In the fall of 1977, students enrolled in an elementary school administration and supervision class at Indiana State University attempted to separate the "threats" from the "thorns" in elementary school administration. "Thorns" were defined as everlasting or recurrent problems, and "threats" were defined as relatively new problems perceived as potentially disruptive to the administrative process and operation of the school. The heart of this publication presents transcripts of conference telephone conversations among members of the class and five outstanding elementary principals from across the nation. Fifteen problems classified as "threats" were discussed, including accountability, certain court rulings, certain curriculum issues, declining enrollment, fuel shortage, and inadequate funding. Fifteen problems classified as "thorns" were discussed, including attendance policies, difficulty obtaining good teachers, discipline, faculty and staff evaluation, and grading and promotion. The conversations revealed that the outstanding principals contacted were all rather tolerant of the problems perceived as "thorns" but did not all perceive the "threats" as equally important. (Author/JM)