College Lane Housing cash book, 1886 June 12 - 1910 May 31

When a key piece of land on the south side of College Lane extending from the Duck Pond to Lancaster Pike, known as the Warner Tract, became available for purchase, the College lacked the resources to buy the land. Board of Managers members David Scull, Justus Strawbridge, Richard Wood, and Francis Stokes acquired the property in 1886. As part of the arrangement with the four Board members, referred to as the "Warner Syndicate," Haverford College provided a loan of $25,000 with 4.5% interest. $2500 of this loan was applied to the purchase price, and the remaining $22,500 was mortgaged at 4% through the Philadelphia Saving Fund Society. The College also agreed to have its treasurer maintain all accounting records of the syndicate, separate from the books of the College. The Syndicate began building houses and renting them to faculty members and their families in 1887. The College was deeded the land and housing in 1900 and the Syndicate turned over the remaining debt to the College in 1910. After this time, the administration of housing fell under the aegis of the Haverford College Improvement Company.

(Adapted from a report by G. Richard Wynn, Emeritus Vice President of Finance and Administration)