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ARCH.2003.25, Rendition: 794154
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:
Page 327:
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.
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:
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:
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.
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.
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.
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 shows two pages laid flat from a publication titled "HARVARD ALUMNI BULLETIN." The pages display continuous text, formatted in columns and numbered 326 and 327, indicating that they are from the midst of the bulletin. These pages likely contain articles, notes, or reports related to Harvard University alumni, financial matters, and possibly reflections or editorial opinions.
The text is too small to read in detail, but we can see headers, paragraphs, and numerical figures that pertain to financial reports. There is a slight discoloration and creasing, suggesting the document is old and has been handled or stored for some time.
The image shows two pages from a publication named "Harvard Alumni Bulletin." The pages are numbered 326 and 327, suggesting they are part of a larger volume.
Page 326 contains an article discussing financial markets of 1926, investments, and the Portia Fund investment pool for the Harvard treasury and endowment. It includes tables and figures detailing the fund's allocations and correspondent amounts. Various fund holders and trustees are mentioned.
Page 327 is another article, starting with an overview of the Harvard College securities and investments, including discussions on income properties, endowment assets, and trust funds. It also touches on the educational value and significance of different types of college degrees, referencing historical comparisons to European institutions like Oxford. The page references alumni Richard J. Eaton and his views.
The pages are slightly worn and show signs of aging, such as fading and minor tears, especially on the bottom right corner of page 327.
This is a scanned double-page from an issue of the Harvard Alumni Bulletin. The pages, numbered 326 and 327, contain text that is densely formatted, with minimal spacing and a focus on financial, academic, or institutional matters related to Harvard College. The layout appears to consist of articles, lists, and tabular data.
On the left page, there is mention of "Sanders College," a breakdown of investment funds, and detailed statements regarding endowments and financial returns, as well as discussions of financial management practices. The right page features editorial-like content focusing on academic topics, possibly touching on alumni affairs or a retrospective view on education. At the bottom of the left page, there’s a section labeled "1935 Book" with table data providing detailed figures.
The paper shows some aging, with yellowing and creases visible at the edges of the pages, indicating this is a historical document. Also, the top-right corner of the right-hand page is missing, showing some wear and tear.