the college. Then, the Investment Committee made the motion that a number of securities be transferred from the safety deposit box, held by the college in the Xenia National Bank, and delivered to the Winters National Bank in Dayton as security for yet another loan. Next, the Operating Committee was authorized to borrow an additional $18,000 "for the purpose of replenishing the operating account, and to pledge such securities for the lending institution as shall be required by them to secure this borrowing."8 The Board convened on Saturday evening, January 17, 1953: "There was full discussion of the plight of Cedarville College. The financial situation as reported by Mr. MacMillan demands (sic) immediate attention. It was indicated that the Board would be unable to increasing in the near future but would not peak until the mid-1960s. Gradually the Board of Trustees realized that Cedarville College was going to collapse. It would take a miracle to keep the doors open. The Board authorized Chairman Earl McClellan to investigate the possibility of a merger with another college. He subsequently reported that he had held conversations with a representative of the Missouri Synod of the Lutheran Church, but nothing had corne of it. A similar negative report was given concerning "conversations with Wittenberg College and Muskingum College."lo However, it was reported that there might be some hope of a merger or working agreement with Wilmington College. At this point the trustees decided to make their concerns public. The people of the Modern technology comes to CedarviJ/e. In the year foJ/owing the issue of the Charter this steam engine fire pumper came to town. borrow sufficient money to finance the next semester."9 Dr. Kennedy, who had been acting as the administrative officer because of the illness of Dr. Miller, reported that student recruitment would be very difficult because of the low number of college-age entry students available. This number, he reported, would begin Village of Cedarville were to be advised of the critical situation in which the college found itself, and the Board would meet one week later to see if any interest in saving the college had developed in the community.ll By this time rumors already were circulating throughout the academic community. The college faculty was frustrated and concerned. Chapter II/IS