Repository: UIHistories Project: Board of Trustees Minutes - 1924 [PAGE 90]

EXTRACTED TEXT FROM PAGE:

1922]

UNIVERSITY OF ILLINOIS

87

PLYM FELLOWSHIP F U N D (3) A request for authority to sell the securities in which the unused funds given for the Plym Fellowship in Architecture from 1914 to 1918 were invested, in order to provide for the payment of stipendia to the holders of this fellowship. The par value of securities is $4200; estimated market value, $3885; and the accumulated income is $ 1,209.98. O n motion of M r s . E v a n s , the President of the University w a s authorized to direct the Comptroller to sell these securities.

WOMAN'S COTTAGE

(4) A recommendation that the residence of former Dean Davenport, now used as a residence for women, be designated Woman's Cottage No. 1. This matter w a s referred for consideration and report to a special committee consisting of M r s . E v a n s , Chairman, M r s . Blake, M r s . Busey, a n d M r s . Grigsby.

PURCHASE OF LOT AT SOUTH END OF GOODWIN AVENUE

(5) A recommendation that $4425.58 be appropriated from the Reserve and Contingent fund for the purchase of the lot on Nevada Street at the end of Goodwin Avenue, owned by Professor Frederick Green. The price is ¥4350 provided the sale can be completed and the purchase price paid before December 1. The University is to assume the unpaid taxes and assessments now levied against the property. These include a lighting assessment of $50.58, and the taxes for 1922, amounting to $25, which will be due in March, 1923. O n motion of M r s . E v a n s , this appropriation was m a d e . T h e vote w a s as follows: A y e , M r . Abbott, M r . Blair, M r s . Blake, M r s . Busey, M r s . E v a n s , M r s . Grigsby, M r . Hoit; no, none; absent, M r . Herbert, M r . Noble, M r . Small, M r . Trimble. OFFER OF HON. W. B. MCKINLEY TO REDEEM SECURITIES GIVEN BY HIM FOR McKINLEY HOSPITAL (6) The f l o i g statement: olwn Senator W. B. McKinley, of Champaign, s i to me the other day that he was ad interested in having the hospital, for the erection of which he gave the University, a few years ago, certain securities with the understanding that they would be duly sold and the building erected with the proceeds, pushed forward with as little delay as possible. The securities which the Senator gave us were at the time of the gift worth at market $90,000 and of a par value of $120,000. Among the securities were one hundred shares of Illinois Central Capital Stock. These were sold in 1919 for $9,994.00. This sum, with the income thus far accrued on October 31, amounted to $11,412. The market value of the remaining securities is reported by the Comptroller in his Annual Report of June 30, last, on Page 14, as $69,275. A later estimate, October 31, by the Comptroller, is $73,800. Senator McKinley offers to take these up and to give $95,000 in cash in their stead when we are ready to begin the building, provided we do so this coming spring. This sum of $95,000 dollars, added to the cash on hand, the accrued interest, and the value of the investments made from the sale of the Illinois Central Stock, will make, according to the Comptroller, about $130,000. I submit the Comptroller's statement of these securities and the present status of the McKinley Hospital Fund as of October 31, 1922, and recommend that Mr. McKinley's offer be accepted, the exchange to be made at the time when we begin to need the money for the erection of the building.