Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 174]

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1938]

UNIVERSITY OF ILLINOIS

171

This matter was referred to the President of the University for investigation and report.

PATENT FOR PHOTOELECTRIC CELL

At this point, Judge Johnson, for the Faculty Committee on Patents, presented a report that the British Patent Office had requested, in view of the death of Professor Jakob Kunz and the assignment of the rights to the University, that the application for a British patent on the Tykociner-Kunz-Garner discovery of an improved photoelectric cell be executed for the University by the President and the Secretary of the Board. O n motion of Mr. Moschel, the execution of this application was authorized as requested; whereupon the application was executed by President Mayer and the Secretary, and delivered to the University Counsel. During the consideration of this matter, D r . Meyer withdrew for a time.

EXCHANGE OF PROPERTIES IN CHICAGO

M r s . Plumb, for the Committee on Chicago Departments, reported as follows: The Board of Trustees has had under consideration (Minutes, August i, J938, page 42) the exchange of the land on which the old Medical and Dental Buildings stood for land to be acquired by the County of Cook. The Board of Commissioners of Cook County has accepted the University's proposal. The Director of the Physical Plant Department recommends that options be secured immediately on the properties which the University wishes to acquire, subject to the approval of the Committee on the Chicago Departments of the appraised values which his Department has secured following an inspection of the properties. An appropriation of $1,000 should be made from the General Reserve Fund to provide for these options. O n motion of M r s . Plumb, this appropriation was m a d e as recommended, by the following vote: Aye, M r . Adams, M r . Cleary, M r . Mayer, Mr. Moschel, M r s . Plumb, Mr. P o g u e ; no, n o n e ; absent, Mrs. Freeman, Mr. H o r n e r , M r . K a r r a k e r , Dr. Meyer, Mr. Wieland.

REORGANIZATION OF BALTIMORE A N D OHIO RAILROAD

M r . Moschel, for the Finance Committee, presented a recommendation that the Board give its assent to the plan for the reorganization of the Baltimore and O h i o Railroad, of which the University holds $3,500 par of the bonds of the Southeastern Division 5 per cents due in 1950. It is proposed that beginning J a n u a r y 1, 1939, the fixed interest payable on these bonds be 3J/2 per cent, the remainder being contingent on earnings and on certain other deductions. Of the present interest coupons on these bonds, i j ^ per cent is not secured by any lien, and is therefore an unsecured obligation of the company, although the principal of these bonds is a straight first mortgage. O n motion of M r . Moschel, the Board concurred in the reorganization plan.