University of Virginia Library

The annual meeting of the Rector and Visitors was held on this date at 9 o'clock,
A. M., with the following members present: The Rector, Fred W. Scott, and Visitors,
Garnett, Hall, McIntire, Walker, Rinehart, L. C. Williams and R. Gray Williams, and Acting
President Newcomb.

The Minutes of the meeting of March 24, which had been copied and mailed to the
members, were approved.

Acting President Newcomb announced the following enrollment and gifts.

Total enrollment to date: 2,550.

GIFTS:

                     

From Mrs. Wm. J. Rucker, for scholarship in Law School	$ 10,000
From Mr. Paul Goodloe McIntire a fund for the study and treatment of Psychiatry, and to be known as the Virginia McIntire Gift	75,000
A fund for the study and treatment of cancer, and to be known as Anna Deering McIntire Memorial	100,000
A large and fine collection of works of art, including paintings, enamels, china, silver, rugs, and furniture.
From the Mount Wilson Observatory, a photographic telescope and objective prism, for the Leander McCormick Observatory, valued at	3,500
From the Carnegie Institution	4,000
and
From the National Research Council	1,000
to defray a part of the cost of the installation of the above mentioned telescope.
From the same, to Dr. S. W. Britton	2,000
From the National Research Council, to Dr. Jesse W. Beams, a grant-in-aid, for technical assistance, equipment, and travel expenses in connection with his study of the magneto-optical method of chemical analysis of solutions	665

A portrait of Dean John Calvin Metcalf, painted by Mr.
Frederick S. V. Wright, presented by Dr. Metcalf's old
students, through Dr. James Southall Wilson and Dr.
Arthur Kyle Davis.

From interested friends and alumni of the University, numerous
books and pamphlets, to the General and Departmental Libraries.

The following were considered and approved as set forth in the resolutions in
the respective matters:

Report from the Special Committee of the Board appointed by the Rector to consider
settlement of the Seward Estate, was presented and approved.

I.

This estate consists of.—

                 

(1) Some 3000 acres of land, practically all of which is in Brunswick County (assessed for taxation @ $32,889.00)
(2) Money in fifteen different banks	18,085.22
(3) United States Liberty Bonds	15,752.00
(4) United States Treasury Bonds	16,350.00
(5) Stock	4,492.00
(6) Railroad and Mortgage Corporation Bonds, State and Municipal	56,130.00
(7) Thirty-four Bonds and twenty-nine Notes of individuals, secured by First Mortgages on real estate	166,885.20
(8) Tangible Personal property	518.54
Total—	278,212.96

Of the above notes, sixteen were out of date. Of these sixteen notes, all
have been renewed except three, and in each of these cases I think the real
security is sufficient.

I have personally interviewed forty-one of these debtors, this being
necessary in order to get my books straightened out as to interest payments.

I have checked all deeds of trust;

I have checked all insurance policies,

I have checked all tax payments.

I have now all individual obligations, with deeds of trust and insurance
policies attached, in a Bank box in Lawrenceville, and all other securities
in a box in the National Bank in Charlottesville.

I have transferred all Bank accounts to National Bank & Trust Company
here, and since February 15th have had all except a small checking balance
on Savings Account at 3% interest.

II.

Duties of Executor:

(1) Payment of debts

(2) Collection of Assets.

• (a) Money in Banks

• (b) Open Accounts - None

• (c) Past due obligations

(3) Payment of Taxes

(4) Maintaining Insurance

(5) Settlement and delivery of Estate at end of six months

• (a) Possibility of suit to set will aside

• (b) Probabilities of success of such proceeding

• (c) Result if will is set aside

(6) Management of Estate from Bursar's office instead of by Executor

• (a) Collection of debts over long period of years, and gradual
  liquidation of Estate.

III.

Mr. W. J. Branch, First Cousin.

Mrs. Helen F. Guthrie, First Cousin.

Each of the foregoing items requiring discussion was taken up separately
and discussed in detail, and it was agreed that the following recommendations
should be made to the Board of Visitors at its next regular or special meeting:

1st. That the action of the Executor in selecting the National Bank & Trust
Company of Charlottesville as the depository of the Estate's funds be approved.

2nd. That the action of the Executor in not undertaking to immediately force
collection of past due obligations to the Estate be approved.

3rd. That the Executor be instructed not to make payment of delinquent
taxes upon any of the real estate encumbered by deeds of trust securing notes
or bonds to Dr. Seward.

4th. That the action of the Executor in paying insurance premiums upon
policies of insurance upon properties encumbered by such deeds of trust be
approved, and that he be instructed to continue this practice whenever absolutely
necessary so that the security of the Estate shall be properly maintained.

5th. That the Executor be requested to proceed with the final settlement
of the Estate as soon as may be possible after the expiration of the six months
period provided by law.

6th. That the Executor be requested to communicate with Mr. William J.
Branch and Mrs. Helen F. Guthrie, and say to them that in the opinion of this
Committee any action with reference to their respective proposals for the
settlement of their indebtedness to the Estate would, at this time, be premature,
but at the proper time the matter will be taken up with the Board of Visitors
and given careful and sympathetic consideration.

Mr. Newcomb then called the attention of the Committee to the following
situation.— Mr. Randolph B. Turnbull, of Lawrenceville, Va., is now a fourth
year medical student at the University. During the years 1931 and 1932 Dr.
Seward lent young Mr. Turnbull the sum of $483.00 to enable him to stay in the
University and Dr. Seward had promised Mr. Turnbull to lend him such additional
money as he might need to complete his medical course. Mr. Turnbull, an
exceptionally good student, will graduate this year and has already received
an appointment as interne in the University Hospital. There is undoubtedly a
moral obligation upon the estate to carry out Dr. Seward's promise. The
matter was fully discussed and the Executor was requested to make a loan of
$450.00 to Mr. Turnbull, taking his note therefore, payable three years after
date, with interest at 6%, said note to be endorsed by Mr. Turnbull's father,
Dr. F. R. Turnbull, of Lawrenceville, Va., by his sister, Miss Elizabeth
Turnbull and by his cousin, Irby Turnbull. The Committee will request the
Board at its June meeting to ratify and approve this loan.

                                 

Compensation to me.	Face value	Probable Actual value
Ida Wesson	4,000.00	2,000.00
Chambliss	60.00	40.00
Walter J. Branch	4,200.00
Isla S. Chambliss	74.20	39.20
Herman Avents	200.00
Helen F. Guthrie	6,500.00
N. L. High	150.00
	15,184.20	2,079.00
	2,079.00
	13,105.20
Total Estate as per appraisement		278,212.96
Deduct for bad debts	13,105.00
Deduct for possible shrinkage in bond value	5,000.00
	18,105.00	278,212.96
		18,105.00
Fair valuation of whole estate		260,107.96

I think to be absolutely on the safe side we may certainly count on the Estate
showing a value of $250,000.00

I will collect about $6000.00 in interest during the six months period of
administration, so the total of sound values which will pass through my hands will
be about $256,000.00

     

3% of $256,000.00 is —	7680.00
Pay upon settlement —	6500.00
Balance	1180.00

Pay monthly @ $66.66 per month, for eighteen months, and we will accept this
in full of any service rendered by us during said eighteen months, EXCEPT in case
of suit to set will aside.

Resolution covering agreement between the Rector and Visitors of the University and
the Virginia Public Service Company, for the purchase of electric current, as follows:

Resolution covering collection of debts due the Virginia Quarterly Review:

Resolution requesting the Governor to transfer any Capital Outlay carried over at
the end of the fiscal year to EXPENSE OF OPERATION was adopted, as follows:

Recommendation from Acting President and Chairman of the Board Committee on
Buildings and Grounds assigned the quarters now occupied by Professor Chanutin, on Monroe
Hill, to Professor Jesse W. Beams, was approved.

Application of Dr. Robert V. Funsten for a loan of $12,000 to be secured on his
real estate "Ivy Cottage", located on the Old Barracks Road, was considered, and a loan of
$6,000 was approved, to be secured by first mortgage on the property, on terms to be arranged.

Application of Dr. Frank W. Hoffer for a loan of $6,000 to be secured on his
residence property on Rugby Road, was considered, and a loan of $5,500 was approved, to be
secured by first mortgage on the property together with assignment of certain life insurance
policies, as may be approved by the Finance Committee and Acting President.

Application of the Sigma Nu Fraternity for a loan of $3,315 to make repairs and
improvements to its chapter house, located on the grounds of the University, was considered
and approved, as follows:

• 1st. That they get the general fraternity's share of the amount necessary to
  make the contemplated repairs and improvements before any work is done
  guaranteeing that no mechanic's lien will run against the building.

• 2nd. That a minimum of at least $600 a year shall be applied annually to the
  reduction of the principal.

It was brought to the attention of the Board that the State of Kansas had condemned
a small strip of land belonging to the University, located in Peabody, Kansas, for the
purpose of constructing a State highway, the said land being part of the John W. Richard
bequest. The following action was voted:

A communication was read from Prof. Harry R. Pratt, Director of the School of
Drama in the University, stating that in 1928 the Virginia Players turned over to the
University the sum of $885 to start a fund to erect a Little Theatre, that due to the
necessity of purchasing scenery and other necessary equipment they were in debt practically
to the amount of the fund turned over to the University, and requested its return that said
debts be duly cancelled. The return of the original gift of $885, together with any accrued
interest, was voted.

Nominations for Instructors, Student Assistants, Scholarship and Fellowship holders,
including the appointment of Ryan Scholars, were considered and approved, and will be found
spread in detail on the Payroll and Scholarship books.

The question of making such change in the road at the Cobb Chemical Laboratory as
would permit of its being widened at that point, was referred to the Buildings and Grounds
Committee with power to act.

The University's financial budget for the fiscal year 1933-34 was presented,
considered and adopted, as set forth in the following summary - the detailed printed budget
being filed in the office of the Bursar:

RECAPITULATION OF ESTIMATED RECEIPTS 1933-34

                                                       

Income Estimates	Page	Estimate 1931-32	Net Basis 1932-33	Estimate 1933-34
FROM ENDOWMENT INCOME & GIFTS
I. Endowments-Unrestricted	3	$ 235,512	$ 160,060	$ 153,285
Endowments-Restricted	3	232,791	193,455	182,745
II. Student's Loan Notes	4	23,600	25,600	12,800
III. Gifts	5	175,650	128,765	91,413
IV. Carnegie Foundation	6	16,000	19,614	18,015
V. Institute Public Affairs	6	11,900	10,000	7,000
VI. Miscellaneous	6	9,600	16,700	10,300
Total Endow. & Gifts		$ 705,053	$ 554,194	$ 475,558
FROM PUBLIC FUNDS
I. Students fees and rents	6	$ 514,800	$ 556,100	$ 525,950
II. Summer Quarter	7	56,800	54,000	35,000
III. Hospital	7	240,100	210,750	210,750
IV. Commons	7	68,670	70,000	70,000
V. Blandy Farm	7	10,500	7,100	7,100
VI. Pantops Farm	7	5,250	4,000	2,040
VII. Lectures & Entertainments	7	7,800	8,000
VIII. Athletic fees	8	36,000	33,000	33,000
IX. Miscellaneous		48,980	51,334	66,734
Total Public Funds		$ 988,900	$ 1,016,934	$ 950,574
Total Revenues		$1,693,953	$ 1,571,128	$ 1,426,132
FROM STATE
Appropriation		$ 499,620	$ 348,555	331,953
Total Available Income		$2,193,573	$ 1,919,683	$ 1,758,082
Total Estimated Expenses		$2,199,057	$ 1,910,686	$ 1,742,947
Estimated Deficit		$ 5,484
Estimated Surplus			$ 8,997	$ 15,135

RECAPITULATION OF ESTIMATED EXPENDITURES 1932-33, 1933-34

                                                                 

Code No	Departments	Page	Budget 1931-32	Net Basis 1932-33	Allowed 1933-34
I.	Administration	9	$ 76,235	$ 67,536	$ 67,350
II.	College & Graduate	11	466,160	398,175	364,702
III.	Medicine	17	190,963	167,906	165,323
IV.	Engineering	20	57,175	42,408	40,190
V.	Education	21	48,895	36,213	30,996
VI.	Law	23	51,685	40,853	38,441
VII.	Physical Education	24	24,947	20,232	19,126
VIII.	Summer Quarter	25	99,450	70,045	68,700
IX.	Library	27	77,187	70,792	69,732
X.	Extension	30	58,010	48,449	44,178
XII.	Buildings & Grounds	32	149,650	129,758	113,709
XIII.	Power Plant	34	53,941	48,572	43,400
XL.	Interest & Sinking Fund	46	50,220	50,220	50,220
XV.	Publicity & Publications	35	7,050	7,050	7,050
XVI.	Providing Annuities	35	28,762	32,014	30,745
XVII.	Scholarships, Fel & Prizes	36	166,003	132,620	111,735
XIX.	Lectures and Concerts	38	12,396	12,481	4,125
XX.	Commons	39	68,670	69,798	69,798
XXI.	Laundry	40	11,750	9,820	9,474
XXII.	Institute for Res. S.S.	41	30,000	30,900	16,000
XXIII.	Blandy Experimental Farm	42	20,249	17,660	16,757
XXV.	University Press	43	5,800	5,160	5,160
XXVI.	Institute Public Affairs	43	15,400	15,000	10,500
XXVII.	Athletic fees	44	36,000	33,000	33,000
XXVIV.	Pantops Farm	44	4,860	3,609	3,149
XXXI.	Hospital	47	326,699	297,120	269,956
LXXXIII.	Drug Addiction Research	49	19,600	19,600	19,600
XXVIII.	Mt. Lake Biol. Station	45	5,700	4,995	4,280
XLV.	Making Loans to Students	49	26,600	28,700	15,500
	Total		$2,199,057	$ 1,910,686	$ 1,742,947
				1,742,947
	Net Decrease 1933-34			$ 167,739

The meeting then adjourned