This board is a close corporation, self-perpetuating, with no elected representative of faculty or alumni. For twenty years the finance committee has had charge of the investing of the endowment, and I should like to call the especial attention of Professor Brander Matthews of Columbia University to what they have done. I am not intimately familiar with the changing standards of American high finance, but I do not know whether the administration of this finance committee is what would be described in banking circles as “honest graft” or “dishonest graft.” They have invested the funds of the university through their own banks, railways, trolley lines and gas companies, and have paid the university four per cent interest on the funds, while neighboring institutions have been getting five or six per cent. For example, the treasurer of Wesleyan University writes: “All the invested funds of the university netted us last year 5.71%. This will show you, of course, that we carry very small balances in our banks and make no investments through them.” As we have seen, Clark University has been making investments through the banks, and it has thereby lost 1.71% on $4,700,000, or $80,370 per year for twenty years, a total of $1,607,400, which went to make fat the banks of Worcester instead of to educate the students of Clark. Also I took the trouble to inquire concerning the State Mutual Life Assurance Company of Worcester, and I find that for the year 1921 it realized 5.51% on its book assets. Mr. Bullock is chairman of this concern, and his son is vice-president and general counsel; and you see how much better they do for themselves than they do for Clark!