276 A HISTORY OF THE UNIVERSITY OF CHICAGO interests of the University that, although the effort for securing five hundred thousand dollars had failed; although the institution had undertaken a most gigantic work, one which under ordinary circumstances would have taxed its resources to the fullest extent ; although large bills for books and equipment fell due in the very midst of the financial depression; although the general situation in the midst of which the University found itself was a most extraor- dinary one, nevertheless obligations were met and the salaries of its officers were paid promptly, except in the case of a few instructors in the month of August when currency was the most difficult to obtain. The President denied, with indignation, the truth of rumors that the University had it in mind to reduce the working force or the facilities which it is prepared to offer The work will be conducted on still broader lines, and in a more extended way, during the year upon which we are about to enter. Twenty-seven new appointments have been made, a number, in itself, larger than is found in the majority of western institutions, and this in the very midst of the financial depression. Nor is this all. Mr. Ryerson has again come forward and offered a hundred thousand dollars on condition that five hundred thousand, including Mr. Rockefeller's one hundred and fifty thousand shall be secured by next July. Within a month after the President's statement was delivered, Mr. Rockefeller made a new gift and a new kind of pledge as follows: 26 BROADWAY, NEW YORK October 31, 1893 To the Trustees of the University of Chicago T. W. Goodspeed, Secretary: GENTLEMEN: I will contribute to the University of Chicago the sum of five hundred thousand dollars, payable in four equal quarterly instalments, beginning July i, 1894. Of this contribution so much as may be found necessary, not exceeding one hundred and seventy-five thousand dollars, shall be employed in the current expenses of the institution for the fiscal year beginning July i, 1894, and the remainder shall be devoted to the general purposes of the institution. I make this contribution on condition that the terms and conditions of Mr. Martin A. Ryerson's pledge of one hundred thousand dollars bearing date of September 18, 1893, shall be complied with by the University on or before July i, 1894. Sincerely yours, JOHN D. ROCKEFELLER In the Convocation statement made at the Fifth Convocation, January 2, 1894, the President said of this new pledge:
