﻿REPORT 
  OF 
  THE 
  SECRETARY. 
  3 
  

  

  of 
  inaugurating 
  and 
  carrying 
  out 
  a 
  program 
  of 
  more 
  extensive 
  

   original 
  research. 
  At 
  this 
  meeting 
  a 
  committee 
  on 
  research 
  was 
  

   named, 
  with 
  Dr. 
  George 
  P. 
  Merrill, 
  head 
  curator 
  of 
  geology, 
  as 
  

   chairman, 
  which 
  will 
  consider 
  the 
  subject 
  this 
  summer 
  and 
  it 
  is 
  

   expected 
  will 
  be 
  prepared 
  in 
  the 
  fall 
  to 
  offer 
  a 
  definite 
  program. 
  

  

  The 
  great 
  need 
  of 
  the 
  Institution 
  is 
  for 
  a 
  larger 
  endowment 
  to 
  

   enable 
  it 
  to 
  extend 
  the 
  scope 
  of 
  its 
  activities 
  in 
  the 
  "increase 
  and 
  

   diffusion 
  of 
  knowledge 
  among 
  men." 
  During 
  the 
  76 
  years 
  of 
  its 
  

   existence, 
  except 
  for 
  several 
  generous 
  contributions 
  for 
  specific 
  

   objects, 
  the 
  income 
  of 
  the 
  Institution 
  has 
  not 
  been 
  materially 
  in- 
  

   creased. 
  With 
  the 
  great 
  increase 
  in 
  its 
  scientific 
  activities 
  and 
  

   output 
  of 
  publications, 
  it 
  becomes 
  more 
  and 
  more 
  difficult 
  to 
  make 
  

   the 
  limited 
  income 
  cover 
  the 
  mounting 
  expense, 
  and 
  many 
  oppor- 
  

   tunities 
  to 
  carry 
  on 
  valuable 
  scientific 
  investigations 
  must 
  be 
  passed 
  

   by 
  every 
  year. 
  It 
  is 
  hoped 
  that 
  some 
  one, 
  recognizing 
  the 
  ad- 
  

   vantageous 
  position 
  of 
  the 
  Institution 
  for 
  promoting 
  scientific 
  work 
  

   in 
  America, 
  will 
  provide 
  a 
  suitable 
  endowment. 
  

  

  FINANCES. 
  

  

  The 
  permanent 
  investments 
  of 
  the 
  Institution 
  consist 
  of 
  the 
  

   following 
  : 
  

   Deposited 
  in 
  the 
  Treasury 
  of 
  the 
  United 
  States 
  $1, 
  000, 
  000 
  

  

  CONSOLIDATED 
  FUND. 
  

  

  Miscellaneous 
  securities 
  carried 
  at 
  a 
  cost 
  of 
  $177,965.28, 
  either 
  

   purchased 
  or 
  acquired 
  by 
  gift, 
  and 
  constituting 
  the 
  consolidated 
  

   fund, 
  namely: 
  

  

  West 
  Shore 
  Railroad 
  Co. 
  guaranteed 
  4 
  per 
  cent 
  first 
  mortgage 
  bonds, 
  

   due 
  in 
  2361 
  $42,000 
  

  

  Cleveland 
  Electric 
  Illuminating 
  Co. 
  first 
  mortgage 
  5 
  per 
  cent 
  gold 
  

   bonds, 
  due 
  in 
  1939 
  10,000 
  

  

  Atchison, 
  Topeka 
  & 
  Santa 
  Fe 
  Railway 
  Co. 
  4 
  per 
  cent 
  general 
  mortgage 
  

   bonds, 
  due 
  in 
  1995, 
  gift 
  2,000 
  

  

  Chesapeake 
  & 
  Ohio 
  Railroad 
  Co. 
  first 
  consolidated 
  mortgage 
  5 
  per 
  cent 
  

   bonds, 
  due 
  in 
  1939, 
  gift 
  2,000 
  

  

  Baltimore 
  & 
  Ohio 
  Railroad 
  Co. 
  5 
  per 
  cent 
  refunding 
  general 
  mortgage 
  

   bonds, 
  due 
  in 
  1995, 
  gift 
  5,000 
  

  

  P. 
  Lorillard 
  Co. 
  7 
  per 
  cent 
  gold 
  bonds, 
  due 
  in 
  1944, 
  gift 
  6, 
  000 
  

  

  Liggett 
  & 
  Myers 
  Tobacco 
  Co. 
  7 
  per 
  cent 
  gold 
  bonds, 
  due 
  in 
  1944, 
  gift— 
  6, 
  000 
  

  

  New 
  York 
  Central 
  & 
  Hudson 
  River 
  Railroad 
  Co., 
  4 
  per 
  cent 
  gold 
  de- 
  

   benture 
  bonds, 
  due 
  in 
  1934 
  4, 
  000 
  

  

  City 
  of 
  Youngstown, 
  Ohio, 
  6 
  per 
  cent 
  municipal 
  bonds, 
  due 
  in 
  1928 
  8, 
  000 
  

  

  Real 
  estate 
  7 
  per 
  cent 
  trust 
  notes 
  on 
  improved 
  property 
  in 
  the 
  District 
  

   of 
  Columbia, 
  due 
  in 
  1925 
  5,000 
  

  

  Northern 
  Pacific 
  — 
  Great 
  Northern 
  joint 
  convertible 
  6i 
  per 
  cent 
  gold 
  

   bonds, 
  due 
  In 
  1936 
  41, 
  500 
  

  

  New 
  York 
  Central 
  Railroad 
  Co. 
  refunding 
  and 
  improvement 
  5 
  per 
  cent 
  

   bonds, 
  due 
  in 
  2013 
  10,000 
  

  

  