President MacCracken reported to the alumnae association that the salary budget for the current year had been increased while the number of faculty members had remained the same.  $53,000 had been added, bringing the total to $570,000.  Pensions were maintained, and student aid increased by $36,500.  Twenty-eight percent of the student body was receiving aid, and the total aid budget was $160,000.

"Dr. MacCracken praised the 'wise and careful management' which made possible the maintenance of policies based on 'liberal, ethical and economic principles.'"     The New York Times