xt7w9g5gbz80 https://exploreuk.uky.edu/dips/xt7w9g5gbz80/data/mets.xml Lexington, Kentucky University of Kentucky 19460215 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, 1946-02-feb15-ec. text Minutes of the University of Kentucky Board of Trustees, 1946-02-feb15-ec. 1946 2011 true xt7w9g5gbz80 section xt7w9g5gbz80 



     Minutes of the Meeting of the Executive Committee of the Board
ofG Trustees, University of Kentucky, February 15, 1946.

     The Executive Committee of the Board of Trustees of the Un1i-
versity of Kentucky met in the President's Office at 10:30 a.m.,
Friday, February 15, 1946.   The following members were present:
Judoe Richr.rd C. Stoll, Chairman; H. Sd Cleveland, R, P. Hobson
and H. D, Palmore.   President H. L.Donovan and Comptroller Frank D.
Peterson, Secretary of the Board of Trustees, were also present.

     A. Contract with Federal Public Housing Administration.

     President Donovan announced that representatives from the Fed-
eral Public Housing Administration in Cleveland were present, and he
introduced a MBr. Johnston, Mlr. *Westla-ke and iar. Meredith from the
Cleveland office; and Mr, Jack Bryan, director of the local Federal
Housing -Admihistration.

     President Donovan outlined briefly the purpose of the meeting
with representatives of the Clevelannd office.  He stated it was
to imake a contract between the University and the Federal Public
Housing Administration, to fulfill a request previously made by the
University to place dormitory barracks on the campus of the Universi-
ty adequate to house 300 single ex-service men.

     The contract was presented to the Committee, was discussed, and
the following action was taken:

                          * * * *,.* * * * * *

             1. Upon motion duly made, seconded and carried,
                the Comptroller is authorized to sign the
                contract on behalf of the University of Ken-
                tucky with the Federal Public Housing Admin-
                istration, and a copy of said contract is to
                be filed with the secretary of the Executive

     B. Correction of the Minutes.

     The Secretary stated that he had been notified by Dean W. D.
FunKhouser that the name of James Marion Stamper was shown in the
minutes of the Executive Committee of January 19, 1946, under the
Graduate School section of the Appointments and Other Staff Changes,
as being appointed instead of showing that he had resined from the
Graduate School, and suggested that the minutes of January 19,
194-6, be corrected to record LIr. James Liarion Stamper, Scholar, as
resi^..Ing from the Graduate School, and same was ordered corrected.



     C. Approval of Minutes.

     The minutes of the Executive Committee of Jnuary 19, 1946, were
approved as published and corrected.

     D. Termination of Leave of Deann James H. Graham.

     The President stated that he had heretofore reported to the
Executive Committee cn November 17, 1945, that Dean James H. Graham
ha.d terminated his services with the War Department and had return-
ed to the University on November 16, 1945, and was performing his
duties as Dean, and other special assignments made by the President,
and the Executive Committee had directed, at that time, the Comptrol-
ler to certify and pay his salary, beginning November 16, 1945.

             2. Upon motion duly made, secorded and carried,
                the President's report was concurred in and
                approved, and the action in directing the
                Comptroller to certify round pay the salary of
                the said James H. Grahaam, and the action of
                the Comptroller in certifying and paying the
                salary of said Graham on and after Novemiber 16,
                1945,be and it is hereby approved and ratified.

     E. Report of the Comptroller.

     The Comptroller submitted financial report for the period
July 1, 1345 to January 31, 1946.   He road an analysis of income
and expenditures for the current period, as compared with similar
period during the year 1944-45.


                                        February 14, 1946

President H. L. Donovan
University of Kcntucky

IMy dear President Donovan:

     I submit herewith the financial report for the period f rom July
1, 1945, and ended January 31, 1946.
     Four statements have been prepared as a further analysis of
Realized Income and Zxpendituresi   These statements are exhibited


Comparison of Realized Income with Revised Budget


Estim ates


State Appropriations        $1,506,022.50 g1:112,822.28
Federal Funds                1,122,167.46  1,051, 031.34
Student Fees (Gross)           320,300.00    191,8 21.5'8
Endowment Income                 1,000.00         500.00
Sales and Services             272,767.00     218,745.56
Auxiliary Enterprises (Gross) 262,051.00     173.210.71
           Totals            ,231492 76         I2.748.731.47


Per Cent

_7 7

Comparison of; Current Year Realized Income with Income Realized
during the Coriosponding Period of the- Preceding Fiscal Year

Renlized Income



         Fer Cent of
Increase  Incrense

State Appropriations
Fed.epal Funds
Student Fees (Gross)
Endlowrment Income
Sales & Services
Auxiliary Enterprise

$1,109,921.48 $1,112,822.28 $ 2,900,30
   839,402.007 1,051,631.34 162,229.27
   156,209.86    191,821.58  35,611.72
       EI00J.*00     6C00. 00
   199,050.21    218,745,56  19,695.35
   113 945.14    173, 10.71  59.265.57
403.28.76 $2p,74-8731.47    279,702.71







Summary of Departmental Appropriations and Expenditures

Budget Divisions


& Expendi-

General Fund

Admin.& eonerral Expense
Inotruction & Relatod
Operation & bMaint4 of
      Phys .Plant
Auxiliary En t erprises
Agr . Eperiment Stations
AP-r.Extcnsion Division
       Total General Fund

Plant Fund

Collcge Division
Agr. Experimant Stations
      Total Plant Fund

Combined Totals

$ 160,400.13

1, 201, 147. 50

  258, 752.00
  994., 99.59
$3,373, 653.97

$  123,721,17
   20Q000 .00
a 143,721.1.7

$   91, 677.70


   37, 544.57
   344 ,909. 35
   559, 93167
$ 1 864 349.03

3  106, 296.81
    19, 365.61
0  125,662.42

$3,517, 380.14

Comp.rison of Cu.rrent Year Expenditures with !Expenditures
for the Corresponding Period of the Preceding Fiscal Year


Budnrot Divisions


1945-46  Incroase

Gencral Fund

Admin,& Gen.Expense   i
Instruction & Related

83,134.67 Q

91,677.70 $  3,5413.03


      Activitics       552,445.03   583,361.07   35,916.04    6.5
Operation & Maintenance
      of Phys.Plant    155,540.18   191,9-24.72  36,384.54   23,4
Auxili.Lr y. Enterprises  62,150.47     37,544.57    25,394.10   40.9
Agr.Exper.Stations     315,947.90   344,909.35   28,961.4'5   9.2
Ai;r.ExtenDivision     465,92.7_4 559,931.67     94,333.93   20.3
  Total Gcner,...l Fund.F, 41 8099 G1364,349.03 ?224.538.09     1  7
Plant Fund
College Division    i   24,137.93 )  106,296.31 '  32,153.38  340.4%
Agr.Exper.Stations         571.85    19 L365.6   13 793.76 3236,4
Total Plant Fund  $    24,709.73 -12562.42 @1408.Q6

Cor:bine.  Totals  j1. 90I011 .50  $3255,490.73;!   19. 65

Per Cent



MM *
_5 . I-


_16 6. 6"%'

Per Cent
of In-

.Ioribincd Totals



     The balance of Restr-icted Funds on July 1, 1945 amounted to
X1,094, 805.29.  During the period there were additions to the fund
aggregating Ql, 589,513.82.  Authorized expenditures were
41,38$,494.66, leaving a balance on January 31, 1946, consisting of
;432,881.45 cash in bank and funds invested amounting to
A$367, 948.00.

     A summary statement of Restricted Funds is exhibited below:

College    Agricultural
Division    Experiment

Fund Balance,
July 1,1945 $ 991,366.13
MAditions e 1316.146.32
             q2, 307,512.45

Expenditures 1,150,799.46

Fund Balance,
Jan.31,1946 $1,156.712.99

$ 600670,19
5110, 619.36

$ 25,534.31

S 91.085.55


*.42, 768.97


8 53AY03-91

Total 8

$I. 094; 805.29
B2j 684, 324.11


Q$1,300. 829*45

Consisting of Cash
  in Bank    Q 303,764.99

Q 76,085.55 $ 53,030.91

$ 432,881.45

Inves t'ments


   8552,94S3.0 15,000.00          _       867,948.00

41156,712.99 4; 91e085.55 4? 53 030,91  1,300.829.45

Respectf'ully submitted,

         Frank D. Peterson
         C omp troll er.



     The Committee examined the financial report and took the fol-
lowing action:

             3. Upon motion duly made, seconded and carried,
                the finaancial report of the Comptroller is
                ordered received and filed4

     F. C!'ncelled PWA Buildin- Revenue Bonds Ordered Destroyed.

     President Donovan read the following letter from the Comptroller
concerning PWA Building Revenue Bonds dated January 1, 1936.

                                     February 4, 1946

     President H. L. Donovan
     University of Kentucky

     My dear President Donovan:

          The Board of Trustees approved the refunding of
     PWA Building Revenue bonds dated January 1, 1936.   The
     original bonds were serial bonds and would have matured
     July 1, 1965.   When the refunding was properly approved,
     signed and delivered to the purchasers, I took up the orig-
     inal 3% bonds.   These bonds are numbered from 135 to 634
     inclusive, and are dated July 1, 1945, serially through
     July 1, 1965.   Coupons are attached to all bonds.   Each
     bond has been cancelled.

          I submit a list of the cancelled bonds, showing the
     coupons attached to each, with the request that a record
     be authorized to be made in the minutesby the Executive
     Committee at its next meeting.   Also, I request that I be
     authorized to destroy the cancelled bonds, since they con-
     sume quite a bit of filing space.   If this meets with your
     approval, I shall appreciate its being submitted to the

                                      Respectfully submitted,

                                    (Signed) Frank D. Peterson







- 154
- 174
- 194
- 214
- 254
- 274
- 294
- 314
- 334
- 554
- 374
- 399
- 424
- 449
- 479
- 509
- 539
- 569
- 599
- 634



- 23
- 25
- 27
- 29
- 31
- 33
- 35
- 37
.' 41
- 43
- 45
- 47
- 49
- 51
- 57
- 59

     The Committee discussed the desirability of destroying the can-
celled bonds referred to in the letter, Rivring the number of each
bond and the coupons attached thereto, which had been cancelled, and
took the following action:

             4. Upon motion duly made, seconded and carried,
                R. P. Hobson, John C. Everett, Dean Leo M.
                Chamberl . in, and Comptroller Frank D. Peterson
                were authorized to serve as a committee to
                destroy by burning the P-IA Building Revenue
                Bonds listed above.

July 1,
July 1,
July 1,
July 1,
July 1a
July 1,
July 1,
July 1,
July 1,
July 1,
July 1,
July 1,
July 1,
July 1,
July 1,
July 1,
July 1,
July 1,
July 1,
July 1,
July 1 ,




     G. Easement Requested by the Kentucky and West Virginia Power

     President Donovan reported that he had received a letter from
Dean Cooper~ Sisting that the Kentucky & West Virginia Power Company
hcl.d requested easement to cross the property of the Robinson Sub-
Station with their power line.  Dean Cooper reported that the pro-
posed location of the line would not damage the University property
and that he saw no objection to granting the easement.   In fact,
it might be an advantage to the institution, and he recommended that
the President give his approval to the easement.   The Prosident
stated that he was recommending to the Committee that the easement
be granted.   The Committee discussed the matter and took the follow-
ing action;

             5. Upon motion duly made, seconded and carried,
                the Chairman of the Executive Committee is
                authorized to sign the easement on behalf
                of the University of Kentucky as requested
                by the Kentucky and West Virginia Power

     H. Hagain Funds Assigned to Kentucky Research Foundation.

     President Donovan stated that $31,200 had been received as gifts
to the Kentucky Research Foundation.   He further stated that the
Kentucky Research Foundation had certain minor expenses incident to
the successful and efficient operation of the offices of the Kentucky
Research Foundation, and recommended that an advance be made from the
Haggin Fund to the Foundation.  He suggested a sum of $2500.   The
Committee discussed the recommendation of the President, and the need
of the Kentucky Research Foundation and the fine work that is being
done through the Foundation, and took the following action:

             6. Upon motion duly made, seconded and carried,
                 the Comptroller is directed to issue a check
                 payable to the Treasurer of the Kentucky Re-
                 search Foundation from the Haggin Fund, as an
                 advance from said fund.

* * * * * * * * * *



     I. Report on Nned for Additional Room for Music Department.

     President Donovan reported on the crowded conditions in the
Music Department.   He stated that there were far more students apply-
ing for courses in Music than were able to be cared for in available
space a-signed to the Music Department.  He reviewed the possibility
of securing additional room for the Music Department and recom mended
that the Comptroller be authorized to ask occupants of certain
houses on South Limestone Street mad Graham Avenue to vacate these
houses, that the soace may be used for the Music Department as
practice rooms and other University purposes&   The Committee heard
the report, and took the following action:

             7. Upon motion duly made, seconded and carried,
                the Comptroller is authorized to ask the occu-
                pants of the houses located at 628 South Lime'
                stone Street and 111 and 115 Graham Avenue to
                vacaLte these houses on or before August 1,
                          * * * * * * * ** *

     J. CGifts:

             Graves-Cm Company
             Baynham Shoe Company
             Clifton L. Thompson, Jr.

     President Donovan reported three gifts to finance teaching of
religion and .sociology during the spring quarter of 1945-46 by Pro-
fessor W. C. Bower.   He ruiad the following communication:


     President H. L, Donov.an
     University of Kentucky

     Dear President Donovan:

     I am sending you checks amounting to $500 which are contri-
     butions secured through M1r. Bart Peak to finance teaching
     of religion and sociology during the spring quarter of 1945-
     46 by Professor W. C. Bowser.  Professor Bower is budgeted
     to receive a salary of $375 plus '25 for books and supplies,



a total of $400.   The additional ;100 is to be held by
M')r. Peterson to be applied to a similar salary for teaching
during the spring quarter of 1946-7.

The gifts are as follows:

          From Gravos Cox and Company - $350
          From Baynhlam Shoo Company  -   100
          From Clifton L, Thompson,Jr.-    50

Sincerely yours,

(Signed) Paul P. Boyd

                                      January 29, 1946

bewn Paul P. Boyd
University of Kentucky

IMry dear Dean Boyd:

     This communication is to acknowledge receipt of
checks in the amount of k500, which at. Bart Peak has
secured to finance the teaching of religion and sociology
during the Spring Quarter by Professor W. C. Bower9   I
shall request Mir. Peterson to see that the gifts are used
as outlined in your letter.

     Will you write letters of appreciation to the firms
which have made these contributions? Someone from the Uni-
versity should express our gratitude for these gifts.

                                      Cordially yours,

                                      (Sigoed) H. L. Donovan

The Committee took the following action:



             6. Upon motion duly made, seconded and carried,
                the gift of Graves-Cox Company $350 the
                gift of Ba..ynham Shoe Company, h600  and the
                gift of Clifton L. Thompson, Jr., .50' are
                accepted and the President is authorized to
                wiite a letter of appreciation to each donor
                on behalf of the University and the Boardct

     K. Policy Controlling Enrollment in the University of Kentucky.

     President Donovan ptated that it seemed desirable to establish
a policy to govern admission, of students to the University of Ken-
tucky designed to keep the enrollment within the facilities of the
institution.   He read the following statemont of policy:

     Policies Governing Admission of Students to the University
     of Kentucky Designed to Seer the Enrollment wihin the Lim-
     its of the Facilities of the Institution*

     1. The enrollment of non-resident students shall be limited
     to approximately 15 per cent of the estimated total enrollment
     for a particular quarter.   The limitation shall not apply to
     non-resident students who have previously attended the University
     and have maintained satisfactory records, nor shall it apply to
     the children of graduates of the University.   However, all such
     students shall be included in the quota.   In filling the non-
     resident quota, preference will be given to superior students,
     particularly those applying for admission to the Graduate School.
     Graduate students, named as graduate assistants, fellows or
     scholars, shall be admitted provided they meet in all respects
     the institution's admission requirements, and they shall not
     be counted in the quota.

     29 Early in the Spring Quarter all students, irrespective of
     residence, enrolled in the University shall be asked to signi-
     fy their intention of enrolling or not enrolling for the Fall
     Quarter.   The same request will be made of all new students
     enrolled in the first term of the Summer Quarter.    This pro-
     cedure should enable the institution to estimate with a fair
     degree of accuracy the number of enrolled students thrat will
     continue in the Fall,



3. Publicity on a statewide basis will urts_ all. pplicants,
both new students and those expecting to re-enter, to notify
the Registrar of their intentions and to complete their appli-
cations at the earliest date possible.   It will be suggested
that applicaltions received after August 1 can probably riot
be apprcved.  It will be emphasized that all former students
not in att-ndance in the Spring Quarter or in the first term
of the Summer Quarter, who plan to re-enter the University,
must give the institution notice of this intention in writing.

4. A continuing record will be maintained which will show the
number of students, old and new, to whom commitments have
been made.   At the Same time an effort will be made to as-
certain the capacity of the institution in terms of housing
or in terms of any other factor that may indicate a need
for limiting the enrollment.

5. 'When it is agreed that commitments have been made to the
maximum number of students that the University can adoommo-
daate, all future applicants, including former students seeking
to re-enter, will be informed that their admission cannot be
given approval beyond assignment to a waiting list.  Should
additional facilities become available, applicants will be
accopted from the waiting list in order of application.  Pub-
licity will again be '.en the situation, with stress on the
fact that no student will be permitted to register for the
Fall Quarter unless he qaalifies in one of the following ways:

     a. A student enrolled in the Spring Quarter or the
     Summer Quarter who has signified in writing, not
     later than Aumlnust 1, his intention to enroll in the

     b. A former student, not in the above category, who
     has signified in writing that he intends to re-enter
     and has had his application approved.

     c. A new,- student whose application has been received
     and approved.

6. Beyond the limitations outlined for non-resident students,
the policy will be to accept qualified students in order of
application.   It is understood, however, that if students are
assigned from a waiting list, former students will be given
first consideration, and freshman applicants will be given
preference over those seeking admission on transfer from another

7. If housing is the only limiting factor when the waiting
list is established, local and comnmutinr students who live
in their own or parentsl homes, may be admitted on application
and approval of credentials.



          The Committee discussed the policy recommendation at length
     fiand took the following action:

             9. Upon motion duly made, seconded and carried,
                the above statement of policy governing ad-
                mission of students to the University of
                Kentucky designed to keep the enrollment within
                the facilities of the institution is approved,
                and the ,above stated policy is ordered to be-
                come cff'ctive on iW1.rch 21, 1946.

     L. Policy ConcorninL Request of Ex-service Man to Erect House
on University Proporty.

     President Donovan reported a letter reccived. from the Comptrol-
lcr setting forth rcquest ol' an ex-service man to be assigned Uni-
versity ground upon which a pro-fabricated house may be erected.
He reoad the followisng communication:

                                           February 8, 1946

     President H. L. Donovan
     University of Kentuc-y

     My dear President Donovan:

          Mar. Raymond Boggs, Jr., Blaine, Lawrence County, Ken-
     tucky, dcsires to enter the University of Kentucky in Sep-
     tember to work toward degrees of A.B. and LL.B. He re-
     quests of the University a lot on which he can place a
     personally constructed pro-l'abricated house 161 x 20*. lie
     desires that the lot be accessible to water and sewer mains.
     He proposes to pay all costs and monthly operating bills.
     At the end of the period, presuftbly when he has obtained
     his degrees, in lieu of paying the University for the use
     of the land on which the house will have been placed, he
     desires to permit the University to retain the house without
     cost to the University.

          I have explained to It',. Boggs the difficulty of .his
     request; that it does not mean one lot for his house, but
     that it means establishing a policy of what the University
     proposes to do for riarried veterans who may make similar re-

          The Comptroller desires a statement of policy for his
     guidance in dealing with this and future requests.
                                         Respectfully subtitted.,
                                       (Signed) Frank D. Peterson



     Thoe members of the Executive Committee discussed the question
at length and took the following actioni

             10. Upon motion duly made, seconded and carried,
                 the request of Mr. Raymond Boggs, Jr., Blaine,
                 Lawrence County, Ky., is denied on the basis
                 that the University does not have available
                 suitable building lots adequate to care for
                 this request and all similar requests that ma-y
                 be submitted to the University.

     M. Report on Aeronautical Research Laboratory.

     President Donovan read the followiw- communicatioi received from
Frank D. Peterson, Comptroller of the University, and Professor A.J.
Wcyer, Director of the Aeronautical Research Laboratory.

                                           February 13, 1946

     President H. L. Donovan
     University of Kentucky

     My dear President Donovan:

          I attach hereto a letter received from Prof. A. J.
     M-eoyer, Director of the Aeronautical Research Laboratory,
     which lettor is self-explanatory.   I also attach hereto
     ta copy of the financial report of the records of the Aero-
     nautical Research Labora.tory as of December 31, 1945.
     This report shows the result of thie operations of the Lab-
     oratory for t3tle six months ended January 1, 1946.

                                            Very truly yours,

                                          (Signed) Frank D. Peterson



                                 Fcbruary 11, 1946

University of Kontucky
Loxington 29, Kontucky

Attn. Irir. Frank D. Petorson, Comptroller.

     The business transacted by the Aeronautical Riesearch Labora-
tory thus far has been almost exclusively with Pratt & WThitney
Aircraft and the Army Air Forces.   At this time still a sub-
stantial amount of work is scheduled for P & W ($4500.00 per
:o,), but the Army business is tapering off.   The MF is still
planning a considerable amount of research and development but
the process of obtaining contracts, which always was complicated
and slow has become even more so.

     Although Army contracts have not been unprofitable the de-
lays caused by their complicated procedure have usually result-
ed in losses which offset any profits ri-ade.  Therefore and in
view of the fact that delays are steadily becoming w!orse it
appears that we must either look for oth)r business or curtail
our ,.activities.

     During the first 15 months of operation by the University
the laboratory has shown a small profit after mak~ing Inadequate
reszerrves for depreciation and after allowing 3% for administra-
tive overhead.   The following 3 months howover have showan a
loss so that on January 1, 1946 no profit or loss romained for
the puriod of 18 months.   Eow.;ver reserves for depreciation
mado during this period amount to 612600.00.

     At this time the staff of the laboratory includes a total
of 18 men, 12 of whom have special training and may be classed
as bighly skilled in their professions and trades.  Te men are
needed to take care of the P & W program wJhile 3 are needed
for bookkeepir, Janitor and night watchman.    This leaves a
crew of 5 mechanics for cmergencies on P & W. maintenance and
othe:r work.  If these men are gainfully employed the laboratory
can do a little better thaLn break even.  I' they are laid off
WC will be short in emergencies, the overhead becomes too
he.avy and there will not be enough loft to tike care of the de-
preciation we have thus fr.r been able to rillow for.  Also in
case additional business develops it will be necessary to
break in new men which is always expensive.

     Under these circumstances it appears desirable that a de-
termined effort be made to secure work from other sources.  In
my opinion it should be possible to obtain substantial contracts
for research and development work from private industry if a
salesman could be sent on the road to make direct contact with
prospective customers.

     '!e have in mind eneraing for this purpose Cnpt.  . Jo
Eschborn, who has bean and still is head of the En ine Unit



of the Equipment Laboratory at Wright Field.  He is a grad-
uate of our Engineering College,  has unusual ability, a :-ood
person.lit'y and a wide circle of friends and acquaintances
in the industry.   H. ..has no sales experience but has supoer-
vised for the P-overnment very imany new developments tall
over the U. S. He also knows what manufacturers are weak on
engine ering.

     Capt. Eschborn is scheduled to leave the Army on April
1st, 1946, but he believes that he can obtain an earlier
release if he so desires.   He has several of fers for employ-
ment in the industry and I know at least of ono made to him
by Continentral Notors at a salary of $6000.00 in an oxecutive
position,   However he would prefer starting a small business
of his own.

     I have disuussed our problem with him and found him in-
terested provided we can offer the following terms:

     1. A fixed salary of 4250,00 per month.

     2. A 5,% commission on the grToss v.ailue of any contract ho
brings in to be paid out of the -proceeds.

     3. In case a contract brout'a in by him will be repeated
or extended for the same type of work as it was originally
made for, the commission will be 1$.   If however a new con-
tract is obtained for different wzork even though it mighat be
for the same manufacturer the commission will be 55.

     4. The commission will be paid for any contract he brings
in wIhetheror not he is still employed by the University. This
will not apply to repeated contracts obtained after the employ-
ment is discontinued.

     5. The employment will be for a period of 3 months a-fter
which time oithor party can terminate the ertployment, with
the understanding tha:t the commission willbe paid on any con-
tract that may ranterialize as the result of his efforts after
such termination.

     We submit the above proposal for your cohsideration and
recommend that the appointmont will 'b approved under the terms
outlined aRbove.

(Signcd) A. J. Veyer



          Statement of Profit and Loss
For the Period July 1, 1945 thru December 31,1945

December   % of
1945     Revenue

$ 4,811.24


100%   $42,481.90

% of


Operating Expense:
  Salaries-Administrative $ 3
  '7ages - Regular
  Wages - ;,-atchman & Janitor
  Maintenance & Repair
  Light anid Power
  V'iat er
  Telephone & Telegraph
  Janitorial Supplies
  Office and General Supplies
  Raw Material
  Machine Shop Overhead
  Miscellaneous Expense    -

Total Operating Expense    $

L , I~


.40.00  .2369
'40.92   ,5697
,72.60   .0567
!68.08   ,0557
.69.07    .0351
24.90    90052
71.05    .0148
14.69    .0031

 12. 2



7, 414,17
1 705.67
   3 3.99

1.2217   $40,538.46

Other Expense:
Provisions for Replacements:
    Building - 2%              161,67
    Equipment - 6% (Average)   567.94
 Administrative Overhead-3% 176.34

       Total Other Expense $   905.95

Total Expense

Deficit for the Period

$ 6.784.00

$ 1,972.76


$   969,98

,1883  $ 5,510,67

1.4100   $46.049.13




$ 3.567.23   .0840