Part 1 - The Institute Libraries - Institute for Advanced Study

during the Institute's first years there was no market. One of the
esuci~l decisions during the first two years was lest when in August,
1932 stock mrket averzges reeched their lowest point fox the depression
period, Mr. Bsmberger and Mr. Hardfn insisted on selling more than half
the Macy shares, which sold that month between $13 and $57. 3
At the end of tkat month, the total market vzlue of securities
in the portfolio was $4,411,00. During the year the Founders gave some
$400,000 t o endowment, without mentioning it, since it was doubtless to
restore the capital account to the €mount originally pledged. Neverthe-
less, the Treasurer gave the total at market value at the 31st December,
1933 as Rin excess of $4,50O,OUO." 4
But there had been signs thzt Hr, Bamberger was softening fn
his attitude with the startling success of the Director in the first
appointments. In October, 1932 the By-Laws were amended tirth the Found-
erst consent to give authority t o the Board to designate those who were
entitled to countersign checks on the Institute's depositaries. fater,
the rigorous annual tenure of the Director was relaxed mat Kr. Eambergcrns
requestw when Mr. Maass moved and the Board approved that the Director
end Mrs. Flexnes should bve the same retirement annuities as Professor
However, there were feu signs that Wr. Bambexger's investment
policy would change. There was a moment in 1933 when is appeared that
Mr. Stewart might become a factor in the situation. Haass wrote Dr.
Fl exner a hopeful letter:
Iast week I h d the plebsure of lunching with EIr- Bamberger,
Mr. Leidesdorf and our new Trustee, Hr, Stewart, and cannot
begin to tell you of the very splendid Impresalon he created