Repository: UIHistories Project: Board of Trustees Minutes - 1938 [PAGE 120]

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BOARD OF TRUSTEES

[November 21

PURCHASE O F STEEL SCAFFOLDING (12) A recommendation that $8,500, or so much thereof as may be necessary, be appropriated from the General Reserve Fund for the purchase of steel scaffolding to be used in painting and making repairs in buildings and large rooms like the Auditorium. M r . Barrett, for the Committee on Buildings a n d Grounds, presented a recommendation that this purchase be made. O n m o t i o n of M r . B a r r e t t , t h i s p u r c h a s e w a s a u t h o r i z e d a n d t h e appropriation w a s made as recommended, by the following vote: A y e , Mr. Barr, M r . Barrett, M r s . Freeman, M r . Karraker, Dr. Meyer, M r s . P l u m b , M r . P o g u e ; no, n o n e ; absent, M r . H o r n e r , M r . Mayer, M r . Wieland, Mr. Williams. EXTENSION O F A G R E E M E N T WITH AMERICAN RAILROAD ASSOCIATION (13) A recommendation for the approval of an extension of an agreement with the Association of American Railroads and the Rail Manufacturers' Technical Committee for a cooperative investigation of the causes of failures in railroad rails in service together with their prevention, with particular reference to transverse fissures, for two years beginning January 1, 1037. T h e original agreement for this rails investigation was effective on January 1, 1931. It was the intention then to spend $250,000 in a five-year period, the two agencies to share equally in the expense which was estimated at approximately $50,000 annually, but at the end of five years there remained enough money to carry the investigation for an additional year and the extended agreement expires December 31, 1936. T h e two agencies have requested an extension of the agreement for two years from January I, 1937, and have agreed to contribute jointly approximately $50,000 a year to cover the expenses of continuing this research work.

On motion of Mr. Barrett, the extension of this agreement was approved as recommended.

R E P O R T ON SALE O F S E C U R I T I E S R E P R E S E N T I N G INVESTMENTS O F E N D O W M E N T F U N D S (14) T h e Comptroller submits the following report of the sale of securities representing investments of endowment funds authorized by the Board of Trustees and not previously reported. In the list is an item of $2,000 representing a part of the endowment of the Kate Neal Kinley Fellowship. T h e provisions of this fund require that it be invested separately from other funds and that the diminished principal be replenished from income. T h e small loss of $22.50 sustained in the recent sale of securities, as compared with the book value at which they were entered when received, will be a charge to the income account of the fund rather than the principal as in the usual practice.

REPORT ON SALE OF SECURITIES INVESTMENTS OF T R U S T NOVEMBER I I , 1936 FUNDS

Authorized by Board of Trustees, March 10, 1936:

Market Security Par Value Group Investments: U . S. Treasury notes 3M 1944-46 $12 500 00 S t a t e of California Relief bonds 3^4 1945 10 000 0 0 Book Value $12 954 62 10 672 42 Price io8%s 109.70 Value £13 535 16 10 970 00 ($24 505 16) Profit #580 54. 297 58 ($878 12)

(£22 500 00) (4523 627 04)