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1Author:  University of Virginia Board of VisitorsAdd
 Title:  Board of Visitors minutes  
 Published:  1898 
 Subjects:  University of Virginia Library, Text collection | UVA-LIB-Text | UVA-LIB-BoardOfVisitorsMinutes 
 Description: At a meeting of Referring to_interview with you this A. M. in relation to caring for securities and handling the Sinking Fund Accounts of the University. We beg to state our construction of the agreement arrived at and if correct will be pleased to have you confirm same I am in receipt of your letter of July 19th, I beg to state that my understanding of our agreement concurs with yours therein expressed. We have your favor of 22d and are in receipt of securities listed in same, by Express. We register on our books 153 bonds $500. each= $76,500. in name of Rector and Board of Visitors of University of Virginia, and hold the same for safe keeping. We have changed Virginia Century Bonds, $28,000. from coupon to registered This cost $3.00, the charge made by Auditor of Virginia for the change. Please remit. We have opened an account "University of Virginia Sinking Fund, Old Debt" and hold following securities for collection of income: We are in receipt of Virginia Century Bonds $20,800., advised as purchased in ours of yesterday, and have had same registered in the name of the Rector and Board of Visitors of the University of Virginia. In compliance with your request to make enquiries touching the nature and value of the Securities in which the estate of Arthur W. Austin, of Milton, Norfolk County, Massachusetts, is now invested, I have the honor to report that I corresponded with Mr Bentley W. Warren, one of the Trustees of that estate, and received from him a letter under date of Sep. 24 which I herewith file, enclosing a statement of the Securities and their value as of Sep. 18th which I also file. I sent a list of these securities to Messrs W. H. Goadby & Co. Bankers, of New York, and asked them to ascertain their values, and received from them a letter under date of October 10th giving me the market values of all, save the stocks of three National Banks, the Boston and Maine RailRoad preferred stock, the East Middlesex Railway stock, and the Ogden & Lake Champlain R. R. bonds. The report of Messrs Goadby & Co confirmed the estimate of Mr Warren, adding somewhat to the value of some of the securities. I file herewith a statement showing the value of the securities under Mr Warren's estimate, showing a gross market value of $262,945. In this is not included the $80,000. invested in the Massachusetts Hospital Life Insurance Co. About this wrote Mr Warren, asking his opinion of its value, but have no reply. I should say from the statement furnished in Mr Warren's letter that the real estate is worth about $50,000., and assuming that the $80,000. in the Insurance Co. is worth its face, the total present value of the Estate is $392,945. I am very sorry that the receipt of your letter just after I had begun my vacation has prevented an earlier reply to your inquiries relative to the investments in the Arthur W. Austin Estate. Replying to your favor of the 30th ult., I would say that in my opinion the $80,000.00 investment in the Massachusetts Hospital Life Ins. Co. is undoubtedly good, and that the University will receive the same when the same becomes payable by its terms. We give below quotations on the securities which we were unable to furnish in our last letter, viz=
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