THE HARVARD MUTUAL FOUNDATION.

The formation of the Harvard Mutual Foundation, which is announced today, is a step highly to be commended because of its importance to the financial condition of the University. The founders of the trust, who have already donated $250,000, have placed no restrictions on the use of this sum, their idea being to provide a fund for general purposes. Nearly all gifts made to Harvard are with definite stipulations, with the result that the authorities have not enough money which they can use at their own discretion to meet current needs. The length of time, which will elapse between when the date of the donation and the time when the money falls into the hands of the University should encourage the custom of giving unconditionally, and it is to be greatly hoped that future legators to the Mutual Foundation will follow the generous example of its founders.