Repository: UIHistories Project: Board of Trustees Minutes - 1898 [PAGE 94]

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94

UNIVERSITY OF ILLINOIS.

[April 14,

Mr. A r m s t r o n g offered t h e following resolution which was a d o p t e d : Resolved, That Mr. Smith be instructed to accompany our Treasurer and attorney to make a formal demand upon Mr. Chas. W. Spalding for all moneys, securities, books, records, and all other property belonging to the University of Illinois which he may have or should have in his possession. Mr. B u l l a r d offered t h e following resolution which was a d o p t e d : Resolved, That the firm of Wilson, Moore & Mcllvaine, of Chicago, be employed as attorneys of this Board in all legal matters in connection with the settlement of the account with the former Treasurer of the Board, Chas. W. Spalding. T h e following resolution was a d o p t e d : Resolved, That the Treasurer of the Board of Trustees of the University of Illinois is hereby authorized to receive and receipt for all moneys, and to indorse all orders, drafts, and checks due and payable to the said Board of Trustees, or to the said University of Illinois, and especially all drafts drawn by the Treasurer of the United States, payable to said board of Trustees, or to said University of Illinois, on account of the Agricultural Experiment Station of the said University. O n motion of Mr. S m i t h , Messrs. M c K a y a n d P e a r c e and Mrs. Flower were a p p o i n t e d a C o m m i t t e e to p r e p a r e a financial s t a t e m e n t which would include a s t a t e m e n t of the condition of t h e E n d o w m e n t F u n d and p r e s e n t the same to t h e next m e e t i n g of t h e B o a r d .

EVENING SESSION.

At this session of t h e Board Mr. Moore was p r e s e n t a n d stated at l e n g t h w h a t steps his firm h a d t a k e n to protect t h e i n t e r e s t s of t h e University.

LAW OFFICES WILSON, MOORE & MCILVAINE.

CHICAGO, April 29, 1897.

W. L. Pillsbury, Secretary University of Illinois, Urbana, III. DEAR S I R : The following is a statement of the report I made to the Trustees of the University at their meeting on April 14, 1897: On that day we obtained from Mr.^ Spalding a mortgage of his interest in> the property in Ford's Subdivision, in the City of Chicago, getting the description from his deed which had been filed a day or two previous, conveying the same property to Mr. Ford. Mr. Spalding and Mr. Oliver, his attorney, stated to us that at the time of the conveyance to Ford there was a declaration of trust made by Mr. Ford, which stated that that deed was made as indemnity for himself and Allison W. Harlan, as sureties on Spalding's bond. Spalding therefore retained an interest in the property.notwithstanding that deed, subject to the claims of Ford and Harlan in case they should be obliged to pay as sureties on that bond. We obtained also a mortgage from Mr. Spalding of his farm in Hillsboro County, New Hampshire, called "Nanticook," said to consist of one hundred and twenty acres. We took his description for .this, and had no other means of knowing what the facts were. The mortgage covered also, in terms, the personal property, stock, etc., on the farm, but probably the conveyance of the personal property would not be good as against subsequent purchasers, or creditors, being contained in a conveyance of real estate, which the law there requires to be recorded differently. It would be practically impossible for you to handle that kind of assets any way, the property being said to be <3hieny live stock.