PROCEEDINGS OF REGENTS. 119 



As previously reported, the sum of $2,000 was allotted from the 

 Ilodgkins fund to Dr. F. G. Cottrell for the conduct of experiments 

 in the electrical precipitation of fog. These experiments have been 

 concluded and Doctor Cottrell has submitted a report. 



Chamberlain bequests. — Your committee reported at the last meet- 

 ing that Dr. Leander T. Chamberlain had made two bequests to the 

 Institution, one of $25,000 and one of $10,000, each of which was to 

 be known as " The Frances Lea Chamberlain fund." The bequest 

 of $10,000, the income of which is to be used for promoting the sci- 

 entific value and usefulness of the collection of mollusks now in the 

 National Museum and known as " The Isaac Lea collection," has 

 been received and invested in two short-term bonds of $5,000 par 

 value each. 



Fiscal advisers. — Your committee met at the Smithsonian Insti- 

 tution on December 28, 1915, and Secretary Walcott explained the 

 necessity for action by the committee in the matter of the investment 

 of the funds of the institution over and above the $1,000,000 in the 

 United States Treasury authorized by law, and on his recommenda- 

 tions resolutions were adopted appointing the American Security & 

 Trust Co., of Washington, District of Columbia, and the firm of 

 Spencer Trask & Co., of New York City, as the fiscal advisers of the 

 committee. Both of these concerns have accepted and will serve 

 without charge. 



Consolidated fund. — The Secretary spoke in relation to the ad- 

 vantages in forming a consolidated fund for the purpose of pooling 

 all of the funds that might belong to the Institution, with the ex- 

 ception of the $1,000,000 in the United States Treasury, and after 

 discussion the committee adopted resolutions approving the policy 

 of such a consolidated fund. 



Freer Art Gallery. — The Secretary reported the receipt of the 

 $1,000,000 provided by Mr. Charles L. Freer for the construction 

 and equipment of the building to contain his art collections pre- 

 sented to the Institution. This sum had been deposited in various 

 banks and trust companies, as follows: $900,000 at 3 per cent and 

 $100,000 at 4 per cent. 



On motion the report of the permanent committee was accepted 

 and approved. 



ANNUAL REPORT OF THE SECRETARY. 



In presenting his annual report of the operations of the Institu- 

 tion for the fiscal year ending June 30, 1916, which had been printed 

 and sent to the Kegents, the Secretary said : 



The publications of the Institution and its branches issued since the last 

 meeting of the Regents number 113, aggregating about 7,600 pages and 775 

 plates of illustrations. The Institution proper issued 62 volumes and pamph- 



