University's Endowment Rises by Over $100 Million
The market value of Harvard's endowment rose nearly 8 per cent from $1.3 billion to over $1.4 billion during the first nine months of the current fiscal year, estimates released yesterday show.
University Treasurer George Putnam, Jr. '49 said yesterday that the rise of more than $100 million for the period ending March 30 came primarily because of the continued rise in the stock market and the overall recovery of the national economy.
"The market has been good this year and the value of the endowment reflects this," he added.
Putnam predicted that if the current trend continues the University could finish off the year at a level higher than $1.4 billion.
George W. Sigular, assistant to the Treasurer, said yesterday that although the quarterly estimates are "just a snapshot of the endowment's value," the current figures show that Harvard has sustained its recovery from the setback of the fiscal year 1973-74. The endowment had a market value of only $1.19 billion at that time.
Sigular added that the rise in the value of stocks in Texas Instruments and U.S. Steel show the success of the University's investment move toward technology and basic industry stocks.
"Harvard is trying to own more stocks in primary and basic industries," and the results so far show that this is a successful policy, Sigular added.
Putnam said the two political conventions this year could temporarily hurt trading, "but presidential elections usually improve the stock market so I am very hopeful."
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