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First National Bank Ithaca, Stock

Butte Electric & Power Co., 5% Bonds
Chicago, St. Paul & Minn. Ry. Co., 1st 6% Bds.
Missouri, Kansas & Texas of Texas 1st 5% Bds
Pacific Light & Power Co., 1st 5% Bonds
Missouri, Kansas & Oklahoma 1st 5% Bonds
Missouri, Kansas & Eastern 1st 5% Bonds
Interborough Rapid Tran. Co., Con. 6% Notes
New York and Jersey R. R. Co., 1st 5% Bonds
Nassau Light & Power Co., 1st 5% Bonds
Pennsylvania R. R. Co., Conv. 4% Bonds
Chicago, Burlington & Quincy Gen'l 4% Bds
Knickerbocker Trust Co., Stock.
Chicago Railways Co., 1st 5% Bonds
Central Coal & Coke Co., Gen'l 6% Bonds
Missouri Pacific Ry. Co., Con. 1st 6% Bonds

Sundry Bonds & Mortgages

Western Land Contracts-Sales during year
Increase Campus Cottage Account

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Among the donations received during the year were $298.01 from the Briar Cliff School of Agriculture, $200 from the American Peony Society, $423.40 from the students for the Chi Psi memorial window in Sage Chapel, $841.73 from Mr. C. G. Goodspeed for an X-Ray apparatus, $78,122.11 from Mrs. Nancy G. Howe for the student loan fund, $8,000 from the York Manufacturing Company for an ice plant for Sibley College, $4,000 from Professor W. D. Bancroft for equipment in the laboratory of physical chemistry, and $100 from the Brooklyn Alumni for improvements in the Fall Creek Gorge.

The unlimited munificence of Colonel Payne towards the Medical College in New York City has been exhibited in the same generosity as during the preceding years of the decade since the College has been established.

The revenues and expenditures of the University for the year 1907-1908 are exhibited in the following condensed statement taken from the Treasurer's report:

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These tables call for little explanation. It will be observed that the item of $10,894.88 appearing in the statement of income as derived from "special invested funds" is balanced by the same amount in the statement of expenses as "income transferred to principal." Of the $59,746.44 spent on new buildings, $50,000 was spent on Goldwin Smith Hall and $9,746.44 in completing Rockefeller Hall. The item of $29,321.98 for "extraordinary repairs" is only about half of the corresponding item in last year's report. It is made up of the following charges: converting old dynamo laboratory into the University repair shop, $2,436; relaying steam mains in concrete conduits, $10,095.05; changes in Morrill Hall, $7,071.75; fitting the former archæological museum in McGraw Hall for use of geological department, $7,044.01; changing part of the first and second floors of White Hall to accommodate the mathematical department, $1,210.96; changes in Lincoln Hall, $673.28; and completing changes in stacks in Library basement $790.93.

The expenditure of $20,275 for real estate was incurred in the purchase of a part of the Curran farm and the Dwyer Mill property adjoining Cascadilla Gorge, which were secured at a combined cost of $15,275 and are intended as an enlargement of the campus, and also of the Ellis-Brown farm, which was purchased at a cost of $5,000 for the use of the State Veterinary College. The "miscellaneous expenditures" aggregating $17,276.12 include annuities paid under the will of Willard Fiske and others, $5,475; motor lawn mower, $1,253.76; Garden Avenue construction, $1,972.05; house for fire apparatus and hook and ladder truck, $2,747.24; Beebe Dam alteration, $2,604.08; Ten Year Book, $900; Professor Thurston Memorial, collected by subscription for the purpose, $1,590.68.

The appropriations made to departments aggregate $107,955.11. These appropriations are used for the pur

chase of apparatus, materials and facilities for instruction and research. A considerable portion of this outlay is repaid in the form of student fees, the chemical department alone turning into the treasury last year the sum of $22,782.79 from this source. The item of $97,464.05 for "general expenses" embraced a variety of objects, of which the most important are the following:

care of buildings, $9,850; care of grounds, $6,500; electric service, $6,067.53; fuel, $14,904.95; heating labor, $2,896.20; repairs, $16,217.70; water works, $1,851.62; Infirmary, $10,038.85; printing and stationery, $5,000; Register, $4,500; Sage Chapel sermons, $3,300; Arts and Sciences, announcements and office, $975.69; attorney's fees and expenses, $2,000; advertising and lectures, $600; insurance, $535.06; reading entrance examination papers, $500; Sage Chapel expense, $686.60; contingent expenses (miscellaneous items), $10,783,75.

It may be added in this connection that apart from the lands mentioned in the preceding paragraph the University purchased during the year other farm lands to the value of $28,457.67 for the use of the State College of Agriculture. These, however, were not charged to expense for the current year, but were carried in the capital account as an advance to be extinguished by the annual appropriation which the University makes from its own treasury to the State College of Agriculture.

As the preceding table shows, the additional real estate which was charged to current expense amounts to $20,275. But for this purchase of real estate the accumulated deficit of the University would have been diminished by about $8,000. As it is, however, that deficit has been increased from $86,260.06 on August 1, 1907, to $98,454.79 on August 1, 1908. Of this accumulated deficit it will be recalled that $72,645.08 is an inheritance from the disastrous epidemic year of 1903.

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