university of illinois - UIHistories Project

1246 BOARD OF TRUSTEES [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) The 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 8Kin. 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
The 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
$2 500 00
f.o.b,
factory
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
Cost
$2 604 s :
f.o.b.
Dutch
seaport