TREASURER'S OFFICE, HARVARD COLLEGE, 



No. 50 State Street, 



Boston, March 22, 1911. 



George G. Kennedy, Esq., 



Blue Hill, Milton, Mass. 

 My dear Mr. Kennedy: - 



I have made inquiries about the Olympia Light and 

 Power Company, and have examined its last annual report. 

 It appears to "be an exceedingly prosperous little company, 

 with a large surplus which it has apparently earned in recent 

 years, and annual earnings about three times the amount of 

 the dividends. It appears to be, from what I can learn, the 

 sort of investment which an individual would not wisely part 

 with at par, but, on the other hand, an investment unsuitable 

 for the general trust funds of the College, partly because it 

 is of a class which might be open to criticism, and partly 

 because it is not desirable to hold in our general investments 

 small amounts of securities of companies which it is difficult 

 to follow or know about. 



While we would be very glad to take this security as 

 an investment of a fund which you might be proposing to give, 

 it does not appear to be an especially suitable way of provid- 

 ing us with money for construction work, as you would be parting 

 with a security quite suitable for you to hold, while we would 

 be taking into our general investments a security somewhat un- 

 suited for trust funds, and one which we ought to take the first 



