| | 1 | Author: | University of Virginia
Board of Visitors | Add | | | 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= | | | Similar Items: | Find |
|
