Report of the President 103 



III. FINANCES, MAINTENANCE, ENDOWMENT 



Few changes have been made in the method of recording 

 the financial transactions of the Museum. In accordance with 

 the By-Laws, the books are kept at the Museum under the 

 immediate direction of the Bursar, Mr. Frederick H. Smyth. 

 All moneys, except of the Endowment and Investment Ac- 

 count, have been deposited with the United States Trust Com- 

 pany of New York as Assistant Treasurer. Under the direction 

 of the Auditing Committee, the Audit Company of New York 

 has made a semi-annual audit of all the books. 



On December 31, the Permanent Endowment was $7,452,- 



453.51, which was composed of securities valued at $7,419,825 



and uninvested cash of $32,628.51. In or- 



Endowment and der to p j ace the Permanent Endowment on 



Investment Account r . . . 



a very sound financial basis, the Trustees at 



the Annual Meeting in February, 1916, directed that all of the 

 stocks held for the Permanent Endowment should be sold and 

 the proceeds invested in bonds that were legal for savings 

 banks to hold. Accordingly, during the year the Finance Com- 

 mittee disposed of stocks which were acquired at $1,531,160, 

 and the bonds purchased with these proceeds have a par value 

 of $1,744,698.84. Thus, by the sale of the stocks and the rein- 

 vestment in bonds the par value capital of the Endowment has 

 been increased $213,538.84. On the other hand, the income 

 received from the stocks was at the rate of .053 and yielded 

 $81,224. The income on the bonds purchased is at the rate of 

 .0434, yielding $69,045.59. By the conversion, therefore, of 

 the stocks into bonds there has been a decrease in actual in- 

 come of $12,178.41. 



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

 Jesup made further payments, on account of the bequest, of 

 $1,750,000, thus making a total of 90% paid on the bequest to 

 December 31, 1916. 



The principal additions to the General Endowment Fund 

 during the year have been $10,000 received from the estate of 

 Emil C. Bondy and $3,200 as receipts from Life Members. 



