Repository: UIHistories Project: Board of Trustees Minutes - 1926 [PAGE 133]

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130

board of trustees

[December 13,

The Board continued the consideration of matters presented by the President of the University. INVESTMENT OF TRUST FUNDS (10) The Comptroller recommends that $850 of Liberty Bonds held as partial investments of various funds as per the accompanying schedule be sold, and that the reinvestment of the proceeds be made in accordance with the policy for investment of University Trust Funds adopted by the Board on October 25, 1924 (pages 104 and 105). This schedule is as follows: Total Fund Security1 Par Cost Market Value English Poetry Prize Second Liberty Bonds 4 %%. $ 350 90 101.16 35400 Economics Thrift Prize Fourth Liberty Bonds 4K% . 5° icoK 102.09 50-5° Economics Thrift Prize Third Liberty Bonds 4)4% 200 IOO IOI.I9 202.CO Rea Scholarship Second Liberty Bonds 4 % % '50 I0° 101.00 151.50 Guild Memorial Second Liberty Bonds 4 j 4 % 100 100 101.00 101.00 Gregory Scholarship U. S. Treasury Bonds—Sold. 3,000 100 105 3,174.60 Total $4,033.60 The Comptroller informs m e that the treasurer thinks he can, in a short time, find a real estate mortgage in which the proceeds of the proposed sale can be invested at a better rate of interest. Accordingly I recommend that the Comptroller and treasurer be authorized and directed to sell these bonds at the best market price, but in no case less than par, and that the proper committee recommend to the Board a reinvestment of the proceeds. O n motion of M r . Trimble, this r e c o m m e n d a t i o n w a s approved. A t this point, M r s . Ickes withdrew. REPORT ON THE COOK COUNTY EXPERIMENT STATION (11) In accordance with instructions received from your President as shown below, I herewith submit a report on the progress thus far made in the establishment of the Cook County Experiment Station. 1. O n December 1, 1924,1 received the following letter from Dr. Noble, President of the Board: November 30, 1924 Dr. David Kinley, President, University of Illinois, Urbana, Illinois Dear Doctor: I a m enclosing with this correspondence with Governor Small on the appropriation of $25,000 for the establishment of a truck gardening experiment station for Northern Illinois. The correspondence is self explanatory and I wish you would have a report prepared for the next meeting of the Board of Trustees by Dean Mumford covering the work which the University has done to date. Represents only part of fund in each caw; remainder is satisfactorily invested. Very truly yours, W. L. Noble President, Board of Trustees P. S. I wish you would keep these in yourfilesso that I may attach them to the Dean's report for future reference. 2. The correspondence referred to in Dr. Noble's letter above consists of: (a) letter datedacknowledgementthePresidentby Dr. toCook Noble enclosing Mr. Schwake's November Herman Schwake, Governor; (d) Noble dated NovemberBureau, dated Mr. Schwake. addressed21 from above of theacknowledgement of the 30; (c) letter from (b) November to of the Governor Dr. County Farm Governor to letter;Mr. 10