The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-01-15

The last annual report OF the Treasurer
Of Harvard Coil re gives some interesting de-
tails OF the way IN which the finances Of that iu-
stttution are managed. Tue total property of
the college Is nearly S3.jJ0OOO. and IL Yields an
income Of nearly Sso5uOJ. These amounts rep
resent nnumerablv special funds, so that u most
elaborate system u accounts mas to be made.
showing the proportion to which each fund Is
entitled and It's precise condition Of excess or
deficiency. The clearness with which this Is
done In the present report is worthy Of all
praise, aud Of Itself calculated to inspire conf
dence.
10 New Yorker. however, there Is some
thing Very queer in the nature Of portion of
the Investments which the officers OF the col
lege corporal On have permitted themselves TO
make OF the nouey committed to their keeping.
Here custodians OF trust money IRE strictly con-
fined 70 United states stocks. New York state
stocks, and bonds secured by mortgages OF pro-
ouctive rcal estate. la Massachusetts, a moro
lax rule seems to prevail, for We lnd among the
assets # Harvard College such items as those:
railroad bonds, railroad stocks, coal mining
company bonds, bank stock. manufacturing
stock. municipal bonds, aud unoccupicd lands.
out II the s3jOlo0O belonging to the college,
something like s7JO0J0. or 1ne-1nh OF the
whole. Is invested IN manner which In this
state would render its trustees personally
responsible for It's safety.
Another interesting fact is that the aver 90
rate If Interest produced 10y the whole fund IS
less than per cent. aud for tue current year
only per cent. is expected.
A curious Illustration u given in the report Of
the way in which mist4hes in complicated ac-
counts made and perpetuated. As r back
as lSA the income of S4.OOD was credited to tho
Humford Fund in excess Of the amount to
which 1t was properly entitled, and the same
error was repeat, year after year for forty two
years IN succession until the total amount thus
wrongly alpouioned WAS over $4,000. For;u-
nately no harm was done, as the money was
not spent, anl tAe books now show tho true
1.ures.
The form u the Auditors certificate appended
to the accounts Is worthy OF spscial no.ce. 1t
reads thus:
We,the untersigucd. a Ioint committee Of the Cor.
puralou ami ONefserrs VI Harry ID con 'sc u examine
cnius Aus. 81, 1870. nave examilcd ana "a iicd e
c m book from Dag, 2i2 Ia 295, incu I've, mi have
Of ,,ocN ana Other eyld, rs Of propery wnioa We,
rec-'yed D, hun nd On hand Al tue beginning OF -ul
ior ba I T ,s p,S OF are iul5 accounted
as 9i .i bonds or ho,rs .ad nave seen Ih.t Ihe
We nave carefully examined all notes, bonds, mort.
fases, aud other securities Invested during tie sid
car M are ol upiuuh tnai a. such nyes.n ents have
We nave In Ike manner satisfied Our,ev yes that ali
tho thlfcs for moneys expended Dy treasurer or
chAfstu II his boob to tle college, we. yOuchrd
sufa OF THEM As are not supported ny counter eutres
Iht committee We ls en- that an the rntres for
said year are dny transferred to tno ledger amt that
we accounts mere are Rightly cast anu the balances
carried forward correctly ~ Now accounts.
The method OF examination here described Is
thorough and satisfactory, an | II all persons In
terested IN trust estates would adopt IL and en-
ploy IL once a year, such defalcatious Dy trus-
tees as have lately startled the community
would be rendered well nigh impossible.