REPORT OF THE SECRETARY. 3 



Other resources. 



Registered and guaranteed 4 per cent bonds of the West Shore 

 Railroad Co., part of legacy of Thomas G. Hodgkins (par 

 value) $42,000.00 



Coupon 5 per cent bonds of the Brooklyn Rapid Transit Co., due 

 July 1, 1918 (cost) 5,040.63 



Coupon 6 per cent bonds of the Argentine Nation, due Dec. 15, 

 1917 (cost) 5, 093. 75 



Total invested funds 1,052,134.38 



With the exception of $4,000 deposited in the Treasury, above 

 noted, no other permanent investments were made during the year. 

 These deposits consisted of interest accumulations and rentals only. 



The principal revenues of the Institution being collectable July 1 

 and January 1 each year, a surplus of cash accumulated at these 

 times. Instead of allowing this surplus to be idle in the Treasury, 

 the plan has been adopted to invest such sums as may be spared in 

 time certificates of deposit issued by strong financial institutions of 

 this city. The rate of interest obtained on these certificates is 3 per 

 cent per annum and it is believed that approximately $1,000 can be 

 gained each year by this method. 



The income of the Institution during the year, amounting to 

 $88,649.52, was derived as follows : Interest on the permanent foun- 

 dation, $61,490.59; contributions from various sources for specific 

 purposes, $16,630; and from other miscellaneous sources, $10,528.93. 



Adding the cash balance of $44,711.02 on July 1, 1916, the total 

 resources for the fiscal year amounted to $133,360.54. 



The disbursements, which are given in detail in the annual report 

 of the executive commitee, amounted to $124,127.98, leaving a 

 balance of $9,232.56 in cash and on deposit in the Treasury of the 

 United States June 30, 1917. 



In addition to the above specific amounts to be disbursed by the 

 Institution there was included under the general appropriation for 

 printing and binding an allotment of $76,200 to cover the cost of 

 printing and binding the Smithsonian annual report, and reports and 

 miscellaneous printing for the Government branches of the Insti- 

 tution. 



Tlie Institution was charged by Congress with the disbursement of 

 the following appropriations for the year ending June 30, 1917. 



International exchanges $32, 000 



International exchanges, deficiency act of Apr. 17, 1917 3,500 



American ethnology 42, 000 



Astrophysical observatory 13, 000 



National Museum : 



Furniture and fixtures.^, 25,000 



Heating and lighting.^-^^^. 46,000 



