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SAPIENTA ET DOCTRINA STABILITAS

1904-05

The condition of the Jubilee Fund was hardly satisfactory.
There were 2,210 subscriptions, to this Endowment, amounting
to $296,736.00, a sum considerably in excess of the amount
first aimed at, $250,000.00. Of these 1,335 had been paid,
amounting to $196,327.00, and 875 subscriptions remained
unpaid, valued at $100,409.00 and yielding interest
at the rate of 6%, the interest received that year
being $1,499.53. In the face of the deficit announced,
the Finance Committee asked for power to realize on
the unpaid subscriptions in any available way.

This power was given, and the Committee authorized to
employ an agent, or field-secretary, to collect the
outstanding promises, of it saw fit to do so.

As mentioned on a previous page, the report of the Assembly
Commission was sent to the University Council for its
review and judgment, and the finding was now
placed before the Board.

“(1) The Council approved the position taken by the
Trustees upon the action of the Assembly.

“(2) Desired to express its hearty sympathy with the spirit
which prompted the resolution arrived at by the
Assembly. (June 1903) to maintain the connection of
the University with the Church.

“The Council would be glad to cooperate, in the line of
that resolution, with the view of ascertaining if
any definite arrangements could be made in the

116.