Repository: UIHistories Project: Board of Trustees Minutes - 1924 [PAGE 381]

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378

board of trustees

[January 12,

According to one of the conditions of the gift the securities must remain for a time in escrow with the Trevett-Mattis Banking Company. I received from that Company through its President, Ross R. Mattis, the following receipt, the original of which is in the custody of the Secretary: Champaign, Illinois Dec. 22, A. D. 1923 Receipt of the following documents is hereby acknowledged: A: Deed of Gift and Agreement between William B. McKinley and the Board of Trustees of the University of Illinois dated Dec. II, 1923. B: Certificate X C U 46 issued to the Board of Trustees of the University of Illinois for iooo shares, 7 % cumulative preferred stock of Illinois Power & Light Corporation. The above to be held by the undersigned in escrow as custodian according to the terms of said deed of gift and agreement above mentioned. Trevett-Mattis Banking Company By Ross R. Mattis President In explanation of the action taken by the Executive Committee at m y request as is reported above (page 376), I would say that the late date at which the transfer of these securities took place made it probable that the dividend check for the past three months would be made out to the University, whereas it was Mr. McKinley's intention to have the income from these securities accrue to the University beginning January I, 1924, and not earlier. Accordingly, your Executive Committee made an assignment to Mr. McKinley's attorney of the last quarterly dividend to be paid to him when received by the University. O n motion of M r s . Evans the Board voted to confirm President Kinley's action in accepting this gift under the conditions n a m e d , and adopted the following resolution of appreciation and thanks to be sent to Honorable William B . M c K i n l e y : B E I T R E S O L V E D , b y the Board of Trustees of the University of Illinois assembled in regular session, that the Board desires to express its thanks and deep appreciation of the generosity of H o n o r able William B. McKinley, of C h a m p a i g n , in adding to his already numerous and important gifts to the University a donation of securities of the face value of $100,000 for the e n d o w m e n t of a Professorship in the Economics of Public Utilities, as set forth in his D e e d of Gift. T h e Board of Trustees takes the occasion to recall the w a r m support which M r . M c K i n l e y has at all times given the University, before he w a s a m e m b e r of the Board of Trustees, during his membership, and since; also recalls with appreciation the generous gifts with which he has enriched the University in the past. T h e M c K i n l e y Student L o a n Fund, the M c K i n l e y Student Hospital, for which he recently increased his gift from the original a m o u n t of $90,000 to $150,000, and n o w , w e are informed, promises to increase it to the s u m of $205,000, are, u p to n o w , a m o n g his notable additions to the resources of the University. Besides these the student body owes to him in large measure the original Y o u n g Men's Christian Association building and the present Y o u n g W o m e n ' s Christian Association building, which, while not gifts to the University, have added largely to the facilities of student life. Moreover, his memorial church, which is a student church, is also an important