Repository: UIHistories Project: Board of Trustees Minutes - 1938 [PAGE 93]

EXTRACTED TEXT FROM PAGE:

1936]

UNIVERSITY OF ILLINOIS

91

T h e Committee believes that the case can be dealt with as herein suggested on the assumption, for the sake of this discussion alone and not otherwise, that the interpretation of the contract made by the Utilities Research Commission is in part correct. Under the contract with the Commission, particularly paragraphs 3 and 4 thereof, it is agreed that if the discoveries are of such a nature that the general public may have a substantial interest in the development thereof, the patents transferred will not be used or exploited by the Commission in a manner detrimental or prejudicial to the public interest. In this case the Committee is clearly of the opinion that the sulfur industry in the United States and, through it to a material extent, the people at large are concerned in view of the possibility that the development of this discovery and exploitation of it in Europe or in Great Britain may occur in such a way as to impair the foreign market for our domestic sulfur of which substantial quantities are annually exported to Great Britain. For this reason, among others, the Committee is disinclined to withdraw its recommendation of June 29, in paragraph 3 (b) relating to the subject of royalty on recovered sulfur dioxide having commercial value. T h e Committee thinks the Utilities Research Commission under the contract is bound to respect this point of view, that the Board of Trustees should insist on it, and that each and both should be governed by it in all negotiations with the British company.

On motion of Mr. Barrett, these recommendations were adopted.

INVESTMENTS OF E N D O W M E N T FUNDS

Dr. Meyer, for the Finance Committee, presented a recommendation that certain securities in which endowment funds are invested be sold, and that uninvested funds be used to purchase securities, as follows: To be sold $ 500 Laclede Gas Light Company, 5/4%, 1953, price about 7 2 ^ . $3000 New England Power Association, 5/4%, 1954, price about 99$5000 German Government International, 5^2%, 1965, price about 25K2. To be purchased $5000 Chicago Park District, 3>4%, 1946, price about 1 0 3 ^ $5000 Western Pocohantas R.R., 4 ^ % , 1945, price about iooj^. $5000 Philadelphia Electric Company, 4%, 1966, price about 106. $5000 Virginia Railway, 3 % % , 1966, price about 106%. $5000 Southwestern Bell Telephone Company, 3^>%, 1964, price not over 108. $5000 Niagara Falls Power Company, First 3j / 2%, 1966, price about 1 0 7 ^ . $2000 Central Illinois Light Company, 3^2%, 1966, price not over 107M. On motion of Mr. Pogue, the sale of securities was authorized as recommended. On motion of Dr. Meyer, the purchase of securities was authorized as recommended.

PURCHASE OF PROPERTY IN CHICAGO (29) On June 29, 1936 (Minutes, page 781), the Board appropriated $3,000 for an option for the purchase of the property at the southeast corner of Polk and W o o d Streets, in Chicago, for future expansion of the Chicago colleges, and to prevent commercial development in this area.