Repository: UIHistories Project: Board of Trustees Minutes - 1926 [PAGE 520]

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1926]

UNIVERSITY OF ILLINOIS

5*7

In accordance with Judge Harker's suggestion I recommend that the following resolution be adopted: W H E R E A S , Louisa Catherine Gregory, who died at Washington, D. C , on thefirstof M a y , 1920, left a Will (admitted to probate in the Supreme Court of the District of Columbia) whereby it was provided that certain sums (whenever realized out of the rents and sale proceeds of certain real estate) should be paid to the Board of Trustees of the University of Illinois, to be held in perpetuity by the Board to be invested and reinvested from time to time, and the income thereof to be used as a scholarship fund for aid of worthy, indigent, and self-sustaining students attending the University of Illinois, to be known as "The John M . Gregory and Louisa Catherine Gregory Scholarships"; and W H E R E A S , the said Board of Trustees, by resolution duly adopted on October 20, 1922, accepted the said bequest and agreed to use and manage the said fund in accordance with the provisions of said Will; and W H E R E A S , The American Surety and Trust Company of Washington, D. C , executor and trustee appointed to carry out the provisions of said Will, has made payments as follows, to-wit; O n November 6, 1922, $5,000; on August 6, 1923, $1,000; and has reported that it is in a position to makefinalpayment on account of such bequest in the sum of $1,531. T H E R E F O R E , be it resolved that Lloyd Morey, the Comptroller of the University, is appointed to receive the aforesaid sum of $1,531 from the American Surety and Trust Company, and receipt the same in full payment of said bequest. O n motion of M r s . E v a n s , the above resolution w a s adopted.

CHANGE OF TIME OF COMMENCEMENT

(3) The Council of Administration has voted to recommend to the Board of Trustees that beginning in June, 1927, the University revert to the former plan of holding Commencement on Wednesday with Class Day on Monday and Alumni D a y on Tuesday. On motion of Mrs Grigsby, this recommendation was adopted. BEQUEST OF MISS JESSIE ESTEP (.4) I have a letter from Mr. James Bothwell of the Class of 1881, who is Executor of the estate of the late Miss Jessie Estep of the Class of 1878, concerning the following provision in her will for a bequest to the University: "13. I give and demise and bequeath unto the Trustees of the University of Illinois located at Urbana, Illinois, the sum of $500, the income of which shall be applied to the upkeep and repair of a Memorial Clock given to the said University by the graduating class of 1878, of which I a m a member." Mr. Bothwell tells m e that some of Miss Estep's smaller bequests, including the University's, will not be paid for some months due to certain problems in clearing up the estate. This report w a s received for record GIFT FROM DR. FRANK SMITHIES (5) Dr. Frank Smithies of the College of Medicine has sent m e two bonds of Chicago By-Products Company in the amount of $1,000 each, payingfivepercent interest per annum, for the purpose of creating the William Beaumont Memorial Fund, the income from which is to be used for the annual Beaumont award for the most useful piece of research dealing with diseases of the alimentary tract. The Board accepted this gift on December 8, 1925 (page 485). Dr. Smithies suggests that the first award be made about Commencement time 1927, because setting the first award at that time would give the fund approximately $150 in interest before the award is due. This will permit a surplus in the fund should such be necessary for incidental expenses in connection with the management of the fund. have turned w a urer IThis University.s bonds over forthe Comptroller for deposit with the Treasof the report these received to record.