The report of the College Bursar for 1905-06 showed that his
receipts from the College Treasurer, Mr. T. H. Briggs, were
$22,195.06; from students, $10,546.89; total receipts, $35,908.79.
From this amount he paid the other expenses of the College and the
twenty-six members of the faculty, $26,452.56, an average of about
$1,000 per member. The salary of full professors, of whom there were
seventeen, was $1,500, known to be considerably smaller than that
paid members of the faculty in any other educational institution in the
State of like standing. The Library was getting $583 for officers and
new books and periodicals, and appropriations for other necessary
expenses were correspondingly small. It was clear that the College
needed additional income if it was to maintain its place in the
educational world.
This need had been recognized earlier. At the meeting of the
Baptist State Convention in Raleigh on December, 1905, it had been
brought to the attention of the Convention which had voted
unanimously to propose to the churches to raise $150,000 for the
endowment of the College, and to ask the Trustees to devise ways and
means for raising it. Accordingly, the Trustees had appointed a
committee consisting of President Poteat and Mr. J. W. Bailey to have
charge of the new movement. They made no- campaign for
contributions, but had laid the matter before the General Education
Board of New York, which had been contributing liberally to other
educational institutions, but until this time had done nothing for Wake
Forest College. The committee, however, had received no reply, and
consequently had done nothing further.
At the meeting of the Board in May, 1906, there was appointed a
committee, consisting of Livingston Johnson, N. B. Broughton, and
W. R. Gwaltney, who reported that there must be a work of
preparation. "The masses of our people," said the report, "do
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