151 were given an unpaid vacation. Unfortunately, the situation was not al- leviated . In November 1931, the Business Department again warned the Board ... -...:;...-----~ ---- that unless there was a substantial increa~~- in income or unless additional funds could be raised by the liquadation of some of the School's assets, November 30, would be the last day on which they could, with certainty, carry on the work of the School. By this time, life for Biola was on a month to month basis . Unfortunately, exercising every means of economy possible resulted only in a temporary respite. The School faced the same monthly crisis in April, May, and June of 1931. In desperation, the Board appointed a Special Corn- mittee to contact all the School's principal creditors and inform them of the true nature of the situation so that such action as was deemed necessary might be taken. By May, 1932, the faculty had been reduced to six full-time members, with the total salaries not to exceed $890 . 00 per month. Some others were asked to teach on a l imited or part-time schedule without pay . The situ- ation was so critical that the Treasurer suggested the operating expenses be further reduced 'and tendered his own resignation to help in the reduct- ion . Beginning February 1, 1933, further reductions amounting to $780 . 00 P=r rront_l-i, were made i,n the total payroll, and all non-income producing departments were put on a five-day week basis . This represented an additional savings of $352.00 per month. Other drastic measures were taken. Both the men and the women students were to be housed in the south dormitory, and the north dormitory placed on the market for lease. Fortunately, immediately , the building was leased to the owner of the Hotel Angeles. The lease was drawn up in the name of the Willard Hotel Company and included thirteen floors . The two basement floors were retained by Biola to house the School ' s kitchen and dining room. Although the income from this lease was a great help to Biola , it was still
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