The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-09-19

t~reasurer's report, the college is not
only absolutely in better condition
financially than ever before, but it is
relatively stronger ever than in 1899,
when burdened by a debt of $4,000.
In looking back upon the physical de-
velopment of the college for the past
few years, 1t can scarcely be seen how
at any juncture of the process the
board could have acted. with greater
wisdom than it did. Viewing the sit
uation in the aggregate the debt seems
large and the question will be asked,
Gould it not have been prevented?" 1t
could have been prevented indeed, but
at a far greater cost to the college, not
to be expressed perhaps in dollars and
cents. Let us review the matter brief
ly in detail.
After an effort of more than a year
we succeeded in securing a proposition
from Andrew Carnegie to assist in the
erection of a library building. He Of
fered $4,000 on condition that we
would raise $4,000 for the upkeep of
the library. The building ultimately
cost about $4,000, and upon it we
have a liability of $7.712.S6. But in
this transaction the trustees secured
for the college an asset of S6S.OOO. In
the midst of the for additional
funds for the library building, Zenas
and Rachel Bundy proposed to give
$4,000 for the erection of a dormi-
tory for boys on condition hat an
equal sum be raised for the same pur-
pose. They were anxious that the
building be erected at once, and there
was urgent need that the congestion
In Earlham hall be relieved. The board
certainly acted wiesly therefore in as
Stunning this additional responsibility,
although the effect was to arrest the
subscription to the library building.
On the Bundy dormitory there is a
liability of $5,219.22, 'over against
which is to be placed an asset of SAT-
794.36. The building debt, therefore,
upon these two buildings is S13, 1881. 0S.
While this work was in progress the
old heating plant of the college gave
out. 1t was no longer adequate for
| the old buildings, much less the new
ones. The board could have pre-
vented the obligations on the library
and the Bundy dormitory by refusing
the offers of Andrew Carnegie and
Zenas III Rachel Bundy, with the
conditions imposed upon them. But
they could not prevent the failure of
the heating system. For years it had
been patched UP and temporary en-
e~rgencies met. But nothing would
do now but a new spstem. The only
| alternative was to close the college.
The new system was started; it has
not been completed, but the cost up
to the present time has been S15,079.-
rs. Before many years it will be nee
| essary to install an additional boiler.
and the college now is losing hun
dreds of dollars annually because We
have not felt able to install u own
lighting plant. With an expenditure
Of two OF three hundred dollars, we
could manufacture Il own light at a
cost considerably below the present
cost. The cost of our light for the
present year was s1,so2.s2 The addi-
tional Indebtedness was incurred
through the numerous improvements
made necessary by the new buildings
and by the effort to place the farm in
a condition to secure greater returns
therefrom. These improvements con-
sist of such matter a. tunnels for heat
and water. cement walks, roads, grad
ing of lawns. sewerage drains, under.
ground bitches, fertilizers, improve
ments about the barn and the pur-
chase of some additional stock.
In this connection it may be said
that with the installation of a sewer.
age system IN the west side in Rich.
mond, the college will secure a per
manent and satisfactory means OF
sewerage disposal. For the privilege
of tapping into this system, the trus
tees conveyed to the city three acres
OF land of little value, situated in the
ravine south of the college buildings,
upon which a sewerage disposal plant
has been constructed. One acre OF
this land was first conveyed to the
college by the Earlham Cemetery as
ISOLATION in consideration of which
the college valves its privilege of en-
plying its sewerage into tie STREAM
which flows through the cemetery
property.
Additions to Endowment.
1t is especially pleasant to take this
opportunity publicly to express oul
gratitude that so many friends of the
college have recently contributed to
the endowment funds. In this list