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June 24, 1872, 6 o'clock p.m.

The Board met pursuant to the call of the Chairman and was opened with prayer by the Rev. William J. McKnight. In absence of Secretary, Robert A. Johnstone was requested to act as Secretary pro tem.

Rev. John F. Coons took the oath required by 1st subdivision of Section 4 of Act of incorporation before Honorable Tyler T. Alexander, Judge of the 6th Judicial District of Kentucky. Members present

Ministers Edward P. Humphrey, D.D, Chairman William J. McKnight, D.D. Thomas H. Cleland James P. Hendrick, D.D. John F. Coons John S. Hays D.D. Stephen Yerkes, D.D. Heman H. Allen

Laymen William Ernst Levi L. Warren Thomas Barbee Tyler T. Alexander Dr. John W. Scott John B. Temple Lorenzo H. Noble James McCampbell

The Chairman stated that Prof. 0rmond Beatty, President Elect of Centre College, holds the office only as a temporary appointment, there not being at the time of, nor at any meeting of the Board since his election, a sufficient number of members to make his election permanent. Whereupon, on motion, the Board resolved to proceed to the election of a permanent President of Centre College. And Professor 0rmond Beatty was nominated for said office and unanimously

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elected. And Edward P. Humphrey, Chairman, & Dr. John W. Scott were appointed a Committee to inform Mr. Beatty of his election.

The Financial Report was read in the hearing of the Board by the Financial Agent Levi L. Warren, reading and explaining in the hearing of the Board so much of said Report as relates to the transactions of the Committee on Investments. And, on motion, the report was received; and it being moved that it be referred to a committee, pending the consideration of this motion, the Board took recess till 8 1/2 o'clock p.m.

At 8 1/2 o'clock p.m. the Board met & further considered the motion which was pending before recess & decided to refer the Financial Report to a Committee, consisting of Hon. Tyler T. Alexander, and Dr. John W. Scott, William. Ernst, & Heman H. Allen.

On motion the Board proceeded to elect a professor to fill the Chair of Natural Sciences, and Prof. John C. Fales being nominated, was unanimously elected, and his salary fixed at $1,500.00 yearly.

Also Rev. John L. McKee, D.D., was elected Vice President of Centre

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College, and Mr. Allen & Dr. Cleland were appointed a committee to confer with him in relation to his salary & the length of time he will be required to teach. After conference with him, his salary was fixed at the sum of $1,000 per annum payable quarterly, as that of the other professors, and out of funds to be hereafter raised. For this he will be expected to render instruction about an hour a day & not to exceed an hour and a half.

Robert A. Johnstone tendered his resignation of the office of Financial Agent of Centre College to take effect at such time as the Board may designate & on motion this resignation was referred to a committee consisting of Messers Warren and Temple to be considered in connection with the future discharge of the office of this agency, & then on motion the Board adjourned to meet in the basement of the 2nd Presbyterian Church at 8 1/2 o'clock tomorrow morning. Closed with prayer by the Rev. Thomas H. Cleland.

Tuesday, June 25, [1872]

Board reassembled and was opened with prayer. On motion it was

Resolved that a committee consisting of Drs. Humphrey, Yerkes & McKnight be appointed to consider the subject of the re-arrangement of the studies pertaining to the several Chairs in the College & to report to this Board at its present session.

The committee to whom was referred the subject of the resignation of the Financial Agent & other matters relating to the Finances

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made the following report which was read and adopted.

The committee to whom was referred the resignation of the Financial Agent of Centre College and other matters touching the Financial affairs of the College, respectfully submit the following resolutions for the action of the Board of Trustees.

Signed Levi L. Warren, John B. Temple, Committee

1st. Resolved that the resignation of the Financial Agent be and the same is hereby accepted, to take effect the 1st day of August next.

2nd. Resolved that the thanks of this Board are due, and are hereby tendered to Rev. Robert A. Johnstone, the Financial Agent of the College, for the faithful & valuable services rendered by him; and the secretary is directed to communicate to him a copy of these two resolutions.

3rd. Resolved that the First National Bank of Danville, with the consent of said Bank, be constituted the Treasury of Centre College, in which all monies received by the College, on any account, shall be deposited, and from which all monies paid out, on any account, shall be disbursed - that all the receipts of the College in the treasury shall be upon the order or warrant of the secretary of the Board of Trustees of Centre College, and disbursements shall be made only upon accounts marked "approved" with the official signature of said secretary appended.

4th. Resolved that the secretary shall report to this Board at its annual meeting the

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financial condition of the College, showing the state of the funds, the receipts and disbursements under such heads as he may deem best to inform the Board of Trustees of the working of the finances, and that an account shall also be rendered at the same time by the Treasury showing the total receipts and disbursements with vouchers therefor.

The Board then took a recess for one hour. Board reassembled. The Rev. James F. Lapsley appeared and took his seat as a member of the Board.

The committee to whom was referred the subject of the re-arrangement of the College studies made a report which was received and adopted and is as follows, viz.

Resolved 1st. The Department of Mental Philosophy, Logic & Political Economy is assigned to the President.

2nd. The Department of Moral Philosophy, Evidences of Christianity and Religious Instruction is assigned to the Vice President.

3rd. The Department of Natural Sciences, heretofore conducted by Prof. Beatty is assigned to Prof. Fales.

4th. The Faculty is requested to consider the details of all the Departments of instruction & to report thereon at the next meeting of the Board. Leave was asked and granted to Mr. Lapsley to record his vote in favor of the President, Vice President & Professor who were elected on yesterday. The annual report of the Faculty is as follows. The Faculty of Centre College would submit

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to the Board of Trustees & through the Board to the Synod of Kentucky their annual report.

The regular Professors of the College have been constantly at their posts with the exception of Prof. Chenault, who was absent two weeks on account of ill health.

From the accompanying catalogue it will be seen that the whole number of students in College Proper is 91. In the Preparatory Department 106 - deducting for joint attendance in all 186. Our catalogue for last year gave 71 to the College Proper and 91 to the Preparatory.

Number of Students during year 1870-71	Centre Proper	71
Number of Students during year 1871-72	Centre Proper	91
	Increase	20
Number of Students during year 1870-71	Preparatory	94
Number of Students during year 1871-72	Preparatory	95
	Increase Preparatory	1
	Total Increase	21

With a few exceptions the students have been regular in their attendance and diligent in their studies. Under the ministry of Dr. John L. McKee a deep religious interest was awakened among the students & quite a number made a public profession of religion.

The Faculty would recommend for the degree of A.B. the following young gentlemen, viz.

John J. Hoggsett	James L. Sallee
Arthur W. Johnstone	James B. Walton
John T. Lillard	James T. Welsh
Adam W. Ringland	David S. White
William 0. Rodes

They also recommend that a certi-

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ficate of proficiency be awarded to Robert Quisenberry of the Scientific Class.

In accordance with the recommendation of the Faculty the Board conferred the degree of Bachelor of Arts upon the young gentlemen whose names are given above & a certificate of proficiency in the Scientific Department to Robert Quisenberry.

A committee consisting of Messers Ernst, Scott & the Chairman of the Board (Dr. Humphrey) was appointed to prepare and issue an address to the public in relation to the College and its interests.

The committee to whom was referred the report of the Financial Agent made the following report which was received, adopted and is as follows, viz.

The undersigned committee to whom was referred the Financial report together with the matters therein contained and therewith connected, would most respectfully report as follows.

1. We recommend the approval of the financial report and the auditing thereof endorsed thereon, and that the same be spread upon the minutes of the Board, including the papers and statements returned as part of said report.

2. The committee who were charged with the duty of disposing certain bonds the College and reinvesting the proceeds report the sale (at for value in round numbers) of say $31,000 of bonds for $28,000 and the purchase of $35,000 with the proceeds, making the bonds cost, on an average, 80 pc, yielding 9 per cent on their cost, making an increase of 25 pc, to the funds of the College at maturity of the bonds purchased.

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The bonds sold yielded an annual income of $1,940; the bonds purchased yield an annual income of $2,493.00 making a difference in favor of the new bonds of an annual income of $553. We, therefore, recommend the approval of the action of the committee & regard the investment as profitably and safely made. This together with the other bonded assets of the College, amounting in aggregate, as reported to $88,100 we regard as well and profitably invested & recommend no change therein at present.

3. Your Committee recommend the sale of the Northern Bank stock after the collection of the July dividends and the re-investment (by the same committee) of the proceeds thereof in some paying, solvent security, either city, rail road, county or other corporation bonds and make report thereof to the next meeting of this Board.

4. There are other stocks and assets of the College not yielding any considerable profit, but under existing circumstances your committee are of the opinion it would be most prudent to let them remain as at present invested.

5. In view of the fact that the funds of the College were used in defraying the expenses of raising the Building Fund & in paying lawyer's fees and other costs incurred in securing and protecting the said fund, and the further fact that the College edifice is completed, except some improvement of the College grounds & furnishing the rooms thereof, after the payment of the debts against

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this fund already incurred and for the improvements and furniture aforesaid, your Committee recommend the transfer to the College income fund proper all of the assets and debts of every description belonging to or known as the Building Fund and the account as such be now closed up.

Respectly submitted, Signed Tyler T. Alexander, Chairman

The committee on investments, viz Messers Levi L. Warren, Edward P. Humphrey & John B. Temple is continued, and it is directed to have a watchful case over the securities of the College, and it is authorized and empowered to change the investments at its discretion when the safety, value, or productiveness of the funds seem to demand it.

Mr. Ralston's statement in relation to Preparatory was read and approved and is as follows:

The Financial condition of the Preparatory Department of Centre College for the year ending June 15, 1872

Amount collected for tuition	$1,830.61
corrected to	$1,357.19
Amount taken in notes	$375.10
Amount of uncollected tuition	$1,036.65

In this connection I beg leave to submit to the Board the propriety of raising the price of tuition in the higher classes to $20.00 per session of five months with the usual contingent fee added.

Respectfully, June 15, 1872 [signed] Lucien H. Ralston

In accordance with the recommendation tuition for the higher classes in the Prepar-

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atory Department was raised to the sum of $20 per session of five months with the ordinary contingent fee additional.

The Board directed compensation to Prof. Nelson & to Prof. McMullin for instruction given to the classes during the sickness of Prof. Chenault.

The Board directed four additional rooms be fitted up, at the discretion of the President, in the old College Building for the accommodation of students.

The Financial Agent was requested to make a succinct statement of the condition of the Building Fund - collections - expenditures, etc., to present date.

The Trustee of the Special Fund contributed by Dr. Scott & members of the 2nd Presbyterian Church in Lexington made a verbal report in relation to this fund.

Information was conveyed to the Board that a friend of the College had offered to establish three additional prizes each for $50 - one for the Senior class, one for the Junior, and one for the Freshman. Board directs its thanks to be recorded & returned for the favor to the donor, and the Faculty is directed to confer with him in relation to the objects for which they should be awarded.

The Financial Committee for the ensuing year Messers Beatty, Barbee, Welsh, & Wiseman. Committee of Repairs, Messers George W. Welsh, Thomas Barbee & George E. Wiseman.

The following degrees were conferred.

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The degree of D.D. upon Rev. A. C. Dickerson, Rev. G. H. Robertson & Rev. H. D. V. Nevius. The degree of a.m. in course upon William T. McElroy, Class of 1850; Michael H. Owsley, Class of 1854; William Owsley Goodloe, Class of 1858; Edward Alcorn, Class of 1862; John G. Praigg, 1857; David M. Rodmon, 1862; William L. Burdett, 1868; George C. Young, 1868; George Denny, 1868; Logan McKee, 1868; Richard W. McFerran, 1869.

Adjourned to meet at 9 o'clock Thursday morning.

Thursday morning, June 27, [1872]

Board met pursuant to adjournment, Dr. Cleland in the Chair.

The thanks of the Board were returned to Messers Warren and Ernst for offering to guarantee the salary to Prof. Fales & to Dr. Scott for the Megatheriun and other liberal contributions to the Museum.

Board then adjourned to meet in Danville at 8 o'clock p.m. on Tuesday before the last Thursday in June 1873.

Closed with prayer

0rmond Beatty, Secretary

[pages 246-258 consist of a detailed financial report for 1872. These pages are available in a typed transcript form (PDF, 7.1 Mb)]

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Trustees Elected at Bowling Green, October 1872

Term expires 1873

Rev. Edward P. Humphrey, D.D., Rev. John S. Hays, D.D., George W. Welsh, James Barbour, William Ernst, Thomas Barbee

Term expires 1874

Rev. John M. Worroll, D.D., Rev. Thomas H. Cleland, D.D., William H. Kinnaird, Levi L. Warren, Hon. Tyler T. Alexander, John W. Scott, M.D.

Term expires 1875

Rev. Heman H. Allen, Rev. John H. Nesbit

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Grace Doherty Library · Centre College · Danville, Kentucky
http://library.centre.edu/sc/minutes/bt3_1872.html