Stocks, Bonds and Mortgages

Richest of universities is not the University of Texas from whose many square miles of land oil gushes, nor Duke University to which went much of the Duke tobacco fortune, but Harvard University where for generations endowments have piled upon endowments. Last week the treasurer of Harvard made his annual report, listed Harvard investments (as of June 30) at $81,000,000, earning 5.5 percent during the year.

Conservative Harvard bookkeeping, however, concealed the University's true wealth. Most spectacularly conservative was the valuation of 12,836 shares of General Electric (worth $3,000,000 at current quotations) at $1. Also conspicuous were holdings in Electric Bond & Share at $14 a share against a market price of $80, and in American Tel. & Tel. at $88 instead of the market price of $217. --Time.