Wake Forest College Board of Trustees Minutes: 1871-1891

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Schedule of Assets of Davidson College.

In the hands of S.H. WILBY, Treasurer,

June 15, 1885.

$17,500.00 N. C. R. R. Bonds; 8 per cent. with coupons thereon, due November, 1 1885. Bonds due November, 1 1888 $ 7,000.00 W. N. C. R. R. Bonds, (1st Mort Con.,) 6 per cent. with coupons thereon, due July, 1 1885. Bonds due July 1914 $10,000.00 W. N. C. R. R. Bonds; 7 per cent. with coupons thereon Nov. 1 1885. Bonds due Nov., 1 1890 $20,000.00 C. C. & A. R. R. Bonds; 7 per cent, with coupons thereon, due July, 1 1885. Bonds due Jan., 1 1895. $12,000.00 Mecklenburg County Bonds; 7 per cent, with coupons thereon, due November, 1 1885. Bonds due November, 1 1890. $10,000.00 McDowell County Bonds; 6 per cent. with coupons thereon, due January, 1 1885. Bonds due January, 1 1887. $ 4,000.00 Wilmington City Bonds; 8 per cent., with coupons thereon, due July, 1 1885. Bonds due January, 1 1892. $ 500.00 Lancaster County Bonds; 6 per cent., with coupons thereon, due Feb., 1 1886. Bonds due 1905. $ 8,800.00 N. C. R. R. Stock; 6 per cent. $ 100.00 P. C. Publication Bonds; 4 per cent , with coupons thereon, due July, 1 1885. Bonds due July, 1 1893. $ 5,000.00 Bond and Mortgage; Miss F. Everitt; 8 per cent. $ 100.00 A. White's Note. $ 50.00 J. W. Spratt's Note. $ 600.00 Due from Current Fund. $ 693.83 Cash in treasurer's hand of Permanent Fund.

$ 96,343.83

We certify that we have examined the assets of Davidson College belonging to the Permanent Endowment Fund, and find them to be as stated above.

J.B. MACK, of Finance Committee. J.S. McCUBBINS. Treasurer's Surety.

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3 6 7 25 39 58 52 521 57 62 83 128 130 + 131 145 147 130 154 164 + 165 174 - 175 - 184 - 186 - 189 - 193 277 - 325

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Wake Forest College. June 20. 1871.

Board of Trustees of W. F. College met. Members present: Brooks, Walters, Gaultney, Pritchard, Avera, Jordan, Vann, Blount, Foote, Heck, Vass, and Mills. W.B. Royall was elected permanent Secretary of the Board. W.T. Walters, J.S. Purify & W.H. Avera appointed a Committee on names to fill vacancies - T.H. Pritchard, J.H. Mills & J.H. Foote appointed Committee on the agency, to report at this session - Committee on Law Department and investment of a portion of the endowment in real estate, not being prepared to report, was discharged. The seats of the following members are declared vacant: J.L. Carroll, W.J. Palmer, A.J. Emerson, G.W. Sanderlin, Calvin Graves, R.M. Mc Rackan, C. Wooten & J.A. Graham. From the list presented by Nominating Com. the following names are selected to fill the vacancies: M. Lankford, C.M. Cooke, Wm. Turner, Wm. Royall, C.C. Clark, C.J. Nelson, J.L. Stewart & R.D. Graham.

President Wingate read his report. Part relating to change in the Course of Study and Degrees referred to committee consisting of J.H. Mills, W.T. Walters, J.H. Foote.

( Col. Heck desired to be releived from the Committee to manage the invested funds of the College and moved that Maj. Vass be put in his place. Maj. Vass was added to the Com. though Col Heck was not releived. ) -

The following resolution was adopted.

Resolved that the Committee appointed to manage the invested funds of the College are authorized to sell the whole or any part of the stock owned by the College in the R & G R. R. if in the judgement of a majority of them it is advisable, and invest the proceeds in bonds paying not less then 8 per cent per annum, payable semi-annually and secured by first Mortgage on Real Estate.

The recommendations of the Presidents report are adopted, except part referred to Committee. The following is a summary:

The honorary degree of D.D. confirmed upon Rev. W.T. Walters; that of LL.D upon Hon. Thomas Bragg.

The degree of B.Ph. conferred upon H.A. Brown of Rockingham Co. N.C, Columbus Durham of Shelby, N.C, M.N. Sykes of Norfolk Co. Va, & W.D. Frantham of Kershaw Co. S.C.

The honorary title of A.M. abolished.

Treasurer read his report which was adopted. The following is a synopsis:

Collected $3707.00 Expended 3673.62 Balance in hand $33.38

On motion Thos J. Crocker is released from the payment of his bonds of $50 to the College.

On motion F.M. Purefoy is allowed to commute his bond by giving his note for $125.

Resolutions offered by W.H. Avera in reference to increase of patronage referred to a Committee consisting of G.W. Blount, J.S. Purefoy & J.H. Foote.

Adjourned.

Wednesday 21.

Present: Brooks, W.H. Mitchell, Gaultney, Walters, Pritchard, Marsh, Avera, Blount, Turner, Foote, Thompson, Jordan, Vann, Heck, Royall, Mills, & Hufham.

On motion, names of Trustees are ordered to be arranged for the Catalogue according to priority of appointment as far as possible.

The committee on W.H. Avera's resolutions report unfavorably to their adoption. Report adopted and on motion a Committee consisting of R.H. Marsh, W.R. Gaultney & W.H. Avera appointed to suggest some plan by which the patronage of the College may be improved.

The Bursar's report is adopted. The following is a synopsis:

Receipts $6592.62 Disbursements 6551.85 Cash in hand $40.77

The following resolution is adopted:

Resolved that L.R. Mills, C.E. Taylor & W.B. Royall be appointed full professors with full salaries.

On motion, J.H. Mills is excused from the Committe on the part of President's report referred, and T.H. Pritchard put in his place.

Committee on Agency report recommending

First, that James A. Delke be appointed as general Agent of the College in the event of his resignation as a Prof. in the Female Institute at Murfreesboro'.

Secondly, that the Treasurer be authorised to appoint as many subordinate Agencies as he may deem proper with special reference to the Collection of the outstanding debts.

First clause [?] laid on the table. Report then adopted.

Subject of Agent referred to the Exec. Committee.

The following are the Ex. Committee for ensuing year:

W.T. Brooks, J.S. Purefoy, T.H. Pritchard, W.T. Walters, and J.D. Hufham.

J.D. Hufham offered the following resolution which was adopted:

Resolved that the Executive Com. be instructed to secure an agent or agents to raise an endowment funds of $25000 in addition to the funds already secured.

The Exec. Com. are authorised to purchase the tract of land owned by W.B. Royall, east of R&G. R.R.

The Faculty in connexion [?] with A.R. Vann & J.S. Purefoy are instructed to take in hand the erection of a privy for the benefit of the College.

Thursday 22.

Present: Brooks, Turner, Royall, Thompson, Gaultney, Pritchard, Purefoy, Blount, Hufham, Marsh, Avera, Brooks, Vann, Walters, Cooke, Heck, & Mills

Committee on improvement of patronage recommend:

First, a more liberal system of advertising by means

of advertisements and better communications in news papers and minutes of N.C. Association [illegible] [illegible]

Secondly, the employment of the President in his official character to labor for one year in the general interests of the college and specially in the procuring of an enlarged endowment and extended patronage, his travelling expenses to be paid by the college.

Thirdly, the employment of an additional tutor or such other instructors for the year as may be deemed necessary by the Exec. Committee.

The first section was in motion, amended by adding that the President of the Board of Trustees and members of the faculty be appointed to see that its provisions are carried out. This section then adopted.

Second and third sections not adopted.

Dr. Wingate, on behalf of the faculty, recommended that the Degree of A.M., for special reasons, be conferred upon T.P. Hobgood and J.B. Brown. On motion of J.D. Hofham, the recommendation adopted.

The Committee on that portion of President's report retaking charge in Scheme of Studies and report recommending the changes therein proposed. Reports adopted.

On motion W.T. Walters, J.H. Mills, and T.H. Pritchard an added to the committee in investment of endowment funds.

Rev. John Mitchell is unanimously elected Agent of the College. If he declines the matter to be left as heretofore in the hands of Exec. Committee.

The employment of a tutor referred to the Exec. Com. in connexion with the faculty.

The Second Chair of Instruction in the College are disposed of as follows:

W.M. Wingate - Moral Philosophy W.G. Simmons - Natural Science

W.B. Royall - Greek & French L.R. Mills - Mathematics C.E. Taylor - Latin & German

On motion, the Exec. Committee an authorized to sell any land belonging to the College to pay for the trust ordered to be purchased or to draw from the treasury.

All unfinished business referred to Exec. Com.

Adjourned.

W.B. Royall Sunday