REPORT OF THE PRESIDENT, I907. 



19 



Since the Institution has grown very rapidly from its foundation to the 



present time, when the enterprises under way not only demand the entire 



annual income, but also the surplus accumulated during the 



ccipts and Expcn- P^^t six years, it will be of interest to note the aggregate 



ditures of the In- amounts of funds available for expenditure and the 

 amounts devoted to the various branches of work under- 

 taken up to the present time. 



The aggregate receipts from interest on endowment, from interest on bond 

 investments, from interest on deposits in banks, from sales of publications, 

 from refund on grants and miscellaneous items to date is $2,891,370.66. 



The purposes for which funds have been appropriated by the Board of 

 Trustees of the Institution may be summarily classified under five heads, 

 namely : ( i ) investments in bonds and on account of administration building ; 

 (2) large projects; (3) minor projects, special projects, and research asso- 

 ciates and assistants; (4) publications; (5) administration. The actual ex- 

 penditures under these heads for each year since the foundation of the Insti- 

 tution are shown in the following table : 



*This amount includes an investment of $94,722.22, of the surplus cash account in bonds as follows : 

 $50,000 Northern Pacific-Great Northern 4 per cent joint bonds, Chicago, Burlington and Quincy 



Collateral, July, 1921. 

 $50,000 Lake Shore and Michigan Southern Railway 4 per cent Debenture Bonds. 



In brief, therefore, it appears that from the income of the Institution dur- 

 ing the past six years there has been spent: 



For investments in bonds and on account of administration building $413,587.31 



For large projects 1,202,310.20 



For minor projects, special projects, and research associates and assistants. 692,643.85 



For publication 140,587.93 



For administration 233,943.87 



Total 2,683,073. 16 



Some of the large projects were started originally as departments of work, 

 while others have since developed into departments, requiring exceptional 



