February % 1898
To the Board of Trustees of John B. Stetson University-
Brethren:
The year past has been an eventful one in our history.
Though, in some respects, it has been the hardest one of all the
thirteen, yet it has also been the year of widest extension of
influence and power of the University and the year of greatest increase in teaching equipment; while but one year has seen so large
an addition to our property. Last year, at the close of the session
we had to face the largest deficit we have ever had-viz., about
$9000.00. Brother Stetson paid the splendid sum of $6000.00 toward
this, the faculty of the University subscribed over $1700.00, and
$1100.00 was raised from other friends, $1000.00 coming from the
city of DeLand. Though we registered about 30 pupils more than the
year before, we received less money, partly because the average time
spent in the University was less for each pupil, partly because we
had to help so many pupils with work and free tuition, and partly
because we made a special low rate for the teachers who attended the
spring term. This year our deficit will be nearly if not quite as
large, though we have registered to date more pupils than we had
last year at this time. We added the business and Normal Departments,
which you authorized at your last annual meeting, and this involved
increased expense for teachers and equipment that will absorb nearly
if not quite all the extra receipts from increased attendance. This
very large deficit shows the imperative need of additional endowment,
and, in recognition of this need, Mr. Stetson offered to give
^£0,000.00 toward an endowment fund of $100,000.00, on condition that
the additional $50,000.00 should raised in good valid subscriptions
