Caption: Board of Trustees Minutes - 1940
This is a reduced-resolution page image for fast online browsing.
EXTRACTED TEXT FROM PAGE:
i939l U N I V E R S I T Y OF I L L I N O I S DISPOSITION OF FRANKLIN COUNTY ORDERS 371 Franklin County orders of a face value of $2,708.74 are still on hand as a part of the adjustment of the H a r t farm mortgage. The County is planning to issue bonds under a recent action of the General Assembly to fund all outstanding indebtedness at 75^ on the dollar. On this basis there would be a realization of about $2,031 on these orders. T h e Finance Committee recommends that the Comptroller be authorized to turn in these orders for redemption at 75^ on the dollar. On motion of Mr. Moschel, this settlement was authorized. STANDARD O I L SCRIP The University has received scrip certificates covering stock dividend of the Standard Oil Company of New Jersey, which stock was received as a gift to the Plym Endowment Fund for Architectural Fellowships. The certificates total 177/200 of a share and have a current market value of about $31. Our investment counsel, the First National Bank of Chicago, suggests that they be sold and the Finance Committee so recommends. O n m o t i o n of M r . M o s c h e l , t h e s a l e of t h i s s c r i p w a s a u t h o r i z e d . A t this point, P r e s i d e n t M a y e r r e t u r n e d a n d r e s u m e d the chair. EXTENSION OF PERIOD OF SETTLEMENT ON BONK OF H A Z E N S. CAPRON, FORMER TREASURER OF THE UNIVERSITY There is a balance of $13,330.24 due from Mr. Hazen S. Capron, former Treasurer of the University, which is secured by a participating certificate in the assets of the old First National Bank of Champaign and a bond of Mr. Capron and other sureties, which has been extended from time to time by the Board of Trustees, the last extension being until June 11, 1939. T h e Finance Committee recommends a further extension of time in the settlement of the account for an additional period of two years, with the provision that if during this period a final dividend is paid on deposits of the old First National Bank any balance on Mr. Capron's account as former Treasurer shall at once become due and payable. O n m o t i o n of M r . M o s c h e l , t h i s e x t e n s i o n w a s g r a n t e d u n d e r t h e conditions recommended. REPORT OF COMMITTEE ON BUILDINGS AND GROUNDS M r . A d a m s , for the Committee on Buildings a n d G r o u n d s , presented the following report. W A G E S OF JANITORS A meeting of the Committee on Buildings and Grounds was held at 2 p.m. July 10 in the offices of Sargent and Lundy, in Chicago. Present: Mr. Oscar G. Mayer, Mr. Homer Mat Adams, Mr. Frank A. Jensen, Mr. Harold A. Pogue, Mr. Louis C. Moschel, and Mr. James M. Cleary; also Mr. Lloyd Morey and Mr. C. S. Havens. T h e following letter from Director C. S. Havens was presented. July 7, 1939 President A. C. Willard, 355 Administration (IV) DEAR PRESIDENT WILLARD: Following the receipt of your request to further reduce the operation and maintenance budget by $32,000, we have studied very carefully methods of effecting this and have reached the following conclusions: 1. That there is an urgent need for increased funds for building maintenance. This is particularly important if the University should be faced with a
| 
