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Caption: Board of Trustees Minutes - 1938
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I938] UNIVERSITY OF ILLINOIS 787 KENDR1C C. BABCOCK ENDOWMENT FUND Mr. Karraker, for the Finance Committee, presented the following report. The University received as a part of the Kendric C. Babcock Endowment Fund $2,500, first 7% bonds of the Illinois Orchard Company, due March 15, 1032. On November 19, 1932, the Board authorized the deposit of these funds with the trustee for the purpose of foreclosure. A decree of foreclosure was granted and a receiver was appointed. The receiver operated the premises until December 4, 1937. From time to time portions of the property were sold until all was disposed of and the proceeds turned over to the receiver. The receiver filed a final report in Clay County, Illinois, where the property is located, which report was approved December 4, 1937, and the receiver discharged. The Comptroller has received and has on file reports of these various operations, the net result of which is a distribution to bond holders amounting to 20% of the face value of the bonds. In making sales of the property, the trustee reserved oil and mineral rights. There is a strong possibility that these rights may come to have a sizable value, in which case a material further realization on the face value of the bonds is entirely possible. In view of these facts, the Comptroller is showing the amount received from the trustee as a credit on the face value of the bonds and is continuing to carry the bonds in the investment account of the Babcock Fund at a book value of $2,000, showing that the only security is an interest in the oil and mineral rights of the property originally covered by the bonds, in view of the fact that all other interest in the property itself has been released. This report was received for record. BURSAR'S PETTY CASH F U N D Mr. Karraker, for the Finance Committee, presented a recommendation that the Bursar's Petty Cash F u n d be increased to $17,500. On motion of Mr. K a r r a k e r , this increase was approved, and an appropriation of $3,500 was made from the General Reserve F u n d , by the following vote: Aye, Mr. Mayer, Mr. K a r r a k e r ; no, n o n e ; absent, Dr. Meyer. NEW CONTRACT W I T H THE UTILITIES RESEARCH COMMISSION AND C O M M O N W E A L T H EDISON COMPANY Mr. Pogue, for the Committee on Patents, presented a revised agreement with the Commonwealth Edison Company, superseding an agreement with the Utilities Research Commission. AGREEMENT This agreement, made and entered into this day of 1938, by and between the Board of Trustees of the University of Illinois, an Illinois corporation, located at Urbana, Illinois, hereinafter referred to as the "University," and Commonwealth Edison Company, an Illinois corporation, having its principal office at 72 West Adams Street, Chicago, Illinois, hereinafter referred to as the "Company." Witnesseth That: Whereas, the University has conducted for Utilities Research Commission, Inc. a research devoted to discovery of means of eliminating as far as may be practical the sulphurous components of gases emitted by stacks of coal burning furnaces, and Whereas, by reason of said research the University obtained and now owns the following Letters Patent and applications for Letters Patent:— LETTERS PATENT OF THE UNITED STATES No. 2,021,936—for Removal of SO* From Flue Gases—Issued November 26, 1935. Inventor, Henry F, Johnstone.
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