Caption: Board of Trustees Minutes - 1938
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244 BOARD OF TRUSTEES [April 14 INVESTMENT OF ENDOWMENT FUNDS At this point, Mr. Mayer, for the Finance Committee, presented a recommendation that the following securities be purchased as investments of endowment funds: Inland Steel Company, 3 ^ % bonds of 1961, at a price of about 101%—$5,000. Chicago Union Station, 3 ^ % bonds of 1963, at a price of about 102—$5,000. On motion of Mr. Mayer, these investments were authorized. Mr. Mayer presented also the following report: REPORT OF SALE OF H.O.L.C. BONDS 2j£% 1939-1949 Purchased $10,000 at 94 26/32 October 17, 1934 $9 481 25 Sold $10,000 at 99 2/32 April 8, 1937 9 906 25 Net profit on principal account 425 00 On motion of Mr. Adams, this sale was approved. The Board resumed consideration of matters presented by the President of the University. STRUCTURAL DEFECTS IN UNIVERSITY AUDITORIUM (36) Incidental to the study for the remodeling of the University Auditorium, the Physical Plant Department discovered a structural failure in one of the columns. This condition was such that it warranted closing the building to any public use until a complete inspection could be made and the defects corrected. This inspection is now under way, and a complete report will be presented to the Board later. This report was received for record. BEQUEST OF CELINDA H . McCULLOUGH (37) The will of the late Mrs. Celinda H. McCullough, of Urbana, includes the following bequest: "I give and bequeath to the Board of Trustees of the University of Illinois my Abraham Lincoln clock and desire it be kept in a fitting place on the campus of the University of Illinois in Urbana." Mr. and Mrs. Charles H. Meyer (son-in-law and daughter of Mrs. McCullough), who are the principal heirs, and who represent the family, have asked that the Board of Trustees waive and release this bequest so that the clock may remain in the family to which it has a sentimental value far transcending any intrinsic value. If the Board acts favorably on this request it should authorize its officers to execute whatever form of release the Executor of Mrs. McCullough's estate may require. On motion of Mr. Cleary, the Board declined to accept this bequest. AGREEMENTS FOR RESEARCH INVESTIGATIONS (38) A report of the approval of an agreement for cooperative research investigations with the Forest Products Chemical Company, Memphis, Tennessee, for a special industrial investigation by the Agricultural Experiment Station and the State Natural History Survey Division of the effects on chinch bugs of different repellents or barrier materials. The Company agrees to contribute $150 to cover the expenses of this investigation. On motion of Mr. Cleary, the execution of this agreement was approved. AGREEMENT WITH CORN PRODUCTS REFINING COMPANY FOR INVESTIGATION OF DEXTROSE IN ANIMAL FEEDING (39) A request from the Dean of the College of Agriculture for approval of an agreement with the Cora Products Refining Company for a cooperative investigation of the net energy value for farm animals of dextrose when added to basal rations adequate with respect to minerals and vitamins, but containing
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