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: We have audited the books and records of the Carnegie 

 Institution of Washington for the year ended October 31, 1918. 

 The income from the investments and other sources has been accounted 

 for and all disbursements evidenced by properly approved vouchers. 

 The bank balances have been verified. The securities belonging to 

 the various funds as stated in Statement C have been examined and 

 found to be in order. The details of the expenditures 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 

 annexed thereto correctly show the financial condition of the Institu- 

 tion at October 31, 1918. 



Yours very truly, 



(Signed) Arthur Young & Co. 

 New York, November 30, 1918. 



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