university of illinois - UIHistories Project

1957] UNIVERSITY OF ILLINOIS 375
SECURITIES RECEIVED FROM ESTATE OF LAVERNE NOYES
(22) For 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 War (World War I), or who are blood descendants
of such veterans. The 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 trust; 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. The
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.
The 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.
LAVERNE NOYES ESTATE TRUST AGREEMENT
(23) LaVerne Noyes of Chicago, Illinois, died July 24 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. Pursuant 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