MEMOIRS BY DR. SAMUEL H. SUTHERLAND PRESIDENT EMERITUS June 20, 1986 Page 16 - Tape 1
QUESTION:
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HOW WAS THE HIGH DEBT ELIMINATED? DID THE SCHOOL EVER GO INTO DEBT AGAIN?
RESPONSE:
There is an interesting historical record which pertains to the money that we got for the campus and subsequent money for the buildings and campus development. During the Great Depression of the '30's, the school, unfortunately, found itself $1,400,000 into debt. During those depression years, the Board of Trustees could have turned the downtown property over to the creditors, walked out and built a new campus for less than the $1,400,000 indebtedness. But they elected not to do that and they saw that the debt was eliminated, then the school went on to its present status. However, when the school got out of debt in 1942 or 1943, thanks in large measure humanly speaking to Dr. Talbot, the Board of
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