Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1885-02-23
IMPORTANT.
A Matter that should at Once Receive the
Attention of the Legislature.
T,hs E9ilor If khs RegiSfer.

A Matter that Should at Once Receive the
Attention of the Legislature
T. ne Editor Of Ire Register.
HUNTINGTON, W. Va, February l9.-The
West Virginia University owns 100000 Of
U. S. 6 per cent bonds, subject to the call Of
the Secretary Of the Treasury in the re-
dempton Of the public debt.
These bonds now command q premium Of
rs per cent at the latest quotation have
seen. The premium on them therefore
amounts to $2s, 900, which may be added to
the principal if they are sold at once and
before they are called for redemption; in
which latter case they will bring only par or
face value.
II not so sold but allowed to await the
call and the statute relating to their invest
ment be not changed they must be rein.
vested in stocks OF the United States at 3
cost for premium Of % per cent, which win
reduce the amount 20 less than 10000.
Now add the amount of premium which
NAV be obtained II sold now, SIS, 900, to
amount of loss BY this sort of investment
say $40, 900, and there is clear loss of
principal Of $4,000, or nesrly fifty per
cent Of the endowment.
A year ago IS, 900 bond of this fund
was called, netting 5000. This was re-
invested in United States 4 per cent. bonds,
netting only $4,000.
The Board Of Regents, in view Of the
facts, passed the following:
Resolved, That it is the sense of this
Board that the law requiring the invest
mentof the trust or endowment funds Of the
/ University, in q loan or stocks of the
United States ESQ chapter As eode), ought
to be 80 far modified as 10 permit Its invest
ment otherwise than therein specified, for
the reason that the premium usually de-
manded in the purchase Of United States
bonds is 80 great as to greatly impair the
principal of said fund, and that contin-
uanee Of said policy ofinvestment viii ult-
mately result in the loss Of the whole prin-
cipal thereof"
1vsnture TO suggest that those author
lied to manage this fund shoold have con-
eeded them q business authority, under
which they can act ike q business person
does in the management of his estate. The
field should be enlarged so as to include
Omitted States bonds, or bonds Of this
State, County, Municipal or District bonds,
issued By authority Of the laws Of this State,
or sach other solvent bonds or securities
within this State as may be selected or pre-
feFred"
hWR be seen that the necessity for leg
islation regarding this matter is at present
demanding attention, as all of the present
investments viii probably be called in be-
fore another Legislature assemblies. / have
written to gentlemen of the Committees on
Education Of the House and Senate, but
have not received answers assuring me that
my letters have been received or the matter
given attention, and, not being in receipt Of
the current Legislative literature, am in
doubt. As member of the Board Of Re
gents, and recognizing my responsibility in
the matter, take this method Of trying ~
wake up somebody who win give this matter
such attention az is Importance deserves.
Then, if il Is neglected and the calamity
that appears imminent shall come. viii be
able 70 say, "Thoa cAnst not say did it. !"
Very respectfully. E.A. BESxErr.