University of Virginia Library

A special meeting of the Board of Visitors was held on this date in the President's Office at
11 o'clock with the following members present; the Rector, R. Gray Williams, and Visitors Lewis C.
Williams, Christopher B. Garnett, E. C. Anderson, D. S. Lancaster, Dr. W. D. Haden and M. H. Bustard,
and President Newcomb.

Minutes of the meeting of May 27, 1944, having been copied and mailed to the members, were
approved.

The President reported the following enrollment and gift:

Enrollment, 1342.

Gift:

 

From Eli Lilley Co., renewal of a research grant to Dr. Burger in support of his work on the chemistry of anti-tuberculosis compounds over a two-year period

$1,400.

Upon the recommendation of the President the following resignation, promotions and elections were voted:

RESIGNATION:

Dr. William Edward Brown, Professor of Phthisiotherapy, was accepted with regret. Dr. Brown
has carried on his work with skill and devotion, and the Board wishes for him many years of happiness and
usefulness in his retirement.

PROMOTIONS:

Dr. Oscar Swineford, Jr., Assistant Professor of the Practice of Medicine, at a salary of
$3,100, to Professor of the Practice of Medicine, at $5,000.

Dr. William W. Waddell, Jr., Associate Professor to Professor of Pediatrics, without change
in salary.

Dr. Edwin W. Burton, Associate Professor to Professor of Ophthalmology, without change in salary.

Dr. F. B. Stafford, Assistant Professor of Phthisiotherapy, to Associate Professor of Medicine,
at a salary of $2,667 per annum, to fill the vacancy created by the resignation of Dr. William Edward Brown.

Dr. Charles Grandison Pearson, from Instructor in Phthisiology to Assistant Professor of
Medicine, at a salary of $1,333 per annum, to fill the vacancy created by the promotion of Dr. F. B.
Stafford.

Dr. William Eugene Apperson, change in title from Instructor in Phthisiology to Instructor
in Medicine, at a salary of $400.00 per annum.

ELECTIONS:

Miss Lois M. Austin, Assistant Professor of Nursing Education, at a salary of $2,500 for a
ninemonths period, incumbency to begin July 1, 1944.

Mr. Raymond F. Kline, Instructor in Physiology, at a salary of $2,400 a year, effective July 1, 1944.

TRANSFER OF STOCK CERTIFICATE OF SEARS, ROEBUCK & CO.

The following resolution was adopted:

RYAN SCHOLARSHIP APPOINTMENTS FOR 1944-45:

The following appointments to Thomas Fortune Ryan Scholarships for 1944-45 were voted:

             

Second Congressional District	David Barnes Drewry, Drewrysville.
Seventh Congressional District	Richard Twisdale Yates, Charlottesville.
Eighth Congressional District	Donald Edwin Beggs, Jr., Alexandria.
Tenth Congressional District	William Thomas Bennett, Covington.
At large	William Belfield Cave, Madison.
At large	Elliott Clarke Haley, Front Royal.
At large	Lawrence Lee Tapscott, Scottsville.

OFFER OF FEDERAL ASSISTANCE IN CONNECTION WITH ERECTION OF ADDITION TO NURSES' HOME:

The President read to the Board of Visitors the following telegram;

The President then read a form of acceptance of the offer of the United States of America, as
follows:

ESTATE OF MISS LOUISE MATHILDE POWELL: COMMITTEE TO ACT IN SETTLEMENT THEREOF:

The following resolution was adopted:

REPORT OF THE FINANCE COMMITTEE:

R. Gray Williams, Chairman of the Finance Committee presented the following report covering bonds
and stocks purchased for the Consolidated Endowment Funds of the University for the year 1943-44; received,
approved and ordered spread:

STOCKS

           

9/4/43	250	shs	Twentieth Century Fox Film $4.50 pfd: 100-3/8.
10/14/43	80	shs	P. Lorillard Co. common @ $14.00 VS 400 rights.
11/26/43	250	shs	Dow Chemical Co. $4 cumulative pfd. Series "A" $26,250
4/5/44	400	shs	Oklahoma Natural Gas 4-3/4% pfd @ 52
5/11/44	500	shs	Celanese Corp. of America 1st pfd $4.75 stock $48,970
5/26/44	500	shs	Virginia Electric & Power Co. $5 pfd. @ 114

BONDS

                 

9/16/43	$100,000	U. S. Treasury 2½%, due 12/15/69, @ par.
10/8/43	100,000	P. Lorillard Co. 20yr 3% debentures, due 10/1/1963 @ 101-3/4.
11/27/43	96,375	N. Y. & Harlem Ry. Co. 4%, due 7/1/2043, bonds, guaranteed by the N. Y. Central Ry. Co., in exchange for 771 shares of the stock of the N. Y. & Harlem Ry. Co. These bonds have a market value of approx 103.
2/1/44	50,000	U. S. Treas. 2¼% of 1956/59 @ par.
2/18/44	25,000	Phillips Petroleum Co. 2-3/4% S/F Debs., due 2/1/64 @ 101.
3/27/44	20,000	Stokely Bros. & Co. 15 yr 3½% S/F Debs. @ 98½
	20,000	Universal Pictures Co. 3-3/4% S/F debs. due 3/1/59, @ 99
3/31/44	50,000	Michigan Consolidated Gas Co. 1st mtg. 3½%, due 3/1/69. @ 106¼
6/9/44	30,000	Alleghany Corp. 3¼% secured Conv. notes, due 4/15/54, @ 102.15.

MRS. MAZYCK WILSON SHIELDS ESTATE-DIVISION OF FLORIDA LAND WITH V. M. I.

The President stated that he was advised by General Kilbourne, Superintendent of Virginia Military
Institute, that the Special Committee appointed by the Board of Visitors of Virginia Military Institute on
January 24, 1944, with full authority to lease, partition or sell the Institutes one-half interest in the
tracts of land in Marion County, Florida, devised to the Institute and to the University by the will of
the late, Mrs. Mazyck Wilson Shields of Washington, D. C., has reached the conclusion that it will be well
for the land in question to be divided equally between the University and the Institute. And the Virginia
Military Institute Committee has requested us to make choice of either Tract No. 3 or Tract No. 4, Section
27, Township 16 South, Range 20 East, Marion County, Florida, and of either the Eastern or Western half of
the 40 acre tract, which latter tract the Institute Committee thinks should be divided equally by a line
running North and South through the exact center of the 40 acre tract. The President also stated that
pursuant to instructions given to Mr. W. Allan Perkins by Committee of this Board at a meeting held on the
27th of May, Mr. Perkins had gone to Ocala and made a thorough investigation of the lands in question and
that under date of June 19th Mr. Perkins had filed a report dealing in detail with the value of the property
and the possibility of sale thereon; that Mr. Perkins is further of the opinion that there is absolutely
no difference in value of the tracts 3 and 4 or of the Eastern and Western halves of the 40 acre tract, that
it was, therefore, entirely immaterial which of these properties is selected by the University and which passes
to the Virginia Military Institute.

It was, thereupon, -

RESOLVED, that the University of Virginia hereby selects Tract No. 3, Township 16 and the Eastern
half of said 40 acre tract. And Dr. J. L. Newcomb, President, is hereby authorized and empowered to

execute and deliver to Virginia Military Institute a deed of partition by which The Rector and
Visitors of the University of Virginia will convey all right, title and interest held by it in and to
Tract No. 4, Block 3, Section 27, Township 16 South, Range 20 E. Marion County, Florida, and the
Western half of the SW¼ of the SE¼ of Section 28, Township 16 South, Range 20 E., Marion County, Florida,
the consideration for said conveyance to be the conveyance by Virginia Military Institute to The Rector
and Visitors of the University of Virginia of all of the right, title and interest of said Institute in
and to Tract 3, Block 3, Section 27, Township 16 South, Range 20 E. Marion County, Florida, and the
Eastern one-half of the SW¼ of the SE¼ of Section 28 Township 16 South, Range 20 E. in said Marion
County, Florida, and E. I. Carruthers, Secretary, is hereby authorized to affix the corporate seal to
said deed of partition and to attest the same.

F. P. MALLORY LOAN IN THE SEWARD ESTATE: COMPROMISE SETTLEMENT:

The President advised the Board that F. P. Mallory, who had borrowed $2,000 from Dr. Walter M.
Seward during his lifetime, which security came to the University as part of his bequest, had been reduced
to $912.60 with $492.84 of accrued interest, and that he had offered a compromise settlement of the debt
by making a cash payment of $1,000, and recommended its acceptance. Acceptance of the offer was approved.

MORTGAGE CORPORATION OF VIRGINIA BONDS - PROPOSAL OF SETTLEMENT:

The following action was taken in this matter:

WHEREAS, this Board has received and considered letters, dated June 15, 1944, from the Mortgage
Corporation of Virginia, to Mortgage Corporation of Virginia Collateral Trust bondholders, of whom the
University of Virginia is one, advising that the University abandon the present plan and now fully complete
the liquidation of said bonds by calling upon the First and Merchants National Bank of Richmond, Virginia,
Trustee, to sell the collateral, which can be done inasmuch as a default exists under the terms of the
Collateral Trust Agreement, and, after selling the collateral, the Trustee would then distribute the net
cash proceeds pro rata to the bondholders as a final payment in the liquidation.

NOW, THEREFORE, BE IT RESOLVED: That this plan of redemption is approved, and that R. Gray
Williams, Rector of the University of Virginia, is authorized and directed to execute, in duplicate,
letters, addressed to First and Merchants National Bank of Richmond, as Trustee, authorizing the Trustee
to sell the collateral at public auction when holders of not less than 20% in unpaid principal amount
of outstanding bonds in Series 1X, Series 2X, Series 4X, Series 9X and Series 14X have so requested.

BUDGET FOR 1944-45:

The President presented his financial budget for the fiscal year 1944-45, copies of which
had been mailed to all members of the Board some days in advance of this meeting, showing estimated
receipts for the year of $3,473,720 and expenditures of $3,416,892, with estimated surplus of $56,828,
which was adopted.

The meeting then adjourned.