The morning journal-courier., 1908-06-25
President Hadley and Secretary Taft Praise Him at the Annual Dinner Of
 Alumni.
GOOD FINANCIAL REPORT
In His Address War Secretary Says That Word Demo crat" Is Mere Historic
 Description.

AL tHc HleetlHB oI tHs lHle HiuIhil following the luncheon in the univer- sity dining hall yesterday afternoon, President Hadley and William II. Taft. Yale '7S, the republican nominee for president, paid great tributes to Grover Cleveland. whose death became known on the campus at noon. Both tributes to former President Cleveland were en- Enthusiastically received
 ]. Pierpont Morgan, who was one of those to receive the degree IL. D., at commencement yesterday, left before the speaking at the dinner.
 Presidents Speech.
 The first speaker was President Had- ley who said:
 We are in the closing hours of our most successful Yale commencement, a commencement which has been sadden- ed this morning by the death of one oe the leading citizens of the nation, one whom we all irrespective of party lines have come to recognize as one of the Fi"'t iie- NiNs VI tilt lllStDTy. would be uniting for a meeting of Yale alumni to pass over without no- tice the death of man whose name has been written so on the pages of history and who always did his duty as he saw it.
 "The past year has been very sue cessful year for Yale. We feared when the commercial crisis came last fall that we would have to cease our work of development for time. But we found that the work of our investment committee had been done SO well, that either by foresight or Yale luck, two things which go hand in hand. that few of the securities had shrunk in value. On the other hand large num- Der of mortgages due the university were renewed at a higher rate of in terest than formerly so that we really gained by the panic than lost. Then several persons who had remembered Yale in their wills passed away. The alumni fund under the direction of General Skddy showed marked in- crease. the fund for the year being $94.- 900 againstV s77, ,00o of the year before. From the classes the following are the largest amounts: '73, $4,o00; '7S. $10.000:i S3, s15.0oo; S3 s., $99o; 'sS, s2, ,15o; '93, s3,000; '9s, $l,29S The total eontribu- tions from all sources for the year are Sl, 250, 900. an aggregate larger than on any year except 1905 when John D. Rockefeller gave one contribution of s1,ooo,000. From English property the university will receive 1925 ,000'
 Cheers followed President Hadley's statement of the financial condition of the university, as they had his tribute Ito President Cleveland.
 Rev. Hugh Black.
 He then introduced as one of the four speakers of the afternoon Rev. Hugh Black, formerly of EdInborough, on whom the degree of doctor of divinity was conferred in the morning. Dr. Black who has preached In Battell chapel on several occasions never spoke better than yesterday afternoon. He said in part:
 Coming far from my alma mater, D have felt the need of the fostering care of step-mother, and at Yale feel very much at home. At the universi. ties I can understand nearly every- thing which goes on, but In American l life I cannot. Take politics for in- stance. You have two parties. When child is born in England, he Is eith. CT little conservative or little radi- cal When a child Is born In Ameri- ca he is either republican or dem- ocrat. But here I cannot tell the dif- ference in the parties except that one of them Is nearly always In power.
 T like America, and the only thing the nation seems to lack, Is that team work of which Yale Is famous. It Is team work which is noticeable here rather than democracy. In America men arc free to serve the nation. But some of the best men do not do so. Until the idea of service permeateS there will not be true advance. What the universities have to do is to supply leaders for the land, and that is what
 tContlnued on Second Page)