1953: McFadden's death (2 of 2)

TO: Mr. Henry Pemberton FROM: Froelich Rainey DATE: November 5, 1953 SUBJECT: George H. McFadden Bequest

You will recall that the McFadden bequest to the Museum included 1000 shares in Cyprus Palestine Plantations Ltd. and 390 shares Passouri Project together with five shares of founders stock in Passouri. In the accounting submitted by Sir Panyotis L. Cacoyannis these Passouri shares are listed as Cyprus Palestine Plantations Co., Ltd. Nos. 15/5/53 and 49/9/53. Sir Panyotis states that the share certificates of Cyprus Palestine Plantations Ltd. cannot be found and he is now asking the Company to supply duplicates.

I told Mr. John Ewing, 3rd of Saul, Ewing, Remick and Saul, executors of the McFadden estate that the Museum would be expending this year to complete our work there not only the $10,000 cash bequest but proceeds of these stocks and hence was anxious to facilitate clearing up the Estate in order to meet our expenses in Cyprus this year. Mr. Ewing has advised Sir Panyotis, his representative in Cyprus, that we are anxious to realize the money from these stocks and that he should liquidate them for us. However, I realize that this is really a matter for you and the appropriate officers of the University to determine and I wonder if you would concur with me in this procedure, i.e., the Estate has been exceedingly generous with the Museum in liquidating Mr. McFadden's affairs in Cyprus. I have no reason to doubt that Sir Panyotis could obtain the largest possible amount for these shares by disposing of them in Cyprus and would suggest that you authorize me to advise Mr. John Ewing that the appropriate officers of the University concur in the instructions to Sir Panyotis to dispose of the shares in Cyprus at this time. You may, however, wish to check on the value of the shares in the current market. Would you let me know if you consider this a reasonable procedure?