Repository: UIHistories Project: Board of Trustees Minutes - 1914 [PAGE 597]

EXTRACTED TEXT FROM PAGE:

1913]

PAYMENT

PE0CEEDI3STGS OP THE BOARD OP TRUSTEES.

OF I N T E R E S T , COLLEGE OF M E D I C I N E

595

LIABILITIES.

(3) A letter from Professor George E. Prazer, Comptroller, containing a report of the payment of interest falling due on July 1, 1913, on mortgages and bonds outstanding of the College of Physicians and Surgeons.

This letter was received to be printed in the minutes:

President Edmund J. Jamess University of Illinois. DEAR S I R : On June 27, 1918, I mailed College of Medicine warrants in payments in full of the interest falling due on July 1 on the mortgages and bonds outstanding of the College of Physicians and Surgeons. Warrant No. 316 for nineteen hundred dollars ($1,900) was sent to Mr. Louis E. Larsen, Secretary, Chicago Board of Education, in payment of the semi-annual interest on the mortgage notes executed by the College of Physicians and Surgeons to the Board of Education. The amount ($1,900) represents 2% per cent on the seventy-six thousand dollars ($76,000) outstanding. Warrant No. 317 for thirty-two hundred and seventy dollars ($3,270) was mailed to Dr. Frank B. Earle, as trustee for the bondholders of the 6 per cent bond issue of 1901, College of Physicians and Surgeons. Warrant No. 315 for eighteen hundred dollars ($1,800) was mailed to the Chicago Savings Bank and Trust Co., as trustee of the bondholders of the 6 per cent bond issue of 1912, College of Physicians and Surgeons. Doctor Earle and the Chicago Savings Bank and Trust Company are mentioned as trustees; respectively, in the bonds issued in 1901 and 1912. Very truly yours,

GEO. E. FRAZER, Comptroller. URBAN A, I I I . , July 1, 1913.

EXTENSION OF M O R T G A G E NOTE, COLLEGE OF MEDICINE. (4) A letter from Professor George E. Frazer, Comptroller, containing a report of the effort made, pursuant to the instructions given by the Board of Trustees at the meeting of June 25, 1913 (page 269), to obtain from the Chicago Board of Education an extension of the mortgage note for ten thousand dollars ($10,000) executed by the College of Physicians and Surgeons, which matured July 1, 1913.

This communication was received to be printed in the minutes:

President Edmund J. James,, University of Illinois. . DEAR S I R : On June 27, 1913, an interview was held between Mr. Louis E. Larsen, Secretary of the Chicago Board of Education and President W. L. Abbott, Dean O. A. Harker, Doctor D. A. K. Steele, and myself, at the office of Mr. Larsen. The purpose of the interview was to request from the Board of Education an extension on a mortgage note for ten thousand dollars ($10,000) executed by the College of Physicians and Surgeons, which matures July 1, 1913. It was stated by Secretary Larsen that the Board of Education would make no effort to foreclose the mortgage in default of payment on July 1, provided that the University would undertake to pay the ten thousand dollars before November 1, 1913. Secretary Larsen desires a formal request from the Board of Trustees for an extension of this ten thousand dollar note to November 1, 1913. It was strongly urged upon Secretary Larsen that the University desires an extension of the mortgage notes held by the Board of Education for a t least two years. Mr. Larsen agreed to transmit such a request from the Board of Trustees to the Board of Education together with any statement that the University might wish to present as to why such an extension is desired. Very truly yours,

GEO. E. FRAZER., Comptroller. PROFESSOR RICHARDS MADE ACTING DEAN ENGINEERING. OF T H E COLLEGE OF URBANAj I I I . , , July 1, 1913.

(5) A recommendation that Mr. C. R. Richards, Professor and Head of the Department of Mechanical Engineering, be appointed Acting Dean of the College of Engineering and Acting Director of the Engineering Experiment Station, for the term of one year beginning July 1, 1913.

On motion of Mr. Blair, this recommendation was concurred in.

O P T I O N ON R E I N H A R T PROPERTY.

(6) A recommendation that the comptroller be authorized to pay six hundred dollars ($600) for a sixty-day option to purchase, for seven thousand six hundred dollars ($7,600), the ten acres known as the Reinhart tract, lying between First Street and the Illinois Central Railroad, immediately south of the Athletic Association grounds, the six hundred dollars ($600) to apply on the purchase price if the option is exercised.

On motion of Mr. Hoit, this recommendation was approved, and the appropriation of six hundred dollars ($600) involved was made. The vote was as follows: Ayes, Mr. Abbott, Mr. Blair, Mrs. Busey, Mrs. Evans, Mrs.