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The Depression

Beginning in October 1929, the Depression made paying for the land and the new buildings difficult.  The school's plan was to sell lots and use that money to pay the mortgages on the land and buildings.  Because most of the lots were bought on time, and Abilene Christian carried the notes, at the onset of the Depression, a number of lots were turned back to Abilene Christian.  In addition, the sale of the lots virtually dried up.  This cash flow problem caused the school to be unable to make the payments, and the promissory notes had to be restructured.

On May 14, 1932, the Board of Trustees decided some of the land had to be turned back, and negotiations with Xenia Adams Miller began.  Three months later, a deal was made to return her land plus $1,000, and she would reassume the $3,200 note, plus the past due interest.  A part of her land, 12.21 acres, had been sold to West Texas Utilities for an easement for power lines (along Griffith Road).  In exchange, she would return the seven vendor lien notes totaling $35,800 and forgive the past due interest.

The deal was signed on August 23, 1932.  Miller decided to deed back to Abilene Christian 12 acres across Avenue F from the campus in return for the monies already paid to her.  The track, tennis courts and later A. B. Morris Stadium were built on this piece of land.

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Last Update: December 10, 2007
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