REPORT OF THE EXECUTIVE COMMITTEE 159 
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 $6,100,164.31 in a selected list of securities classified 
later. 
SUMMARY OF ENDOWMENTS 
Invested endowment for general purposes______________________ $1, 698, 426. 23 
Invested endowment for specific purposes other than Freer En- 
CONAN Ct = nd Bee il ers AE en 1, 362, 448. 24 
Total invested endowment other than Freer endowment____ 3, 060, 869. 47 
Freer invested endowment for specific purposes_________________ 6, 100, 164. 31 
Total invested endowment for all purposes______--_______ 79,161, 033. 78 
CLASSIFICATION OF INVESTMENTS 
Deposited in the U. S. Treasury at 6 percent per annum, as au- 
thorized in the U. 8. Revised Statutes, sec. 5591--______-______ $1, 000, 000. 00 
Investments other than Freer endowment (cost or market value 
at date acquired) : 
On SSeS Ses Nemes ein, See es teen See ee ae $670, 887, 62 
SAECO) Ei a re RT SA Un 1, 258, 220. 55 
Real estate and first-mortgage noteS__________ 79, 220. 93 
Wininvested capital] =22 es see ee eee 52, 540. 37 
———————_ 2, 060, 869. 47 
Total investments other than Freer endowment____________ 3, 060, 869. 47 
Investment of Freer endowment (cost or market value at date 
acquired) : 
IB ONC S2 22s es Ae Se ee eS ee ee $2, 861, 230. 60 
LOCKS 206 So ain 5 5 ee 8, 128, 939. 71 
Wninvested. capitalo- == = aa ee ae 114, 994. 00 
6, 100, 164. 31 
otaleinvestments 22. @ =e Se ee eee 9, 161, 033. 78 
2 Decrease indicated from total listed for last year is due to adjustments in value of 
certain real estate holdings and to the use of a part of the Smithsonian retirement fund to 
purchase pension rights due employees in their transfer to the Federal retirement system. 
