Report of the Librarian of Congress

The moneys or securities composing the trust funds given or bequeathed to the board shall be receipted for by the Secretary of the Treasury, who shall invest, reinvest, or retain investments as the board may from time to time determine. The income as and when collected shall be deposited with the Treasurer of the United States, who shall enter it in a special account to the credit of the Library of Congress and subject to disbursement by the librarian for the purposes in each case specified; and the Treasurer of the United States is hereby authorized to honor the requisitions of the librarian made in such manner and in accordance with such regulations as the Treasurer may from time to time prescribe: Provided, however, That the board is not authorized to engage in any business nor to exercise any voting privilege which may be incidental to securities in its hands, nor shall the board make any investments that could not lawfully be made by a trust company in the District of Columbia, except that it may make any investments directly authorized by the instrument of gift, and may retain any investments accepted by it.

Should any gift or bequest so provide, the board may deposit the principal sum, in cash, with the Treasurer of the United States as a permanent loan to the United States Treasury, and the Treasurer shall thereafter credit such deposit with interest at the rate of 4 per centum per annum, payable semiannually, such interest, as income, being subject to disbursement by the Librarian of Congress for the purposes specified: Provided, however, That the total of such principal sums at any time so held by the Treasurer under this authorization shall not exceed the sum of $5,000,000.

SEC. 3. The board shall have perpetual succession, with all the usual powers and obligations of a trustee, except as herein limited, in respect of all property, moneys, or securities which shall be conveyed, transferred, assigned, bequeathed, delivered, or paid over to it for the purposes above specified. The board may be sued in the Supreme Court of the District of Columbia, which is

Library of Congress Trust Fund Board

293

hereby given jurisdiction of such suits, for the purpose of enforcing the provisions of any trust accepted by it.

SEC. 4. Nothing in this act shall be construed as prohibiting or restricting the Librarian of Congress from accepting in the name of the United States gifts or bequests of money for immediate disbursement in the interest of the Library, its collections, or its service. Such gifts or bequests, after acceptance by the librarian, shall be paid by the donor or his representative to the Treasurer of the United States, whose receipts shall be their acquittance. The Treasurer of the United States shall enter them in a special account to the credit of the Library of Congress and subject to disbursement by the librarian for the purposes in each case specified.

SEC. 5. Gifts or bequests to or for the benefit of the Library of Congress, including those to the board, and the income therefrom, shall be exempt from all Federal taxes.

SEC. 6. Employees of the Library of Congress who perform special functions for the performance of which funds have been entrusted to the board or the librarian, or in connection with cooperative undertakings, in which the Library of Congress is engaged, shall not be subject to the proviso contained in the act making appropriations for the legislative, executive, and judicial expenses of the Government for the fiscal year ending June 30, 1918, and for other purposes, approved March 3, 1917, in Thirty-ninth Statutes at Large, at page 1106; nor shall any additional compensation so paid to such employees be construed as a double salary under the provisions of section 6 of the act making appropriations for the legislative, executive, and judicial expenses of the Government for the fiscal year ending June 30, 1917, as amended (Thirty-ninth Statutes at Large, page 582).

SEC. 7. The board shall submit to the Congress an annual report of the moneys or securities received and held by it and of its operations.

Approved, March 3, 1925.

APPENDIX VI

LIBRARY OF CONGRESS

FESTIVAL OF CHAMBER MUSIC

Elizabeth Sprague Coolidge Foundation

PROGRAM

[October 28, 29, 30, 1925, Washington]

[NOTE.-The festival (consisting of five recitals) took place as planned on October 28, 29, and 30, before audiences which, as did those at Pittsfield, included eminent composers, musicians, teachers, and patrons of music, and leading critics. They proved a complete success and were extensively noticed in the metropolitan press, with much praise for the auditorium itself, the refinement of its design, the comfort and efficiency of its arrangements, and the perfection of its acoustics.]

The works by Mr. Loeffler and Mr. Stock were especially written for these concerts, and are here performed for the first time, as is the quartet by Mr. Hanson (Coolidge commission, 1925). The trio by Sig. Pizzetti (Coolidge commission, 1925) will receive its first performance in America. The work by Mr. Jacobi won honorable mention in the Berkshire prize competition, 1924.