The Washington herald., 1910-07-08

Il seems probable that the property
Of George washington University at
Fifteenth and H streets northwest will
be sold to a purchaser whose name is
not divulged for $4,000
The property has been in the market
for about two years, the fact being rec
ognized that whenever an offer should
be made for 1t that was satisfactory to
the trustees il would be accepted. With
in the two years numerous propositions
have been submitted for the purchase of
the ground and buildings. none of which
eventuated in a sale, Several options
bave been placed on the property at one
time and another only TO be Cancelled at
a later date.
Recently two offers for the property.
including the college building and law
school, were filed with the trustees. one
OF them for a lump sum of s554oO0 The
matter Of the sale OF the property was
referred to special committee for con-
sideration, and at a recent meeting of
the trustees this committee reported IA
vorabIy upon the offer mentioned.
Sale May be Ratified.
The sale has not yet been ratified by
the trustees. certain details Of the trans
action not being complete but it is be-
lieved that when the necessary papers
are ready and the legal techniealities
met and sale viii be ratified and the
transfer made. The sum to be paid for
the property AMOUNTS to about s27
square foot. figured on the basis of the
ground alone.
In case the transaction is consum-
mated as outlined. it is understood that
the buildings upon the property win be
either torn down and a new Office build
Ing erected. or that they will be extern
sively remodeled TO suit the purposes of
business.
Statement by SIR. Snow.
The following statement was made by
Aipheus II. Snow, chairman of the ex-
ecutive committee of the board OF trus-
tees of George Washington University:
In the financial reorganization Of the
university many novel and difficult ques-
tons Of law have had 10 be decided and
many complicated matters Of fact have
had to be ascertained
The questions Of law are now nearly
settled by the opinion Of counsel and
the agreement Of the lawyers concerned,
and the matters of fact are now nearly
ascertained by the accounts 90 the audi
tors appointed by the Attorney General
under the resolution of the House of
Representatives. 1t is believed that IL
VIII soon be possible for the trustees TO
take final action.
VIII Pay the Creditors.
ut is expected that the reorganization
VIII include the payment Of all creditors
and the securing Of all endowment funds
by specific property. which shall repre-
sent the funds. the purpose being 10 have
all endowment funds represented as soon
as possible by Understanding securities
Of the best class.
1T is the plan to have these securities
held and reinvested by trust companies.
these companies to act as the fiscal
agents OF the university through their
trust departments. and the finance COM
mittee OF the university TO have at all
times supervision and control of such in
vestments.
1T IS also proposed. as part OF the
reorganization. TO employ an audit com
pany to install a system of bookkeeping
consistent with the most modern ideas
Of university accounting and TO appoint
such company the permanent auditor. TO
see that the system Is maintained and
perfected and that the accounts are at
all times correct"