Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 275]

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274

BOARD OF TRUSTEES

[February 27

100 shares New York Central Railroad Company common stock. Approximate value $2,000. 100 shares Great Northern Railroad Company preferred stock. Estimated value $4,800. Dividend $3.00 a share. 300 shares Pennsylvania Railroad common stock. Estimated value $7,500. Dividend $1.50 a share. $200 par Pennsylvania Railroad 3 J/2% bonds, due April 1, 1952. $6,000 cash.

On motion of Mr. Davis, the Treasurer was authorized to accept this partial settlement, the securities to be sold and the proceeds to be reinvested as the Finance Committee and the Investment Counsel may recommend, and the following resolution was adopted:

RESOLUTION REGARDING DISPOSITION OF STOCKS AND BONDS RECEIVED IX PARTIAL DISTRIBUTION OF ESTATE OF EDWARD C. EARL

Whereas, the Board of Trustees of the University of Illinois has received from the Estate of Edward C. Earl and is the owner of the following securities: 100 shares Northern Pacific R.R. Co. common 100 shares New York Central R.R. Co. common 100 shares Great Northern R.R. Co. preferred 300 shares Pennsylvania R.R. Co. common $200 par Pennsylvania R.R. y/2% bonds of 4-1-52 Whereas, the Board of Trustees approved the sale of the above indicated securities in its regularly called meeting on February 27, 1947, Now, therefore, be it resolved by the Board of Trustees of the University of Illinois that Lloyd Morey, Comptroller, and H. E. Cunningham, Secretary, be and they are hereby authorized to execute any and all documents necessary to complete such sale. SALE OF LAND BEQUEATHED BY EDWARD C. EARL T h e L e g a l C o u n s e l r e c o m m e n d e d t h a t t h e f o l l o w i n g r e s o l u t i o n be adopted: Whereas, Edward C. Earl, Deceased, by his Will devised certain land to the Board of Trustees of the University of Illinois, a Public Corporation, in the following form: "I give devise and bequeath to T h e University of Illinois, Urhana, Illinois for the sole use of the Architectural Department of the University, the interest from this bequest to be used for small prizes for superior architectural work in the various undergraduate classes of the Architectural Department. Absolutely and in fee simple, all of the Estate of which I may die seized or possessed," and Whereas, the Board of Trustees of the University of Illinois has been advised by its attorney, Mr. Arthur L. Barton of New York that the land referred to in this devise is located in Prince George's County, Maryland, and is described as follows: "Lot No. 19 and the adjoining half of Lot No. 20 in Block 3 in the subdivision known as Rhode Island Avenue Addition to Mt. Rainier sometimes known as 3729 Wells Avenue, as per plat recorded in Liber J W B 5 at Folio 604, one of the land records of Prince George's County, Maryland and being all of the same property described in a deed from H o m e r S. Patterson and Ruth W. Patterson, his wife, to Edward C. Earl, dated September 14, 1928 and recorded in Liber 324, Folio 174 of said land records," and Whereas, on the advice of Mr. Arthur L. Barton and real estate appraisers selected by him, a Contract to convey said land on October 8, 1946 was entered into by A'Ir. Lloyd Morey, Executor under the Will of Edward C. Earl, Deceased, to Joseph E. Bouiguignon and Pearl Bouiguignon, his wife, for a consideration of Five Thousand Nine Hundred Fifty and 00/100 Dollars ($5,950.00), Be it therefore resolved, that Lloyd Morey and H. E. Cunningham, the Comptroller and Secretary, respectively, of the Board of Trustees of the University of Illinois, be and the same are hereby authorized and directed to execute and acknowledge a Deed to the property above described and, in accordance