The daily morning journal and courier., 1907-12-05
FIRST REPORT OF SHEFF TREASURER $2,20O,OOo the Probable Val uation of the Properties at
 the Present
 Time. EVERY VALUATION
 IS CONSERVATIVE Boomers in Two Vanderbilts Get Double Return
 For Their Rent
 Money.


 This weeks issue of the Yale Alum nj Weekly, which comes out this morning, will contain the first author itative financial report of the trustees of the Sheffield Scientific School ever made. A comment upon the report will be made by Clarence Dening, 72, who will say, in part as follows:
 For the last few years in the annual |review and analysis of the University |treasurers report printed in the Alum nj Weekly there has been pointed out the anomaly presented by the Shef- field board of trustees, which more than once has been characterized as a financial inperium in imperio. Stat ed as briefly as may be, the trustees have held much the larger part of the Sheffield schools capital, while the University treasury has handled much the larger part of the income. The University treasurer has published each year a report on the funds of the school their investment, their in- come and the expenditure and the revenue from tuition and other sources, so far as those financial ele- ments were under his purview; the Board of Trustees up to this year, has published nothing. It's only outgiving has been an entry of a lump sun-ln 1907 and 1906 it was s20,00o and somewhat more in sorne previous years handed over to the University treasurer and entered under the head of Scientific School income and this condition of affairs has continued for many years.
 This Board of Trustees was incor- porateG in 1871. Under the act of in- corporation the board has consisted of nine directors, three of them ex-officio -the Governor of Connecticut, the Yale President and the chairman of ! the Peabody Museum Board of Trus- tees Three of, the others must have been professors of the school, while the three remaining directors must, in | the words of the act, be persons es- Epecially interested in promoting the welfare of the sheffield Scientific ESchool and shah be chosen without re- gard to their residence or norl-resi- dence in the State of Connecticut and without regard to their ecclesiastical preferences The last University cata- logue gives the Trustees as Governor Woodruff, President Hadley Prof. Dana-Chairman of the Peabody Mu- scum Trustees-Professo Brush and Lounsbury, Director Chittenden, of the Schooh and Thomas G. Bennett. Will liam w F,arnam and Frederick w. Vanderbilt, Prof. Brush being Presi- dent of the Board and Director Chit stenden Secretary and Treasurer. Size and Nature of the Fund.
 r
 Last year the old policy of the board, of non-publicity, was So far modified that the annual report was printed It is now for the first time published also, and gives Yale gradu- ates primary information of the amount and nature of the Shelf funds, supplementlng the published and necessarily. incomplete report of the University treasurer
 "The funds, including the Shelf plant charged in, are much larger than has generally been supposed It is re- turned as of August 1, 1907 at s1,- l 31s,063. The major entries are bonds, S302,7 7S3; stocks $114,971 New Haven real estate, chiefly made up of the old CT Sheffield buildings, sSt44s4; loans secured by mortgage, $s2,O00 land for the Vanderbilt Hall, $l7s,705; Kirt- land Han, s1O9,2s0; Hammond labor atory, S12s,74l; chemical laboratory $S5,o00; Chicago properties, Si7.457; heating and lighting plant, s5,z67,. and leash, $11,9S9, A.3t3
 I Closer analysis of the schedule shows that the assets of the fund and its total are, in fact. much larger than returned. Many of the items have been charged down--for example, the large chemical laboratory. that probably cost more than $1o0, 900 to $s5. .Oo0- 1t is stated that the valuation of the heating and lighting plant has. dur ing the year, been reduced by Si5,- 900 to $5,76T., The large and costly structures. North Sheffield and Win chester Halls, given directly by MT. OilEllAklu dIlu MT9. InOmdS (Y. Bennett respectively, do not appear at all in the | Trustee valuations. Again, all the stocks and bOnds, with one exception, are entered at par. Actual market val uEtion would year ago have raised them far above par and they are still, as a whole, considerably above 1 "Rut the most important addition is in the two Vanderbilt Halls. These, as in inc ease of the Academic Wander ! Ill: ,Iell~-siven ty another rtmbcr jof the family and e,tinated to have cost nearly or quits S1,000, 00G-- we're paid for by the generous jul- direct ly and he alone Knows theif c54t. Il could hardly have been less than s400, ,o0o-probably more-besides tho $179,7o5 paid for the land, as return ed in the trust account These incre- lments would probably raise the actual value of the various proper les held hy the trustees to not less than $2,- 100000, of which, however, about s6o0,OOO represents plant of the School not producing income di- reetly