Caption: Board of Trustees Minutes - 1948
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824 BOARD OF TRUSTEES [September 26 E N D O W M E N T FUNDS INVESTMENTS (9) The Finance Committee recommends the following transactions involving securities which are investments of endowment funds: SALES 100 shares Burlington Mills Preferred Stock 67 shares Walgreen Common Stock PURCHASES 100 shares Pacific Gas & Electric Common Stock 100 shares Cleveland Electric Illuminating Company Common Stock 200 shares Standard Oil of Indiana Common Stock Authorization to proceed with these transactions and approval of the following resolution is requested: RESOLUTION REGARDING SALE OF STOCK Whereas the Board of Trustees of the University of Illinois is the owner of 100 shares of Burlington Mills Preferred Stock and 67 shares of Walgreen Common Stock, and Whereas the Board of Trustees has approved the sale of such stock in its meeting of September 26, 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 authorized to execute any and all documents necessary to complete such sale. On motion of Mr. Williamson, authority was granted and the resolution was adopted as recommended. FINAL REPORT ON BEQUEST OF EDWARD C. EARL (10) On May 26, 1945 (Minutes, page 485), the Board of Trustees authorized Comptroller Lloyd Morey to serve as Executor, and Mr. Arthur L. Barton, of New York City, to act as Counsel for the University in the matter of the Estate of Edward C. Earl. On February 27 and August 5, 1947, reports of partial distribution of the Estate were made to the Board. The Executor now submits a final report of his administration of the Estate: Below appears a condensed report of receipts and disbursements of the Executor and a statement of assets of the fund as finally received by the University, which includes assets distributed in kind and real estate, title to which was vested immediately in the Board of Trustees on the Testator's death. All disbursements indicated have been made with the exception of the fee due Mr. Barton as the attorney for the Estate and Executor, amounting to $3,000, and final cash distribution to the University of $747.61. These payments will be made on acceptance and approval of this report by the Board. No assets of the Estate other than the cash balance are held by the Executor except 100 shares of Wabash Railway Company Class A Preferred Stock and 150 shares of Wabash Railway Company Common Stock. The First National Bank of Chicago, in letter of February 7, 1946, advised that the Wabash Railway Company was reorganized in 1941 and that as a result of such reorganization the stock became worthless. Accordingly this stock was not transferred to the First National Bank of Chicago with other securities as authorized February 27, 1947. C A S H RECEIPTS BY THE EXECUTOR City Club (Washington) Bonds — sale $ U.S.A. Series E Bonds — sale Seamens Bank for Savings — balance 3 Postal Savings Account — balance 2 Miscellaneous Personal Effects — sale U. S. Pension Fund — balance Pilgrim State Hospital — balance of deposit Interest and Dividends — received during Executorship or accrued at death of Testator 3 $10 Total Cash Receipts 468 389 221 676 36 605 220 00 00 01 00 00 43 28 288 09 904 71
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