Repository: UIHistories Project: Board of Trustees Minutes - 1934 [PAGE 148]

EXTRACTED TEXT FROM PAGE:

146

BOARD

OF TRUSTEES

[November

19

MATTERS PRESENTED BY PRESIDENT CHASE

T h e B o a r d considered the following m a t t e r s presented by the President of t h e U n i v e r s i t y . COMPENSATION OF WILLIAM BARBER (1) A statement concerning the compensation of Mr. William Barber, who was injured while in the employ of the University on November 4, 1931. O n m o t i o n of M r . B a r r , t h e e n t i r e m a t t e r of t h e l i a b i l i t y of t h e U n i v e r s i t y u n d e r t h e W o r k m e n ' s C o m p e n s a t i o n A c t w a s r e f e r r e d to t h e s p e c i a l c o m m i t t e e a p p o i n t e d S e p t e m b e r 2 8 , 1932, ( M r . A r m s t r o n g , M r . Barr, a n d M r . W i l l i a m s ) for consideration a n d report to the Board. ANDREW TORNQUIST DEATH BENEFIT (2) A recommendation that the Comptroller be authorized to pay the designated beneficiary of Mr. Andrew Tornquist, a retired mechanician of the Department of Physics, who died October 24, 1932, the sum of $383, which is the amount of death benefit due in accordance with the rules of the Board of Trustees and the terms of his employment, and to charge this amount against the provision in the budget of the College of Engineering for the current year for Mr. Tornquist's retiring allowance, so that no additional appropriation will be necessary. O n m o t i o n of M r . B a r r , t h i s p a y m e n t w a s a u t h o r i z e d . THOMAS J . FAY DEATH BENEFIT (3) A recommendation that the Comptroller be authorized to pay the designated beneficiary of Mr. Thomas J. Fay, University Fire Chief, who died suddenly on November 18, 1932, the sum of $1,140, which is the amount of death benefit due in accordance with the rules of the Board of Trustees and the terms of his employment, and to charge this amount against the provision in the budget of the Physical Plant for Mr. Fay's salary for the current fiscal year. O n m o t i o n of M r s . G r i g s b y , t h i s p a y m e n t w a s a u t h o r i z e d . DEPOSIT OF ILLINOIS ORCHARD COMPANY BONDS (4) A report of the action of the Finance Committee authorizing the withdrawal of $2,500 of Illinois Orchard Company bonds, which were acquired as a part of the Kendric C. Babcock Endowment Fund, from the First Union T r u s t and Savings Bank of Chicago, and the deposit of these bonds with the trustee, Mr. Newton M. Harris, for the purpose of foreclosure. T h e principal of the bonds has been in default since March 15, 1932. The trustee recommends that foreclosure proceedings be instituted for the protection of bondholders. O n m o t i o n of M r . B a r r , t h e a c t i o n of t h e F i n a n c e C o m m i t t e e w a s approved. WITHDRAWAL OF SECURITIES FROM FIRST UNION TRUST A N D SAVINGS BANK (5) A report of the action of the Finance Committee authorizing the withdrawal of the following securities from the First Union T r u s t and Savings Bank of Chicago: 500 shares, Urbana Coke Corporation, par value $50 000 00 Real estate mortgage and contract of L. A. Boyden.. 6 440 46 Vancouver Lumber Company bonds 300 00 and the deposit of the Urbana Coke Corporation stock and the Boyden mortgage in a safety deposit box in a vault to be rented by the Board of Trustees at Urbana-Champaign and to be placed under joint control of the Secretary of the Board and the Comptroller, and the Vancouver Lumber Company bonds to be deposited with the Secretary of the Board as a matter of record. T h e Urbana Coke Corporation stock was received by the University when this corporation was organized to promote certain patented processes in the manufacture of coke worked out by the late Professor S. W . P a r r . The stock has no definite value. T h e other securities were received as gifts. The Boyden mortgage is now of doubtful value and the Vancouver Lumber Company bonds, due to a reorganization, have no value. T h e First Union Trust and Savings Bank makes a flat charge for every item deposited with it. Since it can render