Morning journal and courier., 1889-09-10
IN DIRE STRAITS.
A Great University Nearly Bankrupted
 - Its Magnificent Endowment

A Great Bniverslty Nearly Bankrupted
 - Its Magnificent EnAowmen,
 Wrecked.
 BALTIMORE, Sept. 9.-The Johns Hopkins university is in sore straits. It's magnificent endowment and prince1y income are wiped out and the trustees must pass around the hat for funds to carry it on. The mis- fortunes of the Baltimore and Ohio road ac- count for it. President Gilman from the first urged a sale of the railroad stock which constituted the university's financial founda- tion, but was powerless to bring 1t about.
 Judge George W. Dobbin, president of the board of trustees, lives on charming estate at Relay, few miles out of Baltimore.
 "How much have you had to reduce the salaries at the univsrsityg" wes asked.
 "Not materially. It would not have been fair to do so after getting superior talent to come to us by offers of liberal salaries. While we have not cut down much we may not be able to expand very much beyond cur pres ent limits"
 'sIt is said that the trustees have wanted to unload the railroad stock"
 "Unquestionably we would have been glad to do 80. We had an option, but MT. Robert Garrett got into trouble with Ives & Staynor and it fell through.
 "Did Ives & Staynor make you an offera"
 "No. MT. Garrett had an offer of ITO from them, and he made us bid of some- thing less. We agreed to accept"
 'tIt is said that at least a majority of the trustees have favored selling the stock ever since the organization of the university, but could not do 50 because of the opposition of MT. John W. Garrett"
 "Oh, in his day there never was propo- sition to ssll discussed at the board meet ings. Why, he always used to attend and sit there at the table and talk about the condi- ton and prospects of the road so charmingly that we never thought of such thing BE selling. When we hsard him we thought the stock was too good thing to sell" "What was the cause of the troubles of the Baltimore and Ohio, should yon say, as railroad mans MT. Garrett was considered 6 great man."
 "Yes. He was a great man in way The trouble-I do not like to call it mis- management-arose out of the concentration of power in the hands of one man. While the stock, they held so much that he was able, with the aid of few personal friends and the university stock-[deprecatingly] ht was a member of the Board of Trustees, you know-to manage things as he pleased. MT Garrett was self. deceived man. He was [ man of great wealth, and could effect loaI to tide over any difficulty of his own re- sources. So he managed everything very loosely for the road"
 "Is there any printed report of the con dition of the finances of the universityf" "Yes, but I would not feel justified i1 making it public"
 "Can you give me an idea of what the in come of the university is outside of tuition paid by pupils"
 ''I do not remember. I learn such thing at the meetings of the board and then forge them"
 "Have there been at any time any disa greements among the trustees over the prop osition to sell the stock?"
 "None whatever. We were all agreed e ! to the advisability of selling whenever a suit able offer was made."
 President Gilman by his course during thi 1 trying time has commended himself to ever 1 citizen of Baltimore. Although obliged b. the reduction in his salary to give up hi home and take lodging in little four-stor l red brick boarding house called the hit. Ve1 1 non Hotel, he has made no complaint, and i ! as earnest in his faith in the future of tn l university as ever. Should some wealth ! friend of his re-endow the institution hi hopes might be realized, but not otherwise | To this end are the real friends of the uni | versity now looking.