16 ANNUAL REPORT SMITHSONIAN INSTITUTION, 1920. 



obtaining new data of the greatest interest and scientific value to 

 meteorology and solar physics. Prof. Goddard also showed that it 

 was theoretically possible to send a mass of 1 pound of flash powder 

 outside the earth's attraction and to the dark surface of the new 

 moon, where, on impact, the flash would be visible through tele- 

 scopes on the earth. This interesting speculation aroused great 

 popular interest throughout the country, almost to the exclusion of 

 the immediately apparent scientific value of the experiment, namely, 

 the exploring of the unknown upper layers of the earth's atmosphere. 

 Prof. Goddard was working on the further development of his re- 

 searches at the close of the year. 



An important event in the art development of the country will be 

 the creation of the National Gallery of Art as a separate adminis- 

 trative unit under the Smithsonian Institution, to take effect at the 

 first of the coming year, instead of, as at present, a division of the 

 National Museum, which action is made possible through a small 

 appropriation in the sundry civil bill for 1921. Mr. "W. H. Holmes, 

 at present head curator of the department of anthropology in the 

 Museum, will be appointed director of the National Gallery. 



FINANCES. 



The investments of the Institution are as follows : 



Deposited in the Treasury of the United States under authority 

 of Congress $1, 000, 000. 00 



CONSOLIDATED FUND. 



American Telephone & Telegraph Co. 4 per cent collateral trust 



bonds, due July 1, 1929 15, 680. 00 



Province of Manitoba 5 per cent gold debentures, due Apr. 1, 



1922 1, 935. 00 



West Shore Railroad Co. guaranteed 4 per cent first-mortgage 



bonds, due Jan. 1, 2361 37,275.00 



Cleveland Electric Illuminating Co. first-mortgage 5 per cent gold 



bonds, due Apr. 1, 1939 9, 430. 00 



United States first Liberty loan 200. 00 



United States second Liberty loan 100.00 



United States third Liberty loan 10,150.00 



United States fourth Liberty loan 50.00 



United States Victory loan 4,341.64 



United States war-savings stamps, series of 1918 100.00 



Brooklyn Rapid Transit Co. 5 per cent notes, due July 1, 1918— 3, 500. 00 



Redeemed bonds, excess cost over par 134. 38 



Total 82, 896. 02 



