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of 

MINUTES  OF  THE MEETING 
t he 
FINANCE  COMMITTEE  OF  THE 
STATE  BOARD  OF  AGRICULTURE 
September  15>  1955 

! The  meeting  of  t he  Finance  Committee  was  h e ld  at  Kellogg  Center  s t a r t i ng  at  6  p.m.  w i th  d i n n e r. 
| The  f o l l o w i ng  members  were  p r e s e n t: 

[Messrs.  Akers,  Brody,  M u e l l e r,  Rouse  ,  Smith;  Miss  J o n e s;  P r e s i d e nt  Hannah,  T r e a s u r er  May  and 

S e c r e t a ry  McDonel 

| A b s e n t:  No  one 

T?' f i n a n ce 
Committee 
Report 

;1.  Scudder, Stevens  •& Clark, investment  counselors, submitted the following recommendations 
| 

covering investments: 

a.  Albert,H. Case and Sarah A* Case Fund: 

| 

Sell 50 rights of American Telephone and Telegraph 

jOn motion of Mr. Mueller, seconded by Mr. Rouse, it was voted to approve the above recommendation. 

I '  b.  Pension and Retirement Fund: 

Sell 300 rights American  Telephone and Telegraph 

Purchase 15 shares American Telephone and Telegraph at approximately $180, 
total approximate  cost 

S 2,700 ' 

Purchase 700 shares  Central and South West at approximately  §3Uj total 
approximate  cost 

Purchase 160 shares of Consumers Power at approximately $50, 
total approximate  cost 

Purchase 1^00 shares of National Biscuit at approximately  §14.2, total 
approximate  cost 

Total 

23,800 

8,00.0 

16,000 
% 51,300 

On motion of Mr. Brody, seconded by Mr. Rouse, it was voted to approve the above  recommendation 

c.  Jenison Fund 

Sell 161 rights American Telephone and Telegraph 
Transfer to the Pension and Retirement Fund for cash ^12,700 U.S. Savings Bonds, 
Series T,Gn 2^s, and S3* 000 U . S.  Treasury 2|s 

Purchase  8I4. shares  Chesapeake  k Ohio at approximately  $5k, 
total approximate  cost 

Purchase I4.O shares  Consolidated Edison of New York at 
approximately §52, total approximate  cost 

Purchase 300 shares Union Electric of Missouri at approximately 330, 
total approximate  cost 

Total 

>-(•)  JJV 

2,000 

9,000 
§15,616 

On motion of Mr. Brody, seconded by Miss Jones, it was voted to approve the recommendation. 

d.  Consolidated  Investment Fund: 

j 

I 

S e ll  SS  r i g h ts  American  Telephone  and  Telegraph 

to  t he  Pension  and  Retirement  Fund  f or  cash  36000 

Transfer 
U.  S.  Savings  Bonds,  S e r i es  TIG",  2^-s 
Purchase  160  s h a r es  Deere  and  Company  at  approximately  I 3 6, 
t o t al  approximate  c o st 

5*760 

On  motion  of  Mr.  M u e l l e r,  •  seconded  by  Mr.  Brody, 

it  was  voted  to  approve  the  above  recommendation. 

2. 

It  was  moved  by  Mr.  Rouse,  and  seconded  by  Mr.  Mueller, 
of  Pension  and  r e t i r e m e nt  Funds  in  a  s i n g le  s e c u r i ty  to  $75*0.00  in  t he  case  of  American 
Telephone  and  Telegraph  Company. 

to  I n c r e a se  the  a u t h o r i z ed 

:investment 

3*  The  D e t r o it  Wabeek  Bank  and  Trust  Company  recommend  t he  s a le  of  2,000  r i g h ts  of  American 

Telephone  and  Telegraph  I s s u ed  in  t he  Fee  T r u s t. 

On  motion  of  Mr.  M u e l l e r,  seconded  by  Mr.  Brody, 

it  was  voted  to  approve  the  above  recommendation. 

Adjourned.