49



           him the title Vice President (Business Administration), which is
           the title commonly used in many of the larger universities of this
           country.

                    Two years ago Mr. Peterson, recognizing that there was
           a great shortage of trained personnel to fill various business jobs
           connected with the operation and management of universities,
           started a summer school for the training of such persons.  The
           first year we had an enrollment of 49 and last year there were
           enrolled 71 from 23 states. We are planning again this summer
           to have such a school and it is our hope that in the future we may
           have a few young men in constant preparation for the many jobs
           available in the field of university business. Mr. Peterson will
           hereafter be giving a portion of his time to the preparation of
           University students who may have in mind preparing themselves
           for work in the business administration of colleges and universi-
           ties.


           Various members of the Board expressed approval of the recommenda-
tion of the President, and upon motion duly made, seconded and carried, George
R. Kavanaugh was appointed Comptroller and Frank D. Peterson was appointed
Vice President (Business Administration), effective May 1, 1955.



           I-1. Purchase of Property at 531, 533, 537, 539 and 541 South Lime-
stone Street and 109 Montmullin Street Approved,

           The Comptroller reported to the Board that the Executive Commit-
tee had at previous meetings on two occasions authorized him to purchase property
located on South Limestone and Montmullin Streets.  He advised that he had tried
for the past six months to purchase the property at a price less than that authorized
but had been unable to secure much of a reduction. He submitted a purchase op-
tion contract which had been signed by the owner and advised the members of the
Board that he was about to accept the option. He requested further advice.

           Members of the Board expressed the idea that the property would not
be secured at a cheaper price and that we should go ahead and purchase same as
previously agreed upon.  Whereupon the Comptroller did exercise the option and
entered into a contract for the purchase of business houses and property known as
531, 533, 537, 539, 541 South Limestone street, and 109 Montmullin street for
the sum of $49,500. 00, subject to existing leases, and recommended that the prop-
erty be authorized purchased,

           Board members recalled that they had been advised from time to time
for the past six or eight months, and upon motion duly made, seconded and carried,
approved the purchase of 531, 533, 537, 539, 541 South Limestone street and 109
Montmullin street for the sum of $49, 500. 00, same to be paid from the Haggin
Fund, and with the understanding that the income from this property would be used
to repay the Haggin Fund until the University desired to make other use of the
property.