EEPOPvT OF THE SECRETARY. 5 



Mr. John A. Koebling has made further gifts to the Institution 

 to the extent of $15,771.38, to aid in the maintenance of astrophysical 

 stations in Chile and in Arizona and for the publication of scien- 

 tific papers. 



The executors of the Freer estate have transferred to the Insti- 

 tution 6,546 shares of Parke, Davis & Co., to apply to the Freer 

 residuary fund. The shares of this corporation now received for 

 the several specific purposes provided by Mr. Freer are as follows : 



Shares. 



Curator's fund, Freer Gallery of Art ; 1, 742 



Court and grounds fund, Freer Gallery of Art 1, 742 



Court and grounds, maintenance fund, Freer Gallery of Art 43.") 



Freer residuai-y fund 16, 546 



Total . 20,465 



To pay inheritance and Federal taxes, it became necessary, with 

 the approval of the Board of Eegents, to place a loan with a local 

 trust company for that purpose. The loan is being gradually re- 

 duced and now amounts to $170,000. 



Dividends and interest on securities acquired from the Freer 

 estate have amounted to $83,127.36. Thirty thousand dollars have 

 been expended to liquidate the above-mentioned obligation, and 

 $55,034.48 for purposes prescribed by the testator, including the 

 jjurchase of art objects. 



The sum of if'55,823,44, constituting the balance of the buildi;iig 

 fund, was transferred to the books of the Institution, and $32,122.78 

 has been expended. With the addition of a credit transferred from 

 another Freer fund, the balance available for completion and equip- 

 ment of the building is $32,074.97. 



The Institution's income for general expenses is received period- 

 ically and at times is in excess of immediate requirements. A part 

 of this income is deposited on time at the rate of 3 per cent per 

 annum. This year interest acquired principally in this manner 

 amounted to $2,033.93. 



The income during the year for current expenses, consisting of 

 interest on permanent investments and other miscellaneous re- 

 sources, was $61,872.14, receipts from Freer bequest $138,950.80, 

 other revenues for specific purposes, $50,850.04; which, with cash 

 on hand and subject to check on July 1, 1921, amounting to 

 $11,229.34, constituted a total of $262,902.32. 



The disbursements, described more fully in the annual report 

 of the executive committee, were classed as follows : General ob- 

 jects of the Institution, $62,749.17; investments and expenditures 

 for specific purposes, $33,553.24; temporary advances in excess of 

 repayments, $2,578.50; cash deposited on time, $40,500; disbursed 



