Caption: Board of Trustees Minutes - 1938
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544 BOARD OF TRUSTEES [October 15 Whereas, at a regular meeting of the Board of Trustees of the University of Illinois, held on August 2, 1937 at which a quorum was present, the Board, on recommendation of the finance committee, authorized the sale of the following securities registered in the name of the Board of Trustees of the University of Illinois: $5,000 City of Detroit, Michigan, Street Railway Registered bonds, sYi%, due August 15, 1944. $ 100 Associated Gas and Electric Company, Gold debenture bond (registered) 5%, due October 1, 1968. $1,000 Chicago and West Towns Railways, Inc. First mortgage bond, 5% (payable as e a r n e d ) , due July 1, 1937. Be it hereby resolved that Lloyd Morey, Comptroller of the Board of Trustees, be and hereby is authorized to execute such assignment on behalf of this Board of Trustees as may be necessary to effect the transfer of the above securities for the purpose of sale. On motion of Mr. Mayer, these resolutions were adopted. S A L E S AND P U R C H A S E S O F E N D O W M E N T INVESTMENTS Mr. Mayer, for the Finance Committee, reported also that the Comptroller reports the following sales and purchases of endowment investments which have been executed pursuant to authorization of the Board of Trustees: GROUP INVESTMENTS SALES Par $5 000 Description City of Detroit Street Railway , 5 y2 % bonds, due 1944 104.8411 Associated Gas and Electric Co., 5 % bonds, due 1968 (received as a gift) Price at which sold Book value at time of sale $5 583 76 Amount realized from sale $5 242 06 Net loss $341 70 STUDENT LOAN F U N D SALES $100 43 $100 00 $43 00 $57 00 Book value GROUP INVESTMENTS PURCHASES Par $10 000 7 000 3 000 4000 3 000 Price at which Description purchased Public Service Co. of Oklahoma, first series A, 4 % bonds, due 1966 IOI>£ Louisiana Power and Light Co. 5 % bonds, due 1957 105M Louisiana Power and Light Co. 5 % T0 bonds, due 1957 3K Gulf States Utilities 4 % bonds, due 1966 I O I > 6 Gulf States Utilities 4 % bonds, due 1966 102 Yield 3.9 4-5 8 J i o 150 00 738500 3 112 50 407500 3 060 00 4-71 3.89 3.89 On motion of Mr. Mayer, the action of the Comptroller in making these sales and purchases was approved and confirmed. G R A N T P I P E FILLER C O M P O U N D Mr. Pogue, for the Committee on Patents, reported a recommendation that the University Counsel be authorized to draw up an agreement with the Berry Asphalt Company providing for the continuation for one year of the present arrangement, giving the Company exclusive use of the Grant process of making sewer pipe filler compound, at a royalty of five per cent, and for an additional year at a royalty to be determined. On motion of Mr. Pogue, this recommendation was adopted.
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