REPORT OF THE SECRETARY. 6 



staff of the Institution and its branches to consider ways and means 

 of inaugurating and carrying out a program of more extensive 

 original research. At this meeting a committee on research was 

 named, with Dr. George P. Merrill, head curator of geology, as 

 chairmstn, which will consider the subject this summer and it is 

 expected will be prepared in the fall to offer a definite program. 



The great need of the Institution is for a larger endowment to 

 enable it to extend the scope of its activities in the " increase and 

 diffusion of knowledge among men." During the 76 years of its 

 existence, except for several generous contributions for specific 

 objects, the income of the Institution has not been materially in- 

 creased. With the great increase in its scientific activities and 

 output of publications, it becomes more and more cliiRcult to make 

 the limited income cover the mounting expense, and many oppor- 

 tunities to carry on valuable scientific investigations must be passed 

 by every year. It is hoped that some one, recognizing the ad- 

 vantageous position of the Institution for promoting scientific work 

 in America, will provide a suitable endowment. 



FINANCES. 



The permanent investments of the Institution consist of the 

 following : 



Deposited in tlie Treasury of tlie United States $1, 000, 000 



CONSOLIDATED FUND. 



Miscellaneous securities carried at a cost of $177,965.28, either 

 purchased or acquired by gift, and constituting the consolidated 

 fund, namely : 



West Shore Railroad Co. guaranteed 4 per cent first mortgage bonds, 



due in 2361 $42, 000 



Cleveland Electric Illuminating Co. first mortgage 5 per cent gold 



bonds, due in 1939 10,000 



Atchison, Topeka & Santa Fe Railway Co. 4 per cent general mortgage 

 bonds, due in 1995, gift i 2, 000 



Chesapeake & Ohio Railroad Co. first consolidated mortgage 5 per cent 



bonds, due in 1939, gift 2,000 



Baltimore- & Ohio Railroad Co. 5 per cent refunding general mortgage 



bonds, due in 1995, gift 5,000 



P. Lorillard Co. 7 per cent gold bonds, due in 1944, gift 6, 000 



Liggett & Myers Tobacco Co. 7 per cent gold bonds, due in 1944, gift 6, 000 



New York Central & Hudson River Railroad Co., 4 per cent gold de- 



ben.ture bonds, due in 1934 4, 000 



City of Youngstown, Ohio, 6 per cent municipal bonds, due in 1928 3, 000 



Real estate 7 per cent trust notes on improved property in the District 



of Columbia, due in 1925 5,000 



Northern Pacific — Great Northern .ioiut convertible 64 per cent gold 



bonds, due in 1936 41, 500 



