, 1875-03-18
THE UNIVERSITY OF CHICAGO.
Rumors that tho Catholics Wero About
to Buy It In.
When and How tho Absurd Story
Originated.
Summary OF t1ic Financial Coni1t'fon Of
tIlo Institution.


for several days, sumofs OF very anpieashns
nature nave been circulating thfousaout t'o
city to tho cHcct TINT tho University OF e1'.csso
was III very embarrassed condition inahcsa''y.
Claiming strength ID It pFogrcsacu' tho hoat
story "aa that tho holders OF tho iucumpfaaces
On tho University would noll 1t out. P1na'iy, II
Was Inserted that tho CATHOLICS Of chfcaBo "esa
aware Of tlils, and were raising money fos tue
pnrroso Of buying TUG ohlVofs'sy properly "hoh
sold unacr tho ts'st. .deeh ana cohVertsng 1t INTO
IN educational snat'ation ol tholf osn' " ~
we'll Known that tle tatneAes oltoh eho" steas
saSaclty In securing 10ss such bargains, and
ina"y Nartsstst % well ID members OF otAef
; nsanGe1ea' ena1chea' "efe greatly alarmed leat
tins nai"hfa OF itoteflaht!Saa ahonid DO thrown
into tao hanuh Of ti!o enemy 30 hat1ahed were
ro"P'e ol tns run ot 1ne'o stasomou's taas
thes "ose hoio ~ sHo Tue precise aa5 on "nlea
tue eata "ouia ta9e place. aud Just where tho
Catholics hau obtained tho money with which
they designed purchasing tbs property.
TnE TR1uusE. after having thuronchlr ;nye.-
tIo,tcd nj. eul,,cct Ia cr.,;To1 a. ho;,, .,,lo t.
''t"so. s"' n"ole1s :" D. sAo''1ie' a. uo'H6 aoio "
DENY THE 7Af9n or ALI THESE STATEMENTS.
and to point out tho trivial 6uurco whence all
these TuEnors cauno. Last November tle annual
election OF officers Of tho Doarl Of Ncgents was
held, and Mr.. Horny t;rcrnnbaum vns choscn
Trea,nrcr Th,t cont;on, ~ o.so .n,,,,od,,in,'
eoii 20 sSa1ematisioe 1ao hnahcial aAalfs OF the
University, which lad for sumo time previous
been In . souewhst dIeor1anjzcd condition, ov-
ing to cauBc. boyonl-the control NJ tlo former
treasurer. 4ho nsst th'nE ~ ne aohe "aa TO
ptosfde Tor meeting tue current expenses OF tho
University, which amount to about 525, 600 per
annun,, n,no up lii great pnrt Of tho ealarics Of
@ s"o "sFSo.o. !s. ."eso '"a ,a pu<" '"ae''u ~, W
run 1oto Mfeafa' e1st. Under the now
sSstcm OF tho new Tseabutcr, they
zero paid np on tho 18th Of November,
nnh ret.,txr r,orthtv rnvmepts ,ycre t,,.rno ftcr
~, ~ ts.. -, .,'ts.
.'1o as'i ~ .osn =, 1o'us 4as tAas "l,o
u % naPPeaao taas tAese Hah no money IN Tic
treasury With which to provide for tito payroll.
nav ,ysto of .1,inua Ina tf,c ro,o ci,orca ~ MI
.o,,..,,aH H., h..n .a,.,o",,. .,,.a, ~
.onoe'nE, haa ueeh seriously nn"o4 'ot some
l'n'o and was, therefore, ltnab'o 70 provide tle
due ln February wcro not n.ado until oarly In
March, md those now duo Will not bo made Until
toward tho cad OF this 1aonth. Tile non.pay-
mont Of theao nalaf,ea, which WIS gencrally
!hoso Iumors whIcl. llnully became 40 alarm lug
in their nature.
TIE r1yAscrs.
Tho p.occcduga Of Fla Committee Of Inn
Board clf 1iepcntH n1hlshnd in vas,erdnv's
nIu,,yr mrntfnn the fncl tt,at IL, I'm, as,
T'inanco and Endow1nent ucro dIrectrd In rnEcs =
dotsiIol 1onort of tho nanriaI eonIiton NJ n1 tha
inutituiion to bo stb,nittcd al Tia rornlnr MI.
uunl meeting to bo held uoxt month. Il NAV
uot bo out Of r]aco however. to rive sofno iufor-
nation now coneerpiur thc uccaniury Status of
tI,s Upiycrpity md W,o it NAV ,,ot hc M en-. n.
cousaging Is }.s friends could Wish. yot II must
10 botno lu MUD that iii now educational iustI.
lnust necessarily struggle ior esiateuce md e.
poet to meet grave flpnnclpl cr,barrasyucnta
tlr.lng tho carly years OF Thur osistencc. From
t!,etu tA!nsa tlo University Of Cltca 70 Inn MI
laen exempt, It ID probably duo oniy to to tH ths
hiruat;,n .xortions o( its friends tha. It ,as mi
niIccl.lubet to LlIuu,,
TIE uos. Rgn1oUs 1scu,tnsAscr
on tho University ls mortgage for 100000,
amos com.i,y. Q. fhiIsde!phis % Thtu @ 1norIsaao rS
IL ipnE overdue, hut its holders nro not
inclined to rrers tho puya,uut Of tho nrin.
cIpA 70 long ~ Ntloy aro euro OF
regularl; Eccalrng their Interest. Thor ngont
u11 hunt,T nf In i;ntrcrs.v ,nd + T. .arat.
that 60 long ~ tho nlorteago Is iu bis hands. tio
Uniyc16ity wlll not be seriously rfossod unieBe
ct course. il detaulta iu tho ntorost. II is I'M.
haa happoncd, the Doctor has como forwurd and
carEiod tho Interest for Tho Uuiycrsjty. i,ci,,~
Perfectly wiling to do so until it wa abIs to
rurGy lllEn. Last year
Of tho Unlycreity rna a72, 900 made I'm ~ txo
i.cMa--nbout e50,010 OF nccri1ou intoreBt md
t92. COO borrowed from the Greek Fund wbtci, Is
spccls! endowment, It was nioo NECESSARY to
provide for interest On tho mortgage ds6t. vi'tcb
s1uornts to So 600 nor annt,,r,. o,,} m fhe Nnat
Ing debt, which, bolpg al a hirhnr rstn ~
!nsere.t. amounts 10 abont e7,ooo per nm nnnum.
eiyo Of tho propcrty tsclf. yained ~ nhnmt
eo5,oo0. THIS eu1n was mado up Of eso,9oS
OF subscription notes, e1D.OOO ia snhscrjn,tnns
souditional o., tlle secprpg Of Certain .m,n
$4,000 In laud doastlons, aid f62, 600 in Isnd
speculation into WHICH tic Uniyorsjtv wa,, s9"a
Jointly With MI, D. +. Jncobs. Al thn ,omuaf %unf
meeting last Aoril It wss reEn,yoti tn m avsss
vigorously for sl,baoripijops in nricr ~ roso
money to DIV OF tho dobta, and alnn ~ cn1nS,
The pregidcut,s cl,nir. An Inn .hce,, aiatcI H."
cxpcusos Of lis iInivorsity ~, eos 6an ~, .n'
nun. Fifteen thousand dollars Of thls ~. ira a. ~
cciyea from it;nn fars nd hn,ra,u,t ~ ~ ~
tls!lls, The DreBent ehnrv ri I,reafi1nnt Mns. H.
s5QuU pcr nunum. md II that oo,.1tl ,s n1ow5sd
foF, tho curront ssrnennes' in With III uaor
there WA dnHr3enny NJ IN I'M cnnl h. o,'s,ta
met '' - T'''''' ~SAo '''@'"'
Thc 1abors az nr. I,nrro,,pbs mud otbars IN
EoI',c,r,sn 't s,1nssnur,oss rim ~'1''a ~
tpu not resuilcn A. favn,nhiy ~ NM ;,or,,, , xa,,
vso Ts f. ano - ~ a,,o ~as ~ aoea a yeas
10 Dr. ,urrous ~ sc,ss .g1 pa lug ees