Proceedings of the Board of Regents (1939-1942)

516

JANUARY MEETING, 1941

The Board approved and ratified actions of the Finance Committee as follows (p. 487):
PURCHASES
BONDS
2M Clinton Township, Macomb County, Michigan, Union School District No. 1 of,
5%, dated September 15, 1922, due March 15, 1942. Purchased at 104.98, to
yield 1.00%; total book value, $2,099.54. Moody's rating "Ba."
5MI Clinton Township, Macomb County, Michigan, Union School District No. 1 of,
5%, dated April 1, 1924, due April 1, 1943/4. Purchased at average price
of 110.58, to yield 1.26%; total book value, $5,529.23. Moody's rating
"Ba."
60M Detroit Edison Company, General and Refunding Mortgage, Series "H," 3%,
dated October 1, 1924, due December 1, 1970. Purchased at 107.25, to yield
2.65%; total book value, $64,350.00. Moody's rating "Aa."
50Mi\ Shell Union Oil Corporation, 15-Year Debentures, 2%/2%, dated July 1, 1939,
due July 1, 1954. Purchased at 100.125, to yield 2.49%; total book value,
$50,062.50. M/oody's rating "Aa."
MORTGAGE
Fund Mortgagor and Property Rate Appraisal Amount
Older Faculty Russell N. and Miadge A.
Members Supple- DeJong, two-story, sevenmentary Annuity room frame dwelling with
single-car garage attached 4,/2% $7,970 $6,000
SALES
BONDS
43M Michigan, State of, Highway Improvement, 52 %, dated September 15, 1921,
due September 15, 1941. Sold at 100. Book value, $43,000.00; sales price,
$43,000.00. Moody's rating "Aa."
2 MI Michigan, State of, Highway Improvement, 5%, dated November 15, 1921,
due November 15, 1941. Sold at 100. Book value, $2,000.00; sales price,
$2,000.00. Moody's rating "Aa."
7M Michigan, State of, Soldiers' Bonus, 534%, dated July 15, 1921, due July 15,
1941. Sold at 100. Book value, $7,000.00; sales price, $7,000.00. Moody's
rating "Aa."
10M1 Michigan, State of, Soldiers' Bonus, 5'2%, dated October 15, 1921, due
October 15, 1941. Sold at 100. Book value, $10,000.00; sales price,
$10,000.00. MIoody's rating "Aa."
Interest to maturity was also received for each of the four issues above.
STOCKS
Shares
3 Washington Railway and Electric Company, Participating Units (representing
1/40th share common stock). Sold at $18.00 per unit. Book value, $1.00;
sales price, $54.00; profit, $53.00.
REAL ESTATE
INA CTIVE EXPENDABLE
R.E. No. 88-B. To Lawrence William and Margaret Dodds Prakken and F.
Huston and Jeane Margaret Colvin. Sale price, $1,500 cash. (Huron River
Hills Subdivision, Ann Arbor Township, Ann Arbor, Michigan)
Deeded to Lawrence William Prakken and Margaret Dodds Prakken: the south 83
feet measured at right angles to the south boundary thereof of lot number
108, according to the recorded plat of Huron River Hills Subdivision, a part
of the south west quarter of Section 16, Town 2 South, Range 6 East, Ann
Arbor Township, Washtenaw County, Michigan.