When the late Dr. Guy Winfred Bailey, after 20 years as president of the University of Vermont, died in a Boston hospital last October, frugal Vermonters applauded his administration. They applauded too soon. He had raised the university's buildings and endowment from about $1,000,000 to nearly $9,000,000, left it with a trifling deficit of $33,502 on the books. But last week the university's financial affairs were in such a tangle that nine of the 18 trustees (among them: U.S. Senator Warren R. Austin) resigned and Vermont's Governor William H. Wills called a special...
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