Proceedings of the Board of Regents (1936-1939)

786

FIRST DECEMBER MEETING, 1938

The Secretary filed a set of papers gathering up the estimates that
had been the basis of the bond issues authorized September 8 (p. 641)
and October 18 (pp. 737 and 715). The reports included also one on
the prospects for the still outstanding revenue bonds of MosherJordan Halls. (See also pp. 783 and 784)
The Board authorized additional commitments of $6,400 in making
up the budget for the Summer Session of 1939 with the expectation
that these commitments will actually be taken care of by a contribution of the sum mentioned by the Rockefeller Foundation through the
American Council of Learned Societies (p. 766).
The sum of $4,500 from general funds was added to the Summer
Session budget to meet the University's expense in a continuation
during the summer of 1939 of the co-operative experimental curriculum
workshop which was inaugurated, under Summer Session auspices, in
1938 (p. 766).
The Board approved and ratified actions of the Finance Committee
as follows (p. 755):
PURCHASES
BONDS
20MI United States of America Treasury Bonds, 3%, dated June 15, 1934, due
June 15, 1948, optional June 15, 1946. Purchased at 108.34375, to yield
1.82% to call date (June 15, 1946) and 3.00% thereafter to maturity; total
book value, $21,668.75. Moody's rating "Aaa."
115M1 United States of America Treasury Bonds, 234%, dated June 15, 1936, due
June 15, 1954, optional June 15, 1951. Purchased at 104, to yield 2.38% to
call date (June 15, 1951) and 2.75% thereafter to maturity; total book value,
$119,600.00. Moody's rating "Aaa."
150M United States of America Treasury Bonds, 3%, dated September 15, 1931,
due September 15, 1955, optional September 15, 1951. Purchased at 107.0625,
to yield 2.36% to call date (September 15, 1951) and 3.00% thereafter to
maturity; total book value, $160,593.75. Moody's rating "Aaa."
125M\ United States of America Treasury Bonds, 234%, dated September 15, 1936,
due September 15, 1959, optional September 15, 1956. Purchased 100M at
103.53125 and 25M1 at 103.31252, to yield 2.51% to call date (September 15,
1956) and 2.75% thereafter to maturity; total book value, $129,359.38.
Moody's rating "Aaa."
SALES
BONDS
155I Atchison, Topeka and Santa Fe Railway Company (California-Arizona), First
and Refunding Mortgage, 4Y2%, dated March 1, 1912, due March 1, 1962.
Sold 14M at 106.75, 1M at 106.50, to yield 4.05%. Book value, $14,962.50;
sales price, $16,009.66; profit, $1,047.16. Moody's rating "Aaa."
15li\ Birmingham, Michigan, Refunding, Series "AA," 3% to October 1, 1939,
4% to October 1, 1945, 44% thereafter, dated October 1, 1935, due October
1, 1964. Sold at 95, current return, 3.16%. Book value, $13,200.00; sales
price, $14,250.00; profit, $1,050.00. Moody's rating "Ba."
35M Buncombe County, North Carolina, Refunding, 1% to July 1, 1939, 114% to
July 1, 1941, 1I2% to July 1, 1946, 2% to July 1, 1951, 2'4% to July 1,
1956, 234% to July 1, 1961, 3'4% to July 1, 1966, and 4% thereafter, dated
July 1, 1936, due July 1, 1976. Sold 10M at 35, 25M at 36, current return,
2.80%. Book value, $10,500.00; sales price, $12,500.00; profit, $2,000.00.
Moody's rating "Caa."
50MI Chesapeake and Ohio Railway Company, General Mortgage, 42 %, dated
February 23, 1892, due March 1, 1992. Sold at 119.25, to yield 3.67%.
Book value, $59,584.26; sales price, $59,623.79; profit, $39.53. Moody's
rating "Aaa."