16.



                                     April 15, 1935


    President Frank L. McVey
    University of Kentucky

    Dear President c1OVey:

              A few days ago you asked me the status of our
    loan fund and, as I recall, I did not give you a definite
    answer.

              We have at present $14,000: Five thousand of
    this was given by Professor Walter Patterson and is in-
    vested in State Warrants.   Miss Parry and I have collect-
    ed something more than $9,000 since vie took over the fund
    September 1, 1933.   Sheets from Miss Parry's records re-
    cently submitted to you show that the collections have
    been in small amounts, from one to ten dollars generally.
    Of this $9,000, four thousand is invested in State War-
    rants, three thousand in Lexington Water bonds, and two
    thousand awaits investment.

               I enclose a descriptive circular of the George-
     town College bonds.   If you consider these bonds safe
     wie might invest our two thousand in them since we are not
     greatly interested in marketability.

               The Newr York papers announced that Mr. Louis
    Wiley left our loan fund $1,000.

                                Very sincerely,

                                   (Signed) T. T. Jones
                                             Dean of Men


     It is the sense of members of the Committee that investment
of funds should not be made in the securities suggested.


     13. Wiley Gift to Student Loan Fund.

     President McVey stated that by report of newvspapers, Mr. Louis
Wiley of New York had made a bequest in his will of $1000 to the
Student Loan Fund of the University of Kentucky. He further stat-
ed that paper from the Probate Court of New York had been received,
naming the University as beneficiary in the will.    The paper, how-
ever, did not state the amount of the bequest or any other facts.
The paper had been delivered to Judge Richard C. Stoll and he stat-
ed that he had written to the New York Courts for information but
that he had not received an answer to his letter.    Judge Stoll was
authorized to proceed with his investigation and to take such steps
as may be necessary to collect the bequest.