Repository: UIHistories Project: Board of Trustees Minutes - 1924 [PAGE 373]

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370

board of trustees

[ D e c e m b e r 3,

Under date of September 29th, last, the contract was entered into between the Athletic Association and the Luminous Fixture and Supply Company of Chicago, for furnishing and installing lightingfixturesin the Stadium for a consideration of $8,637.25. Since October 31st, we have made additional payments to the contractors as follows: English Brothers, $82,160.91; Walsh and Slattery Company, plumbing, $5,551.00; Freeman-Sweet Company, electric wiring, $3,456.00. W e have also paid some minor accounts. In order to meet these bills, we found it necessary to borrow about $30,000.00. O n June 9th, last, the Executive Committee of the Memorial Stadium Fund held a meeting in Champaign and examined into the conditions of collections, contract payments and progress made by the various contractors upon the work at that time. Chairman Scheidenhelm, of the Building Committee, reported that the force of carpenters at work on the job had been largely increased through the efforts of Director Huff, who had sent out scouts and telegrams to various cities over the country in order to obtain the necessary workmen. There was also a meeting of the Executive Committee of the Stadium Fund, held in Chicago on Thursday, September 13th, at the office of Chairman Robert F. Carr. Director Huff made a report outlining the progress in construction work. The members of the committee discussed matters of finance and ways and means of meeting the construction bills. The Executive Committee authorized the Chairman and Treasurer to negotiate loans for the purpose of meeting construction bills over and above the amount collected from Stadium subscribers. The Treasurer was given authority to sell certain Stadium fund securities. A third meeting of the Stadium Executive Committee was held in Champaign on Saturday, November 10th. The Secretary of the Committee reported as to the total collections and disbursements as of October 31st. H e also stated that there would be a deficit of about $30,000.00 in meeting the construction bills for the month of October. There was a discussion as to the methods of financing and speeding up collections. The Committee has placed some 440 accounts of delinquent subscribers who had made no payment whatever on account, in the hands of a Chicago attorney for collection and it was decided to follow this plan in other cities provided it proves to be reasonably successful. I call to your attention the fact that subscriptions as of October 31st amounted to $2,034,854.16, and that subscriptions from the Alumni amounted to $1,027,577.55, and from those persons who subscribed when students amounted to $1,007,276.61. Within the next sixty days a grand total of $1,000,000.00, or more of this fund will, in all probability, have been collected. As of October 31st, $253,973.14 was past due. This amount is large, but you will recall that the Committee has allowed twenty percent for shrinkage. O n January 1,1924, the fifth installment will mature. The total of this installment originally stood at more than $263,000.00 but has been reduced by payments in advance until it now stands at $213,000.00. With this maturity slightly more than seventy percent of the total amount subscribed will have become due and payable. W e are placing in the mails this week-end notices calling for the payment of the January 1st installment. W e are doing this in order to give our subscribers an opportunity to pay in advance of the usual Christmas demands. There will be another meeting of the Stadium Executive Committee some time in December, I hope. There is little to be said concerning the construction work. It is cause for congratulations that the contractors, aided by Director Huff and the Building Committee, succeeded in having all of the seats ready for use at the Homecoming game on November 3rd. The contractors are proceeding with a reduced force. Very sincerely yours, C. J. ROSEBERY This report w a s received for record.