1953: McFadden's death (2 of 2)

Handwritten: Corresponding with Mr. Pemberton re Kourion stocks

Mr. Henry R. Pemberton Financial Vice-President 3320 Walnut Street University of Pennsylvania Philadelphia 4, Pennsylvania

November 11, 1953Dear Henry:

Thanks for yours of the 6th regarding the disposal of the Cyprus Airways and Palestine Plantations stocks. Both John Ewing and I feel that Sir Panyotis will do a very honest job in disposing of these stocks for us and he knows that the preferred shares of Palestine Plantations are now held at a premium. Cyprus Airways is not very good and may be difficult to dispose of.

We had an estimate of the value of these stocks at about ten thousand dollars from our people in Cyprus and we are scheduling the operations this year on that basis. However, we will not be caught short even if we have over-estimated because we have ample funds in our reserves for expeditions. We can, of course, cut short this work in Cyprus if the value of the stocks does not cover the schedule of work but we are exceedingly anxious to finish up this year so that we can turn it over to the Cyprus government and not be longer committed to maintenance of that house, site, and personnel.

Yours,

Froelich Rainey Director

FR/mwe