540 REPORT OF THE EXECUTIVE COMMITTEE. 



Coupons due on same August 15, 1867 $1, 976 47 



Interest on Indiana 5 per cent, stock 3, 750 00 



Interest on Tennessee 6 per cent, stock 900 00 



Interest on Washington 6 per cent, stock for 1863-'4-'5-'6 and -'7 30 0C 



Total available income 78, 363 74 



It is proposed to apply this as follows . 



1. For the operations and support of the Institution, viz : Publica- 

 tions, researches, literary and scientific exchanges, museum, sala- 

 ries, and general expenses $40, 000 00 



2. For the reconstruction of the building 38, 363 74 



78,363 74 



The income of $78,363 74 above stated does not include any interest on the 

 Virginia and Georgia stocks. Their value at the present time is about $32,000, 

 being the amount of the unproductive funds of the Institution. 



The Indiana stock yields but five per cent, on the par value. It can now be 

 sold and lent to the United States at six per cent., which will increase the an- 

 nual income from this source at least $300. 



The Georgia and Washington stocks can now be sold at par, and the proceeds 

 lent to the United States will increase the annual income from this source at 

 least $30. 



The Tennessee stock at present is worth about 62 per cent, on its par value. 

 It pays 6 per cent, on the par value, and about 9.6 per cent, on the market 

 value. 



The Virginia stock is worth at the present time about 59 per cent, on the 

 par value, and pays no interest. A large amount of the debt of this State i3 

 secured by stocks in the railroads and other internal improvements amounting 

 to many millions, and it is therefore considered most advantageous to retain this 

 stock until it commands a more favorable price. 



The committee, in conclusion, have the satisfaction of reporting to the regents 

 the fact that the entire bequest of Smithson remains undiminished in the trea- 

 feury of the United States ; that all the expenditures from the organization of 

 the establishment to the present time, including nearly $400,000 on the build- 

 ing, have been made exclusively from the income derived from the bequest, 

 while at the same time the efficiency of the Institution has been increased by an 

 extra fund of upwards of $100,000. 



RICHARD DELAFIELD, 

 RICHARD WALLACH, 



Executive Committee. 



NOTE. — Since the presentation and adoption of this report, by authority of the Board, the 

 United States 7.30's, the Indiana, Georgia, and Tennessee stocks have been sold, and the 

 proceeds added to the permanent capital, increasing it from $515,169 to $650,000. 



