o CARNEGIE INSTITUTION OF WASHINGTON. 



old land some part of the det we owe them by revealing more clearly 

 than ever to them the new heavens. 



Congratulating you and your fellow-members upon the undouted 

 success of your labors, 



Very gratefully to one and all of you, 



(Signed) Andrew Carnegie 

 Dr. Robert S. Woodward, 



President, Carnegie Institution, 

 Washington, D. C. 



The Executive Committee authorized the acceptance of this gift at a 

 special meeting held January 24, 191 1. The bonds representing the amount 

 were received by the Institution January 26, and on February 18 the Board 

 of Trustees, at a special meeting called for the purpose, took such action as 

 was necessary to give effect to the terms and conditions of the gift. Includ- 

 ing the amount of $10,000,000 given at the time of foundation, January 29, 

 1902, and the addition of $2,000,000 given December 4, 1907, the total en- 

 dowment of the Institution is now $22,000,000, yielding an annual income of 

 $1,100,000. 



In view of existing economic conditions, to which repeated reference has 

 been made in previous reports, the requirement that half of the income from 

 the recent addition to the endowment be set aside as a reserve fund for a 

 period of ten years appears to be both wise and timely ; for, although the 

 Institution has fallen somewhat short of popular expectations in the rapidity 

 of its growth and in the distribution of its income, it has nevertheless grown 

 very rapidly in comparison with similar establishments and has already rec- 

 ognized the dangers of that pressure of poverty which is sometimes held to 

 be a normal condition of educational institutions. But now that the prelimi- 

 nary stages of organization and development in the Institution have been 

 passed, it is plainly evident that efficiency of research in the future may be 

 most advantageously secured by means of more carefully laid plans and by 

 less urgent procedure. 



In close connection with the event just related, it is a special source of 

 pleasure to record that the Institution was enabled to secure, early in the 

 year, an excellent portrait of the Founder, painted by Or- 

 ^'^'^ofthe vfaT"*^ ^^"^° Rouland, of New York. This portrait was designed, 

 by the advice of Messrs. Carrere and Hastings, architects 

 of the Administration Building, to fit the panel over the mantel in the Board 

 Room, and was there installed on April 17, 1911. 



Two other events of the year are worthy of special mention here, namely, 

 the completion of the meridian work of the Department of Meridian Astrom- 

 etry at the temporary observatory at San Luis, Argentina ; and the construc- 

 tion of a capacious and efficient boat for the Department of Marine Biology. 



It will be recalled that work of observing was begun at San Luis, Argen- 

 tina, in April, 1909. This work was completed in January, 1911, and the 

 party of observers returned with their instruments to the Dudley Observa- 



