Repository: UIHistories Project: Board of Trustees Minutes - 1898 [PAGE 99]

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1897.]

PROCEEDINGS OF BOARD OF TRUSTEES.

99

field School District No. 2 bonds Nos. 1 to 7, inclusive, for $1,000 each, and No. 8 for $100; Macoupin county bonds of the issue of July 1, 1883, Nos. 592 to 604, OUQ, 6i)I, (>94 to 706, inclusive, for $500 each, and Nos. 825 to 828, inclusive, 836, 837, 839 to 845, inclusive, and 851, for $1,000 each; Jasper county bonds of the issue of October 1, 1887, Nos. 66 to 80, inclusive, for $1,000 each; Crawford county bonds of the issue of January 1, 1887, Nos. 43 to 51, inclusive, and No. 57 for $1,000 each; Sidell School District No. 5 bonds Nos. 1 to 3, for $900 each; School District No. 1, T. 13 N., 8 W., 3d P. M., Morgan -county, Nos. 5 to 10, inclusive, $1,000 each; Sangamon County School District No. 3, T. 15, R. 5 bonds Nos. I to 5, for $1,000 each—all formerly held by Charles W. Spalding as Treasurer of the University. The amount of these bonds is $185,000. These bonds had been pledged by Charles W. Spalding to secure seven notes as follows: One demand note for $25,000 dated December 30, 1895, interest paid at 6 per cent to March 31, 1897; one demand note for $25,000 dated June 25, 1896, interest paid to March 31, 1897; (this note had been given as a renewal of a note given March 27, 1896, for the same amount); one demand note for $25,000 given September 4, 1896, interest paid to March 31, 1897; one demand note for $25,000 given September 23, 1896, interest paid to March 31, 1897; one 90 day note for $25,000 given January 28, 1897, discounted; one 90 day note for $25,000 given February 23, 1897, with interest after date; one 90 day note for $25,000 given March 30, 1897. The face of these notes is $175,000. Each of these notes has endorsed upon it with Mr. Spalding's signature " P a s s to the credit of Globe Savings Bank," except the renewal note named above, and your Committee was told that the original note of which the bank now holds the above renewal was similarly endorsed. Your Committee was also told that the proceeds of these notes had been passed to the credit of the Globe Savings Bank account and had been checked out by the officers of that bank. To recapitulate—

Metropolitan Bank Northwestern National Bank Illinois T r u s t & Savings Bank F i r s t National Bank bonds $ 7,500 to secure $ 7,000 " 70.000" * * 65,000 " 25,000" *' 21,250 " 185,000" " 175,000 $287,500 $268,250

There have been found bonds in the Globe Safety Deposit Vault belonging to the University amounting to $124,810 (see below). These, with those enumerated above, leave $5,000 of the University bonds still unaccounted for. These are Macoupin County bonds Nos. 588 to 591, inclusive, 173, 236, 279 and 514 for $500 each, and No. 369 for $1,000. Eespectfully submitted,

F. M. MCKAY, J. IRVING PEARCE, ,

Committee. T h e report was received for record. Mr. Moore, our attorney, p r e s e n t e d the following:

UNIVERSITY BONDS FOUND IN THE GLOBE SAFETY DEPOSIT VAULT.

Memorandum of an examination made of the articles in boxes 556 and in the Globe Safety Deposit Vaults, Chicago, Illinois, made by the Clerk of the Circuit Court of Cook county under the direction of Judge Tuley, for the purpose of removing bonds to the vaults of the Illinois Trust and Savings Bank as directed by said Court in an order in the case of Charles E. Churchill vs. the Globe Savings Bank, et al., entered April 19, 1897.