74 History of Wake Forest College
these by far the greater number cheerfully responded to the call and
rendered valuable service to the Board and the College. Among these
were men of affairs, such as P. A. Dunn, treasurer of the Raleigh and
Gaston Railroad; John G. Williams, a banker of Raleigh, who later
joined with J. M. Heck, who was also made a member of the Board at
this time, in the erection of the Heck-Williams Building; B. W.
Justice, until his untimely death on September 22, 1871, a cotton
merchant of Raleigh, and president of the Board, October, 1867 to
June, 1868; James Poteat of Caswell County; T. B. Kingsbury, now in
his prime as a newspaper editor. Other valuable additions to the Board
at this time were ministers of the Gospel, men like J. D. Hufham, T.
H. Pritchard, J. L. Carroll, G. W. Sanderlin, W. R. Gwaltney, J. C.
Hiden, and F. M. Jordan, all able and faithful in their services, which
continued so long as they lived or remained in the State.
It was no little task the Trustees had in looking after the finances of
the College in this dark period. It was well that they had among them
such trained business men as John G. Williams, P. A. Dunn, and J. S.
Purefoy, the treasurer. Their investments were safe; eighteen years
after the close of the War they could boast that not a dollar of the
invested funds had been lost in that period.1
According to a statement of W. G. Simmons, treasurer, in
November, 1865, the endowment consisted of $28,000 of State bonds,
worth on the market fifty cents on the dollar, or a total of $14,000,
cash value. In May, 1866, the State bonds were exchanged for
Raleigh and Gaston Railroad stock, which in November, 1871, was
sold at $45 a share, or 513,140 cash. This amount was immediately
invested in Raleigh City bonds at $90, and the endowment thereby
became nominally $14,600. In June, 1872, the treasurer reported
Raleigh City bonds, worth par, $16,250, and Wilmington and Weldon
Railroad stock, $1,000, a total of $17,250.2
It is evident then that until November, 1871, the invested fund
―――――――
1
Biblical Recorder, January 3, 1883.
2 Wake Forest Student, September, 1883, 34f.
Previous Page Next Page