Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 855]

EXTRACTED TEXT FROM PAGE:

852

BOARD OF TRUSTEES

[April 22

AVIATION MEDICINE (45) A statement on the progress of research and the probable cost of remodeling in the Research and Educational Hospitals to provide facilities for two units for research in aviation medicine.

Dean Allen presented this matter. On motion of Mr. Davis, the President of the University was authorized to develop plans for this project, with the idea of using the appropriation for remodeling the Research and Educational Hospitals for this and similar projects that will have priorities.

SALE OF WAR BONDS TO MEMBERS OF THE STAFF (46) A request for authority to arrange for the sale of war bonds to members of the staff. This will involve an appropriation of $1,500 to the Comptroller's office for clerical help, printing, etc., and an advance of funds for the purchase of bonds if a stock is to be kept on hand.

Mr. Morey presented this matter. On motion of Mr. Davis, the Comptroller was authorized to arrange to take orders and payment for war bonds from members of the staff and to secure the bonds from a local agency. The advance of funds for keeping bonds in stock did not seem necessary. The appropriation of $1,500 was made by the following vote: Aye, Mr. Adams, Mr. Cleary, Mr. Davis, Mr. Fornof, Mrs. Grigsby, Mr. Jensen, Mr. Karraker, Mr. Livingston, Dr. Meyer; no. none; absent, Mr. Green, Mr. Wieland.

COMMON STOCK OF FISHER CLINIC

At this point, Mr. Davis made a statement on the possibility and the desirability of purchasing the common stock of the Fisher Clinic. This matter was referred to the Committee on Chicago Departments.

REPORTS OF FINANCE COMMITTEE

Mr. Karraker, for the Finance Committee, reported as follows:

The Comptroller reports surplus cash of $25,000 in student loan funds because of the decrease in demand for student loans and improvement in collections. T h e Finance Committee, on advice of investment counsel, recommends the purchase of $25,000 Reconstruction Finance Corporation I ^ J ' % notes, due July 15, 1943, at the current market of approximately 100 to yield 0.68% to maturity.

On motion of Mr. Karraker, this investment was authorized. Mr. Karraker, also for the Finance Committee, reported a recommendation that funds received from the estate of Lydia E. Bates be invested in the following securities (purchases of which have already been authorized) in sufficient amount to bring the holding in each security to a maximum of $25,000. Approved for $20,000 each: Price Yield Niagara Lockport & Ontario, 5%, 1955 no?<» 3.94 Safe Harbor Water Power, 4K%. 1979 iogj^ 4.02 Idaho Power, iH%, I9&7 109^ 3 • 18 Approved for J 10,000 each: 2 Commonwealth Edison, 3K%, 1968 110K -95 Oklahoma Gas and Electric, 3J<%, 1966 107^ 3-27 Wilson & Company, 4%, 1955 105K 3 47 On motion of Mr. Karraker, these investments were authorized.