|
| |
Caption: Board of Trustees Minutes - 1938 This is a reduced-resolution page image for fast online browsing.
EXTRACTED TEXT FROM PAGE:
i93 6 ] UNIVERSITY OF ILLINOIS 119 Authorized October 26 and 27, 1936: Special Investments: Kinley Endowment New England Power Association $H 1954 Babcock Endowment New England Power Association 5H 1054. German Government International Loan sVt 1953 Taft Lectureship Laclede Gas Light Co. 5H 1953 $1 000 00 $1 000 00 (Gift) 1 000 00 98M $\ 977 SO (Decrease) 12 50 $22 50 1 000 00 3 100 00 50000 (Gift) 3 100 00 9W 25H 72H 987 50 1 262 50 (Decrease) 1 837 j o (Decrease) 137 5° (Decrease) (£2 0 1 0 00) (Gift) 500 00 362 50 ($4 590 00) $29 095 16 (Gift) (£6 600 00) This report was received for record. PURCHASE OF SECURITIES (14) A report from the Comptroller to the Finance Committee. To the Finance Committee: T h e sales and purchases of securities authorized by the Board at the last meeting have been partially executed. It has been found impossible to secure certain items selected for purchase at that time. T h e total sum available for group investment of endowment funds at this date is approximately $16,300. After canvassing available possibilities with various bond houses, I recommend purchases not in excess of $5,000 each from the following list: California W a t e r Service 1st 4 % Series B, 1961 Call price \<y]Vz, market 105, yield 3.6 Pacific Gas & Electric Co. 1st 3V2, 1966 Call price 1 0 7 ^ , market 104, yield 3.25 Wisconsin Power & Light Co. 1st 4 % , Series A, 1966 Call 105, market 1 0 2 ^ , yield 3.85 Cumberland County (Maine) Power & Light Co. 1st 3^4%, 1966 Call 108, market 103, yield 3.33 Koppers Company 1st mortgage and collateral trust bonds Series A, 4%, 1961 (If found to be legal for trust funds) There is also available $2,000 in the Kate Neal Kinley Endowment Fund which must be separately invested. F o r this purpose I suggest: New England Power Co. 1st 3 # % . 1961 Market 104, yield 3 W e own $8,000 State of Illinois 4 % Highway bonds, due 1953, book value at this date 103.6. T h e present market is 121. It has been suggested that we replace these bonds by U . S. Treasury 4 % , 1944/54, price about 116. I recommend this change. Very truly yours, LLOYD MOREY Comptroller On motion of Dr. Meyer, the purchase of these securities was authorized as recommended.
| |