202 



SCIENCE. 



LN. S. Vol. XXI. No. 528. 



The term of five years was fixed in the by-laws, 

 and three of them will have passed at the next 

 annual meeting of the board. It is my intention 

 at that time to resign the office of president, and 

 this early notice is given in order that the trus- 

 tees may be prepared then to take such action as 

 may seem to them wise." 



In accordance with this intimation, I now resign 

 the oflBce of President of the Carnegie Institution, 

 and. as the title of the chief executive may, per- 

 haps, be changed, I will add that I am not a 

 candidate for reappointment under any other 

 designation. 



In taking this step, I beg leave to assure the 

 board of my continued interest in the development 

 of this institution according to the purposes of the 

 founder; and I express to the members of the 

 board, collectively and individually, my highest 

 respect. 



It has been an honor and a privilege to be so 

 closely associated as I have been with the organ- 

 ization and progress of an institution which bids 

 fair to be a most potent factor in the advancement 

 of knowledge and in the encouragement of scien- 

 tific men. 



I am, gentlemen, very respectfully yours, 



Daniel C. Gilman. 



The following motion was then offered 

 and passed : 



Resolved, Tliat the resignation of President 

 Gilman be accepted; and in thus severing the har- 

 monious relations which have existed between the 

 president and the board and the president and the 

 executive committee the trustees desire to ex- 

 press their full appreciation of the prestige that 

 the retiring officer has brought to the Carnegie 

 Institution of Washington by his presidency. 



The secretary referred to various details 

 of business and submitted the cash state- 

 ment and financial statement as shown 

 below. 



The secretary also reported that since 

 October 31, 1904, he had collected on sales 

 of publications $589.01, and expended $31,- 

 S9r).21, leaving a cash balance on hand of 

 $438,654.97 to date. 



The consideration of the by-laws was 

 next taken up. 



After discussion and various suggestions 

 as to the qualifications needed by a presi- 



dent of the Carnegie Institution at Wash- 

 ington, a ballot resulted in the election of 

 Dr. Robert S. Woodward, dean of the sci- 

 entific faculty of Columbia Univer.sity, 

 New York. 



The election of members of the executive 

 committee to fill the vacancies caused by 

 the expiration of the terms of Messrs. Bill- 

 ings and Walcott resulted in their reelec- 

 tion to the class of 1907. 



On submission of the report of the ex- 

 ecutive committee the chairman and secre- 

 tary made a general statement of the plan 

 of work and financial outlook. After dis- 

 cussion and some minor changes, resolu- 

 tions Avere passed making the following 

 general appropriations : 



Reserve fund g 50,000 



Publication fund, to be continuously available 40,000 



Administration 50,000 



Grants for departments and large projects 310,000 



Grants for miscellaneous researches 168,000 



At 4:50 P.M. the board adjourned. 



Financial Statement. 



Dr. Cr. 



Endowment $10,000,000 



Reserve Fund 200,000 



Investments : 

 U. S. steel Corporation Bonds, 



55« 310,000,000 



$100,000 Atoh., Topeka and S. 

 Fe Ry. Co. Gen'l Mtg. 4!( 100- 

 year Gold Bonds, Oct. 1, 1995. 100,112 50 

 8100,000 N. Pac. Ry. Co. Prior 

 Lien Ry. and Land Grant 

 Gold Bonds, Jan. 1, 1997, 45(.. . 101,800 

 $50,000 Northern Pacific-Great 

 Northern 4<!i Joint Bonds, 

 Chicago, Burlington and Q. 



collateral, July I, 1921 46,500 



860,000 Lake Shore and Mich. 



Southern 4 D. Bonds 48,222 22 



Interest: Reserve fund invest- 

 ment. ^ 10,000 



other investments 380 69 



Sales of publications 102 03 



Grants; Large 69,321 24 



Special.. 13,250 80 



Minor 77,174 13 



Publication 67,470 65 



Administration 25,630 08 



Furniture 1,065 51 



Seal 1,500 



Cash 469,901 17 



Available fund 300,700 76 



810,766,595 89 $10,766,595 89 



