Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 471]

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568

BOARD OF TRUSTEES

[February 15

Under the terms of the will, the Trustees have entire control of the stock during the period of the annuities, which will probably be for ten or fifteen years from the present date. It is considered by the Finance Committee, the Comptroller, and the Bursar, who have studied the matter, that it will be to the advantage of the University to accept this plan rather than to defer the liquidation until the death of the last annuitant.

On motion of Mrs. Watkins, the following resolution was adopted:

Resolution Concerning Aermotor Company Stock WHEREAS, The University of Illinois holds a trusteed interest in the Estate of L aVerne Noyes, consisting of 175 shares of Aermotor Company stock; and WHEREAS, A plan has been worked out providing for the liquidation of such trusteed interest over a period of twenty years, by the purchase of such interest by the Aermotor Company, to be paid for by a liquidating dividend received from the sale of the investment portfolio, payable upon approval of the plan by all participating schools, from the issuance of Aermotor Company Debentures, and liquidation of assets of the Estate of La Verne Noyes upon the death of the last annuitant, and whereas it is considered to be desirable for the University of Illinois to participate in this plan; Now, therefore, be it resolved, That Lloyd Morey, Comptroller, and A. J. Janata, Secretary, be hereby authorized to execute any and all documents necessary to place this plan into operation and effect and to transfer interests in such Aermotor Company stock now held by the University, to the Aermotor Company or any Trustee or individual authorized to receive it under the terms of the plan. INVESTMENTS

Mrs. Watkins reported for the Finance Committee the following transactions involving securities:

Exchange: Deposit Funds #25,000 U.S.A. Treasury Bills due December 7, 1950, for #25,000 ij4 Treasury Notes, U.S.A. Series G, due November 1, 1951. per cent

Purchase: Endowment Funds #25,000 Columbia Gas System, Inc., Series B, 3 per cent debenture bonds due August 1,1975 #25 150 shares Atchison, Topeka, and Santa Fe Railway Company, preferred stock 16 500 shares Cincinnati Gas and Electric Company common stock 15 300 shares National Dairy Products Corporation common stock 14 $25,000 Tennessee Gas Transmission Company first mortgage pipeline bonds, 3 per cent series due September 1, 1970 25 #12,000 American Telephone and Telegraph Company, 3>i per cent, 25 year debenture bonds due December 1, 1973 12 500 shares Household Finance Corporation common stock 17 Sale: #1,000 U.S.A. 2 per cent Treasury Bonds, due June 15, 1954 1 #1,000 U.S.A. 2 per cent Treasury Bonds, due September 15, 1953 1 #52,000 U.S.A. Ij4 per cent Series E Treasury Notes due August 1,1951 51 #2,000 The Chicago Club debenture 2% per cent bonds due January 1, 1965 2 #10,000U.S.A. i K p e r cent Series B Treasury Notesdue July 1, 1 9 5 1 . . . 9

495 00 365 55 992 84 780 93 250 00 870 00 537 51 005 94 004 06 915 14 000 00 986 25

Securities Held Under Escrow Agreement with ihe cit Exchange: y °f Chicago #49,000 U.S.A. Certificates of Indebtedness due January 1, 1951, for #49,000 U.S.A. i}4 per cent Treasury Notes, Series G, due November 1, 1951.

This report was received for record. Mr. Herrick suggested that consideration be given to selling the Household Finance Corporation