[Meeting minutes of Board of Trustees, 1948]

              THE SOSES H.  CONE MEMOPIAL HOSPITAL
GRLENSBQRO,  N.C.
TREASURER'S REPORT - May 15,  1948.
TO Trio- BOARD OF TRUSTEES OF THE MOS£S E. COKE MEMORIAL HOSPITA,
Your Treasurer begs herewith to submit his report for the tv.elve
months'   period from May 15, 1947, tha date of the last report,  to »«V 15, 1948.
As Btfeted in previous reports,   the selection of «tay 15th aa the
closing date In thete reports does not mean that the financial affaire of the
corporation ar* conducted on a fiecel year bf-jgis.    But that date has been
arbitrarily selected by your Treasurer so as to give the Board information of
the financial st tus of the corporation'■ affairs &s nearly up to date os
possible.
This is particularly important this year because following the
death of Mrs. 3ertha L.  Cone on June 20,  1947,  the endowment created  by Mrs, Cone
in B*y, 1911,   subject to her life estate therein, became the absolute property of
the Hospital Corporation,   subject only to the terms,  limitations?   .n&  conditions
of the deeds of gift.
Among those conditions it will be remembered were certain gifts and
annuities to member? of Mre. Cone'£  family anS to the institution formerly known
as the Appalachian Training School    t Boone,  mM bec.vuse of certain e-eemlne
conflicts bet?^een the  terms of the deeds and the provisions of Mrs. Cone's will,
this Board deemed it advisable and authorized the submission of the question, to
the Superior Court of North Caroline.     Thii ■»■ done and   the Superior Court duly
rendered   its decision decreeing In effect th.o-t the  several gifts and annuities
be paid  ail provided for in the original deedE.
Checks representing these poycients were duly sent to the beneficiaries
and   .8 all o'~" the individual ^nnuit^nts Ivve died,   the 8©apit*l now hole's these
funds free from all income charges except the annuity of 2250.00 per annum payable
to the Appalachian State Teachers College rhich the Court determined was  the legsl
successor to the Appalachian Training School and entitled to this annuity.
Th« sain portion of the endowment received   from Mrs. Cone  consisted of
164,690  shares of 41.  par value Common Stock of Proximity Manufacturing Company
which together with 902. shares of that stock received by bequest from the Estate
of Frederic V:.  Cone,  youngest brother of Mr. Hoses H.  Cone,  put the Hospital at at
June 20, 1947,   in possession of & total of 165,592 shares of the §1.00 p'..r value
Proximity stock.
As authorized by this Bo^rd, 3,10?  shares -off th* Proximity stock  wax*
sold during November end December, 1947,   for a  total of $323,514.00.    This left
162,490 shares of the Proximity $1.00 par value  stock which in the Merger and Re-
organination of that Company January 1, 1943,  were exchanged for 487,470 shares of
vlO fax value Common Stock of Cone Mills Corporation,   that being the ne«; aase of
the Proximity Manufacturing Company.
Additional *al*a B.uthorii:ed  by this Board wert< WK&k in January,   1943, of
1,700 stares of the new Cone Mills Corporation stock for 557,789.30,  leaving the
Hospital With a balance of 485,770 stares of Cone Mills Corporation which is the
amount still held at the date of this report.
Following the de-^th of Mre.  Cone June 20, 1947,   this Bo=rd authorized
the employment of Mr.  CM.  Vanstory, Jr.  as Executive Director ^.nd offices were
set up in Room ?06 of the Jefferson Stand-ird Building in Greensboro,  R.C.     At the
9BM* time the park Committee appointed by  this Board  took over the mtmage^ent and
maintenance of the gOMa K. Cone Meaorial Pork    t Blowing Rock vaj aa superintendent
■:>.n<l caretaker engager -Jr.   A.C.  Moody of Blowing Rock who hari  been superintendent for
Mrs. Cone during her life time as well as-   for Mr. Mosee H. Cone prior to his death
in December,   1908.