Proceedings of the Board of Regents (1936-1939)

MAY MEETING, 1938

543

10 M Grand Blanc Township, Genesee County, Michigan, School District, 5%,
dated May 1, 1924, due May 1, 1941/44-46/49. Sold at 107, to yield 3.60%.
Book value, $10,936.42; sales price, $10,700.00; loss, $236.42. Not rated.
RELIGIOUS EDUCATION TRUST FUND
$1,500.00 Detroit Trust Company, First Mortgage Participation Certificates,
Series "U," Certificate of Deposit. Sold at 69 flat. Book value, $740.00;
sales price, $897.00; profit, $157.00. Not rated.
$1,500.00 Guaranty Trust Company of Detroit, First Mortgage Senior Series,
Real Estate Bonds, Loan No. 184-A, dated November 1, 1927, due November
1, 1937, extended to June 30, 1942. 3% per annum until bonds outstanding
are reduced to $100,000, and at increasing rates thereafter. Registered. Sold
at 68 flat. Book value, $900.00; sales price, $1,020.00; profit, $120.00.
Not rated.
STOCKS
RELIGIOUS EDUCATION TRUST FUND
Shares
17 United Corporation, The, $3.00 Cumulative Preference Stock. Sold at
$28.25 per share, less commission. Book value, $476.00; sales price,
$476.56; profit, $0.56.
Action of the Executive Committee was approved and ratified in
accordance with the committee's minutes as follows (p. 517):
May 2, 1938
Present, President Ruthven, Regent Beal, and Regent Shields.
The committee added the sum of $550 to the Current Expense account of
the Department of Biological Chemistry, Medical School, which sum, together
with $300 from the Current Expense account of the Department of Pathology,
and $300 from the Pathology Revolving fund, will serve to replace the apparatus
in which distilled water is produced for the West Medical Building, comprising
the three departments of Hygiene and Public Health, Pathology, and Biological
Chemistry.
Actions of the Operating Committee were approved and ratified
in accordance with the committee's minutes as follows (p. 518):
April 26, 1938
At the request of Dean Albert C. Furstenberg, the committee approved the
transfer of $300 from Medical School Administration, Current account, to Surgery,
Current account.
April 27, 1938
At the request of Dean C. S. Yoakum, the committee approved the transfer
of the sum of $75 from the Expense and Equipment budget of the Institute of
Public and Social Administration (Public Administration Curriculum) to the
Expense and Equipment budget of the Institute of Public and Social Administration (Social Work Curriculum) to provide for the purchase of books to be
used in connection with courses given on the Campus.
April 27, 1938
To meet certain necessary expenses which must be incurred before the end
of the present fiscal year, the committee, at the request of Dean Albert C. Furstenberg, approved the transfer of the sum of $400 from Medical School Administration,
Current Expense account, to the Traveling Expense account.
April 30, 1938
To provide for printing, advertising, and incidental expense for the remainder of the present year, the committee, at the request of Dean Albert C.
Furstenberg, approved the transfer of the sum of $600 from the Extramural
Salary account to the Current account of the Department of Postgraduate Medicine, Medical School.