108 Report of the President 



and to submit instead a tabulated statement of the firms from 

 whom the Museum purchased the goods, on which the Direc- 

 tor and the Assistant Secretary make the following certifica- 

 tion : "We hereby certify that the above mentioned firms have 

 delivered goods as shown; that the prices are just and reason- 

 able; that there are on file in the Treasurer's Office endorsed 

 checks for the sums set opposite their names, and that all 

 details pertaining to the purchases are open for the inspection 

 of the proper authorities." In the case of the payrolls, the 

 following certification is made by the Director and the Assis- 

 tant Secretary: "We hereby certify that the above mentioned 

 employees have rendered services for the period specified on 

 this payroll ; that there are on file in the Treasurer's Office en- 

 dorsed checks for the sums set opposite their names and all 

 details pertaining to their services are open for the inspection 

 of the proper authorities; and we hereby further certify that 

 all persons named on this payroll, who are subject to the pro- 

 visions of Chapter 622, Laws of 1894, are citizens of the 

 United States." This change has brought about a greatly 

 reduced number of vouchers and eliminates much needless 

 signing by officers and employees. 



On December 31, 1917, the Permanent Endowment was 



$7,974,019.34, composed of securities valued at $7,965,375 and 



uninvested cash of $8,644.34. There are 



Endowment and still held stocks of a bequest value of 



investment Account ^ 



$183,325 awaiting a favorable market for 



their sale and conversion into bonds that are legal for savings 

 banks to hold. The Trustees authorized the Finance Commit- 

 tee to proceed with this change at the annual meeting in Feb- 

 ruary, 1916. 



During the year 1917, the executor of the estate of Maria 

 De Witt Jesup made the final payment, on account of the 

 bequest, of $500,000, bringing the total to $5,000,000. This, 

 together with the original bequest of the late Morris K. Jesup 

 of $1,000,000, made the total gift to the Morris K. Jesup Fund 

 $6,000,000; on December 31, 191 7, this Fund was composed 

 of securities valued at $6,656,563.80 and uninvested cash of 

 $6,303.70. 



