 | Board of Visitors minutes March 11, 1949 |  |
The regular monthly meeting of The Rector and Visitors of the University of Virginia was
held on this date at 10 o'clock in the Office of the President of the University of Virginia, Charlottesville,
Virginia, with the following present: President Colgate W. Darden, Jr., of the University
of Virginia; Visitors Anderson, Barksdale, Black, Carrington, Garnett, Gay, Gravatt, Mears,
Miller, and Wailes. Absent: Dr. M. L. Combs, President of Mary Washington College; Visitors Stettinius,
Trout, and Willis.
In the absence of the Rector, Mr. Garnett was elected Rector pro tempore.
The minutes of the meeting of February 11, which had been copied and mailed to the members,
were approved.
GIFT
The President announced the following gift:
From Mr. McAlister Marshall, to be added to the Law Alumni Fund . . . . . $100.00
- - -Upon recommendation of the President, the following leaves of absence, elections, and change
of title were approved.
LEAVES OF ABSENCE
Mr. Earl Ruffner Boggs, Acting Associate Professor of Education, granted leave of absence
without pay from April 1 to June 30, 1949, in order to complete work on his Ph.D. degree.
Mr. James Edward May, Assistant Professor of Mechanical Engineering, granted leave of absence
without pay for the session of 1949-50, in order to take graduate work in mechanical engineering at
Purdue University.
ELECTIONS
Dr. Thomas H. Alphin as Assistant Professor of Anatomy, effective September 1, 1949, at a
salary of $4,300.
Mr. James W. Calhoun as Instructor in Mechanical Engineering for the session of 1949-50,
replacing Mr. James E. May, Assistant Professor of Mechanical Engineering, who will be on leave of
absence next session. Mr. Calhoun's salary is to be $3,000 for the session.
Mr. Charles Oscar Gregory as Professor of Law, to begin in September, 1949, at a session salary
of $10,000.
Mr. Thomas Taylor Hammond as Assistant Professor of History, at a session salary of $3,510,
effective at the beginning of the session of 1949-50.
Dr. John G. Kroll as Instructor in Radiology, effective February 15, 1949, at an annual salary
of $8,000, to be paid from departmental earnings.
Mr. David Robert Reveley as special lecturer in the history of education from April 1, 1949
to the end of the session, at a salary of $400.00, replacing Mr. E. R. Boggs, who will be on leave for
that time.
Mr. David Struan Robertson as Assistant Professor of Geology, at a session salary of $3,930,
effective in September, 1949.
CHANGE OF TITLE
The following resolution was adopted:
RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that Mr. Leslie Hepburn Buckler, Professor of Law, be designated James Monroe Professor of Law.
CONCERT SERIES 1949-50
The Board approved a proposal by the President to underwrite a concert series during the session
1949-50 in an amount not to exceed $5,000. The series is to be sponsored jointly by the Virginia
Music Festival Association, the Community Concert Group, and the University.
UNIVERSITY SEAL
The President presented to the Board a request by the Director of the Army ROTC Transportation
Unit for instructions concerning the use of the University seal on a flag. It was agreed to be
acceptable to the Board for the seal, when so used, to be woven in gold.
UNCOLLECTIBLE HOSPITAL ACCOUNTS
The report of the Hospital Accounts Committee recommending the writing off of schedules 10,
12, 17, 19, 25, 27, 28-B, 31, 33, 35, 37, 38, 44, and 46 was approved, in accordance with resolution
adopted by the Board on December 10, 1948.
REPORT OF BURSAR
The first monthly report of the Bursar, covering the period July 1, 1948 - February 28, 1949,
was presented.
HOSPITAL FORMULA ROOM
A proposal by the Executive Committee of the Hospital to use approximately $12,000 of the
income from the Rucker Fund to provide a new formula room which will insure the sanitary preparation
of babies' formulas was approved. This proposal had been recommended by the Executive Committee of
the Hospital and the Dean of the Medical School.
EMPLOYEE HOSPITALIZATION INSURANCE
The Board authorized the extension of the present hospitalization program for employees of
the University to provide coverage for wage and hourly employees who are not now eligible for benefits
under this plan.
REPORT OF FINANCE COMMITTEE
The report of the Finance Committee for the period January 25, 1948 to January 25, 1949 was
presented by Mr. Black, Chairman, and was accepted by the Board. Action on the report was deferred
until the next meeting to give the members of the Board an opportunity to study the report. The introductory
summary prepared by the Committee is spread below.
REPORT OF THE FINANCE COMMITTEE OF THE
BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA
COVERING TRANSACTIONS FROM JANUARY 25, 1948 TO
JANUARY 25, 1949
The Finance Committee herewith submits a detailed report of all of the actions of the agent,
State-Planters Bank and Trust Company, Richmond, Virginia, for the period January 25, 1948, to January
25, 1949.
This attached report speaks for itself as to all of the transactions in connection with the
handling of the Consolidated Endowment Funds for the above period.
However, there are certain outstanding features and comparisons which the Committee desires
to bring to the attention of the Board.
During 1948 a large amount of inherited securities were turned over to the Consolidated Endowment
Fund. It became necessary to sell many of these securities in order to strengthen the portfolio.
From these transactions there resulted a book value lose of $35,322.27. However, this book
value loss was more than offset by additions to the portfolio. As of January 25, 1948 the book value
of all of the securities was $4,560,245.47. As of January 1, 1949, the book value of all of the securities
was $5,076,440.00.
The steady process of eliminating small units and those securities which for one reason or
another were not considered as proper for retention has continued. In all $504,663.24 of securities
have been sold.
They have been replaced by other securities and these replacements have shown an improved
yield of 3.94% as compared with a yield of 3.30% on those sold. Some securities of prime quality
have been sold such as the large block of City of Baltimore and County of Prince George bonds. But
here the purpose has been to recapture a premium of $6,000.00.
There have also been certain issues which have either matured or been called.
The replacements have in the main been additions to units already held. Those new securities
added have been of a conservative nature mainly insurance company and utility preferreds with one
railroad preferred.
For the period covered by this report (January 25, 1948, to January 25, 1949) there was
turned over to the Bursar the sum of $189,183.33 net income, after all deductions and expenses. This
compares with $173,397.00 for the corresponding period in the previous year (January 25, 1947 to January
25, 1948) although of course, there were substantial additions to the fund during 1948.
The actual yield improved to a figure of 4.02% (on a monthly weighted average of the book
value - giving a weight of 12 to the first month of the year and declining to a weight of 1 to the
last month of the year - in order to give proper consideration to the additions to the book value at
various times during the year). While we do not have an exact comparison with last year on a similar
monthly weighted average, yet the gross yield last year as related to book value was 3.98%.
This improvement in yield has not resulted from any decided shift in the character of the
investments. The percentages as to taxes, bonds, stocks, etc., remain only slightly changed. Diversification
has been improved.
Attention is called to the fact that restrictions have been placed upon the sale of many of
the securities in the portfolio. These have been to a limited extent identified by letters on the
margin of the agency report, attached hereto. It is planned to elaborate on the meaning of these
identification marks. Of course restrictions placed upon the sale of these securities by the donors,
or otherwise must be honored. However, the Finance Committee desires to convey the thought that
under certain circumstances in the interest of strengthening the portfolio these securities should be
sold, a step which we are barred from taking.
It is the opinion of the Finance Committee that the steps taken during the period covered
by this report have strengthened and bettered the position of the Consolidated Endowment Funds.
VIRGINIA LAW WEEKLY
Upon recommendation of the Dean of the Law School, as a result of a poll of the students,
the Board authorized the continued publication of the Virginia Law Weekly and increased the session
fee charged from $3.00 to $4.00, effective at the beginning of the session of 1949-50.
NCAA REGULATIONS
The Special Committee of the Board appointed to study regulations of the National Collegiate
Athletic Association reported, recommending that no action be taken at this time, pending further
study. The President requested the members of the Committee to attend a special meeting concerning
this matter, to be held during the early part of April, at which representatives of other Virginia
institutions would be present.
DEVELOPMENT FUND
The President once again called the attention of the Board to the necessity of having an
early decision reached concerning the Development Fund. The Chairman of the Development Fund Committee,
Mr. Anderson, stated that he had been absent from the last meeting of the Board and had not
had an opportunity to call a meeting of his Committee to consider the matter
ADDITIONS TO LAW BUILDING
The Board approved the awarding of the bid for additions to the Law School Building to the
Harry B. Graham Company, as recommended by letter from Mr. Frank E. Hartman, Director of the Department
of Buildings and Grounds, set forth below
University of Virginia
We hand you herewith Tabulated List of Bids received on the Additions to the Law Building
today, both on general construction and library stack equipment, and beg to advise that the low bidder
on the general contract, accepting Alternate #2 is Harry B. Graham Company, at their bid of $215,266.00.
We also hand you a Tabulated List showing Appropriation and other pertinent facts, from
which you will note that we will have left for the general contract $232,696.00
By accepting this bid there will be a balance of $17,430.00 out of the present Appropriation,
which may enable us to do some additional work in the shell of the East Wing
We recommend the Award of the General Contract to the Harry B. Graham Company
Director
| Bidder | Base Bid | Alt. #1 | Alt. #2 | Alt. #3 | Alt. #4 |
| J. F. Barbour & Sons Roanoke, Va. |
$303,287 | $121,349 | $49,977 | $ 8,018 | $2,100 |
| Fred B. Fuqua & Co. Lynchburg, Va. |
303,675 | 120,532 | 52,064 | 9,142 | 2,373 |
| Graham Brothers Richmond, Va. |
275,000 | 115,000 | 57,000 | 8,000 | 2,000 |
| Harry B. Graham Co. Charlottesville, Va. |
270,982 | 113,370 | 55,716 | 8,500 | 2,400 |
| C. M. Guest & Sons Greensboro, N. C. |
316,261 | 127,027 | 46,539 | 11,372 | 2,328 |
| J. D. Hedin Const. Co. Washington, D. C. |
286,000 | 99,000 | 43,000 | 8,400 | 2,000 |
| Laburnum Const. Corp. Richmond, Va. |
291,104 | 116,272 | 53,780 | 8,428 | 2,400 |
| R. E. Lee & Sons, Inc. Charlottesville, Va. |
275,800 | 108,000 | 46,000 | 8,600 | 2,400 |
| B. F. Parrott & Co. Roanoke, Va. |
295,290 | 117,200 | 69,000 | 8,700 | 2,200 |
| Southeastern Const. Co. Charlotte, N. C. |
288,577 | 114,115 | 50,720 | 8,151 | 2,151 |
| Thorington Const. Co. Richmond, Va. |
274,542 | 106,519 | 39,470 | 8,128 | 2,000 |
| Wise Contracting Co. Richmond, Va. |
274,057 | 110,965 | 24,000 | 8,300 | 2,100 |
There being no further business to come before the meeting, the same was adjourned after a
motion to that effect had been made, seconded, and carried
Rector pro tempore
Secretary
| Board of Visitors minutes March 11, 1949 | |