university of illinois - UIHistories Project

824 BOARD OF TRUSTEES [September 26
ENDOWMENT 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.
CASH RECEIPTS BY THE EXECUTOR
City Club (Washington) Bonds — sale $ 468 00
U.S.A. Series E Bonds — sale 389 00
Seamens Bank for Savings — balance 3 221 01
Postal Savings Account — balance 2 676 00
Miscellaneous Personal Effects — sale 36 00
U. S. Pension Fund — balance 605 43
Pilgrim State Hospital — balance of deposit 220 28
Interest and Dividends — received during Executorship or accrued at
death of Testator 3 288 09
Total Cash Receipts $10 904 71