UA-R-GC-1914-01-01-1966-10-28_Page-003

I I I - 2 - s. Report of the Chairn::m :Jf the Executive Committee: a. N.E.C.A. b. Fund Raising 6. Trustee Affairs 7. Next Meeting The Board then approved the minutes of the June 20 Board of Trustees meeting and the minutes of the Executive Committee meetings of August 3 and September 30. Report of the Chairman of the Sub-Committee on Investments Mr. Payne reported that the current market value of the endowment portfolio was $2,324,000, against which the loan from the Union National Bank now stood at $650,000. He recalled that there was a preponderance of Standard Oil of New Jersey stock in the endowment. The Investment Sub-Committee had decided, at least for the moment, to retain this stock which had recently shown recovery in its market value although not reaching its former peak. Mr. Payne felt that the market had passed its I lowest point and was now improving. As far as the interest rates were concerned, he felt they were at peak and would remai~ so for the foreseeable future. Mr. Payne said that the Invest-ment Sub-Committee had not made any major changes to the over-all complexion of the endowment fund. Report of the President The President, Dr. Bartlett, suggested that this verbal report was supplementary to his written report already circulated to th