Endowment Fund Up $57,000,000 During Past Year

The Harvard Endowment Fund has just finished its most dynamic year in three centuries as its market value increased $57,000,000 to a record high of $365,000,000, the Putnam Management Company reported yesterday.

The report, a detailed study of the University's finances, called the year, ending June 30, 1954, "the most outstanding of the six years during which Paul C. Cabot has been Harvard's treasurer." It stated that Cabot initiated the idea of concentrating funds in utilities, oils, and insurance, which now account for 63 percent of the stock total.

Companies in which the University has large common stock holdings are Standard Oil of New Jersey, General Electric, E. I. duPont, Seabord, Airline, R.R., and B. F. Goodrich.

More Stock in Fewer Companies

Despite excellent management by Mr. Cabot, the report pointed out that the University is "actually less well-off" in endowment than it was before World War H.

"The present heavy concentration in relatively few stocks is quite a contrast to the policy that prevailed in 1948 when Mr. Cabot became treasurer," the Putnam study state. "Then Harvard had 187 common stocks in a stock portfolio of $86,000,000. Today it has 168 stocks worth $187,000,000."