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Caption: Board of Trustees Minutes - 1958
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1246 BOARD OF T R U S T E E S [May 29 $10,000 U.S.A. Savings Bond Series K due March I, 1068 30 shares DuPont de Nemours common stock 80 shares General Electric Company common stock 95 shares Texas Company capital stock 100 shares U. S. Gypsum common stock and to sell the following securities and make distribution in cash: 60 shares Crown Zellerbach common stock 100 shares Firemans Fund Insurance Company capital stock 80 shares Minnesota Mining and Manufacturing Company capital stock An examination of the farm lands in Richland County by representatives of the College of Agriculture reveals that the soil has poor fertility and would require a large expenditure to increase its productivity to make farming operations profitable. The College of Agriculture is not interested in the land for experimental purposes and does not recommend that it be operated as an endowment farm. In addition, the oil wells on the land, based on oil production data, are showing a steady decline in output and are now estimated to have a residual life of approximately two to three years. The farm lands, including mineral right?, have an estimated value of from $20,000 to $25,000. This has been corroborated by independent appraisals made for the Trustee and the University. Accordingly, it is recommended that the Trustee be instructed that the University desires to receive its distributive share of the farm lands in cash. The Dean of Admissions and Records, the Chairman of the Committee on Undergraduate Scholarships, and the Dean of Students recommend that one half of the proceeds of these estates be held as an endowment fund, the income to be used for scholarships, and the other half be used as a student loan fund, the principal to be loaned to students and any interest received from such student loans to be available for additional scholarships. I concur. On motion of Mr. Johnston, these recommendations were approved. PURCHASES Purchases Authorized (23) T h e following purchases were authorized by the President's Office on the recommendation of the Director of Purchases and the Vice-President and Comptroller. In each case the purchase was recommended on the basis of the lowest bid. Item Five special cathode ray tubes Extension of lease of C-46 aircraft from April 15, 1958, to June 15, 1958 One Hardinge model UM high-speed precision horizontal Universal milling machine complete, plus attachments and collets One Hardinge HLV high-speed precision tool room lathe complete, plus attachments 5,000reams 8 K i n . by n in. 50lb. offset paper 2,500 reams 8 K in. by 11 in. 60 lb. offset paper Department Control Systems Laboratory Control Systems Laboratory Electrical Engineering Electrical Engineering Office Supply Storeroom Vendor Allen B. DuMont Laboratories, Inc., Clifton, N.J. East Coast Aviation Corp., Lexington, Mass. Hardinge Brothers, Inc., Chicago Hardinge Brothers, Inc., Chicago Marquette Paper Corp., Chicago Cost $2 f.o.b, factory 500 00 z\ 000 00 5 726 10 f.o.b. shipping point 6 gSi 70 f.o.b. shipping point 6 o=s 8; f.o.b. delivered T h e following purchases were approved by the Vice-President and T'rovcM. acting for the President, pursuant to authorization by the Board of Trustees tv act on recommendations for purchases under International Cooperation Administration Contracts. The purchases will be from funds supplied by the International Cooperation Administration under its contract with the University tor educational services to institutions of higher education in India. Item Eleven items of vibration test equipment Department International Cooperation Administration Contracts Vendor N. B. Philips Gloeilampenfabrieken, Eindhoven, Netherlands Cost $2 604 s : f.o.b. Dutch seaport
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