REPORT OF THE SECRETARY 3 



the House of Representatives, to<^etlier with six other persons other 

 than Members of Con^aess, two of whom shall be resident in the 

 city of Washington and tlie other four shall be inhabitants of some 

 State, but no two of them the same State." One of the Regents is 

 elected chancellor by the board; in the past the selection has fallen 

 upon the Vice President or the Chief Justice; and a suitable person 

 is chosen by the Regents as Secretar}' of the Institution, wlio is also 

 secretary of the Board of Regents, and the executive ollicer directly 

 in charge of the Institution's activities. 



The only change occurring in the personnel of the board during 

 the year was the resignation of Cliief Justice Taft and his succession 

 by Charles Evans Hughes, both as Chief Justice and as Chancellor 

 of the Board of Regents, 



The roll of the Regents at the close of the fiscal year was as fol- 

 lows: Charles Evans Hughes, Chief Justice of the United States, 

 chancellor; Charles Curtis, Vice President of the United States; mem- 

 bers from the Senate, Reed Smoot, Joseph T. Robinson, Claude A. 

 Swanson ; members from the House of Representatives, Albert John- 

 son, R. Walton Moore, Robert Luce; citizen members, Robert S. 

 Brookings, Missouri; Irwin B. Lauglilin, Pennsylvania; Frederic 

 A. Delano, Washington, D. C. ; Dwight W. Morrow, New Jersey; 

 and John C. Merriam, Washington, D. C. 



FINANCES 



The permanent investments of the Institution consist of the fol- 

 lowing: 



Total endowmeut for general or specific purposes (exclusive 

 of Freer fuuds) $1,670,582.40 



Itemized as follows : 

 Deposited in the Treasury of the United States, as provided 



by law 1, 000, 000. 00 



Deposited in the consolidated fund : 



Miscellaneous securities, etc., either purchased or acquired 



by gift; cost or value at date acquired 578,292.40 



Springer, Frank, fund for researches, etc. (bonds) 30, (KK). 00 



Wulcott, Charles D. and Mary Vaux, fund for researches, 



etc. (stocks and bonds) 12^477.50 



Younger, Helen Walcott, fund (real estate notes and stock, 

 held In trust) 49,812.50 



Total 1, G70, 582. 40 



