News
Amid Boston Overdose Crisis, a Pair of Harvard Students Are Bringing Narcan to the Red Line
News
At First Cambridge City Council Election Forum, Candidates Clash Over Building Emissions
News
Harvard’s Updated Sustainability Plan Garners Optimistic Responses from Student Climate Activists
News
‘Sunroof’ Singer Nicky Youre Lights Up Harvard Yard at Crimson Jam
News
‘The Architect of the Whole Plan’: Harvard Law Graduate Ken Chesebro’s Path to Jan. 6
The University's endowment fund has increased $27,000,000, in value since last year to a total of $274,000,000, according to a report released yesterday by the George Putnam Fund, investment brokers.
Paul C. Cabot, Treasurer of the College, attributed the endowment fund's increase to a rise in the stock market. "There has been an increase in the market value of common stock," he said.
The Putnam analysis, based on market value, broke down the 11% increase in the 300-year-old fund to $7,500,000 in new money and approximately $19,500,000 in capital appreciation.
The University reduced somewhat its holdings of United States Government bonds and increased its percentage-wise holdings of common stocks. In June, 21.9% of the fund was invested in government bonds, compared with 24.9% the year before. Common stocks, on the other hand, comprised 45.9% of the total, against 43.8% last year.
On June 30, holdings of common stocks were: 21.5% oil, 20.5 % public utilities, 10.8% insurance companies, 6.8% chemicals. Major purchases of oil stocks included American Republic, Seaboard Oil, Superior Oil, Pure Oil, and Socony Vacuum.
Major purchases of stocks during the year included: J.I. Case, Seaboard Air Line Railway, Eastern Gas and Fuel, B.F. Goodrich, and Colgate-Palmolive-Peet. Largest individual holdings were in Standard Oil, General Electric, Christina Securities, International Paper, Insurance Company of North America, General Motors, Illinois Powers, and Kennecoit Copper.
Want to keep up with breaking news? Subscribe to our email newsletter.