Repository: UIHistories Project: Board of Trustees Minutes - 1938 [PAGE 608]

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606

BOAED OF TRUSTEES

[January 20

bers of agricultural organizations. If the University were to furnish the Illinois Press Association with a Secretary, his services would presumably be limited to the members of that organization. 4. Aside from any financial considerations that may be involved, we should consider the public policy and implications which might result from an official relationship between the University and a group of the newspapers of the State. We have a Public Information Office, one of whose functions it is to disseminate, through the whole press of the State and in other ways, information about the University which is of interest to the people of Illinois. If a member of the University staff is designated as Secretary of any organization of newspapers, and his salary paid from University funds, it is conceivable that the question might be raised, without the slightest foundation in fact, that we were using that connection for purposes of propaganda. In view of these considerations of policy, action on this request should be taken by the Board. O n motion of M r . Pogue, this request was not allowed, as being contrary to the policy of the Board. This action was taken without prejudice. RESOLUTION FOR FACSIMILE SIGNATURES (34) A recommendation of the Comptroller that the following resolution be adopted: Resolved: That The First National Bank of Chicago as a designated depository of Frank M. Gordon, Treasurer of this corporation be and it (including its correspondent banks) is hereby requested, authorized, and directed to honor checks, drafts, or other orders for the payment of money drawn in this corporation's name, including those drawn to the individual order of any person or persons whose name or names appear thereon as signer or signers thereof, when bearing or purporting to bear the facsimile signatures of any two of the following: O. M. Karraker, President, H. E. Cunningham, Secretary, and The First National Bank of Chicago (including its correspondent banks) shall be entitled to honor and to charge this corporation for all such checks, drafts, or other orders, regardless of by whom or by what means the facsimile signature or signatures thereon may have been affixed thereto, if such facsimile signature or signatures resemble the facsimile specimens duly certified to or filed with The First National Bank of Chicago by the Secretary or other officer of this corporation. T h e Comptroller explained the use of this machine and exhibited specimen signatures for use on w a r r a n t s d r a w n on the T r e a s u r e r and on vouchers d r a w n on the Auditor of Public Accounts. O n motion of M r . Cleary, this resolution was a d o p t e d ; and the use of this signature machine was authorized on w a r r a n t s d r a w n on the University T r e a s u r e r and on vouchers d r a w n on the Auditor of Public Accounts. SALES AND PURCHASES OF ENDOWMENT INVESTMENTS At this point, M r . M a y e r presented the following report from the Finance Committee of sales and purchases of securities representing investments of endowment funds: Call Price Yield $5,000 Bethlehem Steel Co. Purchase money 6% 1998 N.C. 130 4.54 $5,000 Chicago Dist. Elec. Generating Co. 1st {,%% 1970 104 105K 4.20 O n motion of Mr. Mayer, the purchase of these securities w a s authorized.