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SALE AND PURCHASE OF SECURITIES FOR ENDOWMENT FUNDS:

Mr. James H. Scott, Financial Advisor for the Committee, was then called in to make such
recommendations as to sales and purchases of securities as he deemed advisable. He advised the Board
that $60,000 of the Chesapeake-Camp Corporation 1st mtg. 4¼s of 1947 had been called for payment @ 105
about December 1, and suggested the purchase in place thereof of 200 shares of Chesapeake-Camp Corporation
preferred 5% stock at par, and $40,000 Celanese Corp. Deb. 3s of 1955, at approximately 99. He further
recommended the purchase of $10,000 Western Auto. Supply Co. 3¼s of 1955 at 99-1/8; the sale of $180,000
of U. S. Treasury bonds, with short terms to run, held in the Sinking Fund, Consolidated Funds and the
Seward Estate, and the purchase of $200,000 U. S. Treasury bonds with longer maturity dates for the
respective funds; the sale of 2/M Texas Pacific Railway 5s (coupon) of 1977. Also the sale of 3/M Anaconda
Coppers 4½s of 1950, now subject to call at the option of the company at 101, but which are selling on the
market at 104.

Following a general discussion of the foregoing matters, they were referred to the Finance
Committee with power to act.

The meeting then adjourned.