I have the honor to report that the present session of college opened on the 1st Wednesday in Sept. last, and has continued forty weeks without intermission. We have abolished a recess at Christmas.
The session has been a successful one, no deaths--no serious illness among the faculty or students, and we came to the close with fifty-five students in attendance.
This is a higher average than is usually obtained by schools in this country. Our local patronage is very hard to control--parents are worse than students in inventing reasons why students should absent themselves from college. . . .
Respectfully submitted,
H. B. Boude, President
It will clearly appear to the Board that the expense of the college is still greater than the income. Yet the college has assets so far beyond her liabilities that it is solvent & her name good financially.
Something must be done--I suggest that you instruct your financial agent or treasurer to bond the debts of the college. Too many of the endowment notes of the college are deposited as collateral security.
Your financial agent & treasurer cannot control the income of the college--my plan is that you enter a deed of trust on $30,000 worth of property to secure bonds to the amount of $12,000, and the present indebtedness be paid off. The bonds be made for ten years with the privilege of paying them off in five years at 8 per cent.
Respectfully submitted,
H. B. Boude,
Financial agent and Treasurer
[[Affidavit of H. B. Boude, dated 18 September 1880, regarding a lawsuit over the Sherman subscriptions.]]
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