In 1936, the university entered an agreement to purchase four properties from Professor William Gundy Owens. These properties were "…. one double brick veneer house, no's 9 and 11 Walker Street; one double cement blockhouse, No's 613 and 615 Taylor Street; one single frame house, No. 401 South Sixth Street; and one single frame house, at 407 South Sixth Street, being the Owens Homestead."

The University agreed to a sum of $25,000.00 "…. the principal to be paid to the heirs of the said William G. Owens within five years of the death of the survivor of the said William G. Owens and Mrs. Owens, with the interest at 6% from the time of death of the survivor until finally paid." In addition, the agreement included "…. an Annuity or Retirement salary of $2,000.00 annually to be paid to the said Professor Owens, and after his death said annual payment to be reduced to Mrs. Owens, should she survive him." The Trustees took this action "…. because they considered the properties in question to be desirably located for further expansion of the University, and in view of the long service as a teacher for fifty-five years in Bucknell University of Professor Owens." In 1939, Professor Owens "…. accepted a voluntary reduction of $750.00 in his retirement and property arrangement with Bucknell University."

Located at 407 South Sixth Street, the former Owens' home became Senior Honor House, a residence for fourteen women and a resident hostess.

"...one double brick veneer..." BT, 7/6/1936, p. 3

"...the principal to be paid..." and "...an Annuity or..." and "....because they considered..." ib.

"...accepted a voluntary reduction..." ib., 12/16/1939, p. 3

The major source for the information on this page is the Minutes of the Board of Trustees of Bucknell University, 1920-1950 (BT '20-'50) .