"3. That the remainder of the income arising from the investment of the fund shall be annually expended, under such regulations as the Board and Faculty may establish, in the purchase of Greek books, including the texts of Greek authors, Greek lexicons, Commentaries on Greek authors, works on Greek history, Geography, Grammar, antiquities, etc., and all direct auxiliaries to Greek study, to form a special and distinct collection, to be called the Walton Greek Library.
"4. That this Library shall be carefully guarded by the College authorities and secure adequate protection from theft and fire.
"There is visible in this act of Mr. Walton no less wisdom than of generosity and tenderness. The helps to the successful carrying on of Greek study are becoming year by year more numerous and more masterly, but, unluckily, more costly, too. To use them is indeed necessary for every earnest student, but to buy them is oft-times to the student impossible. To meet this necessity is the object of Mr. Walton's gift, while his prize will serve to stimulate and reward Greek study; in all the classes of our school the Library will, year after year, as it widens, open to students that are more advanced the treasures of Greek learning.
"Being sure that you will feel the same pleasure that I feel in this wisely-devised increase to our means of education, I ask you to make Mr. Walton's purpose known to the Board, and to have the proper measures taken for the consummation of the gift.
"With great respect, your obedient servant,
"THOMAS R. PRICE,
"Professor of Greek."
The donation of Mr. Walton was accepted with thanks, and an order was made to carry out his intentions as speedily as possible.
It may be stated here that this fund was safely invested, and the annual proceeds, from the year of its establishment, have been applied, as directed, in annual prizes and the purchase of books, until, at this writing, the collection has, become imposing and very valuable. The first prize was awarded June, 1872, to R. E. Blackwell, of Virginia.
The College year 1872-'73 was remarkable in the patronage and financial outcome. The number of students was 234, the largest in the history of the College up to that year. The receipts for fees amounted to $11,220; Conference educational collections, $3,411. The excess of current receipts over current expenses reported, for the first time in the history of the College, went towards needed improvements of the property and reduction of debts of other years. Available assets were reported at $74,610; liabilities, $26,377—net assets, $48,233. This exhibit, made by Rev. A. G. Brown, Financial Secretary, was highly gratifying to the Board, so long accustomed to discouraging reports.