Page:Oregon Historical Quarterly volume 25.djvu/144

 126 CHARLES E. LEWIS ance caused a deficit of $10,236 for operation the first year and these losses, combined with the interest on the debt, made the situation critical. The board was accord- ingly authorized in 1902 to make such disposition of the property as in their discretion seemed proper; provided that the proceeds of such disposition be devoted to paying off any indebtedness of the board and afterwards to the purchase of a new site for a boys' school. No action was taken along that line that year, how- ever, and heroic efforts were made to save the school. The faculty was reduced and expenses were curtailed wherever possible. There was a better attendance the next year and the school showed a profit of over $2,000, so far as its operation was concerned. Mr. Newill said, "It is my intention next year to provide a course of study that will place the Bishop Scott Academy on a plane higher than any other school in Portland, and one that is so ad- vanced that those who have received the Bishop Scott Academy diploma can enter any college or university in the United States." The board and tuition at that time was $400 per year. There had been little change in the curriculum except to restore the "Form" system and to allow a greater election of studies by the individual student. The third year (1903-04) of the new management was again unsuccessful, showing a deficit of $8,248. At that time the interest bearing indebtedness of the board (cov- ering both schools) was $53,717.64, with an outstanding floating indebtedness of $3,500. There was an estimated shortage for the next twelve months of $3,250, independ- ent of the probable, if not inevitable loss in operation of the Bishop Scott Academy. Confronted by this situation, and realizing that it would not be many years until all of the school property would be sold to meet the indebted- ness, with nothing left to show for it, the board recom- mended that the school be discontinued until funds could accumulate to start it again, or until the present site be sold and a new one purchased for less money, the balance m