REPORT. THE Directors of the PROVIDENCE ATHENEUM present to the shareholders their thirty-seventh annual report. At the last annual meeting, James Tillinghast, Esq., declined a re-election as Secretary of the Corporation, and Charles P. Robinson, Esq., was chosen in his place. The Directors cannot allow the retirement of Mr. Tillinghast to pass without an acknowledgment of the obligations of the Athenæum to him for his long and faithful service For fourteen years he filled the office of Secretary to the great satisaction of the Board and the benefit of the Corporation, as the neatness and accuracy of the records amply testify. At the meeting for organization in October, Professor William Gammell was elected President, and Alexander Farnum, Esq., Vice-President of the Board. Mr. F. E. Richmond, who was elected a member of the Board, declined to serve, and Mr. Holder Borden Bowen was chosen to fill the vacancy. Mr. J. Dunham Hedge was appointed Librarian for the year, and Mr. William Whitman Bailey Assistant Librarian for three months. Mr. Bailey soon afterwards resigned the office, the resignation to take effect on the 1st of November. The question of employing a woman, as Assistant Librarian, had been somewhat discussed at previous meetings of the Board, and when the vacancy occurred, the time seemed opportune for trying the experiment. Miss Mary M. Angell was accordingly appointed for one month. At the expiration of that periodso satisfactorily were the duties of Asssistant performed— Miss Angell was elected for the remainder of the year. It is only just to say, that the appointment has been attended, in every respect, with the best results, and has been regarded with approbation by all who have had occasion to use the Library during the year. It is almost needless to add, that Mr. Hedge continues to perform the duties of Librarian to the complete and cordial commendation of the Directors. At the July meeting, it was thought advisable to close the Athenæum for a portion of each day, during the latter part of that month and the whole of the month of August, and a vote to that effect was accordingly passed. The interval of closing was fixed at two hours, from 1 to 3 o'clock, P. M. No detri ment has come to the Athenæum from the recess, and it has been a relief, of unquestioned benefit, to the Librarian and his Assistant. The severity of the last winter killed the evergreen shrubs upon the north side of the Athenæum estate. Instead of re. newing them, it was deemed best by the Committee on the Building and Grounds to remove a portion of the soil, and bring the grounds to a uniform grade with that of College Street. The work was very thoroughly performed to the manifest improvement of the appearance of the premises. In making the repairs mentioned in the last Report, an expenditure of $1,175 was incurred. The receipts of the Institution are barely sufficient to meet the ordinary expenses, and to make a fair increase of the number of books in the Library, the Directors were unwilling to allow the Corporation to fall into debt. They were at the same time desirous of freeing the Library Committee from any embarrassment arising from the want of available funds. Upon an examination of the invested property of the Athenæum, it was thought by the Treasurer, that a change of investment could be advantageously made. A considerable part of the funds was in National Securities, the value of which had considerably appreciated during the term of ownership. By the decline in the price of gold,the income from these securities had been somewhat diminished. The Athenæum was receiving about 5 per cent. upon the market value of the investment. The subject was referred to a committee, consisting of the President and Messrs. Taft and Nichols, who reported favorably upon a plan of changing the securities, and the President and the Treasurer were charged with carrying it into execution. The registered bonds of the United States, in the possession of the Athenæum amounting to $18,000, were sold in April and May for $20,, 770.00; the coupon bonds, amounting to $1500.00, were sold for $1,726,25. The total sum received from the sale was $22,496.25. This was re invested, (April 17,) to the amount of $10,000, in bonds of the Delaware and Hudson Canal Company at a cost $10,200 and accrued interest from January 1st. These bonds pay an annual interest of 7 per cent. The sum of $11,200 was deposited, (May 4,) in the Rhode Island Hospital Trust Company, "on participation" in the profits of that Cor. poration. The remainder, amounting to $1,096.25, was retained in the Treasury of the Athenæum, to replace a sum taken therefrom for the purchase of the bonds at the time of invest ment. By this judicious and successful operation, the productive property of the Corporation was increased by the amount of $1,700, an increase of income was secured, the expense of the repairs upon the building was fully met, and all danger of indebtedness was averted. The Report of the Treasurer shows that the receipts of the year were about $674.57 more than those of the previous year, and the expenditures $761.08 more. The receipts have been, From amount retained from re-investment, From dividends and interest From taxes, From sale of seven new shares, From other sources, $1,096.25 1.168.42 3,205.00 105.00 64.00 $5,638.67 Against $4,964.10, reported at the last annual meeting. Against $5,028.88, as reported a year ago. $1,090.92 244.57 2,500.00 1,344.62 609.85 $5,789.96 The Librarian makes the following statement of the condition of the Library : For the nineteenth time it becomes the Librarian's duty to render an account of the progress and condition of the Library. During the past year there have been added to the Library 586 volumes and 148 pamphlets. Of the volumes, there were added by purchase, By gift, By binding of periodicals and pamphlets, 356 108 122 586 Of the pamphlets, 13 were given, and 18 bought. Looking over the Reports of former years, your Librarian finds that there were added in the year ending August 31, 1857, 1562 volumes; in the years ending August 1859 and 1860 the additions were respectively 1,400 and 1,064. At first sight of this statement one might suppose that the Athenæum was making but slow progress. But it must be remembered that the value of a library does not depend upon the number of its volumes so much as in the character of them. It must also be borne in mind that the time has gone by when good books could be bought at an average of little more than one dollar per volume. Moreover, it was the custom, in former times, to buy several copies of popular works of light reading, emphatically cheap books. It is seldom, now, that more than a single copy is procured of a novel or juvenile book. It is not necessary to mention specially the more important works purchased, as a list of additions is appended to this Report, and among them will be found many valuable works, particularly in the departments of the Fine Arts and the Sciences. The accessions to the library from gifts have been more numerous than usual, and some of them of great value. Mr. Holder Borden Bowen, who has heretofore given largely to the Athenæum, has this year presented to the library "Le Case edi Monumenti di Pompei disegnati e descritti" dai Fratelli Niccolini. This magnificent work on the ancient remains of this |