6 ANNUAL TtEPORT SMITHSONIAN INSTITUTION, 1920. 



meteorology and solar physics. Prof, (ioddard also showed that it 

 Avas theoretically possible to send a mass of 1 pound of flash powder 

 outside the earth's attraction and to the dark surface of the new moon, 

 where, on impact, the flash Avould be visible through telescopes on the 

 earth. This interesting speculation aroused great popular interest 

 throughout the country, almost to the exclusion of the immediately 

 apparent scientific value of the experiment, namely, the exploring 

 of the unknown upper layers of the earth's atmosphere. Prof. God- 

 dard was working on the further development of his researches at 

 the close of the year. 



An important event in the art development of the country will be 

 the creation of the National Gallery of Art as a separate adminis- 

 trative unit under the Smithsonian Institution, to t^ke effect at the 

 first of the coming year, instead of, as at present, a division of the 

 National Museum, which action is made possible through a small 

 appropriation in the sundry civil bill for 1921. Mr. W. H. Holmes, 

 at present head curator of the department of anthropology in the 

 Museum, will be appointed director of the National Gallery. 



financp:s. 



The investments of the Institution are as follows : 



Deposited in tlie Treasury of the United States under authority 

 of Congress $1, 000, 000. 00 



CONSOLIDATED FUND. 



American Telephone & Telegraph Co. 4 per cent collateral trust 



bonds, due July 1, 1929 1.5, 680. 00 



Province of Manitoba 5 per cent gold debentures, due Apr. 1, 



1922 1. 935. 00 



West Shore Railroad Co. guaranteed 4 per cent first mortgage 



bonds, due Jan. 1, 2301 37, 275. 00 



Cleveland Electric Illuminating Co. first mortgage 5 per cent gold 



bonds, due Apr. 1, 1939 9,430.00 



United States first Liberty loan 200.00 



United States second Liberty loan 100.00 



United States third Liberty loan 10,150.00 



United States fourth Liberty loan .50.00 



United States Victory loan 4, .341. 64 



United States war-savings stamps, series of 1918 100.00 



Brooklyn Rapid Transit Co. 5 per cent notes, due July 1, 1918___ 3, 500. 00 



Redeemed bonds, excess cost over par 134.38 



Total 82, 896. 02 



The sum invested for each specific fund and the manner in which 

 held is described as follows; 



