Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-04-22
Deficit a Heavy One.

DR.. Philips declared that If the univer-
sity should realize on its assets and pa,
all its debts it would have less than $500.
600 left.
How Is the borrowed money secured?
asked Representative Borland Of Missouri
II don't know"
You say there was deficit in one yea,
Of $97.OOO7" asked Mr.. Johnson.
ing in August 1905. replied Dr. Phillips
shows that the expenditures were
$25o. 414.s3. and the receipts. SIS, 52e. So
leaving a deficit of s97. ss1.21."
DR.. Philips" said Mr.. Pearre of Mary
the university would be affected by the
passage of the Boutell bill to permit it to
ehjoy the benefit Of the Morrill, act?'
Il do not believe" replied DR.. Philips.
that getting the fund would help the
university
Representative Olcott of New York
asked II it was not possible that some of
the Corcoran endowment fund had not
been used to erect new buildings.
MOT that I know Of" DR.. Philips
answered.
Had Proceeds in Cash.
The witness then said that after the
sale of the Columbian Law Office build
ing, in which the Corcoran fund had
been invested, Van Ness Park had been
purchased, and in turn that property
had been sold.
The idea was. he said, to purchase the
Dean place at Florida and Connecticut
avenue. but this fell through and the
amount for which Van Ness Park had
been sold, which he understood was $780,
900, was left in cash in the hands OF the
university.
Questioned by Representative Borland.
DR.. Philips said that Adds B. Browne.
49,
George Washington University Alumni
Association, but, so far as DR.. Philips
knew, had not taken any part in any In
vestigation or inquiry into the finances OF
the institution. DR.. Philips said he had
not consulted with him or other officers
of the association in particular, but that
he had talked a number Of times on the
subject.
1t was then related by DR.. Philips that
more than year ago President Needham
that I'VE will have to raise 100000 by
the first of September $500 or we will
have to close"
What. cried -Ir. Johnson, "Oh, net
assets of less than $500. 00O"'
Later, DR.. Philips said, this statement
was amended so as to mean that the s.
100000 would have to be raised or the
institution would close. but no time limit
for raising it was mentioned:
could this committee get the financial
report of this institution for the last
twenty five years?" asked Mr.. Johnson.
IF don't know DR.. Philips answered.
Faculty Not Consulted.
When he was dean of the medical fac
ulty, Dr. Philips said, he was never con-
suited about finances of the institution,
President Needham having declared that
that was not the business of the MEM
bers of the faculty, but Of the president
and board Of trustees.
DO you claim that this institution is
in financial distress?" asked Representa-
tive Kahn of California.
II have the statement of President
Needham to that effect" said DR.. Philips.
HE says so in a statement issued last
June called the Final Word"
Members of the committee then in
-uuired whether George Washington Uni
versity had at present any courses in
agricultural or mechanic art which would
fairly entitle it to enjoy the privileges of
the Morrill, act.
To this DIR. Philips replied that DR..
Harvey w. Wiley. chief of the bureau of
chemistry of the Agricultural Depart
ment taught chemical agriculture, and
that this was about the only course he
of agriculture and the mechanic arts.
How much did DR.. Wiley get?" asked
a member Of the committee.
DR.. Philips smiled. He was paid for
services rendered" he said, land 1 heard
DR.. Wiley said some time ago that he
had received $11.20 for the year.
WELL suggested Representative
Pearre of Maryland, II guess that didn't
impair the finances of the institution