Viewing page 21 of 89

This transcription has been completed. Contact us with corrections.

5

After due consideration the Trustees accepted the recommendations of the Grantor set forth in his letter and adopted the resolutions set forth therein. 

At this meeting Mr. Willard V. King, for the purpose of permitting the Board to invest some of its endowment funds, stated to the Board that he would be willing to guarantee the Museum from any loss it might suffer in principal by the purchase of not to exceed $8,000 face value of the 4% sinking fund bonds of Manati Sugar Company, at a price not to exceed 52; such guarantee not to exceed one-half of the capital invested therein by the Museum. Mr. King later forwarded to the Museum his guarantee in writing to the above effect and, as will be seen from the Treasurer's report, one of said Manati Sugar Company bonds of the face value of $1,000 has been purchased and is in the Museum's portfolio. The Board expressed its appreciation of Mr. King's generosity in guaranteeing the purchases aforesaid. 

At this meeting the Chairman announced the acceptance of a gift from the New York Zoological Society, described in Mr. Fairfield Osborn's letter of April 10, 1942, of the Tlinkit Totem Pole and Chief's House at that time installed at the Zoological Park. The Trustees ratified the acceptance of this important gift and the Trustees present subscribed $100. towards the cost of removing the specimens from the Zoological Park and moving them to the Museum's Annex site.