Museum: Proposed College Sale in 1903
Selected material relating to the proposed sale of the College in 1903
Summary: See above
In 1903, the Board of Trustees decided to sell the college due to financial hardships. This decision did not sit well at all with the college’s many alumnae, one of whom was Nannie Lee Smith of the class of 1893. Miss Smith took the lead and was the driving force in raising the necessary $25,000 (primarily in pledges) in thirty days to keep the College open. Several years later, Miss Nannie Lee Smith became the first woman to sit on the College’s Board of Trustees.
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Directors of the Greensboro Female College Association
Handwriting is in blue.
The Directors of Greensboro Female College Association met, all being present, in the Treasurers Office of the College July 1st l903 and passed the following Resolution. (See insertation and record here)
“Resolved by the Directors of the Greensboro Female College Association that in the judgment of the board of Directors it is deemed advisable and most for the benefit of the corporation that the property of the association be sold and that the corporation shall be dissolved, and to that end it is ordered that a meeting of the stockholders be held at 3 o’clock, p. m. on Wednesday, the 5th day of August, 1903, at the office of the Treasurer, at the Greensboro Female College building in Greensboro, N. C., to take action on this resolution; and, further, that the Secretary forthwith give notice of said meeting and of the adoption of this resolution, within ten days from this date by publishing the said resolution with a notice of its adoption in the Telegram newspaper published in Greensboro, N. C., for at least four weeks, once a week, successively, and by mailing a written or printed copy of the same to each and every stockholder of this company in the United States.”
No further business the Directors adjourned.
W R Odell [signature] President
J A Odell [signature] Secry
Stockholders of the Greensboro Female College Association
Pages 1-2 & 5-6 of PDF file – Paper “A” (pages 3-4) is typewritten
Handwriting is in blue.
The Stockholders of the Greensboro Female College Association met in Called Session at the College July 1st 1903 W R Odell President in the Chair. The Secretary was requested to read the Call for the Meeting. The following Shares of Stock were represented.
J. A. Odell l44 shares
W R Odell 5 shares
J M Odell 23 shares
Dred Peacock 12 shares
C H Ireland 6 shares
O W Carr l share
Mrs C L Gray 8 shares Proxy by R T Gra
C W Lilly Trustee l0 shares Proxy by R T Gray
B N Duke 35 shares Proxy by J A Odell
All the stock was found to be represented except 5 shares held by Mrs. Mary H. Rose.
A Committee from The Alumnae Association of The College presented to the Stockholders the following paper. (See paper marked “A” and record here.
After due consideration the Stockholders made the following reply to the Committee. (See paper marked B and record here)
There being no further business the meeting adjourned.
W.R. Odell [signature] Pres.
J.A. Odell [signature] Secy
Miss Nannie Lee Smith
Secretary of Alumnae Asso. of Greensboro F. College
The stockholders of Greensboro Female College Association have considered the communication from your committee of the Greensboro Female College Alumnae Association requesting the Directors of the College to name a minimum price at which they will dispose of all the property to the Alumnae Association and grant an option for ninety days at such price, coupled with the promise that the Alumnae Association shall raise a cash endowment of $50,000. in addition to the purchase price, within said 90 days, for a college to be conducted at the present location of G. F. College in Greensboro in the interest and under the auspices of the U Methodist Episcopal Church, South. In reply the stockholders of the Association now present beg to say that under the circumstances now surrounding them, which it is unnecessary to detail, and especially in view of the fact that this meeting is not so constituted as to make or accept a proposition for the sale of the property that would be binding upon every stockholder (whose consent to a sale is necessary) they are unable to grant an option at any price at present.
If, however, your Association can make a definite proposition to purchase the property for cash within a short while, we will gladly endeavor to convene a full meeting of the stockholders to consider the same. But the circumstances are such as to render it imperative to dispose of the property at a very early date, in some way.
J A Odell [signature] Secry