and carried. 



The Board then considered and adopted the following resolution : 



Resolved: That from the available income of the Institution 

 $50,000 is hereby appropriated for administrative expenses, $200,000 

 for grants for research during the fiscal year i902-'o3, $40,000 for a 

 publication fund, the expenditures to be made under the direction 

 of the Executive Committee, and that $100,000 of the available in- 

 come of the Institution be set apart for a reser^^e fund during the 

 fiscal year i902-'o3. 



Amendments to the By Laws were then considered, and the date of 

 the annual meeting was changed from November to the second 

 Tuesday of December, beginning with the year 1903. By Laws 

 were also adopted providing that the fiscal year of the Institution 

 shall be from November first to October thirty-first, inclusive, and 

 that there shall be a Finance Committee consisting of three members 

 of the Board, to be elected by the Board and to hold ofiice until 

 their successors are elected. The duty of such Finance Committee 

 shall be to consider and recommend to the Board of Trustees such 

 measures as it may believe will promote the financial interests of the 

 Institution. 



