AMUAL EEPOPJ OF THE BOARD OF TPiUSTEES. 



In presenting their annual report the trustees would first respect- 

 fully direct attention to the financial condition of the Institute. 

 During the past year its income has largely exceeded its expenditures, 

 and $10,000 of the surplus have been invested in government bonds. 

 For a full statement of its accounts, reference is made to the exliibit 

 of the finance committee. The real estate on Broadway and Leonard 

 street, which is its principal source of income, was again leased to the 

 1st of May, 1869, at the rate of $20,000 per annum, No purchaser 

 has yet been found for this property at the price fixed upon by the 

 Institute, although that price is regarded by many as below its present 

 value. The interests of the Institute now require that its funds should 

 be made more available, in anticipation of the early purchase of lots 

 and the erection of a building for its own occupation, and the board 

 would suo-o-est that the Institute should take further action in the 

 premises. It is a subject of congratulation that the various organiza- 

 tions under the control of the Institute have never been more energetic 

 and e:&cient than at present. The meetings of the Farmers' Club, 

 during the past year, have been large, and the communications it has 

 received from all parts of the country have added much to the interest 

 of its proceedings. These are reported in the]semi-weekly and weekly 

 editions of the leading journals of the city, and, as they are read by 

 not less than a million of persons, it is not too much to say that the 

 American Institute, through its Farmers' Club alone, exerts a wider 

 influence than any other society ever formed for the diffusion of useful 

 knowledge. The Polytechnic Association continues to be an eflicient 

 auxiliary of the Institute. It has discussed, in the presence of large 

 audiences, questions relating to mechanics, chemistry, mining and 

 engineering ; examined many new inventions and furnished regular 

 reports on the general progress of science. 



The Photographical Section has held monthly meetings, which have 

 been attended by some of the leading practical and amateur photo- 



