1953: McFadden's death (2 of 2)

UNIVERSITY of PENNSYLVANIA PHILADELPHIA 4

HENRY R. PEMBERTON, Financial Vice-President 3320 Walnut Street

6 November, 1953Dear Fro:

I have your letter of November fifth, regarding the securities which were bequeathed to the University by George H. McFadden, deceased.

I have attempted to obtain some value on these securities and am informed by a Philadelphia investment house that Cyprus Airways, Ltd., is controlled by the British Overseas Airways Company. By writing to them, some idea of the value of the stock might be obtained.

In regard to the Palestine Plantations, Ltd., it is presumably a company in or around Nicosia, Cyprus, and perhaps the Bank of Athens, Nicosia, would be able to give us some idea of the value.

However, assuming that you have confidence in Sir Panyotis L. Cacoyannis, I think it best to allow him to negotiate the liquidation of these securities for us. I would expect that there would be no question as to Sir Panyotis, since he presumably is the representative of Mr. Ewing.

I would like to point out that due to the fact that we have no estimate of the value of these securities, it would be wise not to commit the Museum to a program the costs of which we expect to pay from the proceeds to be obtained from the sale of the securities.

Sincerely yours,

Handwritten: signature

Dr. Forelich G. Rainey, Director, The University Museum.