UA-R-GC-1914-01-01-1966-12-13_Page-003

, J I - 3 - arrears to AOC and very slow in paying their bills. Mr. Thoron suggested a number of proposals how the money might be borrowed. Mr. Payne said that the current cash level in the endowment account exceeded $10.000 and that this money could easily be drawn~ without the need for security, to tide over the cash shortage until the 1st of the year. The Executive Committee endorsed this suggestion and RESOLVED. in the event it should be necessary to meet an immediate cash shortage in the month of December, to withdraw from the Union National Bank in Pittsburgh out of the corpus cash in its endowment account up to $10.000 to be repaid as soon as practicable. Transfer of accounts from NECA - Mr. Thoron reported that Mr. Cmic would be joining the University sometime in January and not later than the 1st of February. With this move it would be neces-sary to procure some office furniture, possibly costing up to about $800. Several members of the Executive Committee expressed the hope that every effort would be made to economize and it might be wise to examine what furniture was available on the second-hand market. Mr. Payne, the Chairman of the Subcommittee on Investments reported that his committee felt that, in the light of the current conditions in the country and the outlook for next year, the size of our debt. about $622,OOO,against the endowment fund (market value about $2,300.000) was excessive. Accordingly the Subcommittee recommended the reduction of this debt through the sale of securities, specifically about $30,000 worth of government bonds and some common stocks which paid low dividends. He noted that in some cases our interest returns on our investments were less than the interest we were paying on the loan. He said accordingly that cash accruing from th