Repository: UIHistories Project: Board of Trustees Minutes - 1954 [PAGE 1385]

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I382

BOARD OF TRUSTEES

[Juhe 21

On motion of Mrs. Holt, this contract was awarded? as. recommended, and the Comptroller and the Secretary of the-Board were authorized to execute the same. This action was taken by the following vote: Aye, Mr. Bissell, Mr. Herrick, Mr. Hickman, Mrs. Holt, Mr. Johnston, Mr. Livingston, Mr. Megran, Mr. Nickell, Mrs. Watkins; no, none; absent, Mr. Grange, Mr. Stratton.

DISPOSITION OF CERTAIN SECURITIES OF T H E GEORGE A. MILLER E N D O W M E N T (27) Among the assets of the Estate of George A. Miller transferred to the University by the Executor, Mr. Marc C. Norton, are the following securities which he deemed worthless from information furnished by sources he considered reliable: American Lumber Company — 1 0 shares common American Planograph Co. ( W e s t Virginia) — I share common Commonwealth Corporation ( D e l a w a r e ) — 4 0 shares common Consolidated Coppermines Company— I share stock scrip Cuban Cane Products Co., Inc. — 35 shares common Cuban Cane Products Co., Inc. — Debentures $3,500 face value Illinois Art Industries, Inc. — 25 shares participating preferred Kuebler Brewing Co., Inc. — 80 shares common Lackawanna Coal & Lumber Co. (West Virginia) —10 shares common Lawrence and Talman Mercantile Building — $6,000 face value First Mortgage 6y2 per cent Serial Gold Bonds (coupon form) Lincoln Mining Company (Utah Corporation) — 1750 shares common New Mexico Gold Producers Corporation — 3,150 shares $1 par common Northeastern Oil and Gas Company — 7 shares common Quadmetals Corporation ( U t a h ) —9,000 shares common Twin States Natural Gas Co. — 26 shares Depositary Certificate for Participating Class A stock, under agreement dated January 1, 1931 Twin States Natural Gas Co. — 1 0 / 4 0 share scrip certificate Twin States Natural Gas Co. — $10,000 face value Certificates of Deposit The opinion of the Continental Illinois National Bank and Trust Company, depositary of the Miller Endowment Fund, was requested as to the value of these securities. That bank has now advised that it has checked each item carefully and considers the securities worthless. However, it recommends that, rather than destroy the certificates, they be kept in a section of the bank's vaults used for this purpose. The Comptroller reports that the above-listed securities, which have been held by the Bursar pending decision as to their disposition, will be transferred to the Continental Illinois National Bank and T r u s t Company for safekeeping, a receipt will be obtained for them and no further record of said securities will be maintained by the University.

This report was received for record.

GIFT FOR SCHOLARSHIPS FOR COLOMBIAN STUDENTS 1 (28) Mr. Henry Lee Shattuck of Boston, Massachusetts, has offered the Univerversity of Illinois $100,000 for scholarships for students who are citizens of Colombia. This will provide approximately fifty scholarships of $1,850 each and is sufficient to cover tuition, books, other educational costs, and living expenses. The students receiving the scholarships will be nominated by the University of the Andes, Bogota, Colombia, on the basis of scholastic attainment and financial need. The nominees must meet the standard entrance requirements of the University of Illinois. They will also be interviewed and screened by the Dean of Foreign Students. The $100,000 grant will be received and administered as a gift to the University for the purpose of aid to these students. T h e Dean of Students and the Comptroller recommend the acceptance of this fund. I concur.

This report was received for record.

1

Note.

This offer was subsequently withdrawn and the grant will not be made. — Secretary s