Proceedings of the Board of Regents (1939-1942)

NOVEMBER MEETING, 1940

451

$1,650 Metropolitan Playhouses, Incorporated, Debenture, 5%, $50.00 dated
October 3, 1935, $1,600.00 dated February 1, 1935, due February 1, 1945.
Sold at 67. Book value, $1,056.00; sales price, $1,100.50; profit, $44.50.
Not rated.
$600 Northwestern Building, First Mortgage, Gold, 6I/2%, dated April 1, 1926,
due April 1, 1941. Sold at 4.83. Book value, $600.00; sales price, $29.00;
loss, $571.00. Not rated.
10M Pennsylvania Railroad Company, General Mortgage, Series "C," 334%,
dated April 1, 1920, due April 1, 1970. Sold at 92. Book value, $9,200.00;
sales price, $9,199.96; loss, $.04. Moody's rating "A."
1M United Light & Railways Company, The, Debenture, Series of 1927, 512 %,
dated August 1, 1927, due August 1, 1952. Sold at 94.50. Book value,
$910.00; sales price, $944.98; profit, $34.98. Moody's rating "Ba."'
$500 Wesley Church Corporation (Minneapolis, Minnesota), First Mortgage Income, interest not to exceed 4%, dated January 1, 1937, due January 1, 1947.
Sold at 8.80. Book value, $500.00; sales price, $44.00; loss, $456.00. Not
rated.
STOCKS
Shares
35 American Telephone & Telegraph Company, common. Sold at 162.29 net per
share. Book value, $5,600.00; sales price, $5,680.21; profit, $80.21.
21 American Utilities Service Corporation, Voting Trust Certificate. Sold at.096 net per share. Book value, $3.15; sales price, $2.02; loss, $1.13.
5 American Utilities Service Corporation, 6% Cumulative Preferred. Sold at
4.90 net per share. Book value, $25.00; sales price, $24.52; loss, $.48.
100 Corporate Trust Shares, Series "Aa" (Modified). Sold at 2.52 net per share.
Book value, $235.00; sales price, $252.00; profit, $17.00.
5 Devon Corporation, common. Sold at 15.25 net per share. Book value,
$70.00; sales price, $76.25; profit, $6.25.
12 Metropolitan Playhouses, Incorporated, Class "B," Capital Stock. Sold at
3.73 net per share. Book value, $54.00; sales price, $44.76; loss, $9.24.
5 Myles Standish Company, Voting Trust Certificate for common. Sold at 13.38
net per share. Book value, $60.00; sales price, $66.90; profit, $6.90.
39 Phelps Dodge Corporation, common. Sold at 31.30 net per share. Book
value, $1,053.00; sales price, $1,220.67; profit, $167.67.
176 2600 Lakeview Avenue Building Corporation, Class "A" Preferred Stock,
Voting Trust Certificate endorsed to represent deposit of common shares. Sold
at.15.net per share. Book value, $28.16; sales price, $26.40; loss, $1.76.
5 Whittier Corporation, Trust Certificate for Capital Stock. Sold at 7.50 net
per share. Book value, $37.50; sales price, $37.50.
Actions of the Executive Committee were approved and ratified
as follows (p. 380):
September 27, 1940
Present, President Ruthven, Regent Cook, and Regent Shields.
The committee accepted, with grateful appreciation to the donors, a gift of
$375.46 from the University of Michigan Club of Detroit for the purposes indicated in the following resolution:
Resolved, That the University of Michigan Club of Detroit deposit with the Business
Office of the University of Michigan the sum of $375.46, as a fund to be known as
"University of Michigan Club of Detroit University Band Expendable Fund," the same
to be expended or awarded, in part, or in full to assist worthy members of the University
of Michigan Band, on recommendation by the Director and by the Business Manager of
the University of Michigan Band, with the approval of the Executive Committee of the
University of Michigan Club of Detroit, and be it further
Resolved, That expenditures or awards may be as compensation earned by the
appointee or appointees, not alone because of playing ability, but for actual duties to be
performed during the period for which compensation is paid, such duties to be assigned
by the Director of the Band, with the approval of its Business Manager, as essential to
the proper and business-like conduct of the organization.