Administration of Francis Pendleton Gaines 379
thousand per year, to be paid by the College, the other half by the individuals insured, with the
maximum amount $5,000, that for full professors. Several reliable insurance companies offered
policies, of which the Trustees chose that of the Equitable Life Assurance Society, which had
some features very favorable to the insured. After a few years, however, the company refused to
continue the policy on the terms first given and the faculty have had to be content with a much
less attractive policy.
GIFTS AND ENDOWMENT
In September, 1927, in the first days of his administration, President Gaines received notice
that ten thousand dollars in gold deposited in a New York bank, had been bequeathed to the
College by Mrs. Annie Yates Seaman, who died early in the month at La Jolla, California. She was
the widow of John Ferris Seaman, and was survived by one daughter. Her father was the
missionary, Matthew Tyson Yates, who graduated at the college in 1846.
When the new president entered on the duties of his office what was known as the Centennial
Campaign was already in progress, and the executive committee of the Trustees had pledged
support.' It got its name from its main purpose, which was to raise enough money to pay off the
debts on the Baptist educational institutions of the State by the end of the year 1930, the
centennial year of the formation of the Baptist State Convention. Under the plan a total of
$1,500,000 was to be raised, of which $1,000,000 was for Meredith College, $250,000 for Wake
Forest College, and $250,000 for the other five schools. As Wake Forest had no debt the
Trustees ordered that the first money received from collections in this campaign should be used
to pay the debt of $40,879 due on the cost of erection of the extension to the Library,
which amounted to $40,879.50, and that the remainder be used
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