The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1889-09-19
is THE JOHNS HOPKINS UNIVERSITY
BANKRUPT2


The serious impairment of the funds
of any of our well endowed colleges or
universities is a matter of public con-
Germ. That the Johns Hopkins Univer-
sity of Baltimore has for some time been
much embarrassed is well known. Its
funds were invested IN the stock of the
Baltimore q Ohio Railroad and that con-
Germ is under cloud. The New York
Sun published few days ago, rather
sensational dispatch from Baltimore TO
the effect that the splendid endowment
of s., 000,0 900 made by Johns Hopkins,
the Quaker merchant of Baltimore, for
the University named for him, was really
gone. Some time ago, owing to the dis
appearance of dividends from the rail-
road stock, the friends of the University
raised fund of $780, 600 and it was pub
licly announced that this sum, with the
surplus funds Of the University and its
income from students would keep the
institution on its feet till 1892. In the
meantime 1t was hoped that the railroad
would resume the payment of dividends.
At all events the surprisingly excellent
work the University was doing was GER
tain to be continued for several years.
There was, to say the least, no call for
the publication of such dispatch and it
is alleged by the friends of the Univer
sity that it was done, not to hurt their
institution Of learning. but for stock job
bling purposes. The Sun, however, does
not admit this and goes on, in subse
quent issue, as follows
1.-The Suns article from beginning to
end was strictly truthful exposition of
the actual condition and prospects of the
Johns Hopkins University,
"There was not word in ii that was
not in exact accordance with the truth.
So far as the original Hopkins endow.
ment is concerned, the University is ut
terly and hopelessly bankrupt. That it
begins the year with 'unimpaired eff
cheney is due to the extraordinary eneT-
gy and pluck of President Gilman and
to the donations and contributions which
he has inspired and secured. There is
money in hand for the year, and if the
liberality of his friends is continued,
there will be further and adequate offer
ings to keep the concern going. This
precarious existence is substituted for
the splendid resources left to it by Johns
Hopkins, which are gone to Irretrievable
smash, all to crafty the vanity and sat.
isfy the selfish purposes of the late John
w. Garrett, who left legacy of ruin to
both railroad and University.
THE University had the Baltimore &
Ohio Railroad stock to depend on, and
nothing else. Its Trustees had the pow.
er to change the investment when 1t be-
came endangered. They were warned
in time, and no one pleaded more siren
uously to have it changed than Presi-
dent Gilman himself, fully alive as he
was to the impending peril. To change
the investment was to incur the DIS
pleasure of Mr.. Garrett, and there never
was a Johns Hopkins University Trustee
who had the courage to do that. Mr..
! Garrett ran the Board of Trustees just as
he ran his Board of Railroad Directors.
His influence was predominant, and LIE
ran them both into the mud.
These are the facts, and no amount
of prevarication, nor even of square ly-
ing, can obllterate their truth"
1t was surely unwise on the part Of the
Trustees to keep the funds tied up in the
Baltimore & Ohio Railroad, no matter
how promising the investment. All
railroad stock in this country, with Inter
State Commerce legislation and other
Granger legislation threatening it, to say
nothing of stock iobbing schemes in
Boards Of Direction, is of too precarious
nature for educational institutions to
invest in, to any great extent. To put
all their funds in the stock of any one
railroad is repreheDsible on the part of
any trustees of such an institution,
These Trustees, we believe, claim that the
case is by no means so bad as represent
ed by the Sun. 1t is certainly to be
hoped that it is not