Repository: UIHistories Project: Board of Trustees Minutes - 1938 [PAGE 612]

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BOARD OF TRUSTEES

[January 20

The Secretary of the Board reports that he has received from the trustees of the estate of La Verne Noyes the following: 1. Cash in the amount of $10,675, representing a partial distribution of the estate of La Verne Noyes, to be held in a trust fund known as "The La Verne Noyes Foundation," the income to be used for scholarships under conditions heretofore specified. 2. Receipt for one hundred seventy-five (175) shares of the common capital stock of the Aermotor Company, an Illinois corporation. This is represented by certificate number 156 of said corporation issued to Lewis C. Walker, Joseph J. Fraser, and Frederick E. Smith, Trustees of the La Verne Noyes Estate, which they hold as pledgees of the Board of Trustees of the University of Illinois under the terms of the agreement referred to. The income from these securities may be used to pay certain annuities created by the will of La Verne Noyes, and any surplus will come to the University for scholarship purposes. On the death of the last annuitant these securities will be turned over to the University for scholarship purposes. T h i s report was received for record.

ADDITION TO FRANCIS J . PLYM E N D O W M E N T

(44) Mr. Francis J. Plym of Niles, Michigan, has presented the University the following securities to increase the endowment of the Plym Fellowships Fund for the purposes stated below: Number of shares Company and Issue 45 American Tobacco "B," Common stock 125 Swift and Company, Common stock 60 Loew's Inc., Common stock 75 Standard Oil of New Jersey, Common stock 45 Union Carbide & Carbon Corp., Common stock These securities are to be added to the present Plym Endowment Fund which has heretofore supported the Plym Fellowship in Architecture with a stipend of $1,200 a year and the Plym Scholarship in Architectural Engineering with a stipend of $700 a year. The additional income is to be used to increase the latter scholarship to a fellowship to be_ known as the Plym Architectural Engineering Traveling Fellowship with a stipend of $1,200 a year, thus advancing it to the same status as the Plym Fellowship in Architecture. In a letter to the President of the University dated December 20, 1937, a copy of which is hereby given to the Secretary of the Board for record, Mr. Plym states the terms of this additional gift as follows: "I am assuming, and I would suggest that these issues of common stock should be held in the Treasury of the University until such time, and this should be within two or three years, when the stock market will have regained itself, and when this time arrives it will be with my permission that the University sell this stock and reinvest the proceeds into such securities as is endorsed and is the custom of all securities of the University proper. If this is carried on, it will simply mean that the proceeds will be enhanced, at least, 50% and perhaps 75%, over what they are worth now and the additional proceeds properly invested will make additional revenue, which may be applied to Architectural prizes and other remunerations which might add to and help the development and progress of the Department of Architecture, and will be an added incentive to the students in their work." He has also expressed his satisfaction with the method followed during the past twenty-five years in awarding the Plym Fellowship in Architecture and more recently the Plym Scholarship in Architectural Engineering. The awards are made on the basis of a design competition which is judged by the Plym Fellowship Committee consisting of five architects appointed by the President of the University. The Head of the Department of Architecture is ex-officio a member of this Committee, and it has been the practice to include among the other four the President of the Illinois Society of Architects and the President of the Chicago Chapter of the American Institute of Architects. This Committee determines the character of the competition, specifies the conditions gov-