REPORT OF THE EXECUTIVE COMMITTEE 



117 



deposit of $1,000,000 in the United States Treasury, with guaranteed 

 income of 6 percent; and investments in real estate and real estate 

 mortgages. This fund contains endowments for both unrestricted 

 and specific use. A statement of principal and income of this fund 

 for the last 10 years follows : 



CONSOLIDATED FUND 



Gain in investments over year 19^4 



Investments made from gifts and savings on income $63,858.97 



Investments of gain from sales, etc., of securities 18, 582. 35 



Total 82, 441. 32 



FREER GALLERY OF ART FUND 



Early in 1906, by deed of gift, Charles L. Freer, of Detroit, gave to 

 the Institution his collection of Chinese and other Oriental objects of 

 art, as well as paintings, etchings, and other works of art by Whistler, 

 Thayer, Dewing, and other artists. Later he also gave funds for the 

 construction of a building to house the collection, and finally in his 

 will, probated November G, 1919, he provided stock and securities to 

 the estimated value of $1,958,591.42, as an endowment fund for the 

 operation of the Gallery. 



The above fund of Mr. Freer was almost entirely represented by 

 20,465 shares of stock in Parke, Davis & Co. As this stock advanced in 

 value, much of it was sold and the proceeds reinvested so that the fund 

 now amounts to $5,864,061.73, in a selected list of securities classified 

 later. 



The invested funds of the Freer bequest are under the following 

 headings : 



Court and grounds fund $656, 922. 55 



Court and grounds maintenance fund 164, 994. 12 



Curator fund 668, 523. 81 



Residuary legacy fund 4, 373, 621. 25 



Total 5, 864, 061. 73 



