EEPOET OF THE SECRETARY 6 



THE BOARD OF REGENTS 



The aflFairs of the Institution are administered by a Board of 

 Regents whose membership consists of " the Vice President, the Chief 

 Justice, three Members of the Senate, and three Members of the 

 House of Representatives, together with six other persons other than 

 Members of Congress, two of whom shall be resident in the city 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 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 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. 



Changes in the personnel of the board during the year consisted 

 of the loss of two citizen Regents : Robert S. Brookings, of Missouri, 

 through expiration of his term, and Dwight W. Morrow, of New 

 Jersey, through the automatic expiration of his term as a citizen 

 Regent upon his induction into the office of United States Senator 

 from New Jersey. 



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

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

 chancellor; 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, R. Walton Moore, Robert Luce; citizen members, Irwin B. 

 Laughlin, Pennsylvania; Frederic A. Delano, Washington, D. C; 

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



FINANCES 



The permanent investments of the Institution consist of the 

 following : 



Total endowment for general or specific purposes (exclusive of 

 Freer funds) $1, 747, 881. 52 



Itemized as follows: 



Deposited in the Treasury of the United Slates, as provided by 



law ], 000, 000. 00 



Deposited in the consolidated fund — 



Miscellaneous securities, etc., either purchased or acquired 



by gift; cost or value at date acquired 668,009.02 



Springer, Frank, fund for researches, etc. (bonds) 30,000.00 



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

 held in trust) 49,812.50 



Total 1, 747, 881. 52 



102992—32 2 



