The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-04-24
ENDOWMENT FUND Is CONF
rRt >IDENT OP GEORGE WASH.
ron UNIVERSITY ADMITS III.

ssys ~ That nemalAea q sns aam@ 60
--Ture'a ~ . aortgaws En- tpse sa~uss
~ Whbch 1Se LiVes-TNe RaalP~ m.
dO~useae % secured ~ maAl EuaAas.
AsHINGTON. Aprilas. -Proaiasns Med
ham Il the George washAngtOa University
auoWlsdsed to-day at q hearing bsfors
'nr House District COMMITTEES on Rpprs-
-..rl,tlvs wiley's resolution requiring
tie Nttoney-Gsasral 10 invssaiGats the
institution that only eie.0oo remained
81 'n" t70O.0Oo COroOEan endowmnna
uui and that this Sla.OOO 10 ssoursA hy
o. gage on tho house In which DT.
N..-iham lives and TO which he holds title
ln"ss facts were the hasis o9 tn naasn-
0"n'~ made against the management
90 ia institution before the Dlasrict
-'rut'ee yesterday by Dr.. Philhps,
I"'usry dean Of the Medical Hchool.
Nno vas dropp~d about q year ago.
fr''>Ident Nsedham contsndsd that
go" HOUSE transaction was entirely
r-E .Iar. having been iHAOrpad hy tAs
f--,gd NJ trustees. and that the entire
Vn,~'ran endowment FUND was amply
S-.'ir'i Ivy real estate owned hy the
University and which it 10 now tryinR
{. ,"'l When sold Dr.. Needham was
o'nh'en' the endOwmen. FUND would
~ r''coSAted in liz entirety and proiltabiy
bgV~sis-i
fr''sid-nt Nesdham made no boass
ahout acknowledging that tho endow-
ncnt fund had been dsplsted on two
""csslons TO taks up some Of the out
handing debts and to help pay The rum
U.ns expenses Of the university. The
i'Oard % trustees. he admitted. had
dismissed the question az whesher they
had right 20 use the sndownEnsnt fund.
shich, he said. had hsen given 20 the
university ON condition that the Drin-
'ipAl u the donation when realized shoultl
b" funded and kept forever intact. the
interest alone 10 he applied % the sup
rOTt Of the collage"
The board finally deoided. he aaid.
mat II could use the fund. keepinR the
,dea in mind that when the university
property was sold the money would DO
raid Rack.
he house in which Presidm,. Needham
:, wing in \ street. the president Gays
IN a statement:
4 full statement d the transaction rs-
garriins the house in " street was hlsd vsseh
tho senate Committee on ARriculeurs.
and 10 20 be found In the printed record
~ the hearing before thsa committss.
IN" house was purchased by the unit
'"r-Ity for ci 600 and changes and re-
Ia!rs made TO the sxtsnt Of tlaOo0 There
Ne. MI incumbrnnce upon tho property
80 S.S1. The university paid and en-
Tended sls.0D In money. The presiaeas
"Ccupied the house. paying the fun amount
~ interest the fund.- were drawing Ana
,hs taxes ~ rent: Whesf The mortgage
snauIred the university not being N
iLhds the president personally paid
~ the mortgage ot $3.50. making the
total cost s2i 500.
'Dvsiring that the university should
ave the hr.t proceeds Of any sale Of the
Property. after the university had held
TIE title for a year the title Was changed.
giving the university . trust deed for
$1,000, leaving the equity In the praaidant
20 secure the money which he had par
-"nally advanced. The full interest and
CIR ne Use OF the house, II thew should
To- any profit over and above the cost u
will h~long to the university: 10 tlFers u q
$50 It wall come out Of the presidents
equity
Another w'tn~-- al to-day's session Of
- committee VAS former Representative
H''nry X Porter 81 Pennsylvania. who
'-'sl to be a mesnbeT ~ the board Of
rIstees 81 the university. Mr.. Porter
Id the committee to-day that he offered
~ contribute ~ 0DO a year for FIVE years
'' condition that the university raised
'7''f0 for that period. haga he had never
lie good on this proposition. he Aaid,
'sauss i was never abe TO ret q salts
'-'ury statement of the finances with
-sga-d to the money raised in order that
"u ght satisfy myself as To whether 7 was
'"Ird 20 make my contribution. and that
o.. nj = Ia tn "A v.rse
r-aN, from the board % tT,ssts@s.
.- siJsappointed st the lack Of interest
Sen md I was not pleased when ! could
s"t a definite statement Of the finances
'-''' On the conditions LAID down in my
~:~s.ment
i--rv viii he mr. more heaffhRs on this
infect before the District 81 Columbia
..'uW 'ttae ~ the regular nesting OF
" e"mmittee newt wednesday the Wiley
20. 'g'iJn will be acted upon