Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 379]

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376

BOARD OF TRUSTEES

[July 14

BEQUEST OF ANNETTA AYERS S A U N D E R S

(41) T h e will of the late Annetta Ayers Saunders, alumna of the Class of 1884, includes the following provision: "I bequeath my medical books to the Board of Trustees of the University of Illinois for the use of the College of Medicine, and I bequeath to the University of Illinois Art Gallery at Urbana, Illinois, the large oil painting in a shadow box of St. Jerome by Jusepe Ribera—Spanish 1588-1586; also the painting by myself of Pharaoh's Horses." T h e College of Medicine has been asked to take over the medical books, and the College of Fine and Applied Arts the paintings received from this bequest. T h i s report w a s received for record.

BEQUEST OF MARY S. PARSONS

(42) T h e will of the late Mary S. Parsons, formerly a resident of Illinois but at the time of her death a resident of Stuart, Florida, creates a fund for the benefit of graduates of Champaign High School attending the University of Illinois. The executor of the estate is authorized to create this scholarship fund with certain property in Clay County, Illinois, or with the proceeds thereof, in which the testatrix was the owner of an undivided one-half interest. T h e other half of the property is owned by the Flora Orchard Company, a corporation. T h e executor may sell the land and turn the proceeds over to the University, or the University may take title to it. T h e land in question is a tract of 80 acres, fronting one-half mile on State Highway 25 about a half-mile west and a mile north of Flora. On one end of it is a small residence with outbuildings, which has been rented for a very small rental. About the center of the tract and immediately adjacent to the State Highway is a large frame building housing machinery for marketing fruit and used as a storage space. Approximately all of the south half of the tract is in peach trees which are still bearing fruit but are about at the end of their service. T h e north half has some old apple trees, a few young apple trees, and some peach trees which have not begun to bear. About a mile east of the north end of this tract there are several producing oil wells. T h e Comptroller has investigated the question of the disposal of this land. T h e Department of Horticulture advises that the University would not be justified in trying t o do anything with the orchard. This opinion is supported by the experience of those who have tried to operate the land as an orchard in recent years but with unfavorable results. There may be possibilities of oil on the land, but opinions as to this vary. If the University accepts title to the land it will be assuming a liability and the taxes may amount to more than the income. The only offsetting factor is the possibility of a development which would make the land more valuable. T o accept a conveyance under these conditions would be speculative. T h e Comptroller recommends that the University advise the executor it is not interested in taking the conveyance of a part of this land and that he retain it until the property can be disposed of and the University's bequest can be settled in cash. T h e estate has a year to run before it must be finally closed. O n m o t i o n o f M r . K a r r a k e r , t h e r e c o m m e n d a t i o n of t h e C o m p troller w a s adopted. OFFER OF MR. LEWIS E. MYERS (43) Mr. Lewis E. Myers, of Chicago and Lake Geneva, has offered the University, at his death, a collection of certain period furniture and art objects on condition that the collection be kept intact, that is, in one place. A letter from Dean Rexford Newcomb of the College of Fine and Applied Arts, reporting on his inspection of this collection and giving a list of the items, is hereby given to the Secretary of the Board for record. Some of the objects in the collection were acquired by Mr. Myers through his association with Mr. Thomas A. Edison.