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Caption: Board of Trustees Minutes - 1942
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630 BOARD OF TRUSTEES [September 26 legiate Conference of Faculty Representatives," generally known as the "Big Ten," to address the Board concerning the conference. Professor Richart explained the nature and method of work of the conference. LYDIA E. PARKER BATES F U N D FOR THE ADVANCEMENT OF FINE ARTS At this point, Mr. Karraker presented the following report of the Finance Committee. As was reported to the Board on April 28, 1941 (Minutes, page 271), the will of the late Mrs. Lydia E. Bates of Maroa, Illinois, who died on February 10, 1941, sets up a trust (the Citizens National Bank of Decatur is named as trustee) and directs the trustee to convert it into cash and, after all taxes, insurance, repairs, and other expenses and certain minor legacies have been paid, to transfer the bulk of it to the Board of Trustees of the University of Illinois to establish a fund to be known as the "Lydia E. P a r k e r Bates Fund for the Advancement of Fine Arts." Listed among the gifts received for record by the Board of Trustees at the meeting on June 24, 1941 (Minutes, page 324), was the sum of $1,351.20 for the establishment of this Fund for the aid of deserving students of promise in the study of some one or more of the fine arts at the University of Illinois or elsewhere. Under the terms of the trust created by Mrs. Bates' will the farms involved must be sold in any event not later than the spring of 1946. Thus, if the University decided to operate the land as long as it is permitted, it would have four more crop years to do so. F a r m land is selling very well at the present time. It is recommended that farm No. 1 be sold for not less than $165 per acre and farm No. 2 for at least $175 per acre. On the basis of productivity and appearance a small outlay for paint and repairs would put both places in excellent condition for sale. On the other hand these farms could be operated at a profit during the next four years, unless extremely adverse conditions prevail. There are not now any foreseeable repairs or improvements which would require a large outlay during that period. The farms were inspected by representatives from the Department of Agronomy, the Department of Agricultural Economics, and the Office of the Dean of the College of Agriculture. It was the consensus of these gentlemen that in viewr of the fact that the land must be sold within five years in any event, the present favorable prices for farm land, the inability to forecast accurately its value five years hence, and the problems of management involved in the interim, that it would be best to sell the land now, provided it can be disposed of for a price in line with figures suggested above. On motion of Mr. Karraker, this report was adopted, and the officers of the Board were authorized to negotiate a sale at the prices suggested, or better, and to execute all necessary documents, by the following vote: Aye, Mr. Adams, Mr. Cleary, Mr. Davis, Mr. Fornof, Mr. Jensen, Mr. Karraker, Mr. Livingston, Mr. Wieland; no, none; absent, Mr. Green, Mrs. Grigsby, Dr. Meyer. EXECUTIVE SESSION At this point, the Board went into executive session to consider in committee of the whole the following recommendation of the President of the University. , PURCHASE OF PROPERTY IN CHICAGO At its meeting on July 15, 1941 (Minutes, page 385), the Board of Trustees authorized Mr. H e n r y George Slavik to act as the agent of the Board in
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