REPORT OF AUDITORS. 



ARTHUR YOUNG & COMPANY 

 Accountants and Auditors, 71 Broadway (Empire Building) . 



Auditors' Certificate. 



Hon. Elihu Root, 



Chairman of the Board of Trustees, 



Carnegie Institution of Washington, 

 Washington, D. C. 



Sir: In accordance with instructions we have audited the books 

 and records of The Carnegie Institution of Washington for the 

 year ended October 31, 1919. 



Income from investments and other sources has been duly accounted 

 for and all disbursements were evidenced by properly approved 

 vouchers. The bank and cash balances have been verified. We 

 examined and agreed the securities belonging to the various funds as 

 detailed in Schedule 1. The details of the expenditure of the Depart- 

 ments of Research have been audited by the Bursar of the Institution 

 and were not examined by us. 



We certify that the accompanying Balance Sheet and the statements 

 attached thereto correctly set forth the financial condition of the 

 Institution at October 31, 1919. 



Yours truly, 



Arthur Young & Co. 



New York, November 20, 1919. 



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