Biggest headache of endowed colleges today is cheap money, but last week an investigator reported that at least the colleges were better off than most other investors. J. Harvey Cain, director of the American Council on Education's Financial Advisory Service, had studied the funds of 120 colleges and universities, totaling $1,263,653,000. He found: > In the year ended June 30, 1940, college investments gave a higher average yield (4.06%) than those of life insurance companies (which are largely limited by law to bonds). Best record of an individual college: 6.95%.
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