Word: claflins
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Wrestling his first bout of the year, Bob Claflin walked away with the 175-pound class with a 4 to 2 decision over Ernest Koehler, as 191-pound captain Pete Fuller followed up with a 6 to 2 decision over Jim Burton...
...know much about economics. I'm a business man." This is how William H. Claflin, Jr. '15, describes himself in regard to his position as Treasurer of the University. Claflin insists that he performs his main job, the investment of Harvard's money, under the influence of no economic policy. When Edward Reynolds '15, administrative vice-President, replaced Claflin at the last minute to speak before the Associated Harvard Clubs in Milwaukee last spring, he said that "we just try to do the best we can under existing circumstances . . . we try to buy values, not hopes...
Casual as Claflin and Reynolds make the process sound, the University's money has been invested carefully enough to make the endowment, as of June 30, worth $194,402,876.91 on the market as opposed to $177,168,490.24 in the books. In other words, if you total the original value of Harvard's 1800 different endowment funds, you get $177 millions. If you went out and sold the various securities in which the funds have been invested; you would receive $194 millions...
...University held no government bonds at all in 1936. Holdings in common stocks have also increased from twenty-nine percent in 1936 to thirty-six percent in 1947. Sign of the times: this trend continued during 1946-47, when the University added $6 million to its common stock investments. Claflin attributes to "larger dividends from common stocks" the fact that in 1947 balances were more favorable than in 1946. Both common stock and government bond rises have been balanced almost entirely by a sharp drop in other long-term bond holdings...
...securities of American corporations, an amount which insurance companies and savings banks cannot approach. It is particularly true, therefore, as a recent survey concludes, that the "growth and prosperity of American industry is of great benefit and importance to universities." Harvard's growing holdings in common stocks and Claflin's statement concerning the rising returns from these holdings and the consequent increase in favorable balances last year hardly contradict this line of reasoning...