SECRETARY’S REPORT 145 
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 6, 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 $6,092,775.69 in a selected list of securities 
classified later. 
SUMMARY OF ENDOWMENTS 
Invested endowment for general purposes_._______-_-____--____ $1, 702, 517. 18 
Invested endowment for specific purposes other than Freer En- 
GOWAN nt See BE SC ne a ee DOA OT Oe 1, 345, 776. 78 
Total invested endowment other than Freer endowment__ 3, 048, 293. 96 
Freer invested endowment for specific purposes__.____________- 6, 092, 775. 69 
Total invested endowment for all purposes_____________-_ 9, 141, 069. 65 
CLASSIFICATION OF INVESTMENTS 
Deposited in the U.S. Treasury at 6 percent per annum, as auth- 
orized in the U. 8. Revised Statutes, sec. 5591____._________-_ $1, 000, 000. 00 
Investments other than Freer endowment (cost or market value 
at date acquired): 
Bonds -eseee beet te atest Pe eA ee Seed $688, 834. 86 
StOCKS es pa ent ee a ee 1, 245, 283. 78 
Real estate and first-mortgage notes_______- 62, 790. 83 
Uninvestedicapitals2- 22. abet et 56, 384. 49 
—__—_—_—_—— 2, 048, 293. 96 
Total investments other than Freer endowment-_--___-__- 3, 048, 293. 96 
Investment of Freer endowment (cost or market value at date 
acquired): 
IBON GS Res ee 2 cee i 2k py Saree Aedes $2, 925, 452. 84 
S COCKS Bement ys Be yk cee ee G3, iets}, Bxkstile a7 
Uninvested capitale-2-= 25-0 =s525-5525"> 33, 441. 68 
——————— 6, 092, 775. 69 
otalsinvestInentsts 42 s—= ese aaeeee 2 ae eee 9, 141, 069. 65 
