Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 493]

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UNIVERSITY OF ILLINOIS

491

gestion was made informally that in purchasing competitive items and contracting for services sealed bids or sealed quotations should be secured in so far as this is practicable. Accordingly, I wish to report that the following arrangements have been made: In purchasing or contracting for competitive items, so far as it is practicable, sealed bids or quotations will be secured, the announcements from the Purchasing Agent indicating the time and place when the quotations will be opened. For routine items either the Secretary of the Board or the Comptroller have been authorized and requested to be present at the time such quotations are opened and to approve the tabulation of bids. This will assure the presence of an officer of the Board on each occasion. In the opening of bids on large projects such as new buildings or other capital improvements, the President of the Board will be asked to designate one or more members to be present, as has been done in the past. On motion of M r . Mayer, this procedure was approved.

CHANGE IN K. C. BABCOCK ENDOWMENT F U N D SECURITIES

Mr. Mayer, for the Finance Committee, presented the following report.

The University received from the late Dean K. C. Babcock certain securities to establish the K. C. Babcock Endowment Fund in which were included 60 shares of Cumulative First Preferred Stock of the American Founders Corporation. This Corporation has now been merged with the American General Corporation l as of November 23, 1935. Under this merger the University is entitled to \ /$ shares of preferred stock of the new Corporation for each share of the old, a total of 72 shares bearing dividends at the rate of $2.00 per share. To comply with the necessary formalities in making this transfer, I recommend that the Comptroller he authorized to withdraw from the University's safekeeping account in the First National Bank of Chicago the certificates of stock now owned and to present them for exchange for certificates of stock in the new Corporation. The new stock will be carried as a part of the assets of the K. C. Babcock Endowment Fund. On motion of M r . Mayer, this recommendation was adopted.

PURCHASE OF SWIFT A N D COMPANY BONDS

Mr. Mayer also reported that the Comptroller reports that in accordance with the action of the Board at its meeting on November 27, he has purchased $7,000, Swift and Company, first mortgage 3^4% bonds, due 1950, at 105, as an investment of University endowment funds. This report was received for record.

REQUEST OF CZECHOSLOVAK NATIONAL COUNCIL OF AMERICA

(18) On various occasions the Board has discussed the request of the Czechoslovak National Council of America that the University establish a chair of Slavonic languages. Because of financial and other limitations this has been impossible, and the Council therefore modified its request by suggesting that the University begin with lectures on the history, literature, and culture of the Slavonic peoples. At the meeting of the Board on October 26, on recommendation of the Committee on General Policy, the Board voted that such steps be taken by the President of the University as are possible and practical, considering financial circumstances and the availability of personnel within the present staff of the University, to carry out the objectives of the proposal made to the Board by the Czechoslovak National Council. Accordingly, beginning with the second semester of the current year, the Department of History will offer a course dealing with the history and culture of the Western Slavs, including Czechoslovakia. This will probably be a twohour course with perhaps sophomore standing required for admission. It meets, at least to a considerable extent, the desires of the Czechoslovak National Council and as an experiment will indicate the probable interest in such courses.

This report was received for record.