The living power of human institutions, apart from their physical equipment, and, it sometimes seems, apart from the individuals composing them, is one of the most striking characteristics of such institutions. The greatness of Harvard is not in its buildings or alone in its teaching staff. One of the most important assets is the extent that it lives as a force in the minds and spirit of its graduates and its students.

Much as we in the Business School need better physical equipment and a building of our own, we are better off in our basements with the spirit which now makes the school than we would be to exchange this spirit for a new building.

The best way that the undergraduates and students in Harvard can testify to their loyalty and affection for the University and make their contributions to the intangible elements which are the real University and make it a living force is at this time to join 100 percent in the Endowment Fund.

If the University had to choose between getting the desired $15,250,000 through the gifts of a few of its graduates and the triumphant united support of all its alumni and students, even with a failure to raise the whole amount, it would surely and confidently choose such a demonstration of its vital hold on its community.