Proceedings of the Board of Regents (1936-1939)

ANNUAL JUNE MEETING, 1937 275
east, according to the recorded plat of Maynard and Morgan's Addition to the
City of Ann Arbor, Washtenaw County, Michigan.
Purchase Price..................................... $12,500.00
Easement.......................................... 75.00
Total.......................................... $12,575.00
(R.P. December, 1936, pp. 119, 122-135)
Lane Hall and Newberry Hall Sites.
R.E. No. 483-A. January 14, 1937. Gift from The Students' Christian Association of the University of Michigan.
(Lane Hall)
Lots Eight (8), Seven (7), and the northerly twenty-six (26) feet of Lot
Six (6) in Block 2 south of Huron St., Range 9 East;
Subject to certain conditions contained in the deed of the First Methodist
Episcopal Church of Ann Arbor to the Students' Christian Association of the
University of Michigan dated July 17, 1912 and recorded July 20th, 1912 in
Liber 191 of Deeds on Page 4, Washtenaw County Records.
Value.......:.............................. $175,000.00
(Newberry Hall)
Also Lot Number Eleven (11) in Block Four (4) south of
Huron Street, Range 9 East, situated on State Street.
Value........................................... $ 51,400.00
Total....................................... $226,400.00*
(R.P. December, 1936, p. 118, and February, 1937, p. 178)
The Secretary placed on file a letter from Mr. J. E. Schmidt, Investment Officer, expressing appreciation and thanks for his leave of
absence (p. 244).
The Regents approved the following resolution submitted by Professor Weller of the Department of Pathology and Dean Furstenberg
of the Medical School, with the approval of the Business Office:
Resolved, That there be established as of June 30, 1937, a new fund to be
designated as the Pathology Endowment Fund. This fund is to be established
by transfer of $24,000.00 from the general fund account known as the Pathology
Diagnostic Revolving Fund. The fund is to be invested as a part of the consolidated endowment of the University, and interest thereon is to be expendable
under the usual method of business procedure of the University. Expenditures
are to be made under the direction of the Executive Committee of the Medical
School to meet special needs of the Department of Pathology. Upon request of
the Executive Committee of the Medical School, the income may be transferred
to and become a part of the principal of the fund. Additional sums as available
from time to time may be transferred from the Pathology Diagnostic Revolving
Fund to this endowment fund. Further, this fund may at some future time,
with the approval of the director of the Department of Pathology, of the Dean
and Executive Committee of the Medical School, and of the President and the
Regents of the University be utilized as to both principal and interest for special
needs of the Department of Pathology.
The Secretary placed on file a survey and report of telephone conditions upon the Campus made up some time ago in accordance with
authority (R.P. 1932-1936, pp. 442-443).
* The following appraisals were made, and the appraisals of Mr. Cress were adopted
APPRAISAL ON BOOKS APPRAISALS OF
OF S. C. A. MR. CRESS MR. KONOLD MR. CRIPPEN MR. PARDON
Lane Hall
Land....$83,600 $50,000 $50,000 $35,000 $50,000
Building..142,000 125,000 125,000 125,000 107,000
Newberry Hall
Land..... 60,000 26,400 25,000 15,000 26,400
Building.. 40,000 25,000 25,000 35,000 35,000