Caption: Board of Trustees Minutes - 1938
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ig$j] UNIVERSITY OF ILLINOIS 489 the football field be treated as a capital item to be paid out of surplus as of June 30, 1937, and that a contingent item of $2,000 be provided to take care of minor items; and that with these provisions the budget of the Athletic Association be approved as presented to the Board on August 2, 1937 (Minutes, page 465). On motion of Mr. Mayer, this recommendation was adopted. INVESTMENT O F E N D O W M E N T F U N D S Mr. Mayer, for the Finance Committee, reported on investments of endowment funds as follows: R E P O R T OF INVESTMENT SALES Par $ 5 000 $ 5 000 $ 5 000 ____ ¥15000 Description Wisconsin and Minnesota Power and Light Company, 5%, 1944 106 $5 067 75 City of Los Angeles California School District Bonds, 3 # % . 1952 . . . 1 0 5 + 5 138 17 Portland General Electric Company bonds, 5 % , 1950 106 5 292 82 Total $1549874 Price at Book value which at time sold of sale Amount realized from sale $5 300 00 5 253 36 5 312 50 $1586586 Net profit $232 25 115 19 19 68 $36712 R E P O R T OF INVESTMENT PURCHASES Par $2 000 $2 000 Price at which Description purchased Central Illinois Public Service Company, Series E, 5 % , 1956 104 Kansas Power and Light Company, First S/F, 4 ^ % , 1965 109 Yield 4.67 3-96 Book value 2 080 00 218000 T h e Committee recommends the sale of $10,000 City of New York 4's of July 15, 1940, at the market (approximately 105) and the purchase of the following: $10,000 par Gulf States Utilities 4's of 1966 at 102. $10,000 par Public Service Company of Oklahoma, first A4's of 1966 at IOIJ/2. $10,000 Louisiana P o w e r and Light first s's of 1957 at 105^2. O n m o t i o n of M r . M a y e r , these p u r c h a s e s w e r e a u t h o r i z e d . N A M E OF S C H O O L OF JOURNALISM Mr. Cleary, for the Committee on General Policy, presented the following report: T h e Committee on General Policy believes that the University was justified in its action when it established the School of Journalism in 1927, even though an Act of the Legislature had directed the establishment of a College of Journalism, because; ( a ) T h e correspondence and discussions which preceded this legislation referred alternately and apparently indiscriminately to a School of Journalism or a College of Journalism. (b) T h e r e is no doubt of the intent of the Legislature to provide for a specialized division of the University devoted to the teaching of journalism, but it seems improbable that the Legislature intended to interfere with the normal prerogatives of the Board of Trustees and University officials in the internal administration of educational affairs.
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