The Minnesota Orchestra Association’s endowment fell from $162 million to $137 million, according to its 2011-12 annual report. Such losses have been cited to justify extraordinary 30 percent cuts in musicians’ base salaries. But since the lockout of musicians last Oct. 1, the stock market has climbed 15 percent, reaching record highs.

This change is enough to easily eclipse the reported operating losses from the last three to four years. One wonders if in the ongoing stalemate, the board has acknowledged this dramatic change in resources.

Douglas Allchin, St. Paul