Proceedings of the Board of Regents (1936-1939)

Third October Meeting, 1938
UNIVERSITY OF MICHIGAN.
ANN ARBOR, OCTOBER 29, 1938
The Board met in the Regents' Room at 10:05 A.M.
Present, the President, Regent Cram, Regent Cook, Regent Lynch,
Regent Stone, Regent Shields, Regent Beal, and the Superintendent
of Public Instruction. Absent, Regent Crowley and Regent Hemans.
There were also in attendance Vice-President Yoakum, Dr. F. E.
Robbins, Mr. H. G. Watkins, and the Secretary.
The Secretary filed the usual financial reports.
The minutes of the meeting of October 7 were approved as submitted to the members in press proof with certain specified changes.
The Board approved and ratified actions of the Finance Committee as follows (p. 678):
PURCHASES
BONDS
25M1 United States of America Treasury Bonds, 234%, dated March 16, 1936,
due March 15, 1951, optional March 15, 1948. Purchased at 105.1562, to yield
2.14% to call date (March 15, 1948) and 2.75% thereafter to maturity;
total book value, $26,289.06. Moody's rating "Aaa." For Rackham Arthritis
Research Fund.
50M United States of America Treasury Bonds, 2a4%, dated June 15, 1936, due
June 15, 1954, optional June 15, 1951. Purchased at 103.8437, to yield
2.40% to call date (June 15, 1951) and 2.75% thereafter to maturity; total
book value, $51,921.88. Moody's rating "Aaa." $25,000 for Mary A. Rackham
Fund and $25,000 for Rackham Arthritis Research fund.
MORTGAGES
Fund Mortgagor and Property Rate Appraisal Amount
Older Faculty Arthur H. and Dorothy W. 5% $11,500 $3,000
Members' Supple- Copeland; two-story, sevenmentary Annuity room house with single garage
attached
SALES
BONDS
5AI (arden City, Michigan, School District, Refunding, Series "A,"' 1 /% to
July 1, 1941, 2% to July 1, 1945, 3% to July 1, 1949, 4% to July 1, 1953,
43/% thereafter, dated July 1, 1937, due July 1, 1967. Sold at 40, current
return 3.75%. Book value, $1,500.00; sales price, $2,000.00; profit, $500.00.
Not rated. $5,000 from Rackham Sociological Research fund.
30MI Royal Oak, Michigan, School District of, Refunding, Series "A," 2% to
October 1, 1938, 3% to October 1, 1941, 3/2% to October 1, 1944, 4% to
October 1, 1947, 4'2% thereafter, dated October 1, 1935, due October 1,
1965. Sold 10M at 70, 10M at 70.50, and 10M at 71, current return
2.84%. Book value, $21,000.00; sales price, $21,150.00; profit, $150.00.
Moody's rating "B." $30,000 from Rackham Arthritis Research fund.
STOCKS
Shares
961.80 Middle West Corporation, common. Sold at average price of 6.86 per
share. Book value, $6,733.29; sales price, $6,595.26; loss, $138.03.