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The image shows two pages from a publication titled "Harvard Alumni Bulletin." The pages appear to be from an older edition, as indicated by the aged paper and the style of typography.

• Page 326:

  • The text discusses financial markets and investments in 1926, focusing on the Harvard endowment and the Portia Fund.
  • A table titled "SARDIS COLLEGE" compares the general investments, principal, and income for the years 1900, 1925, and 1926, showing a significant increase in the principal and income figures.
  • Another table lists the J. P. Croesus Fund, Henry C. Cyrus Fund, Edsel F. Xenophon Fund, John D. Aristotle Fund, Andrew C. Midas Fund, and John Marshall Portia Fund, providing their principal values and income distributions for the years 1925 and 1926.

• Page 327:

  • The text continues the discussion on investment accounting and the Harvard endowment.
  • It critiques the current system and advocates for reforms, particularly in the area of bookkeeping and the revaluation of the investment portfolio.
  • At the bottom, there is a section titled "COLLEGE DEGREES," which discusses the importance of the point of view and the benefits derived from residential education. It references a comment by Richard J. Eaton, '12, of Boston.

The content of the pages is written from a perspective that reflects the concerns and methodologies of the early 20th century in higher education and investment management.

The image shows an open book or document titled "HARVARD ALUMNI BULLETIN," displaying pages numbered 326 and 327. The content appears to be a discussion about financial markets, investments, and endowments, particularly focusing on the Portia Fund and its impact on the original five funds. There are detailed tables and figures related to investments, income, and percentages for various funds over different years, including 1900, 1925, and 1926.

The text on the left page discusses the financial markets in 1926, the addition of the Portia Fund to the general investment pool, and the resulting changes in income distribution among the funds. The right page continues the discussion, mentioning the Treasurer of Harvard College, the revaluation of securities, and the need for reform in the investment practices of the college. It also touches on the importance of residence in obtaining a degree and the differences between various types of educational degrees.

The document is written in a formal, academic style, with references to specific individuals and funds, and it includes a signature at the bottom of the right page from Richard J. Eaton, '12. The pages are slightly yellowed, indicating that the document is likely from an older publication.

This image displays two adjacent pages, numbered 326 and 327, from the Harvard Alumni Bulletin. The pages appear to be physical, aged copies, laid flat on a light gray surface, with visible yellowing, slight creases, and a torn corner on the bottom right of page 327.

Page 326 (Left Side)

This page is titled “SARDE COLLEGE” and focuses on the financial markets of 1926, specifically addressing a shift in Harvard’s investment strategy. The article explains that, due to the lack of restrictions on a new fund, the university added $10 million to the general investment pool. This led to a reevaluation of the original five funds and the addition of the Portia Fund, increasing the total endowment to $15,000,000.

A table titled “Amount of income represented by these percentages” compares the principal, income, and income percentage for six funds across the years 1900, 1925, and 1926:

• J.P. Crocus Fund (prin. $1,000,000)
• Henry C. Cyrus Fund (prin. $1,000,000)
• Edel F. Xenophon Fund (prin. $1,000,000)
• John D. Aristotle Fund (prin. $1,000,000)
• Andrew C. Midas Fund (prin. $1,000,000)
• John Marshall Portia Fund (prin. $10,000,000)

Below this, another table titled “Distribution of 1926 Income at 5%” shows the 1925 book value, mark-up, 1926 book value, and 1926 income at 5% for the same funds. It shows, for example:

• J.P. Crocus Fund: $3,000,000 mark-up, $14,000,000 book value, $200,000 income
• John Marshall Portia Fund: $10,000,000 mark-up, $30,000,000 book value, $1,500,000 income

The totals for this distribution show $15,000,000 in mark-up, $30,000,000 in book value, and $1,500,000 in income.

The article concludes that the Portia Fund is effectively buying diversified investments at less than their actual worth, and that the general securities in the pool have appreciated to yield over 5 percent—leading the Treasurer to issue a revised financial report showing these substantial gains.

Page 327 (Right Side)

This page begins with a continuation of the financial discussion, noting that the “revaluation of securities… this year” and the “flood of new money” have diluted income for older funds. The article critiques Harvard’s investment system, citing the presence of a large proportion of fixed-income securities that prevent capital gains and obscure the true performance of endowment funds. It references the Treasury’s report and mentions that Treasurer Shattuck has initiated a much-needed reform.

The article is signed “RICHARD J. EATON, ’12”, from Boston.

Following this, a new section titled “COLLEGE DEGREES” begins. It responds to an editorial in the Bulletin concerning Dr. Flexner’s book, and discusses the increasing tendency to regard higher education as transactional — “measuring education by ‘credits’ and ‘points.’” The piece argues against this and suggests that the true value of a degree lies in the “spirit of the place” — shared memories, residence life, and exposure to university culture — rather than in “credits” or “hours.” It references degrees from Oxford or Heidelberg as embodying a deeper educational value and concludes by referencing the “system of colleges at Oxford” as an alternative model.

Overall Description:

The image captures a vintage, two-page spread from the Harvard Alumni Bulletin, documenting early 20th-century debates around university endowment management and the philosophical purpose of a college degree. The tone is analytical and reform-minded, mixing quantitative data (tables, finances) with qualitative argument (the value of residence and institutional culture). The physical condition of the pages suggests archival material, possibly from a private collection or library. The humorously misspelled names in the funds (“Crocus,” “Xenophon,” “Aristotle”) may be intentional satires or fictionalized entries used to illustrate the points.

The image shows two pages of the Harvard Alumni Bulletin. The pages are printed on white paper with black ink and contain text that appears to be an article discussing the financial state of Harvard University in 1926. The article mentions the financial markets, investments, and the endowment of the university. The pages also include tables with financial data and references to various funds and investments. The pages are folded in half, with the left page displaying the text "HARVARD ALUMNI BULLETIN" and the right page displaying the text "SARUM COLLEGE."

The image shows two pages of a document, likely from a bulletin or report, with text and tables. The title at the top of each page reads "HARVARD ALUMNI BULLETIN." The pages appear to be discussing financial matters related to Harvard College, specifically focusing on investment funds and their performance.

On the left page, there is a table titled "General investments, principal" with columns for different years (1900, 1925, 1916) and rows for various funds (e.g., J. P. Croesus Fund, Henry C. Cyrus Fund). The table shows the principal amounts and percentages of income represented by these funds. There is also a paragraph discussing the financial markets in 1926 and the diversification of investments.

On the right page, there is another table titled "Distribution of 1926 Book Value" with columns for different funds and rows for various categories (e.g., Mark Up, Market Value, Distribution of Value). The table shows the book value, market value, and distribution of value for each fund. There is also a paragraph discussing the impact of residence on academic performance and the importance of extracurricular activities.

The text is written in a formal and academic tone, with references to specific funds, financial terms, and academic concepts. The pages appear to be from an older document, possibly from the early 20th century, based on the dates mentioned and the style of the text.

The image shows an open page from the Harvard Alumni Bulletin, specifically pages 326 and 327. The content is formatted as a printed document with a classic, serif font, typical of early 20th-century publications.

Left Page (Page 326):

• Header: The top of the page features the title "HARVARD ALUMNI BULLETIN" prominently displayed.
• Content: The text discusses financial investments and endowments at Harvard University, focusing on the year 1926. Key points include:
  • Financial Markets in 1926: The text mentions that the financial markets were such that a list of diversified investments could yield 5% per annum.
  • Portia Fund: The Portia Fund is highlighted as a significant endowment, originally added to the Harvard University endowment. It is noted that the fund was valued at $85,000.
  • Investment Strategy: The Portia Fund was used to invest in diversified stocks, with a focus on income rather than capital appreciation. The fund was managed by the treasurer, who was commended for his approach.
  • Tables: There are two tables on the page:
    1. General Investments, Income Percentage of Income Realized for the Account: This table lists various funds (e.g., J.P. Croesus Fund, Henry C. Lee Fund, etc.) along with their income percentages for the years 1920, 1925, and 1926.
    2. Distribution of 1925 Book Value: This table shows the distribution of the book value of various funds as of 1925, including their market values and percentages.

Right Page (Page 327):

• Header: The top of the page also features the title "HARVARD ALUMNI BULLETIN."
• Content: This page continues the discussion of financial investments and includes commentary on the Harvard Alumni Bulletin itself, as well as a section on college degrees.
  • Editorial Commentary: The text critiques the Harvard Alumni Bulletin, noting that it has not been a revolution of securities but rather a dilution of the endowment fund. It discusses the challenges of investment accounting and the existence of large proportions of fixed-income securities in the endowment.
  • Portia Fund: Further details about the Portia Fund are provided, including its performance and the criticisms it faced from college authorities. The fund is noted to have appreciated in value, and its performance is compared to the general investment pool.
  • College Degrees: The page concludes with a section titled "COLLEGE DEGREES," which critiques the value of college degrees and the educational system. It discusses the idea that degrees may not always reflect true learning or competence, and it emphasizes the importance of practical knowledge and experience over formal credentials.

Visual Elements:

• Layout: The text is neatly arranged in justified columns, typical of formal publications of the era.
• Typography: The font is serif, consistent with early 20th-century printing styles.
• Page Numbers: The page numbers "326" and "327" are clearly visible at the top corners of each page.
• Footnotes/References: There are no visible footnotes or references on these pages, but the text appears to be part of a larger article or report.

Overall Context:

The document appears to be a formal report or article discussing financial management at Harvard University, particularly focusing on the Portia Fund and investment strategies. It also includes a critique of the Harvard Alumni Bulletin and a broader commentary on the value of college degrees, reflecting the concerns and perspectives of the time. The tone is analytical and reflective, aimed at an audience of alumni and stakeholders interested in the university's financial health and educational philosophy.

The image presents a scanned page from the Harvard Alumni Bulletin, dated 1926. The page is divided into two sections, with the left side featuring a table and the right side containing an article.

Left Section:

• A table displays the general investments, principal, and percentage of income declared for the account of the participating funds.
• The table includes columns for the original list of five, the number of years, and the amount of income represented by those percentages.
• The table lists the following funds:
  • J.P. Croton Fund
  • Henry C. Xexophon Fund
  • John D. Miller Fund
  • John Marshall Portia Fund

Right Section:

• An article discusses the Treasurer's report, which highlights the importance of fixed income-bearing securities in the investment portfolio to prevent any striking annual gain in income.
• The article emphasizes the need for a diversified list of investments at far below their actual worth, as unjustified changes can lead to a conservative market appraisal before the Portia Fund enters the pool.
• The article also mentions the Sardis College authorities' criticism of the suggestion to adopt the individual securities in the general investment pool on the average, which is deemed inappropriate due to the 5% income basis on which the general security market rested in 1926.

Additional Information:

• The page number is 326 on the left and 327 on the right.
• The article is signed by Richard J. Eaton, '12.
• The background of the image is a light gray color.

This image features a pair of pages from the Harvard Alumni Bulletin, dated 1926. The pages are slightly yellowed and have a worn appearance, with the right page folded inward and the left page folded outward. The text is in black ink, with the title "HARVARD ALUMNI BULLETIN" at the top of each page.

The left page contains a table titled "SARMS COLLEGE," which lists various funds and their corresponding values. The right page features an article discussing the distribution of income from the endowment fund, with a focus on the challenges of allocating funds to different departments. The article also mentions the creation of a new fund, the "Portia Fund," which is intended to provide additional support for the college.

Overall, the image provides a glimpse into the financial management of Harvard University during the 1920s, highlighting the complexities of allocating resources and the importance of creating new funds to support the institution's growth and development.

The image presents a vintage, open book with yellowed pages, showcasing an article from the Harvard Alumni Bulletin. The pages are numbered 326 and 327, indicating that the article is part of a larger publication.

Page 326:

• The title "HARVARD ALUMNI BULLETIN" is prominently displayed at the top.
• The page number "326" is located in the upper-left corner.
• The article discusses the Portia Fund, a financial investment pool managed by Harvard University.
• A table is provided, detailing the general investments, principal, and income for various funds, including the J.P. Coonest Fund, Henry C. Cyrus Fund, and others.
• The text explains how the Portia Fund was invested in a diversified list of investments at far below their actual worth, resulting in a significant loss of value.

Page 327:

• The title "HARVARD ALUMNI BULLETIN" is again displayed at the top.
• The page number "327" is located in the upper-right corner.
• The article continues the discussion on the Portia Fund, highlighting the importance of residence in relation to a degree from Harvard College.
• A letter to the editor is included, written by Richard J. Eaton '12, which comments on the article "Dr. Flexner's New Book" and discusses the concept of "college degrees."
• The letter argues that the value of a degree lies not only in the academic credentials but also in the social and cultural experiences gained during one's time at the university.

Overall:

• The image provides a glimpse into the financial management and investment strategies of Harvard University during the early 20th century.
• The article and letter to the editor offer insights into the university's approach to managing its endowment and the value placed on a Harvard degree.
• The yellowed pages and worn condition of the book suggest that it is an older publication, likely from the 1920s or 1930s.

The image presents a vintage, open book with yellowed pages, featuring the "HARVARD ALUMNI BULLETIN" on both pages. The left page displays the number "326" in the top-left corner, while the right page shows "327" in the top-right corner.

Left Page (326):

• The article discusses the financial markets in 1926 and their impact on diversified investments.
• A table titled "SACRED COLLEGE" lists various funds, including:
  • General investments, principal
  • General income, income
  • Percentage of income declared for the account of the participating colleges
  • Amount of income represented by these percentages

Right Page (327):

• The article explores the concept of college degrees and their value.
• A letter to the editor from Richard J. Eaton '12 discusses the importance of residence in determining the value of a degree.

Background:

• The book is set against a light blue background, suggesting that it may be a product photo for an online store or catalog.

Overall, the image showcases a vintage publication from Harvard University, highlighting its historical significance and academic content.