 | Board of Visitors minutes April 26, 1922 |  |
Sales
The following sales of securities have been made by
your Committee during the period above mentioned, viz:-
| $24,000 | American Tel. & Tel. Convertible 6's, 1925 at 115 1/2, realizing a profit of $3,484, or 14.3% on the purchase price. These bonds were convertible into the common stock of the company at 106 and as this stock has been paying 9%, it has advanced until it recently sold as high as 123. We considered it wise to realize the profit on the original cost inasmuch as we would only have received par for the bonds if they had been held to maturity. |
| $ 1,000 | Patrick Young Company 8% Notes, 1925, at 101 |
| $25,000 | Albemarle County 5% Bonds, 1947 at 100-7/8 |
| $12,000 | Virginia Carolina Chemical Co. 7 1/2's, 1932, at 105 |
Other sales and exchanges will probably be made by
your Committee from time to time whenever it may appear to
the advantage of the University to do so.
| Board of Visitors minutes April 26, 1922 | |