Report of the Board of Trustees. 



REPORT OF THE RETIRING TRUSTEES, 



MADE AT THE 



ANNUAL MEETING OF THE INSTITUTE, FEBRUARY, 1872. 



The Trustees respectfully submit a brief retrospect of the operations 

 of the past year, which gives the gratifying assurance that, through 

 the efforts and influence of its active members, the Institute still 

 maintains its high position as a source of scientific information, and 

 its well-earned reputation as an efficient organization for the encou- 

 ragement of American skill and industry. In the quarterly state- 

 ments made by the Committee on Finance will be found abundant 

 evidence that the monetary affairs of the Institute have been managed 

 with commendable care and fidelity. Its financial engagements have 

 been promptly met, and its surplus funds have been invested in the 

 best securities. The par value of the Government registered bonds 

 now belonging to the Institute is $75,000. During the past year 

 the total receipts amount to $54,157, and the disbursements to 

 $28,245.20, leaving in the Treasury $25,912.62; from this sum must 

 be deducted the amount required to pay several unsettled bills for 

 expenditure at the late Exhibition, which will probably reduce the 

 sum to about $23,500. 



The property on Broadway and Leonard street, New York, 

 belonging to the Institute, has been let to three tenants at a total 

 rent of $12,500 per annum. In order to conform to'the custom now 

 generally approved by merchants, the year of each lease given will 

 commence on the first day of February instead of the first of May. 

 For a detailed account of the doings of the several subordinate 

 organizations of the Institute, reference is made to the reports of the 

 committees respectively in charge. While fully appreciating the 

 important services rendered by all these committees, the Trustees 

 deem it their duty to direct special attention to the effective labors 

 of the present Board of Managers. The Exhibition of 1S71 was a 

 marked success. Its arrangement, ornamentation, and appointments 



