 | Board of Visitors minutes April 26, 1922 |  |
SCHEDULE OF CASH AND SECURITIES HELD BY THE SEVERAL DEPOSITORIES
FOR THE UNIVERSITY OF VIRGINIA CENTENNIAL ENDOWMENT
FUND MARCH 22, 1922
| CASH HELD AWAITING INVESTMENT WITH, | |
| Virginia Trust Company, Richmond, Va. | $212,477.00 |
| National State and City Bank, Richmond, Va. | 16,630.00 |
| Scott & Stringfellow, Richmond, Va. | 6,000.00 |
| Peoples National Bank, Charlottesville, Va. | 18,080.00 |
| National Bank of Charlottesville, Va. | 4,570.00 |
| Commerce National Bank, Charlottesville, Va. | 1,500.00 |
| Farmers & Merchants National Bank, Charlottesville, Va. |
1,240.00 |
| Bursar's Office of the University | 3,000.00 |
| Total cash | $263,497.00 |
| Securities held by the United State Trust Company Of New York for the Paul Goodloe McIntire Gift; ($200,000.00) |
|
| U. S. Third Liberty Loan 4 1/4% Gold Bonds 1928 | 20,000.00 |
| Ill. Cent. Ry. Ref. Mtg. 4% Gold Bonds 1955 | 21,000.00 |
| N.Y. Cent. Ry. Consd. Mtg. 4% Gold Bonds 1998 | 20,000.00 |
| Standard Oil Co. of N.Y. Deb. 6 1/2% Gold Bonds 1933 |
20,000.00 |
| Gen. Elec. Co. Deb. 6% Gold Bonds 1940 | 20,000.00 |
| U.S. Steel Corp. Sink, Fd. 5% Gold Bonds 1963 | 20,000.00 |
| Atchison, Topeka & Santa Fe Ry. Genl Mtg. 4% Gold Bonds, 1995 |
20,000.00 |
| Louisville & Nashville Ry Co. 7 Gold Notes 1930 |
20,000.00 |
| Cent. Pacific Ry. First Ref. Mtg. 4 Gold Bonds 1949 |
20,000.00 |
| Morris & Essex Ry. Co. Guaranteed stock 100 shares $50.00 par value 7-3/4 |
5,000.00 |
| Pittsburgh, Fort Wayne & Chicago Ry. Co. guaranteed Preferred stock 50 shares $100 par value 7 |
5,000.00 |
| Union Pacific Ry Co. Equpt. Trust 7 series "a" | 8,000.00 |
| Southern Pacific Equipt. Trust. 7 Series "E" 1927 |
6,000.00 |
| Union Pacific Equipt. Trust. 7 bonds, 1934 | 2,000.00 |
| Southern Pac. Equipt. Trust 7 bonds Series "E" 1932 |
5,000.00 |
| Par values | $ 212,000.00 |
| SECURITIES HELD BY THE BURSAR AND LOCAL DEPOSITORIES: | |
| U. S. Liberty 1st 4 1/4's | $ 350.00 |
| U. S. Liberty 2nd 4 1/4's | 2,150.00 |
| U. S. Liberty 3rd 4 1/4's | 650.00 |
| U. S. Liberty 4th 4 1/4's | 2,450.00 |
| U. S. Victory 4 3/4's | 100.00 |
| U. S. War Savings Stamps | 35.00 |
| Five shares stock of the Commerce National Bank of Charlottesville, Va., par $100.00, 6 |
500.00 |
| Virginia Wharf & Warehouse Corp. 6 Bonds | 2,500.00 |
| $ 8,735.00 | |
| SECURITIES HELD BY THE VIRGINIA TRUST COMPANY, RICHMOND. VA. | |
| U. S. Liberty Bonds: | |
| Victory 4 3/4's | $ 1,900.00 |
| 1st 3 1/2's | 1,900.00 |
| 1st 4 1/4's | 550.00 |
| 2nd 4 1/4's | 14,150.00 |
| 3rd 4 1/4's | 7,150.00 |
| 4th 4 1/4's | 17,050.00 |
| SUNDRY BONDS: | |
| St. Louis & San Francisco Ry. 4's | 300.00 |
| University Club, Los Angeles, 2nd Mtg. 6 | 500.00 |
| University Club Building Co., St. Louis 2nd Mtg. 6 |
100.00 |
| Chesapeake & ohio Ry. 5's | 1,000.00 |
| Appalachian Power Co. 5's | 1,000.00 |
| New Orleans & Grt. Northern Ry. 5's | 1,000.00 |
| Cumberland Tel & Tel Co. 5's | 5,000.00 |
| SUNDRY STOCKS: | |
| Charlottesville & Albemarle Ry. 7 Pfd. | 100.00 |
| Industrial Finance Corporation | 1,000.00 |
| Minter Homes Co. of Greenville, S. C. Pfd. | 500.00 |
| Memphis Terminal Corp. | 5,000.00 |
| Poinsett Mills, Greenville, S. C. | 300.00 |
| Total with Virginia Trust Company | $ 59,500.00 |
| RECAPITULATION | |
| Cash held for investment | $ 263,497.00 |
| Securities held by the United States Trust Co. of New York, for the McIntire gift ($212,000 |
200,000.00 |
| Securities held by the Bursar and Local Depositories | 8,735.00 |
| Securities held by the Virginia Trust Company | 59,500.00 |
| Total cash and securities | 531,732.00 |
State of Virginia;
County of Albemarle; to-wit:
Personally appeared before me, Louise F. Wheeler, a
Notary Public in and for the aforesaid State and County,
E. I. Carruthers, Bursar of the University of Virginia, who
has made oath that the foregoing list of cash and securities
totalling $530,732, is correct and true to the best of his
knowledge and belief.
Given under my hand this 22nd day of March, 1922
(Signed) Louise F. Wheeler
Notary Public
The conditions of the Carnegie gift were these:
(1) The $100,000 should be used for permanent endowment;
(2) That it should be payable after the University had
raised not less than $500,000 also for permanent
endowment;(3) The right was reserved to pay the University interest
at 5% on the capital until such time as the Corporation
finds it convenient to turn over to the University
the said capital sum.
The matter of housing condition at the University for
members of the faculty, with particular respect to the rents
ow being charged for houses on the grounds, was considered
by the Board and disposed of in the following resolution:
RESOLVED, That a Committee be appointed to appraise
the rental value of any University residence, which may
hereafter become vacant and after the expiration of five
years, to appraise the rental value of all University
residences.
The application of Prof. C. M. Sparrow for a lease of
land on which to erect a dwelling was referred to the Building
and Grounds Committee to report and also to report with
regard to the general principle of leasing University land
in such cases.
In the matter of the erection of an apartment
house on the site of the proposed Club House on Rugby Road
for the housing of members of the faculty, the following
resolution was presented and unanimously adopted:
WHEREAS, The facilities for adequately housing the
teaching staff of the University are limited to such an
extent as to render it difficult for new members to secure
suitable quarters at reasonable charges, and to care for some
who have been on the staff for several sessions, and
WHEREAS, There is no immediate prospect of this situation
being remedied by private capital, and
WHEREAS, It is deemed desirable that some solution of
this matter be had at an as early date as possible, and
WHEREAS, There has been presented to this Board a plan
whereby comfortable living quarters may be provided for some
18 or more members of the faculty at reasonable rentals,
involving the erection of an apartment house on the site of
the proposed Atheletic Club House on Rugby Road, at an ex-
timated cost of $80,000.00, therefore be it
RESOLVED, (1) That this Board approves of the plan proposed
and that Prof. Fiske Kimball be requested to prepare detailed
plans and specifications for said structure; and that
same be let for bids; that the Buildings and Grounds Committee
and the Architect be and are hereby authorized to let said construction
to contract, and to have the supervision and control
of construction.
(2) That the sum of $82,000, or so much thereof as may
be necessary, be and is hereby appropriated from funds
available in the Centennial Endowment Fund, for said construction;
said loan to be evidenced by a certificate of indebtedness
issued to the board holding the said Centennial Fund,
semi-annually, and copied upon the minutes of his Board; that
any surplus arising from the excess of income over operating
expenses shall be applied to the reduction of said
certificate in sums of $10000 or in multiples thereof.
(3) That The Committee on Buildings and Grounds, together
with the President and Bursar shall fix the rates for
rent from time to time; determine to whom said apartments
shall be rented and fix the terms and conditions thereof,
and have general supervision over the operation of said
building.
The Bursar was authorized to draw upon funds in local
banks donated for the erection of the New Gymnasium and to
sell bonds and other securities donated for that purpose in
the following resolution adopted:
RESOLVED, That in order to finance the construction
of the New Gymnasium, the Bursar be and is hereby authorized
to draw upon funds collected by the local banks from Students
and others contributed for the construction of said building,
and to have the authority to sell such bonds or other
securities as may have been donated for said purpose or
turned in as payment of pledges therefor.
The Humphrey Scholarship: Upon the suggestion of Dean
Page and with the approval of the President the Humphrey
Scholarship, donated by the will of the late Dr. J. R. Humphrey,
was given for the present the same status as the
Ryan Scholarships, as per the following resolution adopted:
RESOLVED, That the Humphrey Scholarship, donated by the
will of the late Dr. J. R. Humphrey, may be held by a student
in any department of the University.
Application of the Towles heirs, through their attorney,
W. Eskridge Duke, to be allowed to connect the sewerage main
from their property with the system arranged for the new
Gymnasium and the proposition made by Col. Massey in relation
to the underground crossing from the new Gymnasium
to the Athletic Field were referred to the Committee on
Gymnasium and Superintendent of Buildings and Grounds with
power to act and report to the Board.
The following was adopted appropriating $8,000 to do
certain work on the grounds and approaches to the new
Gymnasium:
WHEREAS, certain features of the approaches, etc., for
the new Gymnasium, which will not form part of the building
contract for the building itself, must be executed, or can be
rather than after the completion of the building, and,
WHEREAS, it is hoped to secure this apprach work (terrace
retaining wall, culverts for brook; steps and grading, down
from Chapel; path to Lambeth field, including underpass, etc.;
sewage disposal, including receiving tank, pump, and line
to near Chapel; any necessary landscape work, e.g., dredging
of lagoon, etc) for perhaps $8,000,
RESOLVED, that $8,000.00 is hereby appropriated to cover
these items, to be expended under the direction of Superintendent
of Grounds and Buildings.
The following formal contract between the University
of Virginia and the City of Charlottesville prepared by the
attorney for the University, in accordance with resolutions
adopted at meetings of the Board November 29th 1921 and February
28th 1922, was read and approved, and the Rector authorized
to sign the same on behalf of the Rector and Visitors:
| Board of Visitors minutes April 26, 1922 | |