>^F 1 1 1 1 1 MINUTES OF THE MEETING of the FINANCE COMMITTEE May 18, 1961 The Finance Committee convened at Kellogg Center at 7 o'clock for breakfast. The following members were present: Messrs. Harlan, Huff, Merriman, Smith, Stevens, Vanderploeg Dr. Bartlett; President Hannah, Treasurer May and Secretary Breslin. Absent: No one 1. Recommendations from Scudder, Stevens & Clark and Mr. Cress as follows: 1. Recommendations from Scudder, Stevens & Clark and Mr. Cress as follows: Pension & Retirement Fund Amount Security Recommend selling: $75.-000 U.S. Treasury 3jjrs-2-15-90 (of $250,000) $90,000 U. S. Treasury 3|s-ll-15-98 (of $260,000) 936 shs Continental Insurance $2.20 Recommend purchasing: $50,000 $50,000 $50,000 up to 1,200 1/2 U S. Steel 4|s-1986 Continental Oil 4|-1991 Montgomery ¥ard Credit Subordinated 5^5-1981 Monsanto Chemical American Natural Gas (new) (2,662§- shs. held following $1.00 2|-for-l stock split) Jenison Fund Approx. Price Principal Income Yield 95 95 61 101 101 105 hi $71/250 $2,625 3.7$ 85,500 87,096 50,500 50,500 52,500 3,150 2,059 2,250 2,250 2,625 3-7$ 3-6$ 4.5$ h.5i 4.8$ 56,1*00 1,200 2.1$ 38 19 Recommend selling: 205 Continental Insurance $2.20 61 12,505 ^51 3-6$ Recommend purchasing: 250 1/2 Monsanto Chemical American-Natural-Gas (new) (667½ shs. held following 2^-for-l stock split $1.00 hi 38 11,750 250 2.1$ 19 Albert H. Case and Sarah A. Case Recommend selling: 100 shs Gillette (of 200 shs-) #2.50+ 117 11,700 250H 2.1¾ Recommend purchasing: 75 shs. Deere & Company (125 shs. held) 150 shs. Monsanto Chemical $2.00 $1.00 57 47 4,275 7,050 150 150 3-5$ 2.1¾ Consolidated Investment Fund Amount Recommend selling: 176 100 Continental Insurance Gillette (of 200 shs) $2.20 2.5O+ 61 117 Recommend purchasing: 300. 100 l/2 Monsanto Chemical Deere & Company (100 shs. held) American Natural Gas (new) (537i shs. held following 2§-for-l stock split 1.00 2.00 47 57 38 Spartan Fund Recommend selling: 30 shs Gillette Go. (of 60 shs.) Recommend purchasing: 2.50+ 117 75 shs. 1/2 sh. Monsanto Chemical American Natural Gas (new) 1.00 (152^ shs. held following 2|-for-l stock split) 47 38 387 250+ 3.6$ 2.1$ 300 200 2.1$ 3.5$ 75+ 2.1$ 75 2.1$ 10,736 11,700 14,100 5,700 19 3,510 3,525 19 Finance Committee Items, continued Investment recommendation 1. Recommendations from Scudder, Stevens & Clark, continued: May 18, 1961 Forest Akers Fund Amount Security Recommend selling: 40 shs. Gillette Company (of 120 shs.) Approx. P r i ce P r i n c i p al Income Yield $2.50+ 117 $4,680 100+ 2.156 Recommend purchasing: 100 shs- Monsanto Chemical l/2 sh. American Natural Gas (new) 1.00 (192J shs* held following 2§--for~l stoe£ split) hi 4,700 100 2.I56 38 19 Fred T. Russ Fund Recommend selling: $14,000 U.S. Treasury 2|s-12-15-69 (of $38,000) Recommend purchasing: 100 shs. Associates Investment 100 shs. Deere & Company Insurance Fund 12,740 350 3.6^ 2.60 2.00 68 51 6,800 5,700 260 200 3.85b 35