Repository: UIHistories Project: Board of Trustees Minutes - 1926 [PAGE 147]

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144

board or trustees

[January 17

MATTERS PRESENTED BY PRESIDENT KINLEY The Board considered the following matters presented by the President of the University. CONTRACT FOR STONE WORK ON LIBRARY ADDITION (1) The Supervising Architect requests approval of the award of a contract for the stone work on the addition to the present Library building to the William Penn Stone Company of Minneapolis, Minnesota, at a price of $375 per cubic foot, delivered in Urbana ready for setting. Between 8,000 and 9,000 cubic feet of stone will be needed and the contract price is about $30,000. As there is only one quarry from which the stone can be obtained there is no competition. I recommend the award of this contract as requested by the Supervising Architect. O n m o t i o n of M r s . E v a n s , this a w a r d w a s authorized. A t this point, President N o b l e arrived a n d took the chair.

INVESTMENT OF GREGORY AND PLYM FUNDS

(2) A recommendation from the Comptroller: January 15, 1925 President David Kinley, University of Illinois M y Dear President Kinley: O n October 25th the Board of Trustees authorized and directed the sale of $3,000 of U. S. Treasury bonds of the Gregory Scholarship fund. This has been done, the proceeds amounting to $3,175. O n December 13th the Board authorized and directed the sale of $850 of Liberty Bonds and asked for a recommendation regarding reinvestment of the proceeds. At that time it was thought that a real estate mortgage could be secured for all of this money. However, no satisfactory investment of this kind is in sight. On December 13th the Board authorized the consolidation of Plym Fellowship funds with the result that there is now on hand of the endowment fund of the Plym Fellowship the sum of $2,219 in cash which should be invested. I enclose a letter from M r . Burke suggesting investment in Monticello Joint Stock 5 % bonds which seems to be the best thing available at the present time and is in accordance with the investment policy suggested by the Finance Committee on October 25th. I recommend, therefore, that the sale of Liberty Bonds referred to above be postponed and that the amount on hand in the Gregory Scholarship and Plym Fellowship funds be invested in Monticello Joint Stock and Land Bank $ % bonds or in other similar bonds as per the recommendation of M r . Burke. Before being presented to the Board of Trustees I believe this recommendation should be indorsed by yourself and Professor White as members of the Investment Committee, if you concur in the recommendation. Very truly yours, Lloyd Morey Comptroller On motion of Mr. Trimble, the Treasurer was instructed to invest these funds in Monticello Joint Stock Land Bank five per cent bonds at par and accrued interest. SALE OF SOUTHERN PACIFIC STOCK (3) A recommendation that the following resolution be adopted. RESOLUTION Whereas, this Board of Trustees now holds by donation and assignment from Francis J. Plym some Three Hundred Thirty-five (335) shares of common stock of the Southern Pacific Company, and