Resignation of President Taylor 353
which $7,500.00 had been borrowed to build the Gymnasium.
Attention is called to the fact that the actual market value of the
endowment was several times greater than the figures given, since the
oil stocks of which the greater part of the endowment consisted were
listed at their par value which was less than their actual value on the
market.
At this meeting the School of Medicine had to run the gauntlet of
the hostility which assailed it for most of its early years; but it was
able to make a good report, showing that the new School had the
endorsement of the American Medical Association, and when the test
came it was found that those who were for it were more than those
who were against it. However, at this time the Board accepted the
resignation of Dr. Fred K. Cooke, who had organized the School three
years before and had been its sole professor the first year. In the
School of Law Professor Gulley was begging for another teacher; he
was able to tell the Trustees that more than one-half of those receiving
license from the State Supreme Court in the year before and regularly
had been trained at Wake Forest. Fraternities, both those permitted on
trial the year before and all others, were disallowed. The suggestions
of the President relative to scholarships and endowment and infirmary
were adopted. The report of surprisingly large collection on Bostwick
Loan Fund notes by the special agent, G. W. Paschal, encouraged the
Board to adopt the President's suggestion that future collections be
used for payment of the college debts. The drug stores of the town
were required to surrender their license to sell liquor, the Board being
stimulated to vigorous action by the report of the Medical Department
that after careful investigation they had found that, "There is an
unusual amount of drinking among the students-more than at any
other college in the State."
For several years before 1905, some thought that President Taylor's
deafness had been increasing, and that this had aggravated his natural
nervousness. And the irony of it all was that some believed that a
younger man was needed to direct the
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