ANNUAL EEPOET 



BOARD OF TRUSTEES, 



MADE AT THE 



Annual Meeting of the Institute, Febkuaky 3, 1870. 



The Trustees have the satisfaction of reporting that the financial 

 condition of the Institute is even more favorable than they liacl antici- 

 pated. Surplus funds up to this date have been sufficient to purchase 

 forty thousand dollars of United States bonds. For a detailed 

 account of receipts and expenditures during the past year, reference 

 is made to the statement of the Committee on Finance. The unin- 

 cumbered real estate in Broadway and Leonard street, belonging to 

 the Institute, could not be disposed of, since no ofter for it has yet- 

 reached the sum below which the Trustees are directed by resolution 

 not to sell. Its actual value will not soon decrease, because it is- 

 located within the most valuable part of the city area devoted to 

 wholesale trade. Owing to a depression of business, rents are lowei*,. 

 and the Trustees have been compelled to let this property at a less 

 rate than that received for the ]3ast two years. 



By the action of the Institute, to which allusion was made in the 

 last annual report of the Trustees, in relation to providing space for 

 an exposition by the National Association of Wool Manufacturers to- 

 be given under the auspices of the Institute and in connection witli 

 its own exhibition, new and extraordinary duties were imposed on 

 the present Board of Managers. They met the emergency by secur- 

 ing for the joint exhibition the largest structure to be obtained, 

 although it was located more than four miles from the City Hall, and 

 its enlargement involved the outlay of more money than had befores 



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