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Caption: Board of Trustees Minutes - 1918
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124 BOARD OF TRUSTEES [October 18, operating expense of $354 a year for the number of boxes which in his opinion we should have in the several buildings. The Board of Underwriters has made an insurance rate on buildings of seventy-five cents for five years for each hundred dollars valuation. This is a very low price. They are willing to place the estimate of the total valuation of the buildings from 701 to 711 South Wood Street, including the foundations, at $84,427.58. Eighty per cent of this is $67,542.07. Mr. Day estimates the equipment of the buildings to be worth about $25,000, An insurance of $20,000 should be carried on this value. The cost of insurance for the buildings for $67,,542.07 for five years would be $501.50 and the insurance on the contents $200 for the same time, or $701.50 altogether, making $140.30 a year. The Comptroller of the University was authorized to take out this insurance at the price of $140.30 a year. Consideration of the recommendation in regard to the American District Telegraph service was postponed. At this point Miss Watson left the meeting. PURCHASE OF SCHAEFER PROPERTY (8) The following statement: Mr. Peter P. Schaefer, who owns the property at the south-west corner of Mathews and Springfield avenues in Urbana, being 198 feet more or less on Springfield Avenue and 132 feet more or less on Mathews Avenue, desires to sell this property to the University for $12,000, if he is permitted to take off the frame structures which he has recently placed on these lots, and the old structure also which has been there for many years. Captain J. R. Trevett and Mrs. Mary E. Busey, after careful investigation of the situation, recommend that this property be purchased at this price. Governor Dunne has expressed his willingness to purchase at this price if the other members of the Board think it wise. Mr. F. G. Blair and Mr. Robert F. Garr have authorized me to say that they are in favor of the purchase. The Executive Committee voted to recommend to the Board of Trustees that these lots be purchased at the said price, and that the payment be made when Mr. Schaefer presents a merchantable title with full abstract of title, to be approved by the Counsel of the University, and has removed the houses from the lots and filled in the excavations which he has recently made. The other members of the Board present—namely, Mrs. Evans, Mrs. Henrotin, and Mr. Ward—approved this recommendation. At this point, Mr. Ward withdrew. ADDITIONAL ALLOWANCE FOR HUDSON BAY EXPEDITION (9) A report from Dean David Kinley that Professor Thomas E. Savage, in carrying out the Hudson Bay scientific expedition during the past
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