Proceedings of the Board of Regents (1939-1942)

May Meeting, 1941
UNIVERSITY OF MICHIGAN,
ANN ARBOR, MAY 23, 1941
The Board met in the Regents' Room at 3:50 P.M.
Present, the President, Regents Shields, Regent Herbert, Regent
Cook, Regent Cram, Regent Crowley, Regent Kipke, Regent Lynch,
and Superintendent Elliott. Absent, Regent Hemans. There were also
in attendance Vice-President Bruce, Vice-President Yoakum, Provost
Stason, Dr. F. E. Robbins, Mr. H. G. Watkins, and the Secretary.
The usual financial reports were placed on file.
The minutes of the meeting of April 25 were approved as submitted to the members in press proof, with correction of an erroneous
line on page 585.
Regent Kipke reported on an interview held by himself and Regent
Lynch with the Board in Control of Student Publications. The President announced that he had received a petition of several thousand
names opposing the action of the Regents in increasing the number of
faculty representatives on the Board in Control of Student Publications (see revised Bylaws, Section 30.05). The Regents took no
action, allowing the revised bylaw to stand.
Provost Stason filed with each member of the Board a typewritten
statement of the methods on which he had proceeded in his work of
revising the Bylaws (pp. 583, 519, 513, 504, 483).
The Regents approved the plans as sketched by the architect, Mr.
Douglas Loree, for the Mary B. Henderson House (p. 377).
The Regents approved the plans as sketched by Mr. Lewis J. Sarvis,
the architect for the proposed Public Health building (p. 580).
The President presented a letter from Mr. Chester H. Lang, of
Schenectady, who had been the speaker at the annual dinner of the
Ann Arbor University of Michigan Club, tendering to the University
the check for $35 which he had received from the Club as traveling
expenses. The Regents accepted this gift with thanks and directed that
it be placed in the President's Special fund (p. 581).
The Board approved and ratified actions of the Finance Committee as follows (p. 586):
PURCHASES
BONDS
60M Reconstruction Finance Corporation Notes (fully and unconditionally guaranteed both as to principal and interest by the United States Government),
Series "U," 7s%, dated April 17, 1941, due October 15, 1942. Purchased at
100, to yield.875%; total book value, $60,000.00. Moody's rating "Aaa."
45M Reconstruction Finance Corporation Notes (fully and unconditionally guaranteed both as to principal and interest by the United States Government),
Series "V," 1/8%; dated April 17, 1941, due July 15, 1943. Purchased at
100, to yield 1.125%; total book value, $45,000.00. Moody's rating "Aaa."
$49,950 United States of America Savings Bonds, Registered, Series "F," dated
May 1, 1941, due May 1, 1953. Purchased for $49,950.00, value at maturity, $67,500.00, yield to maturity, 2.53%. Moody's rating "Aaa."
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