rART IV

i. short resumo regarding unpsid pledges _

In the year 1931-1932 the Union Opereting Committee under the chairmanship
of Professor Guy W. Smith assumed the obligation of a note of the Memorial
Union Corporation to the Lawrence National Bank in the amount of $2,000.00.
This note representing the residue of a loan made by tho above bank to

the Corporation was guaranteed by certain mombcrs of the Corporation

Board and for the purchase of furnishings for the Union. The noto was
finally met in 1933 when the compulsory foo went into cffoct.

In return for the assumption of this obligation the Union Operating
Committee was empowered by the Board to collect and use any possible balances
of the unpaid pled-es in contribution to the Memorial Union, Up to

the presont time the Committeo has collected $ 1,443.73 which has beon
placod in and disbursed through the Union Operating Committee fund. In
1935 the chairman of tho Union Oporating Committoo found a wide lack of
response to lottcrs written to tho plodge makers and this fact coupled
with a senso of resentment which had apparently beon engendered over tho
yoars lod to the return of unpaid pledges to their makors, thus cancelling
the obligation, An explanatory andconciliatory lettcr accompanied this
action which has led in the belicf of many, to a larger amount of good
foclinge