The difficulties of administrating the affairs of a college have always been tremendous. No umpire in a World's Series faces an audience harder to please than does a university president, whose acts are viewed by all the world; and no factor of his work is more troublesome than the financial part. The president of the back-country institution must spend far too much of his time visiting well-to-do alumni. President Lowell, on the other hand, is perhaps embarrassed by a flood of riches.

But the gifts to the University generaly come with a "Handle Carefully" tag attached to them. Weld Hall may need new plumbing badly; but the generous contributions are all labelled for a new professorial chair, for a rare edition of Shakespeare, for another set of squash courts. These are all worthy projects, and the gifts are received thankfully; still, though man does not live by bread alone, he does need bread; and the plebeian matters of hedge-trimming and board walks require money.

Here it is that the Harvard Fund proves its value. For two years the money received through it has been turned over to the University with no questions, no restrictions. With each year more alumni find this a convenient method of giving. This is one matter to which the old shibboleth "No gift too small, and none too large" applies. The plan doubtless has its defects, but thus far it has functioned satisfactorily, and its increasing popularity points to future success.