JOURNAL OF PROCEEDINGS OF THE BOARD OF REGENTS. XIII 



for it, declaring tluit tlie Board will accept, and expressing its appreci- 

 ation. 



The Secretary recalled the attention of the Board to the fact that at 

 the last meeting he had stated that he had been informally advised by 

 Dr. Chambers, the executor of Mr. Hodgkins's estate, that the latter 

 had placed in the hands of a Kew York trust company certain bonds to 

 be contributed after Mr. Hodgkins's death to the unrestricted portion 

 of his donation to the institution; and that the Eegents, with this 

 understanding, had authorized the Secretary to add to this certain 

 accrued interest and to deposit the same with the other funds of the 

 institution in the Treasury, making the Hodgkins donation thus placed 

 in the Treasury $250,000, of which the income of $100,000 was for the 

 special purpose of the increase and diffusion of knowledge respecting 

 the properties of atmospheric air as beneficial to man, and $150,000 

 without restriction. 



The Secretary had to state that, while he had received the bonds, he 

 had not thought himself justified in making this deiwsit in the Treas- 

 ury without further instructions from the Eegents; and for this reason, 

 that it apiieared that the executor had been misinformed as to the con- 

 ditions under which they were left, for when the Secretary was called 

 upon by the trust company to actually receipt for the bonds it was 

 found that Mr. Hodgkins had given them to form a portion not of the 

 unrestricted, but of the restricted part of his gift. 



The Secretary read a communication from the surrogate of the court 

 of Suffolk County, N. Y., giving a statement of the condition of the 

 Hodgkins property, and he read also a statement submitted by the 

 executor concerning the residuary estate, and he asked instructions of 

 the Eegents as to whether, under existing circumstances, he shovild 

 deposit the amounts referred to in the Treasury, or should continue to 

 hold the bonds, or whether he should take other action. 



After some further discussion, Dr. Angell read the following resolu- 

 tions : 



Resolved, That the executive committee and the Secretary are hereby constituted 

 a permanent committee, with authority to accept for the Institution any property, 

 real, personal, or mixed, that may be given to it for its purposes, "the increase and 

 diffusion of knowledge among men," with power to sell or to convert such property, 

 and to invest the proceeds in such manner as may appear to them for the interests 

 of the Institution : Provided, That no deposit be made of such proceeds with the per- 

 manent fund in the United States Treasury other than by special resolution of the 

 Regents. 



Resolved, That the income derived from the property administered by the com- 

 mittee constituted by the preceding resolution be a^ipropriated for the service of 

 the Institution, to be expended by the Secretary under the conditions of the resolu- 

 tion relative to income and expenditures adopted by the Board of Regents. 



Resolved, That the Secretary is authorized to deposit in the United States Treas- 

 ury, at 6 per cent interest, under the terms of section 5591 of Title i.xxiii of the 

 Revised Statutes of the United States, such sums of money as may be placed unre- 

 strictedly at the disposition of the Institution not exceeding $97,000. 



On motion of Senator Gray the resolutions were adopted. 



