428 History of Wake Forest College
account of the depression, amounted only to $39,768.36, while their
expenses were $22,535.10, leaving available for building purposes
$17,231.26. This had been lent to the Trustees, and a good part of it,
seemingly $13,000, lost by the failure of a Raleigh bank, but the
Trustees were faithful to make the loss good to the promoters of the
Loyalty Building Fund. Even with interest this was short of the
$25,000 thought necessary, in January, 1933, to justify beginning the
construction of a gymnasium estimated to cost $150,000. Before the
Trustees met again, in May, 1933, the loss by fire of the old College
Building had turned the thoughts of Trustees, faculty, alumni and
other friends of the College to the urgent task of replacing that
building, and for the time the gymnasium was forgotten.
It was estimated that the new building would cost $100,000, and as
only about $40,000 was in hand it was necessary to find the remaining
$60,000 elsewhere. Early in September, 1933, Professor J. L.
Memory, Jr., took the field to do follow-up work on the Loyalty
Building Fund program, and though the field had already been
canvassed and the easy subscriptions obtained by the professional
collectors mentioned above, in a year and a half he got additional
subscriptions to the amount of $55,564.85, of which he brought to the
Bursar at the end of his trips $19,540.52 in cash; a large part of the
remaining subscriptions were paid to the Bursar direct. While he was
doing this work Mr. Memory was taking care of nearly all of his
classes in the College, and only his traveling expenses were charged
against the fund, and these amounted only to $1,422.40, about two
and one-half per cent of subscriptions. On July 1, 1935, collections on
subscriptions secured by Memory had already reached $30,000. He
had been officially appointed by the Trustees in September, 1934. For
several years afterwards collections, not very considerable, con-
tributions on the pledges taken by Memory and others, continued to
come in.
Other funds were received from the Literary Societies, which had in
previous years deposited the funds which they were collecting for a
separate Literary Society Building, amounting with
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