The morning journal-courier., 1907-12-26
YALE'S FINANCES
Two Millions and Over Received Point to a Prosperous
 Year.
MANY RAILROAD SECURITIES
Out of 269 Investments Held 174, or Nearly e5 Per Cent, Are of
 Such Character.

The Yale Alumni Weekly will say editorially this morning in regard to Yale finances:
 The university treasurer has lately received $72,ooO from the general edu- cation board, to be followed by a like sum a few months hence Tn addition, a subscriber to the University endow- ment and extension fund has recently paid in $50,OG0. Besides the foregoing funds, the mysterious Blount bequest of fully $400,000 seems certain to come from England during the present f1s- cal year All these are general funds and practically unrestricted Added to the endowment and extension fund of $l,89O,33S, as returned in the last re- port of the treasurer, they alone carry 1t up to the impressive total of S2,- 4S4,333, to which other gifts of the year are to come in. It looks, therefore, as though the university, in spite of the general financial troubles, would have an uncommonly fiat" year, and one whose funded harvest is not di- minished by the opportunity for high investment return-a situation that goes far to make good probable shrink. age in the market value of existins investments, which must be judged however, not by the contraction ot market values, but by loss of income not yet suffered or likely to be. But even if the contraction involves botf capital and income, it should be sci forth in the treasurer's report of book and market values with that same l courage which marked his last annua l schedules compiled and published al a time when market values had fallen
 The rule of publicity applies whether l securities are up or down and in some respects more forcefully when they art down-and Yale has treasurer who recognizes the fact.'
 On the same general subject, tn, Railroad Gazette has the following tc say:
 The annual report of the treasurer of Yale university just published re. peats the story of the bed rock value Iof non-speculative railroad securities lin the face of and in contrast with any shrinkage of prices In Wall street The report Is very instructive as show. ing the nature and results of railroad investments very conservative in na- ture, and, at the same time, very va. ried as to railroad properties and theil location. Out of some 200 separate Yale Investments in bonds of all classes, 13S are in railroads and street railways; out of 69 stock investments 3S are in railroads. Of the 174 rail. road and street railway investments ot the two classes, bonds and stocks practically none are in default as tc either interest 6r dividends. Othe, ! features of the report supply evidence in the same line. Out of 269 stocks and bond investments of all kinds 174, or nearly 65 per cent, are in rail. road and railway stocks and bonds The subgroups are not given sena. rately, but the whole group return. 4.82 per cent. income on book value the bonds, of which 69 per cent. arc railroad and railway bonds, returnine AT per cent. Again the Yale treas. urer refers to his present investmen policy as specifically including railroad bonds and short time notes and the railroad bonds held rise from $2.11S,. SS4 in the fiscal year 1905-6 to S2... e5S.728 at the end of the past fsca