The daily morning journal and courier., 1907-12-05
Income and Expense.

"The income and expense account of the properties shows receipts of $102,8S4, with expenditures as balanced to that sum by cash )n hand of %ll 9Ss. But, dedueting gif(s and pay- ments to principal on the me hand and exceptional outlays on the other, so as to obtain approximat 9ly tcgnlar income and expense, one finds ncEmal income from the various rus prop critics of about $57 900 as against reg ular expenses of about s43,SOO, the latter including the $20,O9O paid to the University treasurer 0n the Scien- tific School account. N,t return to the trustees for investment and an- nual increment of the fund is there fore about SIS, 400 or SS2,40o If the payment to the TTnivers!tg treasurer is treated as part of net surplus.
 Noteworthy in this connection is the return for the two Vanderbilt dormitories of s21,976 Income and $12,470 expenses for the year. Revis- ing the returns So as to allow for ex- traordinary expenses on the one side and the reduced rental price of rooms for students on the other, and allow Ing full years rental for both dornii- tories, there Is indicated a gross ln- come of about $22,000, expenses of about $500 and about sf2,7oo net A low estimate of the cost of the land and dormitories. fs $sOo,oOo, which at five per cent gives a return Of $90,- 900. The difference between that sum and si2,7oe, or $t7,So6, represents roughly what the student lodgers in the two Vanderbilt dormitories are getting for nothing and in terms of Mir. Van derbilt's generosity In the two dormitories they are getting good deal more than double what they pay for.
 Other items of the expense account worth noting are an annuity of s2,000l to George St. John Sheffield, for which he exchanged his interest in the Sheffield homestead on Hillhouse avenue; a salary of s1 ,O0o to Director Chttenden as treasurer and $500 to his clerk; and sS0,055 expended on the Hammond laboratory equipment coming chiefly from gift of s2s,726 by MT. Hammond.
 Except the old Virginia bond relic referred to heretofore, none of the se- curities are in default on interest or dividends. Another point to be no- ticed is the small investment in New Haven real estate bringing in revenue while exempt from local taxation The total gross revenue from such prop critics is s4,2S2, which, less $1,120 of expense, leaves S9,162 net; and this represents realty, almost all of which is held not as an investment for in- come but for future extension of the 9chool's plant. This disposes of the oft-rcpeated report that the trustees have been holding for revenues many New Haven realties exempt from local taxes. The great price-s179, ,T05--- which Mfr. Valderbllt had to pay for the land on Vanderbilt square will, in this connection, be observed.
 Comparison of the properties held SS Illo U uSlttS WtLH lhpSG ISlu fpy lile University treasurer is of interest. As eontrasted With the $2,200,O00 or more of the trustees, the University treasurer holds funds and other prop critics of about $500, ,000, including By CTS Hall. But, as compared with about S57030 of normal income handled by the trustees, the Univey2i- ty treasurer handles about S2t4,000 of Scientific School income, of which about $142,o00 comes from tuition fees of students, In the double ad- n1inlstration of the finances of the fschool each of the dualities seems about equalized with the other. The
 University Treasurer holds three large funds-the general" of s2Se670; the
 Fayerweataer of $9s.Go4, and the 1 Viets fund of $25t.467 If the total properties under control of the Trus- tees is estimated at S2,200,o00 they | equal about cne@ quarter cf tho 'flnds and assets o2 the University (sS,T0A- 1 sS9) returned in his last report by the University treasurer, though his ! schedule under that head excludes many of the most valuable Ya,e plants, especially those obtained es
 gifts.