Caption: Board of Trustees Minutes - 1934
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482 BOARD OF TRUSTEES [April II ment with provisions for its further extension. Funds are on hand in the special fund for this research to cover the cost of any new work done between now andthat date, T h i s r e p o r t w a s r e c e i v e d for r e c o r d . COOPERATIVE INVESTIGATIONS OF CHILLED CAR WHEELS (21) A recommendation for the approval of two agreements with the Association of Manufacturers of Chilled Car Wheels for cooperative investigations by the Engineering Experiment Station as follows: 1. Investigation of the strength of chilled car wheels. This agreement is drawn for a period of one year beginning April I, 1934, and the Association agrees to pay $1,500 a year to cover the expenses. 2. Investigation of the resistance of the treads of chilled car wheels to heat checking and brake burning. This agreement is drawn for a period of one year beginning May 1, 1934, and the Association agrees to pay $500 a year to cover the expenses. These agreements provide for their extension for additional periods by mutual consent and they conform with all the regulations of the Board of Trustees relating to such investigations. On motion of Mr. Barrett, these agreements were authorized. DEPARTMENT OF MINING A N D METALLURGICAL ENGINEERING (22) A recommendation from the Dean and Director of the College of Engineering and the Engineering Experiment Station that the name of the Department of Mining Engineering be changed to the Department of Mining and Metallurgical Engineering. I concur in this recommendation. On motion of Mr. Barrett, this change was made. KAISER MORTGAGE (23) A report from the Comptroller that Simon Kaiser, who recently asked for the privilege of paying off a $6,500 farm mortgage given by him on his farm in Champaign County, which the University holds among its investments of trust funds, found that this mortgage could be paid off only in 3 ^ per cent bonds of the Federal Farm Mortgage Corporation, which are fully and unconditionally guaranteed by the United States Government, which mature in thirty years, and which are callable after ten years. All members of the Finance Committee having concurred in this arrangement, the parties handling the mortgage were advised that the University would accept such bonds at par in payment of this mortgage, interest at six per cent on the mortgage to be paid to the date the bonds are delivered. The Chairman of the Finance Committee recommends that the Federal Farm Mortgage Corporation bonds be sold and the proceeds reinvested in Illinois Highway four per cent bonds. On motion of Mr. Barrett, these recommendations were adopted. D. W . SHIVELY MORTGAGE (24) On March 26 the Comptroller reported to the Finance Committee that Mrs. D. W. Shively requested an extension of five years from the due date of the balance of $3,300 of a farm mortgage given by her and acquired by the University as one of the investments of its trust funds, and she also requested a reduction of the interest from 5}4 to 5 per cent. The original loan made in 1919 was for $10,000 and it matures May I, 1934. The amount has been gradually reduced to the present balance. The loan is a first mortgage on two hundred acres of improved farm land about ten miles west of Champaign and is considered a high-class loan. All of the members of the Finance Committee have approved the extension of this loan for five years from May 1, 1934, but at the present rate of 5 X per cent. On motion of Mr. Barrett, this extension was granted. INTEREST ON STUDENT LOANS (25) A recommendation that Section 6 of the "General Regulations and Procedure for
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