MINUTES OF THE BOARD OF TRJSDc1S



     Mr. D. C. Frazee's resignation as Business Agent, tendered to your Executive

Committee during the latter part of the summer, was accepted and became effective

October 1st.   The offices of Business Agent and Comptroller were united under the

charge of Judge Lafferty. He prepares a monthly statement of the financial con-

dition of the institution and his books are now kept so that our exact financial

condition can be easily determined at any time.  IVle have, of course, not been able

to pay off our outstanding obligations, but by close scrutiny of all requisitions

for expenditures and the cutting out of all items unnecessary for maintaining the

efficiency of our work, our expenses for the current year will, I believe, come with-

in our income.

     Early in November, the heads of Departments at my request prepared a careful

estimate or invoice of the value of books, furniture, apparatus, machinery, etc. in

their keeping and belonging to the University. I have gone over most of these

estimates very carefully and I believe that the following figures are trustworthy:

                   Value of Buildings               $550,000.

                   Value of Grounds                  225,000.

                   Apparatus & Machinery              67,400.

                   Furniture and Miscellanies         33,900.

                   Library                            34,700.

                   Live Stock                         10,000.

                   Total                                      $921,000.

"For a detailed statement of the figures involved in this report see the separate

sheet sent herewith.)

     These figures show that beginning with nothing in 1878 When the A. & M. Col-

lege was by legislative act detached from Kentucky (now Transylvania) University, the

material wealth accumulated by President Patterson's administration and bequeathed

by it to President Barker's, is in round numbers nine hundred and twenty thousand

dollars.   Compared with the wealth of some of the larger Universities, ours is



December 13, 1910