June 22, 1917

Chancellor Avery has issued the following statement in regard to the Regents' action in taking over the control of the athletic finances: "In the discussion of the matter by the Regents there was no reflection on the honesty the good intentions and devotion to the cause of athletics on the part of the Athletic Board or any of its employees. There was a feeling that there had been divided authority and responsibility in the matter of expenditures, and that in plann ing the athletic program excessive optimism had sometimes been indulged in in regard to the gate recipts. But the main thing that actuated the Regents was that in view of the showing last year it would be necessary to exercise very close control of finances dur ing war times. The Regents feel that Mr. Reed has shown a remarkable capacity for planning big things in athletics that the Athletic Board has worked loyally and disinterestedly at a thankless task that Dr. Stewart has shown much skill in handling the difficulties that would naturally come to anyone as a successor to Coach Stiehm. In spite of all this however they believe that the regular Univer sity officials who are putting in al their time in financial matters can exercise a closer supervision over expenditures than is possible on the part of people whose interests are not primarily financial no matter how disinterested efficient and loyal they may be."