The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-01-13
UNIVERSITY FINANCES.
REPORT MADE BIZ TREASURER
MORRIS L. TYLER.
New Policies of 4 hat OmeiaI.-Glns aud
Funds of she Year-Ineome sI7 1891
Behind Expenses.

Behind Expenses.
The report of Treasurer Morris F.
Tyler, Of Yale university, to be publish
ed to-day, deals at considerable length
with the present and future financial
policy Of the institution. In announc-
ing his policy of investment the treas
urer says that he has taken securities
which are not CT easy sale" but per-
fectly secure as to capital and interest,
because, in his view, d large part of the
funds must remain in a form where it
is of no consequence whether they can
be turned rapidly into cash or not. But
the rate of interest has so fallen that
he has cut the income allowance to
per cent, or at most AZ per cent, and,
on all new gifts, per cent. is the ut
most he can concede. Givers for spe-
cial purposes have been advised to
make their gifts part of the general
fund with a 4 per cent. guarantee for
the special object, and the treasurer
thinks separate investments of the diff
ferent funds should cease.
Permanent funds of the university
have increased during the year $153S36,
distributed as follows: University, $685.
1894; academic, $71,04967, Scientific
school, $1,000; Theologca cal school, SILL
1861; Law school, $21575 Medical
school, $40, and School of Music, $1,000
Among the funded gifts not heretofore
announced are an anonymous donation
of $15,015 for the academic department,
and $16,123 for Divinity school repairs;
j. L. Houghtelng$ 1000 for the Scien-
titic school; eX-2resi9ent Dwight $780,
and Albert Hebron $1,000 for the Divin-
ity school; and a gift of ex-President
Dwight Of $1,000 to the Music school.
New gifts to income not heretofore an
nounced are $500 from Professor F. B.
Tarbell, of Harvard, ST. $50 from Pro-
fessor H. w Farnam in the Scientific
school, SO, $50 from Professor Sanford in
the Music school, and for equipment in
the Forest school $500 from J. w. Pin
chot and $3.50 through G. H. Meyers.
The donations collected for the bicen-
tennial buildings during the year are
$463, 911.
The consolidated statement of funds
and assets of the whole university
shows a total of $6,806, TSP, represented
by general funds of all departments,
s., 04O,455; special funds, 1897, 046; in
struction funds, $1,209,715; fellowship
and scholarship funds, $1,184,505; bicen-
tennial and building funds, $1,1S4, sos;
library funds, $348,956, and bills paya-
BILE $4,000. These funds as regards
larger amounts-are invested as fol-
lows: Bonds secured by mortgage ST.
S42, 1853; railroad bonds, $1,697,371; other
corporation bonds, $614 700; corporation
stocks, $285,23 real estate and college
grounds and buildings, 81, 1877, 1893; bicen-
tennial fund account, 1862, 1853, and cash.
$122, &C.,
The income and expense account
shows that the university income fell
SIT ,991 behind expenses, income being
$7S,892 and expenses $796, 1888. OF the
income 1852, 719 came from students and
$3.50, 931 from investments. The leading
items of expense were $40i,986 for SAL
aries, $112,283 for wages, $63,0S1 assist
ance to students and sundries, includ-
ing legal expenses, $72,407. AS compar-
ed with last year, salaries increased
$19,773, wages s., 299 and sundry and le-
gal expenses $23, 1858. In the income, re-
ceipts from students fell off $12,397,
while receipts from investments in
creased $22908.
A matter brought out very strikingly
by this and preceding reports is the
greatly increased charge for salaries
under the elective system.