Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-06-07

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this source temporarily the sum OF sio
900, rather than mortgage the valuable
property Of the university
1T was thereupon 'or1ered that the
sum OF $l0.00o be temporarily borrowed
meet the expenses incurred In the equip
ment of the Corcorsn Scientific School;
the consent of Mr.. W. W. Corcoran to he
obtained
1T is stated in the treasurers annual
report for that year that Mr.. Corcorans
consent was obtained to this borrowing.
Afterward the university appears to have
borrowed from the Corcoran endowment
fund $Ss,4A, Is and given Its notes for
the same. In the year 1897 II was dis.
covered that the then treasurer, Robert
II. Martin. had embezzled the sum II
S@o.SO.S1 OF the funds OF the institution
(of which $3.50 was subsequently, re-
coveredD. Part OF this consiste OF as
sets OF the Corcoran endowment fund"
Quoting at length from the minutes OF
the meeting held January %, 1887, the
report continues:
From this it would appear that the
trustees sold the old law-building site on
9TH street to the Corcoran fund for
$4,000 and attempted to transfer to the
Corcoran fund the balance OF the. lots
granted by Congress at a valuation OF
$4,000. The 9Th street site had been
oneTed to the government for posi-
ONCE a short time previously Tor SS5,uS.
The lots granted by Congress being the
subject Of special trust and not APP
plicable TO the payment OF debts. the
effect of this arrangement was TO leave
the Corcoran fund impaired to the en-
tent o: $4,000.
"Afterward the assets OF the Corcoran
fund were used to erect the Columbian
building on the 9Th street site. This was
sold In 1895 for Sl62. 800 and the proceeds
used to pay notes given for the purchase
of Van Ness Park. Van Ness Park was
then sold in 1907 to the government fof
s20O.UD and part Of the proceeds in
vested and the balance transferred to the
general fund. Most of the investments
have since been sold and the proceeos
merged into the general fund and USED
for current expenses"
House of President Needhan,.
After a statement OF the subscriptions
for the purchase of the Dean site.
amounting to $50, 5Ss Is. and a reference
to the work Of DR.. Richard D. Harlan in
this connection. the report concludes with
a statement regarding the house Of Presi-
dent Needham. ITO NJ street:
This house was purchased under the
following circumstances: DR.. Needham
signed an agreement with Westcott a
Story, November To- 1906 to purchase the
house for $500 cash. subject to an exist
ing encumbrance Of $500. Five hundred
dollars cash on account OF the purchase
money was paid out of the trust funds at
the time Of signing the agreement.
President Needham reported the pur-
chase to the board OF trustees November
ii. 1906. and his action was approved.
The sale was perfected November y.
1906 and the balance OF 5000 paid and
title taken In the name of the treasurer
as trustee for the university Repairs
and alterations to the house were made.
costing s9.266. &C. In addition thereto
there was paid for interest and taxes
$2jO.S7. furniture $4s7, and cash paid TO
DIR. Needham $49.I.61.
THE explanation of this cash payment
to DIR. Needham Is that he had paid
sundry small bills for repairs amounting
to about that sum- and the amount was
stand the university exactly $4,000. This
payment was made June II. 1897. The
trustees June had authorized the In
vestment by the executive committee Of
$4,000 In the NJ street house.
December II, 1907. the president Of
fered. in view Of the maturity Of the
mortgage of $500 that he would take
title to the house, pay off the mortgage
Of $4,000 out of his own funds, and
give the university his own note and
mortgage for $4,000, payable In three
years at per cent. This offer was ac-
cepted by the executive committee.
This arrangement was carried out.
Charles w. Holmes, the treasurer, who
property to Charles W. Needham. and
DIR. Needham paid off the mortgage OF
$500 and gave note properly Sc
cured by trust deed on the property
for the $4,000. BY this action the uni
versity secured first lien on the house
for $4,000 and Dr. Needham received
the equity for his $500. Prior to this
the university held the equity subject
to a first mortgage Of $1,000.
Admiral Powell House.
This house was devised to the univer-
sity by the late Admiral Levin NJ. Powell
by his will. to be held in perpetual trust
by the university. and the net proceedi
from it's annual rental to be applied Il
the creation of free scholarships for the
benefit Of students proposing TO enter
the Naval Academy at Annapolis. or To
| embark in the service of the merchant
marine.
1.-THE house is rented at $50 per month
and the income is carried into the gen
eral fund.
''In the statement Of the liabilities Of
the general fund is included due to
banks. S61,500.' standing unsecured. but
the record Of the trustees shows they pur
posed to hold as collateral for loans not
to exceed $1,000. the equity in the lots
at the corner of 18th and III streets, the
lots at 1928 to 1885 II street over and
above the mortgage of S4JO,UO held by
the T1Qellty trust company OF fHlldOcl-
phia. and also the lots remaining of the
Congressional grant and the lot remain
ing of the Burgdorf lots which belonged
20 the Corcoran endowment fund.
copy of such a resolution was delivered
to each bank from whom they borrowed.
Appended to the preliminary report
Of the accountants are many exhibits,
comprising statements OF cash re-
ceipts and Endorsements on the trust
funds accounts, reports Of meetings.
descriptions of the university organi
zation. the charter OF the university,
acts Of Congress relating to il. the re-
port OF President Needham submitted IN
November. 1905. an address by Presi-
dent Needham at the opening OF the
university September %, 1909: esti-
mates of receipts and expenditures for
the fiscal year ending August 81, 1910.
an itemized inventory of the equipment
Of the university. the class enrolment
Of the several departments OF the uni
versity and finally. the salary rolls OF
the several departments.