Repository: UIHistories Project: Board of Trustees Minutes - 1898 [PAGE 98]

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98

UNIVERSITY o r

ILLINOIS.

1

[ A p r i l 22,

URBANA, I I I . , April 22, 1897.

lo the Board of Trustees of the University of Illinois. GENTLEMEN: Your Committee appointed at your meeting of the 14th inst., to visit banks in which it was supposed there were to be found bonds that had formerly been in possession of Mr. Charles W. Spalding, as Treasurer of University of Illinois, attended to the business on the loth inst. Mr. Pearce and Mr. Pillsbury, accompanied by Mr- Moore, o£ the firm of Wilson, Moore & Mcllvaine, attorneys, went first to the Metropolitan National Bank and were there shown bonds No. 44 for $500 and Nos. 51 to 57 inclusive, for $1,000 each—amount, $7,500—issued by the school directors of Pitlsfield district July 2, 1883, which had formerly been held by the Treasurer of the University, Charles W. Spalding, and had been pledged to the bank as security for a demand note of $7,000 bearing date March L6, 1897, made to himself by A. B. Camp, and by him indorsed. The note had been negotiated with the bank by Lobdell, Farwell & Co., brokers. At the Northwestern National Bank your Committee found Cass County Union District No. 1, T. 17 N., K. 10 W. bonds Nos. 1 to 26, inclusive, for $500 each, issued May 1, 1892; Litchfield school district bonds Nos. 1 to 8, inclusive, for $1,000 each, issued September 1 and October 3, 1885, and January 1, 1886; Normal school district bonds Nos. 2 to 4, inclusive, for $500 each, issued August 15, 1896: Shelby district No. 6, T. 11, R. 5, bonds Nos. 1 to 5, inclusive, $400 each, issued July 23, 1896; Taylorville Township Board of Education bonds Nos. 3 to 20, .inclusive, $1,000 each, issued August 1, 1890; Austin Board of Education District No. 2, bonds Nos. 1 to 23, inclusive, issued July 1, 1893, for $1,000 each; Shelby County School District No. 1, T. 14, R. 2, bonds Nos. 7 to 14, inclusive, for $500 each, issued May 5, 1890; all of which had formerly been in possession of Charles W. Spalding, as treasurer of the University. The Committee also found that the bank had received with the bonds above named bond No. 1, issued by the Normal School District for $500, which, with the interest thereon and interest on the rest of the Normal School District bonds, amounting to $575 in all, the bank had collected April 7) 1897, it haying matured April 1st. The bonds amounted to $70,000. Your committee found, that these bonds had been pledged as security for three notes given bv Charles W. Spalding to the Northwestern National Bank; the first for $25,000 on demand, given April 15, 1896; the second for $20,000 on demand, given November 13, 1896; the third for $20,000, discounted at ninety days, given January 13, 1897. Your Committee also found that the bank claimed to hold these bonds as security for a demand note of $20,000, given by Charles W. Spalding November 4, 1896. Said note being secured according to the pledge thereon by real estate mortgage notes amounting to $20,000. After leaving this bank Mr. McKay joined the Committee, and Mr. Moore was obliged to leave in order to attend to other business. Your Committee found at Illinois Trust and Savings Bank Macoupin county bonds of the issue of July 7, 1883, No. 512 for $1,000, No. 588 for $500, Nos. 651 to 653, inclusive, for $1,000 each, Nos. 729 to 731, inclusive, for $500 each; Morgan county bonds Nos. 89 to 95, inclusive, for $1,000 each, issued June 15, 1887; Montgomery County School District No. 1, T. 8, bonds Nos. 8 to 13, inclusive, for $1,000 each, issued September 15, 1887, Mattoon Board of Education bonds Nos. 1 to 12, inclusive, for $500 each, issued August 1, 1892; all of which had been formerly in the possession of Charles W. Spalding as Treasurer of the University. These bonds amount to $25,000. The bonds had been pledged to secure a demand note given by A. B. Camp to himself,' and by him endorsed, bearing date February 26, 1897, amount $21,250, payable at the office of Lobdell, Farwell-& Co., brokers, and negotiated through tfiem. At the First National Bank your Committee found Kankakee county bonds of the issue of July 1, 1884, Nos. 1 to 48, inclusive, for $1,000 each; Callatin county bonds of the issue of July 1, 1885, Nos. 63 to 72, inclusive, No. 95, and Nos. 97 to 106, inclusive, for $1,000 each; Logan county bonds of the issue of July 1, 1887, Nos. 36 to 50, inclusive, for $1,000 each; Morgan county bonds of the issue of June 15, 1887, Nos. 61 to 8S, inclusive, for $1,000 each: Mans-