 | Board of Visitors minutes April 6, 1943 |  |
A special meeting of the Board of Visitors was held on this date in the office of the
President at 11 o'clock, A. M. There were present visitors Lewis C. Williams, Hollis Rinehart,
Christopher B. Garnett and Dabney S. Lancaster, and President Newcomb.
In the absence of the Rector, Lewis C. Williams was elected chairman of the meeting.
ERECTION OF DINING HALL TO ACCOMMODATE ARMY AND NAVY CADETS:
The President discussed with the members the question of the erection upon the grounds
of the University a temporary dining hall to accommodate additional cadets in the Army and Navy
training program, and stated that he had conferred with Governor Darden in the matter and that
the Governor had authorized an expenditure of $27,000 to erect such building. Following a
general discussion, the matter was disposed of in the following motion, adopted:
RESOLVED, that the President be and he is hereby authorized to get from the Navy a
letter of intent as to its proposal to make contract for training of certain cadets, and
upon receipt of same he be authorized to proceed with the construction of the necessary
dining hall, and further,
That he be authorized to request the Governor of the Commonwealth to make a deficit
appropriation of $27,000 for the erection of the said building.
PLANS FOR DINING HALL—TAYLOR & FISHER AUTHORIZED TO PREPARE:
Mr. R. E. L. Taylor, of the firm of Taylor & Fisher, was present, and conferred with the
Board as to the plans and location of the proposed dining hall, and, following a general discussion
of the matter, the following motion was adopted:
RESOLVED, that Taylor & Fisher be employed to prepare preliminary plans for the mess hall,
at a cost not to exceed $500, and, that if the construction of such mess hall is to be
carried out, then to prepare the working drawings at an additional cost not to exceed
$1,000, making the cost of such plans not to exceed $1,500.
NEW YORK & HARLEM RAILWAY STOCK TO BE EXCHANGED FOR BONDS:
The President read a letter from Rayford W. Alley, the attorney who is representing the
University in the case of New York Central vs. Harlem Railway, et al, advising that the New York
Central proposed that bonds of the Harlem Railway be issued in the face amount of $1250.00 for
each ten shares of New York & Harlem Ry. Co. $50.00 Preferred stock, the bonds to be guaranteed
by the New York Central Railway Co., to mature in 100 years and to bear interest at 4%. These
bonds to be secured by second mortgage on all the property of Harlem Railway Co, including
franchises, etc., subject only to the lien of a first mortgage of $12,000,000.00 on these
properties. Said properties, a conservative value of between $150,000,000.00 and $200,000,000.00,
so it would seem that these second mortgage bonds would be well secured.
On motion, the President was authorized to accept the exchange of the second mortgage
4% 100 year bonds for the 771 shares of preferred stock.
The meeting then adjourned.
RECTOR Pro Tem
SECRETARY
| Board of Visitors minutes April 6, 1943 | |