| |
| |
Caption: Board of Trustees Minutes - 1936
This is a reduced-resolution page image for fast online browsing.
EXTRACTED TEXT FROM PAGE:
32 BOARD OF TRUSTEES INVESTMENT OF E N D O W M E N T F U N D S [September 22 D r . Meyer, for the Finance Committee, reported that the Committee recommends the purchase of the following securities as investments of endowment funds made up chiefly of the Wensel M o r a v a Scholarship Fund: $ 6 opo Farm mortgage of Jacob Buss. On 80 acres, well-improved farm land, located in Champaign County, 6 miles northeast of Urbana, for five years, with interest at 5%. 10 000 Commonwealth Edison Company, first mortgage, 5% bonds due 1953. Price not over 105. 10 000 Ohio State Telephone Company, consolidated and refunding, 5% bonds, due 1944. Price approximately 105. 10 000 American Smelting and Refining Company. First mortgage, 5% bonds, due 1947. Price approximately 103. 10 000 General Petroleum Company, first mortgage sinking fund, 5% bonds, due 1940 at not over 105. 10 000 U. S. Treasury notes, 3%, due March 15, 1938. Price approximately 1021/4. 17 000 U. S. Treasury 3 ^ , due 1940 at not over 101. On motion of D r . Meyer this recommendation was approved and the purchase of the above securities was authorized. ADMISSION TO THE COLLEGE OF MEDICINE Dr. Meyer, Chairman of the Committee on the Chicago Departments, presented a report of progress in its consideration of the procedure to govern admissions to the College of Medicine. He stated that the Committee will want to discuss this matter with the Board the next time it meets in Chicago and to have D r . D. J. Davis, Dean of the College of Medicine, and M r . George R. Moon, E x a m i n e r and Recorder of the Chicago Professional Schools, present when the m a t t e r comes up for consideration. CHANGES IN SCHOLARSHIPS M r . Barrett, Chairman of the Special Committee on Fees and Scholarships, presented to the Board a report of progress. T h e Committee was requested to make a final report and recommendations if possible at the regular meeting of the Board on October 12. ALUMNI FOUNDATION M r . A r m s t r o n g , Chairman of the Special Committee to Consider the Alumni Foundation, reported that his Committee had no further recommendations to make at this time. T h e Committee was continued. AUDITS OF UNIVERSITY ACCOUNTS D r . Meyer reported that the Finance Committee recommends that A r t h u r A n d e r s e n & Co. be re-engaged as auditors of the University accounts for 1934-35 on the same basis as during the past year, namely, not to exceed an expense of $4,000. On motion of D r . Meyer, this recommendation was adopted. WATER SYSTEM M r . Barrett and Mr. C. S. H a v e n s reported on the work done to improve the University's water supply and fire protection system.
| |
