Proceedings of the Board of Regents (1939-1942)

538 FEBRUARY MEETING, 1941
The holders of the three hundred bonds drawn for payment as of December 15,
1940, were given an option to keep their bonds, instead of taking payment thereof,
other bond numbers being drawn to offset any such elections. Those electing to
keep their bonds were, in turn, given a choice either of refraining from taking
present payment, their bonds to be subject to call at any subsequent period, or of
accepting an extension of due date to October 15, 1951, their bonds being subject
to call only after 1946. It is indeed interesting that about one-third of those bonds
called were not presented for payment, and of that third approximately 80 per cent
were extended as to maturity.
The Board approved and ratified actions of the Finance Committee
as follows (p. 516):
PURCHASES
BONDS
6M Clay Township School District No. 1 (Village of Algonac), St. Clair County,
Michigan, School Building, 42 %, dated March 1, 1923, due March 1,
1945/7. Purchased at average price of 114.54, to yield 1.66%; total book
value, $6,872.37. Not rated.
SALES
BONDS
12M Central Pacific Railway Company, 35-Year Guaranteed (Utah), 5%, dated
August 1, 1925, due August 1, 1960. Sold at 49.75. Book value, $12,222.28;
sales price, $5,969.88; loss, $6,252.40. Moody's rating "B."
15M Southern Pacific Company, Oregon Lines, First Mortgage, Series "A," 42 %,
dated March 1, 1927, due March 1, 1977. Sold at 49.75. Book value,
$14,828.41; sales price, $7,462.35; loss, $7,366.06. Moody's rating "Ba."
130M United States of America Treasury Notes, Series B-1945, National Defense
Series, 3/4%, dated December 18, 1940, due December 15, 1945. Sold at 100.
Book value, $130,000.00; sales price, $130,000.00. Moody's rating "Aaa."
EXCHANGES
26M Michigan, State of, Highway Improvement, 4%, dated September 15, 1924,
due September 15, 1944. Sold at 113.01. Book value, $28,509.36; yield at
book value, 1.25%. Sales price, $29,382.42; profit, $873.06. Moody's rating
"Aa."
29M United States of America Treasury Notes, Series D-1944, National Defense
Series, 34%, dated January 31, 1941, due September 15, 1944. Purchased at
99.90625, to yield.78%; total book value, $28,972.81. Moody's rating "Aaa."
REAL ESTATE ACQUIRED BY QUITCLAIM DEED
SILAS WRIGHT DUNNING LIBRARY
R.E. No. 183-B. Quitclaim Deed taken by Central Hanover Bank and Trust
Company, New York, as Trustee.
7-9-11 East 40th Street, New York City. 7 East 40th Street, 27/2 feet by 9434
feet; 9-11 East 40th Street, 47X feet by 9834 feet.
Actions of the Executive Committee were approved and ratified as
follows (p. 517):
February 6, 1941
Present, President Ruthven, Regent Cook, and Regent Shields.
At the request of the State Board of Vocational Education, and with the
understanding that the W. K. Kellogg Foundation will co-operate, the committee
approved the establishment of a workshop in guidance in the field of vocational
education, to be supervised by the School of Education during the Summer Session
of 1941 for a six-week period. The sum of $2,625 was appropriated and added to
the 1941 Summer Session budget for this purpose, which amount will presumably
be returned to the University from the fees of those students who register for this
course.