EEPORT OF THE SECEETARY 3 



of Washington and the other four shall be inhabitants of some State, 

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

 chancellor of 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 Secretary of the Institution, who is also secretary 

 of the Board of Regents, and the executive officer directly in charge 

 of the Institution's activities. 



A number of changes in the personnel of the board occurred dur- 

 ing the year. The terms as Regents of three congressional mem- 

 bers expired — Representatives R. Walton Moore, Robert Luce, and 

 Albert Johnson. Six vacancies on the board were filled by the ap- 

 pointment or reappointment of three Members of Congress — Repre- 

 sentatives Albert Johnson, T. Alan Goldsborough, and A. J. Mon- 

 tague — and three citizen Regents — R. Walton Moore, Virginia ; Rob- 

 ert W. Bingham, Kentucky; and Augustus P. Loring, Massachu- 

 setts. A. J. Montague having resigned, E. H, Crump was appointed 

 to succeed him. 



The roll of Regents at the close of the year was as follows: 

 Charles Evans Hughes, Chief Justice of the United States, chan- 

 cellor ; Charles Curtis, Vice President of the United States ; Members 

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

 Swanson; Members from the House of Representatives — Albert 

 Johnson, T. Alan Goldsborough, E. H. Crump; citizen members — 

 Frederic A. Delano, Washington, D. C. ; Irwin B. Laughlin, Penn- 

 sylvania; John C. Merriam, Washington, D. C. ; R. Walton Moore, 

 Virginia; Robert W. Bingham, Kentucky; Augustus P. Loring, 

 Massachusetts. 



FINANCES 

 PRIVATE FUNDS 



The permanent investments of the Institution consist of the 

 following : 



Total endowment for general or specific purposes (exclusive of 

 Freer funds) $1. 775, 804. 36 



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 712, 156. 86 



Springer, Frank, fund for researches, etc. (bonds) 13,835.00 



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

 held in trust) 49,812.50 



Total 1, 775, 804. 36 



149571—33 2 



