Repository: UIHistories Project: Board of Trustees Minutes - 1908 [PAGE 74]

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UNIVERSITY OF ILLINOIS. EEPORTS OF EXECUTIVE COMMITTEE.

[Dec. 11

Mr. Bullard as chairman of the Executive Committee reported that the committee had authorized the payment of $1,540.12, on account of the Alumni Record, and the action of the committee was confirmed. Mr. Bullard also reported that the Executive Committee, at the request of the Committee on Publication, had authorized an expenditure of $400.00 in the nature of a loan to aid in publication of The Music Lovers' Calendar. But he stated that since the first contract had been cancelled the amount had not been expended, and the committee therefore recommended that the board appropriate the $400,00 in payment of bill of E. E. Donnelley & Sons' Company ; for printing the Calendar. The money was appropriated as recommended.

VETERINARY COLLEGE AND EESEARCH LABORATORY.

Drs. W. A. Evans, J. B. Murphy and O. E. Dyson were heard in behalf of the proposed veterinary college and research laboratory and an appropriation for the maintenance of the same. The request with regard to an appropriation was referred for consideration together with the report of the Committee on Legislative Askings. Dr. Murphy also spoke urging strongly that the University acquire the property of the College of Physicians and Surgeons.

MICHIGAN TELEPHONE BONDS AND STOCK.

The Finance Committee made the olio wing report:

CHICAGO, Dec. 11, 1906.

To the Board of Trustees of the University of Illinois: Y o u r Committee on F i n a n c e s u b m i t s t h e following" r e p o r t w i t h r e g a r d t o t h e sale of t h e Michigan S t a t e T e l e p h o n e b o n d s a n d stock h e l d in t h e S n y d e r fund: W H E R E A S , t h e r e w e r e n u m e r o u s a p p l i c a t i o n s from s t u d e n t s for relief from t h e S n y d e r fund u n t i l , in fact, t h e fund w a s t e m p o r a r i l y o v e r d r a w n ; a n d W H E K E A S , t h i s m a t t e r w a s p r e s e n t e d t o t h e b o a r d a t i t s m e e t i n g on Sept. 25, 1906, a n d t h e question of t h e sale of t h e b o n d s a n d stock w a s referred t o t h e Committee on F i n a n c e w i t h p o w e r to act, y o u r c o m m i t t e e h a s proceeded as follows: T h e t r e a s u r e r of t h e University, Mr. H. A. JEaugan, w a s directed t o place t h e same on m a r k e t , and, as w i l l b e seen b y t h e c o m m u n i c a t i o n received from t h e t r e a s u r e r , i n s e r t e d below, t h e b o n d s a n d a p a r t of t h e stock h a v e b e e n sold, a n d it is p r o b a b l e t h a t t h e r e s t of t h e stock will be sold soon. T h e a m o u n t of t h e sale w i l l b e a p p r o x i m a t e l y $3,600.00, w h i c h is n e a r l y $500.00 m o r e t h a n t h e o r i g i n a l cost. Mr. H a u g a n ' s l e t t e r is as follows:

CHICAGO, Dec. 3, 1906.

S. W. Shattuck, Esq., Comptroller, University of Illinois', Urbana, III.: DEAR STR—Referring to your valued favor of Nov. 30th, I now beg to inform you that I have sold the $2,500.00 Michigan State Telephone Company bonds at 97 and interest, receiving therefor $2,466 32. I have also disposed of the ten shares preferred stock at 89%. which will realize $897.50, and am now negotiating for the sale of the remaining six shares common stock. I expect the total proceeds will be about $3,600.00, including interest. In making the delivery of these stock certificates, however, I shall have to furnish the buyers with a certified copy of the resolutions or authority by the Board of Trustees, authorizing me to endorse these certificates. You will, therefore, kindly obtain and send me two