Page:A History of the University of Chicago by Thomas Wakefield Goodspeed.djvu/319

THE UNIVERSITY AND ITS BENEFACTORS 279 world to pursue a conservative policy, the Trustees, while guarding against the earlier peril, found, to their grief and dismay, the annual expenses mounting up by leaps and bounds. In 1894-95 these were, in round numbers, five hundred and forty-four thousand dollars, in 1895-96 six hundred and thirty-seven thousand, in 1896-97 six hundred and ninety-two thousand. The income for the corresponding years showed deficits of fifty-three thousand, forty-seven thousand, and ninety-seven thousand dollars, a total for the three years of nearly two hundred thousand dollars. This alarming result occurred notwithstanding the fact that Mr. Rocke- feller made the following special contributions for current expenses for the express purpose of providing against deficits : in 1894-95, one hundred and seventy-five thousand dollars; in 1895-96, the same amount; and in 1896-97, one hundred thousand dollars, a total for the three years of four hundred and fifty thousand dollars. It was also in the middle of this period on October 30, 1895, that Mr. Rockefeller made his great three-million dollar subscription. The first week in October Mr. Gates, his representative, was sent to Chicago to confer with the Trustees. Three days were spent in going over the whole case. The representatives of the University, while they urged their manifestly great needs, did not finally ask for anything like the splendid proffer the Founder made. The answer was delayed for three weeks and was then brought by Mr. Gates in person. The meeting of the Trustees, when he submitted the great proffer, was one of enthusiasm and rejoicing long to be remembered. Joy at the University found expression in a cele- bration, in which the President, the Secretary, Trustees, and pro- fessors made addresses in Kent Theatre and the students indulged in a mammoth bonfire in the center of the campus. The letter of subscription was as follows : 26 BROADWAY, NEW YORK October 30, 1895 To the Trustees of the University of Chicago T. W. Goodspeed, Secretary: GENTLEMEN: I will contribute to the University of Chicago one million dollars, for endowment, payable January i, 1896, in cash, or, at my option, in approved interest-bearing securities at their fair market value.