THE BOARD OF REGENTS. The affairs of the Institution are administered by a Board of Regents, whose membership consists of "the Vice President, the Chief Justice, three Members of the Senate, and three Members of the House of Representatives, together with six other persons other than Members of Congress, two of whom shall be resident in the city of Washington and the other four shall be inhabitants of some State, but no two of them of the same State." One of the Regents is elected chancellor by the board; in the past the selection has fallen on either the Vice President or the Chief Justice; and a suitable person is chosen by them as secretary of the Institution, who is also secretary of the Board of Regents and the executive officer directly in charge of the Institution's activities. In regard to the personnel of the board, it becomes my sad duty to record the death, on May 19, 1921, of its chancellor, Edward Douglass White, Chief Justice of the United States. Resolutions in memory of Chancellor White were adopted by the Regents at a special meeting held May 27, 1921, when the Hon. Calvin Coolidge, Vice President of the United States, was elected chancellor of the Institution. The only other change in the personnel of the board was the appointment of the Hon. A. Owsley Stanley, Senator from Kentucky, as a Regent on January 5, 1921, to succeed Senator Charles S. Thomas. The roll of Regents at the close of the fiscal year was as follows: Calvin Coolidge, Vice President of the United States, chancellor; Henry Cabot Lodge, Member of the Senate; A. Owsley. Stanley, Member of the Senate; Medill McCormick, Member of the Senate; Lemuel P. Padgett, Member of the House of Representatives; Frank L. Greene, Member of the House of Representatives; John A. Elston, Member of the House of Representatives; Alexander Graham Bell, citizen of Washington, D. C.; George Gray, citizen of Delaware; Charles F. Choate, jr., citizen of Massachusetts; John B. Henderson, citizen of Washington, D. C.; Henry White, citizen of Maryland; and Robert S. Brookings, citizen of Missouri. The board held its annual meeting on December 9, 1920. The proceedings of that meeting, as well as the annual financial report of the executive committee, have been printed as usual for the use of the Regents, while such important matters acted upon as are of public interest are reviewed under appropriate heads in the present report of the secretary. A detailed statement of disbursements from the Government appropriations under the direction of the Institution for the maintenance of the National Museum, the National Zoological Park, and other branches will be submitted to Congress by the sec-. retary in the usual manner in accordance with the law. GENERAL CONSIDERATIONS. The act establishing the Smithsonian Institution in 1846 included in its functions the promotion of art as well as science. Heretofore this phase of the Institution's activities has remained somewhat in abeyance owing to the lack of means to further it, but within the last few years a tremendous impetus has been given the art feature. At the beginning of the past fiscal year the National Gallery of Art, formerly administered as a part of the National Museum, became a separate unit under the Smithsonian Institution, and Congress provided a small appropriation for its maintenance. This important step will do much toward the development of Washington as an art center, and will undoubtedly bring much desirable material to the national collections, already valued in money at several million dollars. The Freer Gallery of Art, a unit of the National Gallery, was brought practically to completion during the year, and work is going forward on the installation of the Freer collection. This beautiful building and the unexcelled collection of American and oriental art which it contains are, as noted in previous reports, the gift to the Nation, through the Smithsonian Institution, of the late Mr. Charles L. Freer, of Detroit. It is an unpleasant duty to here record again the pressing need of the Institution for a larger endowment. Although several generous contributions have been received since the founding of the Institution, few material additions to its endowed funds have ever been made. Despite the greatly enlarged field of its scientific activities, despite the ever-increasing demands for scientific information from individuals throughout the country, its income has remained substantially the same. Almost daily the Institution is forced to forego opportunities for valuable explorations and scientific researches on account of lack of means, and it is hoped that some farsighted benefactor, recognizing the advantageous position and unexcelled facilities of the Smithsonian Institution for carrying on valuable researches in every branch of science, will provide an endowment sufficient to enable it to carry on this work in the "increase and diffusion of knowledge among men." Bequests. As noted in a previous report, an important bequest was made to the Institution under the terms of the will of Mrs. Virginia Purdy Bacon, of New York, probated April 14, 1919, which will do much toward extending our knowledge of the fauna of the world. That portion of Mrs. Bacon's will relating to the Institution reads as follows: (f) To Smithsonian Institute the sum of fifty thousand dollars ($50,000), to be used in establishing a traveling scholarship, to be called the Walter Rath bone Bacon scholarship for the study of the fauna of countries other than the United States of America; the incumbents to be designated by said Institute under such regulations as it may from time to time prescribe and to hold such scholarship not less than two years, and while holding such scholarship to conduct for said Institute investigations in the fauna of other countries under the direction of said Institute. During the year the Institution received from the executors of Mrs. Bacon's estate securities amounting to $45,000 on account of the total $50,000. At the close of the year sufficient income from this amount had not been received to enable the first scholarship to be established, but it is planned to inaugurate the project during the coming year. Miss Caroline Henry, daughter of Joseph Henry, first secretary of the Institution, died November 10, 1920. Under the terms of her will the Institution is named as the ultimate beneficiary, the entire estate reverting to it after the death of the last life beneficiary, as a memorial to her father and mother. Miss Henry also bequeathed to the Institution the sum of $1,000 and certain articles of furniture; to the National Museum a set of china presented to Joseph Henry by the first Japanese minister; and to the National Gallery of Art an oil portrait by Kneller. FINANCES. The investments of the Institution are as follows: Deposited in the Treasury of the United States under authority of Congress_. CONSOLIDATED FUND. $1,000,000 These securities are carried at cost and represent the investments made by the Institution, or gifts transferred to the Institution by the donors. The total of this fund now amounts to $157,562.05, namely: Province of Manitoba 5 per cent gold debentures, due in 1922 $2,000 West Shore Railroad Co. guaranteed 4 per cent first mortgage bonds, due in 2361 42, 000 Cleveland Electric Illuminating Co. first mortgage 5 per cent gold bonds, due in 1939__ 10,000 Atchison, Topeka & Santa Fe Railroad Co. 4 per cent general mortgage bonds, due in 1995, gift‒‒‒‒‒ 2,000 Chesapeake & Ohio Railroad Co. 5 per cent first consolidated mortgage bonds, due in 1939, gift.... 2,000 Baltimore & Ohio Railroad Co. 5 per cent refunding general mortgage bonds, due in 1995, gift---- 5,000 P. Lorillard Co. 7 per cent gold bonds, due in 1944, gift___ 6,000 Liggitt & Myers Tobacco Co. 7 per cent gold bonds, due in 1944, gift 6,000 3,000 -- 41,500 United States first Liberty loan_ United States fourth Liberty loan.. United States Victory loan---. __shares.... United States war-savings stamps, series of 1918__. 200 100 10, 150 50 6, 550 100 125 60 125 The $3,500 par value of the 5 per cent gold notes of the Brooklyn Rapid Transit Co. are held in the hands of receivers pending reorganization. No plan, however, has yet been adopted. The sum invested for each specific fund and the manner in which held is described as follows: To Mr. H. B. Swales, custodian, section of birds' eggs, the Institution is indebted for an additional gift of $100 for the purchase of specimens, making a total contribution of $700 since January, 1919. Some of the unimproved land near Lowell, Mass., has been sold, and the sum of $226.42 was realized there from and invested for account of the Lucy T. and George W. Poore fund. Dr. William L. Abbott has contributed $2,000 during the year to the maintenance of a field party, the purpose of which is to procure archeological and natural history specimens in Australia. This expedition followed those to Borneo and Celebes and has now continued for two and a half years. The Institution has received for specific activities further valuable contributions from Mr. John A. Roebling, amounting to $15,200. 101257-22-2 In partial settlement of the Charles L. Freer bequest the Institution received, in October, 1920, 3,919 shares of the stock of Parke, Davis & Co. (Inc.), and in March, 1921, 10,000 shares, making a total of 13,919 shares. The dividends are required to be expended in accordance with the terms prescribed by the testator. The total amount received by the Institution from this source since the transfer of these shares was $25,970.75, and the sum of $15,026.01 has been expended. Current funds not immediately required for expenditure are, when conditions will permit, deposited on time in local trust companies and draw 3 per cent per annum. The interest received in this manner during the fiscal year 1921 amounted to $1,066.67. The income during the year consisted of interest on permanent investments and other revenues for current expenses, $61,576.32; receipts from bequests and for specific purposes, $110,740.47; which, with cash subject to check on July 1, 1920, amounting to $13,304.34, constituted a total of $185,621.13. The disbursements described in the annual report of the executive committee were classed as follows: General objects of the Institution, $66,202.39; investments and expenditures for specific purposes, $93,816.33; temporary advances for field expenses, etc., $9,373.07, leaving $5,000 deposited on time and $11,229.34 subject to check. The Institution was charged by Congress with the disbursement of the following appropriations for the year ending June 30, 1921: In addition to the above, there was appropriated for printing and binding $123,123.69 to cover the cost of printing and binding the Smithsonian annual report and reports and miscellaneous printing for the Government branches of the Institution. This includes the |