The Great Depression hit the university hard. By 1935, the school was about to close because of its poor financial condition. It had a debt of $250,000, enrollment had fallen to 300 students (including many who could not pay their tuition), the faculty was poorly paid and morale was low. It was then that the oil tycoon and TU-patron Waite Phillips offered the school presidency to Clarence Isaiah ("Cy") Pontius, a former investment banker. His primary focus would be to rescue the school's finances. A dean's council would take charge of academic issues.Scott Cooper, "Pontius Pilot", Tulsa World, January 12, 1998.
The Great Depression hit the university hard By 1935 the school was about to close because of its poor financial condition It had a debt of $250000 enrollment had fallen to 300 students (including many who could not pay their tuition) the faculty was poorly paid and morale was low It was then that the oil tycoon and TU-patron Waite Phillips offered the school presidency to Clarence Isaiah ("Cy") Pontius a former investment banker His primary focus would be to rescue the school's finances A dean's council would take charge of academic issuesScott Cooper "Pontius Pilot" Tulsa World January 12 1998