Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 378]

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1957]

UNIVERSITY OF ILLINOIS

375

SECURITIES RECEIVED FROM ESTATE OF L A V E R N E NOYES (22) F o r many years the University has been a beneficiary of the estate of LaVerne Noyes (LaVerne Noyes of Chicago died July 24, 1919), receiving funds for scholarships. Under the terms of the will of LaVerne Noyes these scholarships covering tuition, in whole or in part, are available to deserving and needy students who are citizens of the United States and who were in the military service of the United States in the World W a r (World W a r I ) , or who are blood descendants of such veterans. T h e awards are made by the University. In 1937 the University of Illinois was allocated, and the Board of Trustees accepted, a share (6.58 per cent) in the estate of LaVerne Noyes, which consisted of 2,660 shares of Aermotor Company stock held by trustees appointed under the will of Mr. Noyes, together with certain other assets. The principal business of Aermotor Company is the manufacture and sale of windmills but in recent years it has undertaken to develop new products. The Company is also in the nature of an investment t r u s t ; large portions of its earnings over the years have been invested in stocks and bonds. On December 3, 1956, and January 15, 1957, the Board of Directors of the Aermotor Company declared a dividend in kind, of certain of the securities in its portfolio. T h e trustees of the LaVerne Noyes estate directed that such shares be made out in favor of the educational institutions participating in the trust estate, and the University of Illinois has received as its prorata share of the distribution the common stocks listed below which have a present market value of $29,229.36. This has reduced the value of the Aermotor Company stock owned by the University, the decrease being offset by the value of the securities received; hence this transaction does not represent a new gift to the University. T h e First National Bank of Chicago has indicated it will probably recommend retention of certain of these stocks and the sale of others. Its recommendations will be submitted to the Finance Committee for approval when received. Securities Received Approximate Shares Market Value Goodyear Tire and Rubber Company 35 $2 627 19 Standard Oil Company of New Jersey 70 4 038 12 Standard Oil Company of California 70 3 233 12 Texas Company 105 6 050 62 United States Steel Corporation 70 4 786 25 National Dairy Products Corporation 35 1 310 31 Inland Steel 35 3 228 75 Square D Company 35 1 023 75 Standard Oil Company of Ohio 35 1 898 75 Union Pacific 35 I 032 50 Total $29 229 36 This requires no action by the Board and is being presented as a matter of record.

This report was received for record.

L A V E R N E NOYES ESTATE TRUST AGREEMENT (23) LaVerne Noyes of Chicago, Illinois, died July 2 4 1919, leaving his last will and testament, with two codicils thereto (hereinafter referred to as the "will"), which was admitted to probate by the Probate Court of Cook County, Illinois. P u r s u a n t to the provisions of the will, forty-eight colleges and universities, including the University of Illinois, were duly selected and designated as the universities and colleges entitled to receive the income and principal of the trust estate under the will, subject to the prior payment of certain annuities, for the establishment and administration, in each university and college, of a LaVerne Noyes Foundation for the granting of scholarships. The participation of each college in the trust estate was represented by a fractional interest, the interest of the University of Illinois being 175/2660. The scholarships, covering tuition, in whole or in part, are available to deserving and needy students who are citizens of the United States and who were in the military service of the