Repository: UIHistories Project: Board of Trustees Minutes - 1920 [PAGE 338]

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334

BOARD OF TRUSTEES BONDS FOR ALCOHOL. FOR UNIVERSITY USE

[May 16,

(16) A statement that for some time past a bond has been standing in the name of President James personally for alcohol required for the Urbana-Champaign departments of the University, and in the name of E. C. Fletcher, Purchasing Agent for the Chicago Colleges, for alcohol required in the Chicago departments. Mr. Morey states that the Collector of Internal Revenue suggests that these bonds be replaced by bonds in the name of the Board of Trustees of the University, and recommends compliance with this request. In accordance with this recommendation I recommend the adoption of the following resolutions.

On motion of Mr. Hoit, the following resolutions were adopted unanimously. RESOLVED, that Lloyd Morey, Comptroller of the University of Illinois, be authorized to file with the Collector of Internal Revenue for the Eighth District of Illinois, a bond in the penal sum of Four Thousand Dollars ($4,000) with the Board of Trustees of the University of Illinois as principal, and the Aetna Casualty and Surety Company, of Hartford, Connecticut, as surety, covering the withdrawal of alcohol free of tax for the use of the various departments of the University at Urbana-Champaign, RESOLVED, that Lloyd Morey, Comptroller of the University of Illinois, be authorized to file with the Collector of Internal Revenue for the First District of Illinois, a bond in the penal sum of Six Thousand Dollars ($6,000), with the Board of Trustees of the University of Illinois as principal, and the Aetna Casualty and Surety Company of Hartford, Connecticut, as surety, covering the withdrawal of alcohol free of tax for the use of the various departments of the University at Chicago.

MCKINLEY S E C U R I T I E S

(17) A letter from the Comptroller concerning the sale of the McKinley securities. May 13,1919 Br, David Kinky , Vice-President, University of Illinois

MY DEAR DR. KINLEY:

I beg to report as follows on the sale of securities donated by Honorable William B. McKinley for the erection of a hospital: In accordance with authorization of the Executive Committee on March 15 (page 259 of the Minutes) and at the direction of President Carr, I have sold the 100 shares of Illinois Central Railway Company stock as follows: 100 shares at 100^ $12.50 $10,012.50 Less: Commission^% 4.00 16.50 Net realization $ 9,996.00 The above transaction has not been fully completed, as it is necessary for the Board of Trustees to authorize the transfer of this stock. I would request that this authorization be granted.