Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 803]

EXTRACTED TEXT FROM PAGE:

8oo

BOARD OF TRUSTEES

[September 23

REPORT OF THE EXECUTIVE COMMITTEE

The Executive Committee of the Board of Trustees submits the following report of business transacted by it since the meeting of the Board on July 20, 1955. Sale of Securities

The following resolution authorizing sale of securities representing investment of trust funds was adopted on recommendation of the First National Bank of Chicago and with the approval of the Finance Committee of the Board of Trustees. In view of the large amount of DuMont Laboratories stock involved and the fact that any material decrease in the market value of this stock, which is already below book value, would result in a considerable loss to the University, it was desirable that this sale go forward promptly. Resolution WHEHEAS, the Board of Trustees of the University of Illinois is the owner of the following described securities: 600 shares Allen B. DuMont Laboratories 5 per cent Preferred Stock, 287 shares Houston Lighting and Power Company Common Stock, three shares Standard Oil Company of New Jersey Common Stock, and WHEREAS, Article IV, Section 3 of the By-Laws of the Board of Trustees of the University of Illinois specifies as follows concerning the Executive Committee of the Board of Trustees: "Section 3. Said Committee shall possess all the powers of the Board when in session, provided that it shall not overrule, revise, or change the previous acts of the Board, or take from regular or special committees any business referred to them by the Board. "It shall not have power to lease, sell, or purchase real estate unless previously authorized by the Board in session or a majority of the members individually in writing," and WHEREAS, the Executive Committee of the Board of Trustees has determined that it is advantageous to dispose of the above listed securities, Now, Therefore, Be It Resolved by the Executive Committee of the Board of Trustees that said securities be sold and that H . O. Farber, Comptroller, and A. J. Janata, Secretary, be authorized to execute all documents necessary to complete such sale. Appointment of Fredrick S. Siebert as Acting Director of the Institute of Communications Research T h e Executive Committee confirmed the appointment by the President of the University of Fredrick S. Siebert, Professor of Journalism and Communications and Director of the School of Journalism and Communications, as Acting Director of the Institute of Communications Research for one year from September 1, 1955, at an additional salary of $500 for this service, to fill the vacancy created by the resignation of Director Wilbur Schramm. The Institute of Communications Research, established in 1947, is now a unit of the Graduate College. Its function is to study basic problems of communications and mass media of communications of all kinds. Appropriation for College of Commerce and Business Administration On March 30, 1955, the Board authorized the purchase of a residence property at IO07 West Nevada Street, Urbana. Subsequently, this property was assigned to the College of Commerce and Business Administration. Funds in the amount of $4,000 are needed to convert the property into office space. The remodeling will consist primarily of removal of kitchen equipment, installation of an additional toilet, and rewiring. Members of the staff have been assigned office space in this building for the coming academic year so that it is desirable that the work be completed by September 10. Funds in the amount of $320 are needed for remodeling the Fine Arts-Commerce Annex occupied by the College of Commerce and Business Administration, to adapt the southeast section of the east wing of this structure for faculty office