Auditors Statement

Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances , In our opinion, the accompanying statements present fairly the financial position of the Institute as at December 31, 1951 and the results of its operations for the year ended on that date, in accordance with the method of accounting maintained by the Institute for 1951, which (except for a charge to expense of $12,500 00 in 1951, in which we concur, to provide for increasing the reserve for depreciation to an amount considered appropriate as at December 31, 1951) was consistent with that followed for the preceding year