﻿REPORT 
  OF 
  THE 
  SECRETARY. 
  5 
  

  

  Mr. 
  John 
  A. 
  Koebling 
  has 
  made 
  further 
  gifts 
  to 
  the 
  Institution 
  

   to 
  the 
  extent 
  of 
  $15,771.38, 
  to 
  aid 
  in 
  the 
  maintenance 
  of 
  astrophysical 
  

   stations 
  in 
  Chile 
  and 
  in 
  Arizona 
  and 
  for 
  the 
  publication 
  of 
  scien- 
  

   tific 
  papers. 
  

  

  The 
  executors 
  of 
  the 
  Freer 
  estate 
  have 
  transferred 
  to 
  the 
  Insti- 
  

   tution 
  6,546 
  shares 
  of 
  Parke, 
  Davis 
  & 
  Co., 
  to 
  apply 
  to 
  the 
  Freer 
  

   residuary 
  fund. 
  The 
  shares 
  of 
  this 
  corporation 
  now 
  received 
  for 
  

   the 
  several 
  specific 
  purposes 
  provided 
  by 
  Mr. 
  Freer 
  are 
  as 
  follows 
  : 
  

  

  Shares. 
  

  

  Curator's 
  fund, 
  Freer 
  Gallery 
  of 
  Art 
  1,742 
  

  

  Court 
  and 
  grounds 
  fund, 
  Freer 
  Gallery 
  of 
  Art 
  1,742 
  

  

  Court 
  and 
  grounds, 
  maintenance 
  fund, 
  Freer 
  Gallery 
  of 
  Art 
  435 
  

  

  Freer 
  residuary 
  fund 
  16, 
  546 
  

  

  Total 
  20,465 
  

  

  To 
  pay 
  inheritance 
  and 
  Federal 
  taxes, 
  it 
  became 
  necessary, 
  with 
  

   the 
  approval 
  of 
  the 
  Board 
  of 
  Kegents, 
  to 
  place 
  a 
  loan 
  with 
  a 
  local 
  

   trust 
  company 
  for 
  that 
  purpose. 
  The 
  loan 
  is 
  being 
  gradually 
  re- 
  

   duced 
  and 
  now 
  amounts 
  to 
  $170,000. 
  

  

  Dividends 
  and 
  interest 
  on 
  securities 
  acquired 
  from 
  the 
  Freer 
  

   estate 
  have 
  amounted 
  to 
  $83,127.36. 
  Thirty 
  thousand 
  dollars 
  have 
  

   been 
  expended 
  to 
  liquidate 
  the 
  above-mentioned 
  obligation, 
  and 
  

   $55,034.48 
  for 
  purposes 
  prescribed 
  by 
  the 
  testator, 
  including 
  the 
  

   purchase 
  of 
  art 
  objects. 
  

  

  The 
  sum 
  of 
  $55,823.44, 
  constituting 
  the 
  balance 
  of 
  the 
  building 
  

   fund, 
  was 
  transferred 
  to 
  the 
  books 
  of 
  the 
  Institution, 
  and 
  $32,122.78 
  

   has 
  been 
  expended. 
  With 
  the 
  addition 
  of 
  a 
  credit 
  transferred 
  from 
  

   another 
  Freer 
  fund, 
  the 
  balance 
  available 
  for 
  completion 
  and 
  equip- 
  

   ment 
  of 
  the 
  building 
  is 
  $32,074.97. 
  

  

  The 
  Institution's 
  income 
  for 
  general 
  expenses 
  is 
  received 
  period- 
  

   ically 
  and 
  at 
  times 
  is 
  in 
  excess 
  of 
  immediate 
  requirements. 
  A 
  part 
  

   of 
  this 
  income 
  is 
  deposited 
  on 
  time 
  at 
  the 
  rate 
  of 
  3 
  per 
  cent 
  per 
  

   annum. 
  This 
  year 
  interest 
  acquired 
  principally 
  in 
  this 
  manner 
  

   amounted 
  to 
  $2,033.93. 
  

  

  The 
  income 
  during 
  the 
  year 
  for 
  current 
  expenses, 
  consisting 
  of 
  

   interest 
  on 
  permanent 
  investments 
  and 
  other 
  miscellaneous 
  re- 
  

   sources, 
  was 
  $61,872.14, 
  receipts 
  from 
  Freer 
  bequest 
  $138,950.80. 
  

   other 
  revenues 
  for 
  specific 
  purposes, 
  $50,850.04; 
  which, 
  with 
  cash 
  

   on 
  hand 
  and 
  subject 
  to 
  check 
  on 
  July 
  1, 
  1921, 
  amounting 
  to 
  

   $11,229.34, 
  constituted 
  a 
  total 
  of 
  $262,902.32. 
  

  

  The 
  disbursements, 
  described 
  more 
  fully 
  in 
  the 
  annual 
  report 
  

   of 
  the 
  executive 
  committee, 
  were 
  classed 
  as 
  follows 
  : 
  General 
  ob- 
  

   jects 
  of 
  the 
  Institution, 
  $62,749.17; 
  investments 
  and 
  expenditures 
  

   for 
  specific 
  purposes, 
  $33,553.24; 
  temporary 
  advances 
  in 
  excess 
  of 
  

   repayments, 
  $2,578.50; 
  cash 
  deposited 
  on 
  time, 
  $40,500; 
  disbursed 
  

   55379—24 
  2 
  

  

  