Repository: UIHistories Project: Board of Trustees Minutes - 1873 [PAGE 77]

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August it became known to the Executive Committee that the contractor was seriously embarrassed, and was not paying fully the sub-contractors who were furnishing him with material and labor. Steps were immediately taken, in accordance with the wish of his bondsmen and with the contractor's own consent, to secure the strict application of all moneys allowed him on the contract to the parties to whom such moneys were due. Early in November, his embarassments increasing, and several of his creditors having served notices of their intention to apply for a mechanic's lien, referees were appointed, as provided for in the contract, to determine the amounts due for extras and alterations made in the building. The award of the referees was rendered in the latter part of November, and it was then found that the contractor had been paid all that was due him under the contract, and that nothing was left to meet the outstanding claims of his creditors. A few days later he reported to the committee his inability to complete the contract, and a formal notice was served upon his sureties of the said failure. These circumstances, and the speedy approach of cold weather, led to a suspension of the work which has not yet been resumed. I t ought to be said, to the honor of the contractor, that his work seems to have been done with great fidelity, and that he claims to have lost largely upon the contract, chiefly on account of the enhanced prices of labor and material, occasioned by the Chicago fire. A t the opening of the present session of the Legislature an application was made, and is now pending, for further appropriation to complete the building, to provide for the heating apparatus, and the furniture needed to fit the building for its use. I cannot too strongly urge the great importance of securing the early completion and fitting up of this building for our occupancy. The class-rooms of the old University building are wholly inadequate for the large and growing classes in all the chief departments. I trust that the Executive Committee will be instructed to resume the work as soon as legislative appropriation is determined, and that proposals may be received for warming, seating and otherwise furnishing the building,

FINANCES.

The report of the Book-keeper will show you the number of warrants drawn, and the object and amount of each, as also a classified statement of the expenditures for the year. From this it appears that the entire expenditure for all purposes is $124,994 85, of which $55,873 03 was for the new University building, paid out of the proceeds of the sale of the Champaign county bonds. The whole amount paid for salaries was $25,433 87. The next largest amounts were paid out for the several shops, farms amd horticultural grounds. These expenditures were chiefly for labor and material, and were of course balanced by the products of these several departments. The entire expenses of the University proper for the year, excluding the expense of shops, farms, horticultural "department, experiments and lecture sessions, and taxes on lands, and including the $4,709 13 spent for library and cabinets, was $41,336 81. The income, as shown by the Treasurer's report, is as follows: From From From Erom endowment fund fees and room rents sale of bonds other sources $28, 680 00 6, 653 50 60, 000 00 35, 354 22

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Total $130,867 72 The assets of the University, as reported in December last to [the State Board of Charities, are as follows: Lands $86, 000 00 Building and improvements 175,000 00 Total Furniture, library cabinets and apparatus Funds and investments Total personal property Total assets

WILD LANDS.

$261, 000 00 $75, 000 00 424, 000 00 .' $499, 000 00 $760,000 00

During the past year the Executive Committee sent to Nebraska and Minnesota an experienced agent, to make a careful inspection and estimate of the value of the wild lands held by the University in those States. His report gives a full statement of the character and probable value of each piece, and of the roads, railroads or settlements which may affect this value. The lands in Nebraska were found, on a fair estimate, to be worth from $4 to.$7 per acre, while those in Minnesota vary from $2 to $5. A circular has been issued offering them for sale, and inquiries begin to be made by those desiring to purchase.

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