Proceedings of the Board of Regents (1939-1942)

930

FIRST MAY MEETING, 1942

The Board approved and ratified actions of the Finance and Property Committee as follows (p. 912):
PURCHASES
BONDS
25M American Telephone & Telegraph Company, 15-Year Convertible Debenture,
3%, dated September 1, 1941, due September 1, 1956. Purchased at 107, to
yield 2.42%. Book value, $26,750.00. Moody's rating "Aa."
170M American Tobacco Company, 20-Year Debenture, 3%, dated April 15,
1942, due April 15, 1962. Purchased at 100, to yield 3.00%. Book value,
$170,000.00. Moody's rating "Aa."
STOCKS
Shares
100 Aetna Life Insurance Company, common. Purchased at 23.625 per share.
Book value, $2,362.50.
90 Continental Insurance Company, common. Purchased at 32.87 per share.
Book value, $2,958.62.
MORTGAGES
Fund Mortgagor and Property Rate Appraisal Amount
Consolidated Endow- Malcolm I. MacGregor, Mahment lon B. MacGregor, and
Alice MacGregor Hagle,
three-story, twelve-apartment building, solid brick
construction 5% $12,500 $6,300
Thomas H. Simpson Nelson W. Eddy and Hope
Institute Bauer Eddy, two-story,
six-room frame dwelling,
single-car frame garage 5% 6,500 2,400
SALES
STOCKS
Shares
100 Camden Fire Insurance Association, capital. Sold at 17 net. Book value,
$2,075.00; sale price, $1,700.00; loss, $375.00.
100 Chase National Bank, common. Sold at 20.159 per share. Book value,
$3,450.00; sale price, $2,015.90; loss, $1,434.10.
100 Pacific Indemnity Company, capital. Sold at 33 net. Book value, $4,200.00;
sale price, $3,300.00; loss, $900.00.
EXCHANGES
Sold-Mary A. Rackham Fund
15M Durham, North Carolina, Various, 434%, dated January 1, 1926, due
January 1, 1957-58. Sold at average price of 133.98. Book value.
$16,605.15; yield at book value, 3.82%. Sale price, $20,097.50; yield at
sale price, 2.15%; profit, $3,492.35. Moody's rating "A." (Reported April
24, 1942, as a sale.)
Purchased
18M Ohio Edison Company, First & Consolidated Mortgage (Now First) 4%,
dated November 1, 1935, due November 1, 1965. Purchased at 108.25, to
yield 3.48%; callable at 104.50. Book value, $19,485.00. Moody's rating
"A."
On recommendation of the Finance and Property Committee the
Board authorized a commission to Miller, Bailey and Company,
Certified Public Accountants, to audit the University's accounts of
1941-1942, on the same terms and conditions as for 1940-1941 (pp.
715 and 584).
All of the above actions were by unanimous vote.
The Board adjourned to 2 P.M., May 28, 1942.
SHIRLEY W. SMITH, Secretary