Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 340]

EXTRACTED TEXT FROM PAGE:

I943]

UNIVERSITY OF ILLINOIS

337

tary was instructed to communicate to the members of the advisory committee an expression of the thanks of the Board for their generous contribution of services.

REPORT OF FINANCE COMMITTEE RECOMMENDING CHANGES IN INVESTMENTS

Mr. Karraker presented the following report of the Finance Committee:

The First National Bank of Chicago, investment counsel of the University, advises that the following securities have been called for payment: $23,000 Wilson & Co., 4% of 1955; book value 101.7; called at 104. 1,000 Puget Sound Power and Light, y/2% of 1949; book value 100; called at

101^2.

The First National Bank also recommends sale of the following securities: Endowment Fund Investments— $20,000 Virginia Railway, 3M%. 1966; book value 103.5; market at 109. 1,000 U. S. Treasury, 1%, 9/15/43; book value p a r ; market at 100.8. 925 Home Owners Loan Corp., 1^4%, 1947-45; book value p a r ; market at 101.6. Student Loan Funds— $50,000 Reconstruction Finance Corp., 1^'%, 7/15/43; book value 100.42; market

at 100.5.

Deposit Funds— $25,000 U. S. Treasury, 3^4%, 1945-43; book value 104.31 (yield 1.4);

at 101.13.

market

Replacement of a portion of the proceeds of the foregoing sales will be made from security lists previously approved. The First National Bank recommends the following additions to the approved list, to enable reinvestment of funds resulting from the above sales: For Endowment Funds— $15,000 Wilson & Co., 3 % , 1958, at par. $10,000 Puget Sound Power & Light Co., 1st 4}i%,

1972, at 104^2.

For Student Loan Funds— $50,000 U. S. Treasury, certificates of indebtedness, %%, April 1, 1944, at par. For Deposit Funds— $25,000 U. S. Treasury, 2%, 1954-50, at par. The Finance Committee recommends approval of the foregoing schedule of sales and purchases. These recommendations have been reviewed and approved by Mr. I. L. Porter, Treasurer of the University.

On motion of Mr. Karraker, these recommendations were adopted.

REPORT OF COMMITTEE ON PATENTS

Dr. Luken presented the following report of the Committee on Patents:

T h e Committee on Patents met at the Illini Union Building, in Urbana, at 6:30 p.m. on Wednesday, April 28, 1943. Present: Dr. Luken (Chairman) and Mr. Davis, members of the Committee; President Livingston, Mr. Fornof, and Mr. Jensen, members of the B o a r d ; President Willard, Mr. Morey, Judge Johnson, Mr. Janata, Dean Gray, Mr. Colvin, and the Secretary. Patents to Be Assigned to the Foundation On motion of Mr. Davis, the Committee on Patents voted (the Committee on General Policy concurring) to recommend to the Board that it be made the policy of the Board to assign patents owned by the University to the University of Illinois Foundation for management, development, and promotion.