Caption: Board of Trustees Minutes - 1934
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1932] UNIVERSITY OF ILLINOIS 95 on the Men's Old Gymnasium at a cost of approximately $3,500, the expense to be charged to the appropriation made to the Physical Plant division for maintenance. O n motion of M r . Barr, this authority w a s granted. CREDITOR'S AGREEMENT SIGNED (26) A report from Judge Johnson that Mr. Capron has executed the Creditor's Agreement in connection with the reorganization of the First National Bank of Champaign. This report was received for record. REPORT ON K. C. BABCOCK ENDOWMENT F U N D SECURITIES Mr. Trees, for the Finance Committee, presented the following report: The Comptroller reports that $1,000 of Chicago and West Towns Railway bonds, Series A, 7 per cent, due July 1, 1932, which constitute part of the endowment established by the late Dean K. C. Babcock (Minutes, May 21, 1931, page 235) and which were presented for payment at maturity, have been returned unpaid. A plan of reorganization has been proposed whereby the maturing bonds will be exchanged for new first mortgage 5 per cent income bonds which will receive interest if earned, and which, in any event, are entitled to cumulative interest at the rate of 5 per cent annually. The new bonds will run for five years, and all excess earnings over and above the amount necessary to meet bond interest and similar charges will be used to provide a sinking fund to retire the income bonds. If a sufficient number of the bondholders accept the plan proposed, payment of the semi-annual interest, due July 1, 1932, will be made in full. The unfavorable bond market existing at the present time and the general disfavor in which traction securities are held, practically precludes any possibility of refunding the Chicago and West Towns Bonds. On motion of M r . Trees, the Comptroller was authorized to deposit this bond with the reorganization committee. COMMITTEE ON ADMINISTRATIVE REORGANIZATION Mr. Trees, for the special committee on administrative reorganization, reported that it was not possible to make any recommendation on this matter at the present time, and requested that the committee be discharged. On motion of M r . Barr, this report was accepted a n d the committee was discharged. MRS. GR1GSBY CHAIRMAN OF COMMITTEE ON STUDENT WELFARE President Barrett announced that he had appointed M r s . Grigsby chairman of the standing committee on Student Welfare, in place of the late Mrs. Evans, STATEMENT CONCERNING FINANCES Mr. Morey made a statement concerning the year's financial operations, and the financial condition at the end of the fiscal year. DEGREES OF M . D . CONFERRED T h e Secretary presented for record the following list of persons on whom the degree of Doctor of Medicine has been conferred on the completion of one year of hospital service. HENRY AKINA, B.S.—June 16, 1932 STEPHEN HEDGES AMBROSE, B.S.—July 1, 1932 WALTER HILMAR BAER, B.S.—July 1, 1932 RANSOM BRIGHT BAKER, A.B.—July i, 1932 ANDREW F. BARNETT—July 1, 1932
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