February 19, 19I1.8 
memorandum 
Mr. Jobs Howard and X met with Mr. Hobart Fleming, hie investment officer, 
Mr. Shaw, and Mr, Richardson of Scudder, Stevens & Clark, in the Board Room of 
the Biggs Bank this morning, February 19, 19^8* 
The first item was the discussion ©f the investment of the portion of the 
cash account of the Smithsonian institution, it was decided that it would be 
best to Invest about $500,000 of this amount in government certificates. Mr. 
Richardson is to send suggestions regarding this to the Institution. Mr. Fleming 
asked Mr. Howard to prepare letters for hi© signature, following the purchase of 
the bonds, to Messrs. Bush and Cannon Indicating the action taken, 
Next there was a general discussion of Smithsonian investments. Mr. 
Richardson introduced his remarks by presenting his memorandum of February 1 ? 
(attached) to Mr, Flaming* There was a general discussion as to the relative important 
of holdings in coosoon stocks and bonds at this time, and Mr. Fleming finally said 
that possibly the situation would take sou® specific direction within the next 
six weeks, and it would then be possible to draw up a clearer conclusion. He 
indicated that he would want Mr. Richardson at about that time to meet with the 
executive committee and have a full discussion of this subject. 
Following this there was some consideration of separate items included in 
the Smithsonian investments. It seemed clear to me that the viewpoints of Mr. 
Richardson and Mr. Fleming were not far apart, and that no immediate change would 
be recommended except that certain items will b® watched more closely in the 
future and should be earmarked for early sale as prices warrant. It is probable 
that the viewpoint regarding many of these items will be considerably clearer 
at the time Mr. Richardson meets with the executive committee. 
I was very much impressed by tbs discussion, especially by Mr. Fleming 
and Mr. Shaw. It is apparent to me that the Smithsonian has now on its Board 
of Regents very considerable knowledge of investments, not only over the whole 
field but also on specific items. 
JEG: 
nmm- 
