252 History of Wake Forest College
he visited New York, where he laid the needs of the College before
several gentlemen, one of whom, Mr. Jabez A. Bostwick, responded
with a donation of Standard Oil stock of a par value of $10,000 and a
market value of $14,000, with certain conditions as to the use of the
fund which the Board of Trustees accepted at their next meeting in
June, 1886. This became what was known as the Bostwick Loan Fund
until its merger with the general endowment fund in April, 1924,
when it amounted to $218,042.38.6
The conditions under which the gift was made were that the fund
should be kept intact and its revenues used from year to year to make
loans to needy students to enable them to pay their tuition fees. The
loans were to be at four per cent, the borrower agreeing on his honor
to pay the interest semi-annually and the principal at the earliest date
possible. All payments were to be used to add to the principal of the
fund. Mr. Bostwick also stipulated an order of preference in which
loans should be made: first, to Protestant young men who were
intending to become ministers of the gospel; second to other approved
young men, members of Protestant churches; third, to young men not
members of churches but of approved character.
The regulations as to the order in which loans should be made seem
to have been due to Mr. Bostwick himself, and were soon modified.
As students who were expected to become ministers of the gospel
received free tuition at the College, no loans from this fund were
made to them. Later, as the revenues from the fund increased so much
that they exceeded the tuition fees of applicants for loans, students
were allowed to borrow additional amounts to pay their other college
fees, laboratory fees and room rent.
The general character of the fund, that is, to enable needy students
to borrow money to pay their tuition fees, was doubtless due to
President Taylor himself. Already, in 1885, Wake Forest, like other
denominational colleges in the State, was beginning to feel the
competition of the State University in getting students. In 1884-85
Wake Forest College had an enrollment of 145, sixteen fewer than in
1883-84. In accounting for this de-
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6 Report of the College Treasurer.
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