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MINUTES OF THE MEETING
of the
EXECUTIVE  SESSION
of the
BOARD OF TRUSTEES
January  18, 1967

Executive
session for
purpose of
electing
Chairman of
Board.

No Chairman
elected.

The Trustees met in Executive  Session at 8:30 p.m. January  18, 1967, in the Heritage  Room of
Kellogg Center, with  the following members present:

: Messrs. Harlan, Hartman, Merriman, Nisbet, Smith, Stevens, Thompson, White -

Secretary  Breslin presiding.

Absent:  No one

I The purpose of the Executive  Session was  to elect a Chairman in accordance with Article IV
I of the Bylaws of the Board.

•j Mr. Nisbet placed  in nomination for Chairman, the name of Dr. Connor D. Smith.

Mr. Hartman placed  in nomination the name of Don Stevens.

Since there were no further nominations, Mr. Nisbet moved, seconded  by Mr. Merriman, that the
nominations  be closed.

I

Approved unanimously.

The members voting for Dr. Smith were:  Messrs. Merriman, Nisbet, Smith, Thompson.

The members voting  for Mr. Stevens were:  Messrs. Harlan, Hartman, Stevens, White.

For  lack of a majority vote, a Chairman was not elected.

Mr. Nisbet moved, seconded  by Mr. Stevens, that the Board  agree not  to attempt  the  election
of a Chairman of the Board of Trustees unless all members of the B'oard were present.

Approved  unanimously.

On motion by Dr. Smith, seconded  by Mr. Stevens, it was voted  to approve  the Minutes  of the
Executive  Session.

' Adjourned.

I 

MINUTES OF THE MEETING

of the
FINANCE COMMITTEE
January  19, 1967

The Finance Committee convened  at Kellogg Center at 7 o1clock  for breakfast.

The following members were present:  Messrs. Harlan, Hartman, Merriman, Nisbet, Smith, Stevens,
Thompson, White; President Hannah, Treasurer May, and Secretary  Breslin.

Investment
Recommenda-
tions

Absent: 

No one

1.  Scudder, Stevens & Clark and Mr. Earl Cress recommended  the following  investment items:

i 

Fred T. Russ Fund

Amount

Security

Approx. Price  Principal  Income  Yield

Recommend  selling:

40 shs. 

Norfolk & Western Ry

Recommend purchasing:

102

$4,080 

$  240 

5.9%

70 shs. 

Consumers Power  (makes 270)

71

'  3,570

133 

3.7%

Consolidated Investment Fund

Recommend  selling:

200 shs.  Norfolk & Western Ry

Recommend purchasing:

up to
300 shs.  Procter & Gamble

Jenison Fund

Recommend  selling:
300 shs.  United Aircraft
200 shs.  Norfolk & Western Ry

Recommend purchasing:

400 shs.  Procter & Gamble
400 shs.  Indianapolis  Power & Light

(makes 800)

102

20,400

1,200 

5.9%

74

22,200

600  2.7%

85
102

74

36

25,500
20,400
$45,940

29,600

14,400
$44,000

480
,200
,680

1
$1

1.97c
5.97c

800

2.77o

560
,360

$1

3.97o

I