REPORT OF THE BOARD OF TRUSTEES. 



The Board of Trustees of the American lustitute submit the 

 following report : 



The authority conferred by the Institute to sell the Broadway 

 and Leonard street property has not been used, inasmuch as no 

 purchaser has been found willing to invest at the price which it is 

 believed can be obtained for it. Shortly after the authorization 

 was given, the Board agreed upon the sum of two hundred thou- 

 sand dollars as the value of that property; and although offers 

 have been made approximating to the amount fixed, it was deemed 

 inexpedient and uuadvisable to make any concessions whatever 

 therefrom. Hence all negotiations for the sale of that property 

 have ceased. These premises, however, have been rented for the 

 term of one year from the first da}^ of May next for the sum of 

 twenty thousand dollars, with a privilege of extending the teim 

 two years longer at the annual rent of twenty-five thousand dol- 

 lars, provided a notice of four months prior to the first of May, 

 1868, shall be given by the lessees to that efiect. 



By contrasting the amount secured to be paid for the coming 

 year with the sum which the Institute is now receiving, it Avill be 

 seen that the difference is an advance of one hundred and fifty per 

 cent, and it is contemplated that from this source alone, in a com- 

 paratively short time, all liens will be removed with which that 

 property is now encumbered. 



The Board of Trustees cannot fail to express their great regrets 

 that a buildino: could not be obtained last autumn of sufficient 

 capacity to hold a Fair. Much disappointment has been mani- 

 fested by that class of citizens who are in sympathy with the annual 

 exhibitions of the Institute. It is hoped that the importance at- 

 tached to this branch of its operations will so stimulate the action 

 of the Board of Managers in this behalf, that they will early resolve 

 to overcome all obstacles which may obstruct their progress, and 

 provide for an exhibition during the present year, even if it should 



