Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/440

 386 A HISTORY OF THE UNIVERSITY OF CHICAGO The office of the Auditor was at the University. That of the Counsel and Business Manager was in the business center of the city, though there were, of course, branch offices on the quadrangles. In the investing of its funds the policy of the University was very conservative. Many of the large gifts made to it were in bonds, with some stock. In order to preserve the proper balance among the several forms of desirable investments for trust funds other forms of investment were found for many of these stocks and bonds. These forms included real-estate loans on central manufacturing or business property. Farm mortgage loans were made in well-seasoned corn-belt sections of Illinois and states contiguous to it, and where exceptional opportunity presented itself a purchase was made of some well-located central business property, usually one occupying a strong corner site with sufficient area to maintain an adequate improvement by itself. In this way the University came to own half a dozen very valuable corners in the business section of Chicago. When the first quarter-century ended the Business Department, which at the beginning had a single bookkeeper in the office and employed a dozen janitors, firemen, and other assistants for the care and maintenance of the buildings and grounds, was employing in the offices about one hundred cashiers, bookkeepers, stenographers, and clerks, and five hundred and fifty engineers, firemen, janitors, general laborers, and University Press employees, not including the scores of persons employed in the maintenance and care of the buildings owned by the University as investments of its endowment funds. The method of conducting the University's business was so ad- mirable that it was widely copied by other institutions. It was a common occurrence for the Auditor's office to be engaged in explain- ing to the business officers of colleges and universities the financial system of the University and its methods of accounting. Mr. Arnett, the Auditor, was frequently called, not only to colleges, but to great universities to assist the authorities in improving their business and accounting systems. So much were his services needed in these directions and so highly were they regarded that in 1915-16 the General Education Board requested the University