DONATIONS AND BEQUESTS
During the administration of President Kitchin the interest and good
will of the friends of the College have been manifested in numerous
bequests, annuities and donations, which all told amount to a
considerable addition to the endowment and equipment of the
institution. Some of these, such as the general contributions for the
erection of Wait Hall and the Gymnasium, have already been taken
account of; altogether they amount to more than $100,000. There
were many other gifts.
Much larger, however, is the Bowman Gray Fund in Winston-
Salem Foundation which came into the possession of the College in
August, 1939. When given this consisted of 18,500 shares of stock in
the Reynolds Tobacco Company valued at $666,000, but estimated to
be worth approximately $1,000,000; as increased by donations of the
Gray family and others its total value is about $2,000,000, including
the Ida S. Charlton Fund of $10,000, the Mamie Brown Latham
Memorial Fund of $10,000, and the Kellog Loan Fund of $10,000.
The Bowman Gray Fund has enabled the College to expand its School
of Medicine from a two-year to a four-year school now named the
Bowman Gray School of Medicine of Wake Forest College, which is
already doing a valuable service to the State of North Carolina.
Another large donation, of which some account has been given in a
previous chapter, was that of the Johnson family for the construction
and upkeep of the William Amos Johnson Building, constructed in
1932-33 as a memorial to their kinsman. In addition to paying for the
cost of the building, $44,360.81, the family has provided a
maintenance fund of $8,800.
Donations that have come as bequests during this period are those
of J. T. J. Battle, M.D., of the class of 1879, consisting of stocks
valued at $20,000; of Wayland Mitchell, M.D., of the