Repository: UIHistories Project: Board of Trustees Minutes - 1928 [PAGE 567]

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564

BOARD OF TRUSTEES

[March 13

SETTLEMENT O F JOSEPH CARTER ESTATE (8) The Comptroller reports that in accordance with the action of the Board on July 14, 1927 (page 338), authorizing settlement with the executor of the estate of Joseph Carter, the following items representing the.net proceeds of this estate have been received from the executor and deposited with the Treasurer of the University: U. S. certificates of indebtedness, 354%, maturing March 15, 1928 $800000 Mortgage loan of A. W . Lane, on Vermilion County land, maturing June 1, 1928, 5J4% 4 000 00 Mortgage loan of George B. Snider on Vermilion County land, maturing March 1, 1928, 5 % 3 000 00 Grand Total $27 375 18 Savings deposit in Trevett-Mattis Banking Company, These funds and securities are a credit to the Carter-Pennell Student Champaign, Illinois, 3%, balance 12 135 18 Loan Fund, in accordance with the terms of the Carter-Pennell Trust. Cash 240 00 The Treasurer and the Comptroller recommend, and I concur, that the savings deposit in the Trevett-Mattis Banking Company be allowed to continue, with the understanding that it may be drawn on from time to time as funds are needed for student loans. On motion of Mrs. Evans, this report was received for record, and the recommendation concerning the savings account was approved. INVESTMENT O F PLYM FELLOWSHIP F U N D S (9) The following report from the Comptroller on the reinvestment of the funds of the Plym Fellowship Endowment as authorized by the Board on January 4, 1928 (Minutes, page 528) : Proceeds from sale of Southern Pacific Company stock reported #41 591 14 Investments per authorization of Board of Trustees, January 4, 1928. Amount Security Maturity Int. Purchase Cost Rate t 8 000 Missouri Pacific Co. First and Re- March 1, funding 1977 5 % 101 # 88 150 00 8 000 New York Edison First Mortgage October 1, Bonds 1944 5 % ioj yi 8 440 00 8 500 Louisville Gas and Electric Co. November First and Refunding Mortgage 1, 1952 5 % Bonds: 2 500 @ 104 H 1 000 @ 104 H 5000® 104 yi 8 868 75 8 000 Chicago Union Station Guaran- December teed Gold Bonds 1. 1944 5 % i°5 840000 7 000 Illinois Bell Telephone Co. June 1, 1956 5 % 6 000 @ 105 % 1 000 @ 105 }i 7 370 0° 41 " 8 75 Balance for Investment #361 39 This report was received for record. KUNZphoto-electricWhiteimprovementbecausehe assigned Jakob Kunz's application This report covering filedtwo me in previous patent to the Kunz's. the Professorhas been rejected which electron valve (a development of (10)a PATENTapplicationinvention),years an ProfessorProfessor University on June on an was received for record. of a to for 11, 1923, cell informs ig25, patent that issued on January 6,