Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 4]

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BOARD OF TRUSTEES

[July 13

EXECUTIVE COMMITTEE MEETING, JULY S, 1930 The Secretary presented for record the minutes of a meeting of Executive Committee of July 5, 1930.

A meeting of the Executive Committee of the Board of Trustees of the University of Illinois was held at the University, in Urbana, at 10:30 a.m. on Saturday, July 5, 1930. Mr. George A. Barr, Chairman, Mr. James W . Armstrong, and Mrs. Laura B. Evans were present, also President Kinley, President Chase, Professor Morey, Comptroller, Professor White, Supervising Architect, and Mr. Hazen S. Capron, Treasurer.

MATTERS PRESENTED BY PRESIDENT KINLEY

The Executive Committee considered the following matters presented by the President of the University.

HART LOAN

(1) A statement concerning the loan to Mr. M . M . Hart (Minutes, July 17, 1929, page 264). This report was received for record.

INVESTMENT OF TRUST FUNDS

(2) A recommendation from Mr. Trees for the Finance Committee, that trust-fund investments be authorized as follows: June 30, 1930 David Kinley, President, University of Illinois M y dear President Kinley: This will acknowledge your letter of June 27. Have conferred with Mr. Fisher and it is our opinion that you should authorize the purchase of the Shivly $4,000, $}i per cent mortgage due M a y 1, 1934. W e also suggest that you buy £5,000 units of either of the following issues to make up the balance of the Fund to be invested: American Smelting and Refining Company ; per cent, due 1947 Mississippi Power Company 5 per cent first mortgage, due 1951 Sierra and San Francisco Power Company 5 per cent first mortgage, due 1949 It seems to m e that we are also warranted in selling the $1,450, 434 per cent first Liberty Loan and the $650 of the fourth Liberty Loan, 4V4 per cent, at the best market prices, investing the proceeds in some other issues comparable to the above. Sincerely, Merle J. Trees On motion of Mrs. Evans, these investments were authorized as recommended.

APPOINTMENT TO BOARD OF EXAMINERS IN ACCOUNTANCY

(3) A recommendation that Mr. Stuart John Templeton of the lawfirmof Wilson, Mcllvaine, Hale, & Templeton, 140 South Dearborn Street, Chicago, be appointed a member of the Board of Examiners in Accountancy for three years from July 1, 1930, to succeed Mr. Herbert Pope, whose term has expired. On motion of Mrs. Evans, this appointment was made.

COOPERATIVE INVESTIGATION OF STACK GASES

(4) A recommendation from the Dean of the College of Engineering for approval of an agreement with the Utilities Research Commission for a cooperative investigation of stack gases by the Engineering Experiment Station. This project will replace an investigation of "Prevention of Corrosion by Flue Gases," which is now being carried on in cooperation with the Commission. This new agreement is drawn for a period of two years beginning July 1, 1930, with the provision that it may be extended for additional periods, and the Commission agrees to pay the University the sum of $15,000 a year for the expenses of this investigation, £2,500 being payable when the contract is signed and the remainder in quarterly installments.