Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-04-23

the general purposes Of the university: SO
that the net income only Is applicable to
the general purposes. about $4,000 are
special endowment funds to pay profess
sors salaries. 30 that the net income only
is applicable to this purpose: about 81. 900
! are held on special trusts for scholarships
and prizes. SO that the net income only
is applicable for these purposes: and
about SCI. 200 are hello on trusts for build
| ing purposes, so that the principal and
| income must be allowed to stand anu ac-
| cumuate until the building funds are
| completed. The total resources of the
university may thus be classified:
Total Resources.
Amount applicable to building appara-
| tus, furniture and fixtures, $4,000
| Funds, the income Of which Is applica-
BILE to general current expenses, 1892 600.
Funds the income OF which is appli-
cable to professors salaries, 1910
Funds the income Of which Is appli-
cable to scholarships or prises. $3.50
cumulate. $1,000.
Total resources as above, 1885,, Ooo."
Corcoran Endowment.
| Concerning the Corcoran endowment
fund, Dr.. Needham made the following
| statement:
1.-The only endowment fund for the
general purposes Of the university IS
fund. the total amount of which is es-
timated at $4,000. OF this amount
| $4,000 was given partly in real estate
| and partly in securities. by William w.
Corcoran. and about $4,000 by a num-
Der of persons in Washington, Balt1.
| more, New York and the New England
states.
of January II, 1873, stated that his gift
was made in pursuance of his publicly
| announced intention, in view of the
previous proposition Of the trustees rus i tho 10
permanent endowment of a college, ana
It's elevation to the dignity and useful
ness Of university
I'm that letter he stated that the cond1-
ton of his gift was that the principal Of
the donation when realized should De
funded and kept forever intact, the in
terest alone to be applied to the support
of the college. In the deed OF the real
provided that the proceeds OF purchase
money thereof, together with the sum OF
100000 subscribed and to be obtained
from other sources. in addition to the
proceeds of the sale of the real estate
donated. shall constitute principal sum,
to be known as the Corcoran endowme Mt
fund, and to be forever held 1nal1enaDie
and not to be diminished by use for the
support of the said institution. but that
the whole amount of said principal sum
shall be invested in the discretion OF the
trustees of said institution, and accord
ing to their best judgment. and the inter-
est thereon or the income therefrOm. de-
rived only, shall be used for the current
expenses and support Of the said insti
| tuition
1.-The amounts given by the other sub
scribers to this fund were given upon
similar trust for the general purposes of
the institution and with q similar re-
striction. according to which the princi-
pal was to be kept intact and the income
only used for current expenses MI.
Corcoran's final gift Of $4,000 for this
fund in 1885 was made upon similar
trust and upon a similar restriction.
Borrowed With Donors Consent.
"In 1885, while Mr. Corcoran was presi-
dent of the board Of trustees, $4,000 of
the proceeds of the sale of the real estate
given by him was by his consent borrowed
by the university, to be paid for neces-
sary scientific apparatus. and in 1887 and
1888, during his last illness, and shortly
after his death, to meet pressing exigen-
cies, about $4,000 was borrowed from the
fund by the university to take up debts
secured on the university buildings and to
pay for necessary equipment Heretofore
provided.
Gin 1897 there was a loss to this fund
by defalcation Of the then treasurer of the
university amounting to about 20,OOO. In
1898 the fund was fully restored and pro-
ductively invested.
'In 1907, during The financial stress
caused by the bank panic, and In subse-
quent years, to meet the pressing needs
Of the District and to maintain the exis-
tence Of the institution as university
as contemplated by the donors and by
Congress, the funds were again borrowed
until there now remains only $4,000 pro-
ductively invested
1.-The result Is that by the operation OF
the law and the action OF the trustees,
the total amount Of the Corcoran endoW-
ment fund, with the exception Of the
$4,000 productivity invested, is now
charged upon the equity in the buildings
used by the university for its educational
purposes and the other three resources
of the university. The total amount OF
the fund. s102, COO or such sum as shall
be ascertained to be correct on precise
determination is to be restored to produc-
tive investment and kept intact"
The Congressional Fund.
Concerning the congressional professor
ship endowment fund DR.. Needham said:
"In the year 1882 Congress donated to
the old Columbian College. the predeces-
sor of the university, $4,000 worth OF
city lots. BY the terms Of the act the
proceeds of the sale of these lots were
10 De uScQ Us u CdpItdi oIiU ShC
| or interest accruing were to be used ana
applied, In aid OF the other revenues OF
| the said college. to the Establishment ana
endowment Of such professorsh1ps therein
as now are or hereafter shall be estaD-
lished by the said trustees.
''In 1889 Congress passed an act allowing
81 coo Of the proceeds to be used Tor the
payment Of the debts of the college. Most
of these lots were sold years ago, but
the university still holds part OF them.
valued at about $4,000. The amount OBJ
tanned for the lots sold will be ascertained
and added to the proceeds from the sale
| of the lots now owned, and the fund after
proper deductions for taxes, ETC., Will be
kept intact In the above statement this
| fund Is estimated at $4,000"
Concerning the buildings, site and edu-
cational extension fund, DR.. Needham ex-
| planned that this fund was raised by sub
scription, $1O5,O0O being subscribed and
| S34 900 paid in. The trustees consider 1t
| a Just Interpretation of this subscription,
| he said, that one-half Of the amount paid
| In should be applied as building FUND,
| the principal to be kept intact and the In
| come to accumulate. and that the other
| half should be applied to the current ex-
| penses Of educational extension. And 1t
accordingly had been so ordered by the
| board.
| To Meet Annual Deficits.
| He said that the sum Of $4,000. to
be paid in three annual installments,
for the current expenses for the next
| three years, has been subscribed