Even financial experts have their moments of carelessness, especially when their problem is an administrative one extending over long periods and concerned with large investments. The multifold philanthropy of that most generous Scotchman, Andrew Carnegie, is suffering now in one of its branches through the realization that the pension fund is running rapidly low. As a result the Foundation feels obliged to swing suddenly from the prodigal to the closed-purse. Harvard, with a large percentage of the men who benefit by the fund, suffers the hardest blow. The rather violent readjustment of amounts to be paid in the future would doubtless cause in many cases considerable annoyance.

So it is with no little satisfaction that one learns that the University intends itself to compensate the losses potentially undergone by the grantees of the fund. There need be as yet no timbrels and harps resounding for the recovery of the personal element in mechanically-directed Harvard; still, the employment of some of the famed $100,000,000 in this very direct way is pleasing. Though there continues to be discussion about the salaries of active professors, the policy of the University in regard to its great men of old must be approved.