Repository: UIHistories Project: Board of Trustees Minutes - 1938 [PAGE 470]

EXTRACTED TEXT FROM PAGE:

468

BOARD OF TRUSTEES

[AugUSt 2

As immediate action was advisable the Executive Committee has authorized these transactions, and confirmation of their action is requested. 2. Securities now owned yielding less than y/2%: T h e Committee recommends that the following items be placed in line for sale when suitable items of reinvestment can be found, and that the First National Bank be asked to suggest the purchase of securities as replacements: $ 3 000 Central Illinois Light Co. 1st 354%, 1966. Market about 10454 6 000 Cumberland Power & Light Co. 1st 3^/2%, 1966. Market about 97 10 000 City of New York, 4%, I940- Market about 105 5 000 Pacific Gas & Electric Co. 1st 3^/2%, 1966. Market about 0 9 ^ 3. Proposals for sale of Martin f a r m : ( a ) An offer of purchase at $5,000, subject to commission at 5% ( t e r m s : cash $1,000, balance in ten years with 3 % interest), has been received. T h e Committee recommends that this proposal be not accepted. (b) An inquiry has been received as to a price at which the farm would be sold. The Committee recommends sale of this farm at $6,000 with $1,000 cash, balance at the rate of $500 per year at 4^2% interest; or as an alternative $5,500 in cash. 4. Sale of H a r t farm: T h e Committee recommends that this farm be offered for sale at an average price of $15 per acre. O n m o t i o n of M r . M o s c h e l , t h i s r e p o r t a n d r e c o m m e n d a t i o n s w e r e a p p r o v e d , a n d t h e a c t i o n of t h e E x e c u t i v e C o m m i t t e e c o n f i r m e d . REPORT OF COMMITTEE ON AGRICULTURE C O N C E R N I N G CARTER-PENNELL FARMS M r . P o g u e , for the C o m m i t t e e on A g r i c u l t u r e , p r e s e n t e d the following report. The Committee on Agriculture has considered the Fourteenth Annual Report of the Carter-Pennell F a r m s covering the farm year March I, 1936, to February 28, 1937, referred to it by the Board of Trustees on April 14, 1937. As this report indicates, the net income of the two farms for that year was $1,259.89, which is an increase of $368.42 over the net income for the preceding year. The Committee concurs in the recommendations of the Dean of the College of Agriculture that certain improvements in the farms be authorized (as summarized on page 241 of the Board Minutes of April 14, 1937), the cost to be charged to the income from the farms. T h e University has submitted to the W o r k s Progress Administration a project proposal for aid in making certain of these improvements. The Committee recommends that these specific improvements be authorized and that in general the policy be followed of keeping the farms in as good condition as is possible within the income they yield.

On motion of Mr. Pogue, this report and recommendations were approved. At this point Mr. Adams withdrew from the meeting. The Board resumed consideration of matters presented by the President of the University.

OFFER OF PROPERTY IN CHICAGO (8) T h e Director of the Physical Plant Department recommends the purchase of the property at 1748 West Polk Street (which adjoins University property fronting on Polk Street between Wood and Hermitage, on which the University has recently constructed tennis courts), at a price of $8,000. T h i s is a threestory brick apartment building. Previous prices asked have been from $12,500 to $15,000.