Repository: UIHistories Project: Board of Trustees Minutes - 1928 [PAGE 145]

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142

board of trustees

[October 20

On motion of Mr. Barr, this recommendation was approved by the following vote: Aye, M r . Barr, Mrs. Busey, Mrs. Evans, M r s . Ickes, Dr. Noble, M r . Trees, M r . W h a m ; no, none; absent, M r . A r m strong, M r . Blair, M r s . Grigsby, M r . Small. BAKER PRIZE FUND SECURITIES (5) At a recent meeting I informed the Board informally of the kind offer of the heirs of Professor Ira O. Baker to replace certain securities given the University by Professor Baker with some that were more stable. I called your attention to the fact that Professor Baker and his heirs have been paying sufficient amounts into the income account of the fund to meet the expenses of the prizes. One of the companies whose securities were included in the original gift failed to pay its interest. The company sent us preferred stock of the face value of $180 and a normal market value varying from $99 to $135, there being no active market. In the meantime, however, the Baker heirs had made good the defaulted interest; therefore, this preferred stock properly belongs to them. Under the above circumstances I now recommend: I. That the Comptroller be authorized and directed to transfer to the Baker heirs the $180 of preferred stock of the British Columbia Pulp and Paper Company, in return for the cash paid by Professor Baker and his heirs to provide funds to meet the prizes when the company defaulted payment of the interest on the original bonds. The total amount paid in by Professor Baker and the heirs was $126.01. This amount made good the sum required to pay the prizes. 1, That the Comptroller be authorized and directed to write Mr. Cecil F. Baker, advising him that the University will exchange bonds for others more stable, under arrangements whereby the exchange can be made in Chicago as a simultaneous act. O n motion of Mrs. Ickes, these recommendations were adopted. A t this point, M r s . Grigsby returned. SALE OF BLUE FOX SKINS (6) On recommendation of Dean K. C. Babcock and Curator Frank C. Baker of the Museum of Natural History, I recommend that authority be given the Comptroller to sell a dozen of the twenty-five blue fox skins obtained on the Crockerland Expedition, and that the money be appropriated for the purchase of other specimens for the Museum. O n motion of M r . W h a m , this recommendation was approved. ANONYMOUS LOAN FUND (7) I recommend that the gift of $30,000 from Senator William B. McKinley, hitherto known as the Anonymous Loan Fund, (see Minutes, July 11, 1923) be merged with the former McKinley Loan Fund, the entire sum to be known as the "William B. McKinley Loan Fund," and to be loaned to students on the same conditions as laid down by Senator McKinley in hisfirstdonation. O n motion of M r s . Busey, this recommendation was approved. PAYMENT FOR BROWN-KNIPP PATENT (8) The Chairman of the Committee on Patents, Professor James M . White, reports that in accordance with the action of the Board at the September meeting, he has sent the license agreement for the Brown-Knipp Radio Tubes to the licensees, and they have paid over to the University the stipulated consideration of $10,000, which has been deposited with the Comptroller. This report was received for record. DELEGATION OF AUTHORITY TO COMMITTEE ON ACCOUNTANCY TO H E A R C O M P L A I N T S A N D R E V O K E CERTIFICATES (9) I recommend that the Board of Trustees delegate to the University Committee on Accountancy authority to hear complaints and investigate charges of