Caption: Board of Trustees Minutes - 1946
This is a reduced-resolution page image for fast online browsing.
EXTRACTED TEXT FROM PAGE:
642 REPORT BOARD OF TRUSTEES OF THE F I N A N C E COMMITTEE [August 29 Mr. Williamson, for the Finance Committee, presented the following. T h e Sixty-Fourth General Assembly of the State of Illinois changed the T r u s t Investment Statute to permit trustees to invest funds in any sound investment which a prudent man would select for his own personal funds. This permits investment in common and preferred stocks. T h e Finance Committee has studied suggestions from our investment counsel, T h e First National Bank of Chicago, and has given consideration to industrial reconversion problems, the need for diversification of investments and the desire to obtain as good a return as possible with safety of principal a prime consideration. It is recommended that the following sales and purchases be approved at this time with the understanding that additional recommendations will be made as conditions seem to warrant. Approximate SALES Market $10 000 20 000 2 000 10 000 19 000 Shares {common) Oregon Railroad & Navigation 4's 1946 Canadian Northern Railway 6>^'s 1946 Illinois Central Joint 4's of 1963 Puget Sound P & L First 4 X ' s 1972 Safe Harbor Water Power First 4 K ' s 1979 PURCHASES 102 }4 104JH1 92 109 10 7% 200 200 200 100 200 300 Abbott Laboratories Westinghouse Electric F . W. Woolworth U. S. Gypsum Armstrong Cork Kimberly Clark K E N N E Y E. WILLIAMSON, CHESTER R. D A V I S F R A N K H . MCKELVEY RESOLUTION REGARDING DISPOSITION OF AMERICAN TELEPHONE AND TELEGRAPH COMPANY STOCK 67 34 45 93 47 48 Chairman It is also recommended that the attached resolution be approved. Whereas the Board of Trustees of the University of Illinois is the owner of one share of American Telephone and Telegraph Company Stock and Whereas it is recommended by the Finance Committee of the Board of Trustees that this one share of stock be sold at the prevailing market price; Now, therefore, be it resolved by the Board of Trustees of the University of Illinois 1. T h a t the sale of such stock be made. 2. That Lloyd Morey, Comptroller, and H . E. Cunningham, Secretary, be authorized to execute any and all documents necessary to complete such sale. On motion of Mr. Williamson, these changes in investments were approved and authorized, and the resolution was adopted as recommended. COMMITTEE O N DEDICATION O F AIRPORT T h e S e c r e t a r y p r e s e n t e d f o r r e c o r d a r e p o r t o f a m e e t i n g of t h e Gene r a l C o m m i t t e e o n A r r a n g e m e n t s f o r t h e D e d i c a t i o n of t h e U n i v e r s i t y of I l l i n o i s A i r p o r t . T h e General Committee on Arrangements for the Dedication of the University of Illinois Airport met at the University Club in Chicago on August 14, 1045. Present: General Chester R. Davis, Chairman, Mr. H . E. Cunningham, Secretary, Mr. Victor Cullm, Professor J. J. Doland, Mr. A. J. Janata, Major L. R. Lohr, Mr. A. C. Meyer, Senator Everett Peters, Mr. G. E. Woods. After discussion of the personnel of t h e Committees, several names were added to represent important interests, and the revised list was approved as follows:
| 
