The Barre daily times. (Barre, Vt.) 1897-1959, 1916-08-04
GRANITE BANK AS
SPECIAL TRUSTEE
His Gift Reduces Mortgage
Debt on New Building to
$4,000 and Raises the En-
dOwment Fund to S21, 900
donation Made on An
niversary of New Build
ing's Dedication

Again Ira C. Calef of Washington has
given tangible evidence of his interest
in the Barre City hospital To-day he
made over to the hospital corporation or
to a special trustee the sum of $4,000,
thus duplicating his munifcence of two
years ago when he started the ball
a-rolling for a new hospital building by
giving $4,000 on condition that $4,000
additional be raised and followed it up
promptly on the fulfilling of that condi
tion by donating $4,000 more for an en-
dowment fund. Therefore, his contribu
tion to this institution totals $4,000.
The gift was made on the first anniver
sary of the dedication of the hospital.
Needless to say, this second gift, like
its predecessor, was most timely, as well
as most generous. Even as the first do
nation heartened the hospital sponsors
for tremendous efforts and spurred the
public on to splendid co-operat tion to the
end that a commodous and modern
building might be erected, so the second
gift has lent unmeasured energy toward .
the purpose to maintain hospital which
shall be in every sense OF the word wor
thy of its place in the community and
the territory Immediately surrounding.
The first contribution was just the in
centive needed to crystallize public senti-
ment into an irresistible determination
to erect hospital structure adequate to
the needs; the second goes far toward
assuring the permanency of that institu-
tion on high plane The hospital, while
not vet free from debt. is nevertheless
placed in such financial condition as
to make such desderstum seem vastly
more easy of accomplishment.
$4,000 for Endowment; $4,000 for Debt
In making his present donation Mr..
Talef has shown the foresight of keen
business man by imposing a stipulation
"a stipulation which, by the way, is
lot at all burdensome, nor yet unusual
hat one half of the $4,000 shall be held
n charge of special trustee pending
he financial development of the institu
ion. Ten thousand dollars he gives out
light in ash with the understanding and
With the expressed agreement on the
art of the corporation that the amount
e Immediately applied toward the liq-
dation of the debt resting on the cor
oration by reason of the completion of
he building project along the lines which
eemed desirable for the best work of
he hospital. The $4,000 was to-day
sed to meet part of the obligations now
npending
The other half of the $4,000 Mr. Calef
as deposited with the Granite Savings
Trust Co. as special trustee for the
osptal corporation, the amount being
municipal bonds and the income from
he same to be paid to the hospital 1t
provided that if within Is years from
,te the hospital shall have paid and
lncelled the mortgage debt upon its
'operty and have no existing debt upon
the trustee shall pay over to the hos
tai all money and securities then in its
nds. to be added to the hospital en-
fund and so kept 1t is fur
er provided that if at the end of the Is
ars from date the Barre City hospital
all not have fully paid and cancelled
debt against it, but shall then be in
Il possession of its property, and the
me not in any manner assigned or
and shall be operating the
me for public hospital purposes, as it
W is, then the trustee shall pay and
liver over to the hospital all money
securities in its hands, the income
" to be used for current needs of the
spital.
Il the hospital should fail to meet
,se requirements or should sell or as
n its property to any person, firm or
poration. or should suffer the same
be foreclosed, then the trustee named
N paw and deliver over TO the trustees
Goddard seminary all money and Sc
titles then in its hands. to be added
the endowment fund Of Goddard.
, Financial Condition of the Hospital.
he hospital corporation recognized
wisdom Of the stipulation, while at
same time feeling confident that the
spect Of a change was very remote,
readily accepted the condition as
ve outlined Thus the $1,000 held
trust becomes a temporary endow-
Il fund. the same to be classed as
usuent endowment when the condI-
shah have been complied with. This
cs the total invested funds of the
lCnrtsrrraI On rsrhth