Education: Reed Saved

At 8:30 every weekday morning, a 70-year-old gentleman whom all Portland, Ore. knows as Mr. Mac marches into the First National Bank, seats himself at the desk tagged Chairman of the Board and settles to work. At 10:30, Chairman Ernest Boyd MacNaughton marches out again and takes over his second desk as president of the Portland Oregonian (circ. 224,314). Finally, after a quick lunch at "a grab and grunt stand," Mr. Mac heads for his third and favorite job—president of Reed College (enrollment: 585).

At first glance, Mr. Mac is no man to be a college president, and Reed is the last...

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