Repository: UIHistories Project: Board of Trustees Minutes - 1930 [PAGE 525]

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522

board of trustees

[February 5

stock and was offering in exchange $6.00 cumulative preferred stock. Since this n e w stock was not a legal investment of trust funds under the statutes, the Board adopted a recommendation that the Corporation be advised that the Board did not wish to subscribe for any of the new stock. A t the meeting of June 12, 1928 (page 631) the Treasurer of the University was authorized to endorse the certificates of stock. T h e 7 % preferred stock was retired on July 2, 1928, the proceeds being $105 000 00. A t the meeting of September 30, 1928 (page 2), a report of reinvestments of these funds was presented and approved. A recommendation that certain securities be sold because of their not being legal investments of trust funds was m a d e by the Finance Committee and adopted by the Board of Trustees at the meeting of January 9, 1929 (page 122). This recommendation included some of the securities which had been purchased from the McKinley E n d o w m e n t . A t the same meeting (page 123) a recommendation for the purchase of certain securities was adopted. A report of the purchase of these securities was m a d e on March 12, 1929 (page 150). In compliance with the terms of the extension of the Hart Loan as reported to the Board at the meeting of September 18, 1929 (page 364) a payment of $500 was m a d e on August 15, 1929, against the principal of the loan. This amount together with $100 cash on hand m a d e available for investment $600 of the fund. A t the same meeting (page 386) the Finance Committee recommended that $600 be invested in Fourth Liberty Bonds. T h e recommendation w a s adopted by the Board, and the purchase made, and reported October 10, 1929 (page 404). T h e report attached includes the date on which the purchase of each security was authorized by the Board of Trustees which will indicate those included in each of the actions cited above. Very truly yours, Acting Comptroller Amortized Board AuthoriPar Purchase Book TRUST FUND INVESTMENTS zation for Description Value Rale SECURITIES H E L D IN E S C R O W B Y TREVETT-MATTIS BANKINGValue Purchase i\ox 50 $4 055 43 March 12, 1929 Appalachian Power N Y FORFirst Mortgage Y ENDOWMENT-ECONOMICS OF C O M P A Company M C K I N L E 5 % Bonds due June r, 1941 PUBLIC$4 000 UTILITIES 4 @ $1 000, Numbers: 4449, 2390, 2392, 100 475 5289 99 125 Chicago Union Station Company First Mort- 10M 99 50 15 036 33 March 12, 1929 gage Bonds 4^6% due July 1, 1963 15 000 2 M 99 625 14 @ $1 000, Numbers: M12824, 3870, 2M 103 00 3871, 17109, 15952, 12821-23, 3826iM 102 OO 3828, 12820, 28206, 22043 102 25 15 325 64 September 20, 2 @ #500, Numbers: D69r, 350 1928 I02 875 Detroit Edison Company First Mortgage 15 000 3M 7 500 00 September 20, Bonds 5 % due January 1,1933 iM 1928 15 @ $1 000, Numbers: 4854, 4853, 1866, 6M 14 500 00 September 20, 5181, 3306-10, 4855, 1659, 1660, 2939, 5M 1928 3936-7 5 250 00 September 20, First Mortgage on 280 acres of land in Frank- 7 500 1928 Hn County, Illinois, W . B. and Minnie E. Martin, 7 % due July 7, 1932 2 508 33 September 10, First Mortgage on 3 39 acres of land in Frank- 14 500 1928 lin County, Illinois, M . M. Hart (Bal) 7 % due June 16, 1934 First Mortgage on 400 acres of land in Frank- 5 250 lin County, Illinois, W . B. Pope, et al., 7 % due September 30, 1931 First Mortgage (Part) on 160 acres of land in 2 508 33 Angie C. Richards, $2 508 33 C. of McTotal Mortgage $8 5Illinois, W . 1933 Champaign County,000due June 1, and Kinley Endowment % Equity December 17, 1929

H. M. Edwards