President of the University
When President Chase resigned in 1930, friends persuaded a reluctant Graham to accept the presidency of the university. Because the Depression created a severe drain on revenues, the state legislature cut the university's budget by twenty-five percent in 1929-1930 and twenty percent in 1930-1931. When further drastic cuts appeared likely in 1931, Graham launched a statewide campaign to prevent them. Despite his strenuous efforts, the state left the university in 1931-1932 with only forty percent of the funds it had received in 1928-29.