<pre style="white-space: pre-wrap">xt7k0p0wqj6d https://exploreuk.uky.edu/dips/xt7k0p0wqj6d/data/mets.xml Lexington, Kentucky University of Kentucky 19390217 minutes English University of Kentucky Contact the Special Collections Research Center for information regarding rights and use of this collection. Minutes of the University of Kentucky Board of Trustees Minutes of the University of Kentucky Board of Trustees, 1939-02-feb17-ec. text Minutes of the University of Kentucky Board of Trustees, 1939-02-feb17-ec. 1939 2011 true xt7k0p0wqj6d section xt7k0p0wqj6d 


     Minutes of the Regular Meeting of the Executive Committee of
the Board of Trustees of the University of Kentucky, February 17,
1939.


     The Executive Committee of the Board of Trustees of the Uni-
versity of Kentucky met in President MlcVey's office at the Uni-
versity of Kentucky Friday, February 17, 1939, at 10:30 a.m. The
members of the Committee present were Judge Richard C. Stoll, Chair-
man; H. S. Cleveland and R. P. Hobson.   President Frank L. M1cVey
and D. H. Peak, Secretary of the Board, were present.


     1. Approval of Minutes.

     The minutes of the meeting of the Executive Committee of Jan-
uary 18, 1939, were approved as published and corrected, so that
Section 12-c, Division 4, shall read, "For preparing Kentucky Anno-
tations for the Restatement of Law prepared by the American Law
Institute."


     2. Financial Report.

     The Business Agent filed financial report for month of January,
1939.   The report was examined and ordered recorded in the min-
utes.   The report reads as follows:


               Statement of Income and Expenditures
                      Month of January 1939


                            Previously
                            Reported

General Fund Income
   Federal Appro.-Morrill-
        Nelson               24,433.32
   Vocational Ed. Board      15,733.45
   Athletics
   State Appro.-Summer Sch.   8,000.00
   Special Agr.Appro.       12,000.00
   State Appro.-General     353,162.27
   Bldg. Revenue Bond &
     Operation Fund          40,258.40
   State Appro.-Repairs to
     Buildings                9,67 5.04
   Federal Appr.-Banlkhead-
     Jones                   15,637.97
   Student Fees              98,749.44
   Student Fees - Summer Sch.63,617.59


Current
Month


6,118.33
3,117.78
35,346.42

2,000.00
92,706.72


Fiscal
Year
to Date


30,591.65
18,851.23
35,346.42
8,000.00
14,000.00
445,868.99


2,997.00   43,255.40

             9,675.04

.3,867.49  19,505.46
1,064.50   99,913,94
            63. C17. 59


2.


Student Fees - Univ.
  High School
Student Fees - El.Tr.
   School
Student Fees - Univ.


      sion
  Misc. Receipts
  Rentals
  iVients Dormitories
  Library Equipment-Appro.
  Scientific & Laboratory
      Equip.-Appro.
  Engineering Equipment -
     Appropriation
              Total

Expenditures
   Instruction
   Administration, Expense
     and Maintenance
   Additions & Betterments
              Total
   Excess of Income over
     Expenditures


5,230.00


      3,920.00
Exten-


8,144.37
3,533.07
   948.65
 9,821.60
 8,670.68

 17,335.51

 19,701.74
718,613.10


470,514.42

206,329.47
50,531. 94
727,375.83

(8,762.73


150.00    5,330.00


80.00    4,000.00


1,328.23
  589.41
  165.00
  999.80
  839.60


9,47?.60
4,122.48
1,113.65
10,821.40
9,510.28


4,398.59   21,734.10

  4,892.86   24,594460
160,661.73 879,274.83


98,357.55 568,871. 97


36,032. 11
6,237. 70
140,627.36


242,361.58
56,769.64


20,034. 37  11,27164_


Patterson Hall Income
   Board
   Miscellaneous Receipts
   Room Rent - Summer Sch.
               Total
Expenditures
   Expense
   Additions and Better-
     ment s
               Total
   Excess of Income over
     Expenditures
General Fund Income
General Fund Expend.
   Excess of General Fund
   Income  over Expend.
   Excess of Expend. over
   Receipts for General
   Ledger accounts
   Accounts Payable


31,165.35
    92. 15
 1,839.50
 33,097.00

 16,328.66

 ,408. 49
 18, 73?7.1  

 14,359.85
751,710. 10
746 112.98

  5,597.12


  24,402.46
  (9,302.96)


602.57   31,767.92
               9'2.15
               as 50
 __________ 1, 859.50-
 602.57   33,699.57

6,836.38   23,165.04


   23.20
6,859.58


2',431. 69
25,596.73


(6,257.01)  8,102,84
161,264.30 912,974.40
147,486,94 893,599.92

13,777.36 19,374.48


(24,634.73)   (232.27)
            (9,302,96)


Excess of Receipts over
Expend. for the fiscal
  year to date - General
  Fund                    20,6
Excess of Receipts over
  Zxpend, for the fiscal
  year to date - General Fund
Cash in Bank July 1, 1938-
  General Fund
Cash in Bank January 31, 1939-
  General Fund


6. 6)


9,85q9,25

82.428. 52


92,'367,77


(10     37) 9      25
  -,8570! -=.1-839


-- ----- -- --


3.


Experiment Station Income
  Hatch - Federal Appro.       7,500.00
  Milk and Butter - Cash Re-
    ceipts                     5,872.68
  Beef Cattle Sales               945.16
  Dairy Cattle Sales            1,010.00
  Sheep Sales                     842.71
  Swine Sales                  1,390.05
  Poultry Sales                   932.57
  Farm Produce Sales              609.78
  Horticultural Sales             740.75
  Seed Test                       787.72
  Seed Inspection              10,194.52
  Rentals                       2,812.40
  Miscellaneous                   334.34
  Fertilizer - Fees             9,327.00
  Public Service - State Appro.10,023.52
  Public Service - Misc.Rec.      188.30
  Feeding Stuffs - Fees        25,620.47
  Adams - Federal Appropriation 7,500.00
  Serum - Sales                 1,313.69
  Serum - Virus Sales              48.30
  Serum - Supply Sales             49.40
  Horticultural Appropriation   3,725.94
  State Appropriation          23,940.66
  Creamery - License Fees       8,398.00
  Creamery - Testers Licenses   2,1.86.16
  Creamery - Glassware Tested     281.72
  Robinson - State Appro,       6,457.27
  Ribinson - Misc. Receipts     2,165.85
  West Ky.-State Appro.         6,949.96
  West Ky.-Misc. Receipts       1,973.70
  Purnell - Federal App'o.     30,000.00
  Bankhead-Jones-Federal Ap.   34,535.39


Nursery Inspection - State
  Appro.
Nursery Inspection - Fees
                 Total


3,750.00

  778.74

  75.00

  35.00
  126.40
  792.50

  248.81
  976.16
  119.67
  41.21

1,683. 69
   80.00
5,394.00
3,750.00
   85.75
   3.60

   559.61
3,866.91
   18.00
   35.00
   74.02
   932.08
   305.25
   732.61
   214.31
15,000.00
17,267. 69


  1,000.00
  1,350.00         50.00
211,008.01     56,996.01


11,250.00

6,651,42
   945.10
 1,085.00
   842.71
 1,425.05
 1,058.97
 1,402.28
   740.75
 1,036.53
 11, 170.68
 2,932.07
   375.55
 9,327.00
 11,707.21
   268.30
31,014.47
11,250.00
1,399.44
    51.90
    49.40
 4,285.55
 27,807.57
 8,416.00
 2,221.16
   355.74
 7,389.35
 2, 4L7 1. 10
 7,682.57
 2,188.01
 45,000.00
 51,803.08

 1, 000.00
 1,400 * 00
 268,004.02


Expenditures
  Expense                     192,291.00     30, 21
  Additions and Betterments     0:,4       _____
                   Total      194, 7?1X64    30,4,
  Excess of Income over Ex-
  penditures                  16,288.37     26,5'
  Accounts Payable             (8,853.98)
  Excess of Expenditures over
  Receints for General Ledger
  acc(-ounts                    (843, ?77      3'j
  Excess of Receipts over
  Expenditures                 6,590 62     2
  Excess of Receints over Ex-
  pend. for the fiscal year
  to date - Experiment Station
  Cash in Bank July 1, 1938 - Experiment Station
  Cash in Bank Jan. 31, 1939 - Experiment Station


50.84
96,33 .
47. 17


18.84


222,641.84
2,524l.9-
225,166.81


42,837.21
(8,853.98)


29.07     (514, 70)___

7.91   33,468.53


33,48,.53
31 ,51975_
__G4 9;3A 28


4.


Extension Division Income
  Federal Bankhead-Jones
  Federal Smith-Lever
  Federal Supplementary
  Federal Capper-Ketcham
  State Smith-Lever
  County and Other
                Total

Expenditures
  Expense


202,585.34
74,154.38
  6,636.39
  18,400.48
  59,961.86
  10.715,76


10,187.51
1.068.33


202,585.34
74,154.38
  6,636.39
  18,400.48
  70,14'9.37
  11.784.09


372,454.21 _ll255.84     383,710.05


346,036,68  61,574.74    407,611.42


Excess of Expenditures over
  Income


26,417.53


(50,318.90)


(23,901.37)


Excess of Expenditures over In-
come for the fiscal year to
date - ExtensionDivision
Cash in Bank July 1, 1938-Extension Division
Cash in Bank January 31, 1939-Extension Div.


Trust Fund Income
  Student Loan Fund             748.74
  Student Notes Paid          1,390.61
        Total Receipts        2,139.35

Expenditures
  Exioense
  Student Notes                 175.00
  General Ledger accounts     7,500.00    3
        Total Expenditures    7,675.00    3
  Excess of Expenditures over
    Receipts                  (5,535.65)  (2
  Excess of Expenditures over
    Receipts for the fiscal year
    to date - Trust Fund
  Cash in Bank July 1, 1938 - Trust Fund
  Cash in Bank January 31, 1939 - Trust Fund

Summary
  General Fund Income      751,710.10   161
  Experiment Sta. Income   211,008.01    56
  Extension Div. Income    372,454.21    11
  Trust Fund Income             748.74
               Total     1,335,921.06    229

  (ieneral Fund Expend.    746,112.98   147
  Experiment Sta. Expend.  194,719.64    30
  Extension Div. Expend.   346,036.68    61
  Trust Fund Expenditures
               Total     1,286,869.30    239


(23,901.37)
23688.11
(21,213,26T


257.03
371.22


1,005.77
1,761.83


628.25       2.767.60


33.00          33.00
175.00         350.00
,000.00      10,500,00
L208.00      10,883.00

,579.75)     (8,115.40)


              (8,115.40)
            _9, 578. 17
              1j 462 77


,264.30     912,974.40
,996.01     268,004.02
,255.84     383,710.05
257.03        1,005 77
2,73.18    1,565, 49,24

,486.94     893,599.92
,447.17     225,166.81
,574.74     407,61.1.42
  33.00           33.00
L 541.5 as6 _4%511. 1-'


5.


Excess of Income over Ex-
ponditures
Excess of Expenditures over
Receipts for General
Ledger account


Accounts Payable

Student Loan Fund Notes


Excess of Receipts over Ex-
penditures for the fiscal.
year to date - Combined
  Fund


49,051.76


16,058.69


(9,768.67)


(27,305.66)


(18,156.94)


1,215.61


48.169. 12


39,283.09


(11,216.97)

(18,156.94)


196.22    1,411.83


(36.878.11)


11,291.01


Excess of Receipts over Ex-
penditures for the fiscal
year to date - Combined Fund
Cash in Bank and on hand July 1,
  1938 - Combined Fund
Cash in Bank and on hand January 51,
  1939 - Combined Fund


                Abstract of item shown on State-
                ment of Income and Expenditures
                as "Excess of Expenditures over
                Receiots for General Ledger accounts
                $11,246.97"


Debit


11,291.01

128,414.55


Credit


Accounts Receivable


Sundry accounts


9,007.71


_ 2,239,'26
  11,246.97


     3. Audit.

     The President stated that report of the audit made by the State
Inspector and Examiner in fall of 1938 has not yet been received,
After discussion of the question of audits, it was suggested that
the problem of future audits be referred to the regular April, 1939,
meeting of the Board of Trustees.


6.


     4. Payment of Dormitory Rentals.

     The Business Agent stated that payment of rentals or amortiza-
tion payments on the lease of Men's Dormitories from the Security
Trust Company, requested paid from the General State Appropriation
for the University, has been questioned and refused by the Divi-
sion of Accounts and Control, State Department of Finance.   It was
stated by the members of the Committee present that the lease was
made under the provisions of the Act of 1928, Chapter 64, providing
for sale and lease of real estate by State educational institutions.
Rental payments are not limited to funds received from income of
the buildings, but may be made from funds available for general
use of the College Division of the University, including the
State appropriation for general purposes.   It was suggested that
the Business Agent present information to the Division of Accounts
and Control of the facts, referring to the Act of 1928.


     5. Student Fees.

     On motion and second, which carried, it was ordered that stu-
dent fees be increased one dollar a semester and that the increase
be credited to the Athletic Department account Organizations 1und,
effective on and after first semester, 1939-40.   This will change
fees per semester as follows: for resident students Law %53, all
other Colleges $50; for non-resident students; Law, t66, all other
Colleges S63.

     This action was taken following discussion of reports of ath-
letic finances made by the Director of Athletics and the Assistant
Accountant in the Business Office.


     6. Taxation of Distilled Spirits and Wines in Kentucky - Pro-
posed Study.

     The reqluest of the Distillers' Association of Kentucky that
the University of Kentucky make a comprehensive study of the taxa-
tion of distilled spirits and wine in Kentucky, on which action
was deferred at the meeting of January 18, 1939 (see Sec. 10) was
brought up for consideration.   After some discussion, it was de-
cided that the request be referred to the regular April 1939 meet-
ing of the Board of Trustees.


     7. Report -- James K. Patterson Bequest.

     President McVey presented a copy of settlement of the Security
Trust Company, executor of the estate of James K. Patterson, pre-
owed for filing in Fayette County Court. It was ordered that the
settlement be recorded in the minutes.   The cony is as follows:


7.


    a. Letter of Trust Company


                      SECURITY TRUST COMPANY
                          Lexington, Ky.

                          February 3, 1939


    Dr. Frank L. McVey, President
    University of Kentucky
    Lexington, Kentucky

    Dear Dr. McVey: In re: Estate of James K. Patterson.

          Enclosed is a copy of a settlement proposed to be
    filed by the Security Trust Company as Executor of the
    Estate of James K. Patterson for the period beginning
    August 21, 1934, and ending February 2, 1939.    We shall
    be pleased to give any further information or add any
    explar.ation to this report which you may desire.

          With kindest personal regards and best wishes, I am

                                        Cordially yours,


                                          (Signed) C. N. Manning
                                                    President


     b. Settlement Proposed.


   SUBSEQUENT SETTLEMENT OF ACCOUNT OF SECURITY TRUST OOMPANY
             EXECUTOR ESTATE OF JAMES K. PATTERSON


      RECEIPTS
1934
Aug.21 BALANCES per last settlement:
         Investments ..........,.,.$237,807.84
         Less cash overdraft.......      477.55      1237,330.29

1936
Mar. 7 Prbfit in payment 86,000 Mid-
        vale Steel & Ord.Co.,
        5s called at par                                561.00

    30 Profit in payment $10,000 Inland Steel Co.
         4-ts called at 102i                             980.00


8.


M4ay  6  Profit in payment 3.6,000 Ashland Home
           Telephone Company 5 1/2s called at
           105                                                300.00

Nov. 27  Profit in payment 82,021.69 State Warrants           443.79

1937
Jan. 6 Profit in proceeds $5,000 U.S. Treas.
           1 3/8s of 1939                                      56.25

     27 Profit in payment $5,000 American Telephone
           & Telegraph Co. 5s called at 110                   500.00

Mar. 10 Profit in proceeds 84,000 New York Central Rail-
           road Company 6s                                      2.13

Nov.  4  Received of Security Trust Company, portion of
           rent collected on property 117 No. Lime-
           stone Street "W. P. Hegarty"                        44,90

     11 Proceeds interest in property 117 No. Lime-
           stone St., being amount of interest in
           note of W. P. Hegarty secured by mortgage
           on said property and conveyed by Mr. Hegarty
           on 1/12/35 in satisfaction of debt               1,500.00

         Plus interest at 3% per annum from 11/19/32 per
           order of Board of Directors 11/10/37               178.98

1938
Jan. 12 Profit ir. payment .4,000 Lexington Water Company
            5s called at 105                                   289.68

May  16  Profit in proceeds 810,000 Consolidated Gas
            Company 4 1/2s of 1951                             200.00

Oct. 26 Profit in payment 85,000 Maysville Water Com-
            pany 5s of 1949 called at par                       150.00

1939
Jan. 31 Dividends collected as follows:
            First National Bank & Trust Co.     3,471.00
            State National Bank, Frankfort      2,025.00
            Carolina,Clinchfield & Ohio Ry      1,425.00     6.,921:20

                                                           $249,458.02

1939
Jan. 31 Interest collected on notes, bonds,
            etc., since last settlement                      37,313.74


9.


       DISBURSEMENTS

1934
Oct.  2   1 Elizabeth S. Short, annuity                      25.00

Nov. 16   2 Mabel Pollitt Adams, annuity                    250.00


1935
Jan.  3   3 Elizabeth S. Short, annuity                      25.00

    10   4 Lexington Chapter, D. A. R.j annual contri-
                bution                                        o.0O

     15   5 The Winckler Bindery, Binding Volume              1.25

     16     Note No. 5710 T. P. Hegarty cancelled,
                property at No. 117 No. Limestone
                has been deeded to Security Trust
                Company and is now held for the
                note holders                              1,500.00

Feb. 15   6 M&abl Pollitt Adams, annuity                    250,00

Mar. 12     Difference in carrying value and proceeds
                850,000 U.S. 2% Consols of 1930           1,546.88

Apr.  2   7 Elizabeth Short, annuity                          25.00

     17   8 James A. Moore, for award of Patterson Lit-
                erary Society, University of Kentucky,
                for five years, earning on q500.00 for
                best oration delivered on March 26, 1935,
                in competitive test, on "Life and Works
                of James Kennedy Patterson"                 100,00

May 1       Difference in carrying value and proceeds
                812,000 Kentucky Joint Stock Land Bank
                bonds called at par                           o60.00

    24    9 Mabel Pollitt Adams, annuity                     250.00

June 11 10  Oxford University Pre-I;s, Oxford dictionary
                parts                                        19.43

July3    11 Elizabeth Short, annuity                          25.00

     12     State Tax                                         11.90

Aug. 22  12 Mabel Pollitt Adams, annuity                     250.00

     30     Release on note account W. F. Galloway              .25

Sept.30  13 Mathew A. Cabot, Patterson Society Scholar-
                ship  June 1935                             225.00


10.


Oct.  2       Difference in carrying value and proceeds
                 82,000 Grand Trunk Ry Co. of Canada
                 called at 102 1/2                           194.00

                                                          $5,063.7l

1935
Oct.  2 14   Elizabeth Short, annuity                          25,00

Nov. 16  15  Mabel Pollitt Adams, annuity                     250.00

     25      Security Trust Co., for pro rata attorney
               fee in obtaining court order for distri-
               bution old assets Louisville Trust Com-
               pany                                            3.40

Dec. 11      Difference in carrying value of 1,170 shs.
               National Bank of Kentucky-Louisville
               Trust  o. stock carried in account at
               811,748.00, and 35 343/1000 shs. Louis-
               ville Trust Company stock received from
               Fidelity & Columbia Trust Company, in
               liquidation assets Louisville Trust oom-
               pany under ownership of 1,170 shs. Na-
               tional Bank of Kentucky-Louisville Trust
               Co. carried in account at 83,534.30         8,213.70

     16   16 Robert H. Hays, legal services in re draw-
               ing affidavits from University of Ken-
               tucky on 1935 award of Patterson Literary
               Society                                          5.00

1936
Jan.  4   17 Elizabeth S. Short, annuity                       25.00

          18 Lexington Chapter, D.A.R., annual contri-
               bution                                           5.00

Feb. 15   19 Mabel Pollitt Adams, annuity                     250.00

Mar. 24      Difference in carrying value and payment
               83,000 Canadian National Ry.Co.
               4's called                                      41.25

             Release on note Mildred W. Morrell, etc.            .25

Apr.  2   20 Elizabeth S. Short, annuity                       25.00

May  16   21 Mabel Pollitt Adams, annuity                     '250.00

June  4   22 James D. Toy, Patterson Literary Society
               Scholarship for year 1935-36                   200.00


11.


     19 23 Lexington Granite Co., work on Patterson
               Mviausoleum

July  2   24 Elizabeth S. Short, annuity

Aug.  3   25 Treas, D. A. R., account annual contribution

     18 26 Mabel Pollitt Adams, annuity

Sept.29 27 Fowler & Fowler In full settlement of claim
               of Gordon B. Finley in connection with
               award of Patterson Literary Society Scholar-
               ship suit 20617

Oct.  1   28 Robert H. Hays, legal services in connection
               with above claim of Gordon B. Finley

      2   29 Elizabeth S. Short, annuity


1936
Nov. 18

Dec. 22


1937


;1


30 Mabel Pollitt Adams, annuity

31 University of Kentucky, books, etc., for
     Patterson Library 1936


Jan.  2   32 Elizabeth S. Short

Feb.  6   33 Lexington Chapter D. A. R., annual contri-
                bution

     24   34 Mabel Pollitt Adams, annuity

Apr.  2   35 Elizabeth A. Short, annuity

     16   36 Library of Congress, account Patterson Li-
                brary

May  17   37 Mabel Pollitt Adams, annuity

June  4   38 Granville Byrnes for scholarship awarded him
                by Patterson Literary Soeiety

     11   39 Robert H. Hays, services re award Patterson
                Literary Society

July  2   40 Elizabeth S. Short, annuity

Aug. 18 41 Mabel Follitt Atdams, annuity

Sept. 23 42 University of Kentucky, annual payment
                 for 1937 Patterson Library

Oct.  2   43 Elizabeth S. Short, annuity


  15.25

  25.00

    5.00

 250.00


 200.00


   25.00

   25.00
.4,902.56


  250.00


  400.00


  25.00


    5.00

  250.00

  25.00


    8.09

  250,00


  200.00


     5.00

     25.00

   250.00


   400,00

   25.00


$9


12.


Nov. 15

1938


44 Mabel Pollitt Adams, annuity


250.00


Jan,  3  45  Elizabeth S. Short, annuity                      25.00

     17      Release on note Rosetta M. March                   .25

     29  46  Lexington Chapter D. A. R., annual contribution   5.00

Feb. 16  47  Mlabel Pollitt Adams, annuity                   250.00

Apr.  1  48  Elizabeth S. Short, annuity                      25.00

May  14  49 Mabel Pollitt Adams, annuity                     250.00

     24  50  Rankin Terry, Scholarship awarded to him by
                Patterson Literary Society                  200.00

July  1  51  Elizabeth Short, annuity                         25.00

      7      State Tax                                          .83

Aug. 16  52  Mabel Pollitt Adams, annuity                    250,0C

Oct.  1  53  Elizabeth Short, annuity                         25.OC

Nov. 22  54  Mabel Pollitt Adams, annuity                    250.0C


q18


Nov. 22 55 University of Kentucky, annual payment
                for upkeep of Library


1939
Jan. 4

     21


Feb. 2


56 Elizabeth S. Short, annuity

57 Lexington Chapter, D. A. R., annual contri-
       bution

    R. P. Moloney, Com. F. C. C., cost of settle-
       ment


     Executor's Commission 5% on Income Collected
since last settlement


,576.73


400.00


25.00


   5.00


   10.00


2,211.74


I

I


BALANCE:
Investments:


CARRYING VALUE


75 shs. Carolina, Clinchfield & Ohio
         Ry. Co. Common
178 shs. First National Bank & Trust Co.
35 shs. Louisville Trust Company
       343/1000 shs. same
168 sns. Intersouthern Life Ins. Co.
75 shs. State National Bank,Frankfort,Ky.
8g6,000 Ashland Home Tel.Co. 4js 1961
  5,000 Atlanta & Charlotte iir Line
            Rwy. 5s of 1944
 10,000 Canadian Pacific R. R. Co.
            5s of 1954
  5,000 Carolina, Clinchfield & Ohio
            Ry. Co. 6s of 1952
  2,000 Central Pacific Co. 5s of 1960
  3,000 Columbia Gas & Electric Co.
            5s of 1952
 10,000 Commonwealth Edison Co.
            4s of 1981
  4,000 Federal Farmn Ivitg. Corp. 3s of
           1942-47
 22,000 Federal Farm Mortgage
           3s of 1944-49
  3,000 Florida Power & Light Co.
           5e of 1954
  1,000 Genesee River Corp. "Erie R.R.Co."


          6s of 1957
3,000 Henry Oliver First Mitge.6s 1939
6,000 Pennsylvania Railroad Co.
          General Mortgage 4*s of 1981
 4,000 Pennsylvania Railroad Co. Gen.
          Mortgage 4*s of 1984
8,000 New Phoenix Company 1st Mtge.
          5s of 1941
10,000 Southern Railway General IMTtge.
          6s of 1956
 5,000 United Railways of Havana
          71s of 1936
 3,500 U. S. Treas. 2 1/2s 1949-53
 370000 U. S. Treas. 2 3/4s 1948-51
 2,000 U. S. Treas. 2 3/4s 1951-54
 110000 U. S. Treas. 2 3/4s 1958-63
 5,300 U. S. Treas. 2 3/4s 1960-65


Forwarded


5,887.50
9,812.50
3,534.30

  224.00
7,500.00
6,000.00

4,500.00

10,475.00

5,345.00
2,037.50

3,146.25

10,150.00

4,056.24

22,410.63

2,977.50

1,177.50
3,000.00

6,262.50

3,905.83

8,000.00

11,620.00

5,495.00
3,487.50
38,149.62
2,000.00
11,262.75
5,300.00


S197,717.12


Forwarded


721,228.47


14.


                                                    Forwarded
     1939                                                  1O] 22B.47
     Feb. 2 Balance; (Con't)
              Investments: (Gon't)     Forwarded 0197,717.12

         87,000 U. S. Treas. 2 7/8s 1955-60     87,000.00
         10,000 U. S. Treas. 3 1/8s 1949-52     10,475.00
         42,500 U. S. Treas. 3 1/4s 1943-45     42,500.00
         6% Note of John G. Stoll                6,000.00
            Total Investments   -              263,692.12
            Cash                     - - - -     1,851.17

                                                           265,545.29

                                                           86, 771.76


          The foregoing is a true and accurate settlement of ac-

     counts of Security Trust Company, Executor James K. Patterson.


                                              Secretary-Treasurer

          Subscribed and sworn to before me this 2nd day of Febru-
          ary, 1939


     8, Regulations of Vacations.

     On motion, seconded and carried, it was ordered that vacations
granted University staff be regulated as follows:

     Vacations of administrative staff; secretaries, stenographors
and clerical employees; assistants; Library staff and employees
on twelve months' basis, other than laborers, may be allowed for 26
working days or 30 calendar days each year.    The vacation days are
to be consecutive and within the fiscal year of employment, except
on special permission of the dean or head of administrative depart-
ment, granted by the President.

     9. Insurance - Fire and Tornado.

     Fire and Tornado Insurance as carried and administered under
state laws was discussed as to requirements, payment of losses, and
adequacy of coverage of University property.    The statute relative
to State insurance was read in part, and the Secretary of the Board
explained the detail of adjustment of losses.


15.


     10. Proposed Purchase of Organ for Radio Studios.

     A bill of sale of pipe organ at a nominal price by Phoenix
Amusement Company, of Lexington, Kentucky, to the University of
Kentucky for use in Radio Studios was presented for consideration.

     President Movey made a statement as to offer by the Phoenix
Amusement Company, the need of an organ for use in the Studios
and the probable cost of installation,   It was decided that fur-
ther investigation should be made of costs, needs of such an in-
strument and its adequacy in requirement of the Studio.   Presi-.
dent McVey was asked to make report to a later meeting of the
Executive Committee or Board of Trustees.


     11. Women's Halls.

     1. Inc;rease in amount of room deposit.

     President McVey presented the following recommendation made
by the Dean of Women:


          The Board of Control is recommending to the Board
     of Trustees that we increase the deposit on rooms five
     dollars, making it a ten dollar deposit.   We find very
     often that students, after having made a deposit, who
     decide not to come to the University, fail to notify
     us in sufficient time to rent the room to other students.
     We feel that if the deposit were larger we would be able
     to control this somewhat better.  I should like to have
     action on this as soon as possible because if the fee is
     to be changed, I shall need to get it into the bulletin,

     On motion, seconded and carried, it was ordered that the room
deposit required to be made by applicants for residence in Women's
Halls be increased from five to ten dollars, effective first
semester 1939-1940.

     2. Change in charge for single rooms.

     President McVey presented following recommendation of the
Dean of Women.

          We have always followed the policy of charging
     the same fee all over the buildings,  That has been
     8280.00 a year per student.   M-ore and more, we are
     b'eing asked by students to furnish single rooms, With
     the new residence hall available for fall, and with
     the possibility the first year that it may not be
     entirely filled, I am recommending that we turn the
     second floor of Boyd Hall into single rooms, and that
     we charge 3320.00 for these.


16.


          I am recommending that we utilize the new single
     rooms on the fourth floor -f Boyd Hall as a graduate
     wing and that we charge 8320.00 for these.


     On motion, seconded and carried, it was ordered that the
charge for single room and board in Women's Residence Halls be
increased to 8320.00 for the two regular semesters, provided that
no double room be assigned for single occupancy.    This becomes
effective first semester 1939-1940.


     12. University Field House.

     The matter of proposed field house was referred to by the
President.   There seems to have been little or no progress in the
project since last meeting of the Committee.


     13. Degrees _- IV1dwinter Commencement.

     a. Senate Recommendation.


                                   January 27, 1939

     President Frank L. McVey
     University of Kentucky

     My dear President McVey:

          The persons named in the attached list have
     satisfied all requirements and are recommended by
     the University Senate to the Board of Trustees for
     the degrees indicated.

                                  Very truly yours


                                     (Signed) Leo M. Chamberlain
                                              Secretary of the
                                                  Senate


     b, Or. motion, seconded and carried, the recommendation of the
University Senate was approved, the degrees were granted as of
the date conferred, January 30, 1939, and the action of President
F. L, McVey in conferring the degrees was approved and ratified.
The list of those to whom degrees are granted is copied as fol-
lows in Sub-See. c.


17.


c. List of Graduates.


           COLLEGE OF ARTS AND SCIENCES
   CANDIDATES FOR THE DEGREE OF BACHELOR OF ARTS


Clarence Orr Courtney
Elizabeth Everidge Crain
Margaret Marilla Dudley
Andrew Jackson Gardner
Betty Pauline Hargis


Virginia Louisa Jackson
Raymond Thomas Lathrem
Francis Jerome Smith
Lillian Frances Smith
Martha Jane Staples


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