REPORT OF AUDITOR. 



Washington, D. C, November 28, ipii. 

 The Executive Committee, 



Carnegie Institution of Washington, Washington, D. C. 



Gentlemen : The books and accounts of the Carnegie Institution of 

 Washington have been audited by us from November i, 1910, to October 31, 

 191 1, by authority of the Chairman of the Board of Trustees. 



We did not, however, audit the books of the various departments, as that 

 is done by the Bursar and his associates, but we did verify the totals as car- 

 ried from the subsidiary books to the general books. 



The income from the Endowment Fund and from Investments has been 

 duly accounted for, and the expenditures have been regularly authorized 

 and are supported by proper vouchers. 



On Tuesday, November 24, 191 1, the undersigned, Mr. Otto Luebkert, in 

 company with the Hon. Seth Low, Chairman of the Finance Committee, 

 and Dr. Henry S. Pritchett, attended at the vaults of the Hudson Trust 

 Company, Hoboken, New Jersey, and examined the bonds of the Endow- 

 ment Fund, amounting to $22,000,000, finding same on hand and in proper 

 order. 



On the same day, Mr. Luebkert, in company with Mr. Low, visited the 

 United States Trust Company, New York, and examined and found correct 

 the bonds comprising the Reserve Fund, amounting to $50,000. 



On Friday, November 17, 191 1, Mr. Luebkert, in company with the Bursar, 

 Mr. John L. Wirt, and the Assistant Secretary, Mr. W. M. Gilbert, visited 

 the vaults of The American Security and Trust Company, Washington, D. C, 

 and examined and found correct and in good order the securities comprising 

 the Investment Account, amounting to $150,000. 



Respectfully submitted. 



The American Audit Company, 

 By Otto Luebkert, Resident Vice-President. 



Approved : 



F. W. Lafrentz, President. 



[Seal of the American Audit Company, New York.] 



Attest : 



A. F. Lafrentz, Asst. Secretary. 



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