Administration of Francis Pendleton Gains 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.3
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 to endow the W. B. Royall Chair of Greek. During the inten-
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3
See Minutes of Board of Trustees for April 20, 1927. See also report of Charles
E. Maddry, Director. Minutes of the N. C. Baptist State Convention for 1928, p. 35.
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