University of Virginia Library

A special meeting of the Board of Visitors was held on this date in the office of the President
with the Rector, R. Gray Williams and Visitors Lewis C. Williams, Hollis Rinehart, Christopher B.
Garnett, Edward R. Stettinius, Jr., Edward C. Anderson and Aubrey G. Weaver, and President Newcomb
present.

Minutes of the meeting of January 30th, which had been copied and mailed to the members,
were approved.

The President made the following announcements:

ENROLLMENT REGULAR STUDENTS: 1500.

GIFTS:

               

From the General Education Board, for the purchase of books, periodicals, and library materials in the graduate field of Economics, curing the two-year period beginning February 1, 1943	$5,000
From the General Education Board, toward the Workshop for High School Principals on School-Community Relations, to be held during the summer of 1943	1,500
From Mrs. Anne Calvert Neely, to be applied to the beginning of a publishing fund	100
From the Estate of Joseph Harvey Riley, books on natural history (zoological and botanical) and as remainderman, the decedent's residence and 8.312 acres of surrounding real estate, the real property to be sold and the proceeds used as a nucleus of a fund to found a School and Museum of Vertebrate Zoology.
Referred to Mr. Garnett to investigate the property
Portrait of General John Hartwell Cocke,
From the Estate of his great-granddaughter, Mrs. Mazyck Wilson Shields.
From E. R. Stettinius, Jr.	300

LEAVES OF ABSENCES:

It is recommended that the following action be taken.

RESOLVED, by the Board of Visitors of the Rector and Visitors of the University of Virginia
that leave of absence, without pay, be granted the following members of the staff, for the
duration of the war and six months thereafter:

• Dr. Edmund Olaf Belsheim Associate Professor of Law, to act as Chief of the Legal Staff of
  of the Intelligence Branch of the Board of Economic Warfare, effective March 16, 1943.

• Mr. John E. Canaday, Assistant Professor of History of Art, to take part in a mission of
  the Board of Economic Warfare to the Belgian Congo, effective March 15, 1943.

• Dr. Lewis Machen Hammond, Assistant Professor of Philosophy, (this is an extension of his
  leave to continue work as Tutor at St. John's College for the Session 1943-44, or,
  in the event he enters the armed services, for the duration of the war and six months
  thereafter.)

• Mr. Charles H. Kauffmann, Assistant Professor of Extension Teaching to accept a commission
  in the Marine Reserve, effective April 1, 1943.

• Mr. Anthony Vincent Shea, Acting Assistant Professor of Political Science, effective March 1,
  1943, to accept a commission in the Naval Reserve.

CONTRACT FOR THE NAVY FLIGHT PREPARATORY SCHOOL:

The President explained to the Board the terms of the proposed contract between the United
States of America and the Rector and Visitors of the University of Virginia for the operation of a
Navy Flight Preparatory School in the University, and after full discussion it was

CONTRACT FOR THE PRE-METEOROLOGICAL TRAINING UNIT:

The President explained to the Board the terms of the proposed contract between the United
States of America and the Rector and Visitors of the University of Virginia for the operation of a
Class C Pre-Meteorological Training Unit in the University. After full discussion it was

REPORT OF THE CHAIRMAN OF THE FINANCE COMMITTEE IN RE: INVESTMENTS, ETC.

The Rector stated to the Board that, acting in his capacity as Chairman of the Finance

Committee, he had conferred with Mr. Buford Scott, of the firm of Scott & Stringfellow, of
Richmond, Va., with a view to compiling a list of securities to be purchased for the endowment
funds of the University to take up the uninvested cash now in the several depositories, to
be presented to this meeting of the Board for its consideration. The conference, however,
developed the fact that the question was more than making up a mere list of suggested
securities; that there was the further question of giving study to the present investments
and the continuing study of the securities under the control of the Rector and Visitors.

He further stated that he had discussed with Mr. Scott the possibility of having
his firm act in the capacity of investment counsel for the University as to such funds as
as may be under the control of the Board, and had suggested that he attend this meeting
and give his views of the matter.

Mr. Scott was then invited to appear, whereupon a general discussion of the matter
was had. He stated that it would be agreeable for his firm to have one of their employees
devote a part of his time to the University's account; to advise upon the sale and purchase
of its securities; that the compensation for this service would be $100,00 per month, as
had been mentioned by the Rector.

The matter was disposed of in the following motion, adopted:

The question of investing the present cash in the endowment funds was disposed of
in the following motion, adopted:

DEPOSITORIES OF THE UNIVERSITY'S ENDOWMENT INVESTMENTS - FIDELITY BONDS THEREFOR:

The question of whether or not the several depositories holding the investments
of the University's endowment funds should be required to provide fidelity bonds covering
the values of their respective holdings, was referred to the Rector to investigate.

NAVAL FLIGHT PREPARATORY SCHOOL—CHARACTER OF TEACHING

The character of the teaching to be done in the Naval Flight Preparatory School
was discussed by the Board, and the President stated that he had recently seen a restricted
communication of the Navy giving the rating of the twenty schools engaged in this Pre-Flight
Training as regards the results of a mathematics examination prepared in Washington and
graded in Washington, and given to all students in the twenty schools. The University of
Virginia stood fifth from the top. In four of these schools the students showed higher
grades than did ours, and in fifteen of the twenty the grades were lower.

"THE SENTINELS OF THE REPUBLIC"-PROPOSED GIFT—DECLINED:

The Board discussed the offer made by "The Sentinels of the Republic" to establish
here an essay award to carry the name of their organization. After thorough discussion of the
subject it was regretfully decided to decline the gift, and the Rector was directed to write
a letter to Mr. Cadwallader.

On motion the meeting then adjourned: