66 History of Wake Forest College
A great handicap to the successful completion of his canvass was
the panic of October, 1907, a panic, says the New York Independent,
caused by "gambling with bank deposits in New York," which spread
all over the country which was in a period of great prosperity with all
industries busy with production and crops large and bringing good
prices, and yet the banks in North Carolina, under orders from New
York banks, refused to pay their depositors in cash more than a small
per cent of their deposits. Business was paralyzed, and the canvasser
for money for endowment of a college was unwelcome. But in spite
of all this Carlyle succeeded. The panic of 1907 did not ruin the
campaign for the endowment, as that "Black Friday" panic of 1873
ruined the College's endowment campaign of that year, as is told in
Chapter VII. However, at the meeting of the Baptist State Convention,
in Wilmington, early in December, 1907, subscriptions to the amount
of $10,000 were yet to be secured. The Board of Trustees of the
College, in the close of their report to the Convention indicated the
gravity of the situation: "In this period of expansion and widening
opportunity," reads the report, "the College feels the urgency of a
larger income. The demands for certain external betterments must be
met at the earliest moment. More accommodations and better must be
provided for the increasing number of students. The teaching force is
inadequate, overworked and underpaid.... The subscription of
$112,500 necessary to secure the $37,500 from the General Education
Board is not yet completed. But little time remains before the
expiration of the period prescribed for taking this subscription.
Victory is in sight. Will not this convention now advance upon it with
a shout and make it ours?"
After speeches by Livingston Johnson, J. W. Bailey and J. B.
Carlyle the last named conducted a collection and secured pledges for
$10,200, and this part of the fight was won.
The subscription was complete, but the important matter of
collections remained. According to the terms set by the General
Education Board, they would pay pro rata, one dollar for every three
collected by the College in their subscriptions and
Previous Page Next Page