Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1897-02-19
BLACK HILLS.
BLACK n,LL> COLLEGE AFFAIRS
Board of Trustees in session Thursday
Pres. Iiuncl,cr lsc>ign>.-Prof. Lymcr
Installed President.

Installed President.
The board of trustees of Black Hills
college held II very important meeting
in the city yesterday. The business
before the meeting was mostly the con
sideration of the report of President
Hancher which is SO important to
the college interests. and will doubtless
be so interesting to our readers that
we make the following excerpts:
I'm accordance with your instructions
at the adjourned session of the com
mencement meeting last August. / i'm
mcdiately planned to give my time
wholly to our financial interests, as
soon as our work could be adjusted to
that end. $ Before the smoke of
political battle had cleared away. fol
lowing our national election. went
east and spent three months. princi-
pally i'm and about New York and Phil
adclphia. soliciting funds for our work.
| found it impossible to secure the at
tentinn of the eastern people as long
as ! talked the debt to them. They
declined to help MS pay our principal
when they cannot pay their own prin
cipal The only claims could present
that appealed to them were the teach
ers' fund and interest fund. Occa-
sionally found IL man who would give
so lething To the interest fund to aid
i'm securing an extension of time. or to
assist i'm paving teachers. But many,
very many. nearly all persons solicited.
declined to aid at this time. also
found it impossible to get into the
churches to take collections. At IA
more opportnne time something may
he done in this direction. but the east
ern conferences meet principally i'll
March and April. and while was east
they we're pressing their benevolence
collections. In my three months stay
l succeeded in presenting our cause in
but one church That effort realized
:sl66 subscription, sl40.5o of which was
cash. Il
The result of the eastern trip was:
Cash receipts. sl.sst.2o: expenses.
S316.ss. leaving IL net cash balance to
the college of 81 ,5O7:2: while there still
remains subscription due the college
of so. Continuing his report Presi-
dent Iiancher said:
On Saturday. January3o. it became
my duty aud pleasure to meet 10y APP
III. Porter, cashier of the Cheshire
National bank of Keene. \. H.. who
represents the holders of S1ojm of our
first series of bonds. Our interview
lasted two hours aud was very agree
able. stated fully. freely and frankly
to him our financial embarrassment
and then made plea for leniency. the
result of which was an agreement on
the part of MIR. Porter to recommend
to the holders of the first series OF
bonds as follows: First. that they ac-
cept in final and complete settlement
OF the 1920 interest now due. one halt
that amount. provided the payment be
made on the first day of March, 1891
or \: Il sum of not less than two thirds
of that amount. or s640. to he paid 10y
that day. and the remainder gllaran-
teea 10y the trustees within Il reason
able time thereafter. Second. an eN
tension of time on this series of bonds
for ten years. Third. Il reduction ot
the rate of interest for the next year
beginning May, LIST, 1897. to four per
cent. i TO be paid on the first day o
Nov. 1897. Fourth. a reduction of the
rate of interest for the year beginning
May lst. 1898, to j per cent. or 5000. tt
be paid semi-nnnually Fifth. a per
manent reduction of the rate of inter
est for the remaining eight years. he
ginning May LIST. 1899. from per cent
to 6 per cent. to he paid dsemi-annaally
In view of these liberal and generou.
concessions upon the part "f MIR. Por
ter. as the representative of these hold
ings. he insists that the payments OF
interest for the next succeeding two
years shall be made upon the very day
they are due or the contract for reduc
tion of interest rates and extension %
time shall he declared null and void.
With this arrangement provided
these conditions met. and this eNten
sion of time secured. | think we ma.
again begin to behold the dawn AM
hope for brighter day for this insti
tuition. so near and dear to all on
hearts. The Union Hill Mining Com
pany has 10y some means and. L dar
hope. providentially. sold its ,stoc,
quite largely to Methodist people. ]
ers believe in it and its management
absolutely. They believe it to be
>. second llomestakc They are broad
minded. generous and liberal peopl
and some of them assure me that
Union Hill should realize half thei
expectations this institution need hav
no fears for its financial future.
Times are better in the east. but me
have not yet made any large none.
and so are very conservative abou
sharing the burdens of new enterprise
A number of wealthy and philanthroE
ic Methodists of New York City hav
failed during the past three years, an
in consequence our institutions nc
only lose their support but are atfecte
by the conservatism and caution th'
have not failed The pulse of tinanci'
expectation is strong and quick. Th
commercial east expects a revival 9
business with the incoming admini
tration of our government and yet
not ready to make pledges upon fait
If their expectations shall be realize
and the Union Hill property shall b.
come steady producer it is reasonab
to hope and expect that Black Hill
college will be placed upon its feet
nancially and will be a great factor I
,,eafulness for all the future