 | Board of Visitors minutes March 31, 1947 |  |
REPORT OF THE FINANCE COMMITTEE:
The Finance Committee of the Board of Visitors met yesterday, March 30, 1947 at the Office of the President
of the University of Virginia and were in session from 4 o'clock to 7 o'clock P. M. All the members of the
Committee were present. In addition, Dr. J. L. Newcomb, Mr. E. I. Carruthers and Mr. R. M. Musselman from
the University and Messrs. Wilkinson and Gunn from the State Planters Bank attended.
The Committee received the "sell and buy" recommendations of the State Planters Bank, in regard to the investments
in the Consolidated Endowment Fund; discussed these recommendations with Messrs. Wilkinson and Gunn and,
thereafter, went into executive session and unanimously adopted all of the recommendations except the sale of
250 shares of Boston and Albany, $8.75 Pfd, which we decided not to follow at this time.
The Committee was informed by Messrs. Wilkinson and Gunn of some of the plans and objectives of the bank in regard
to the investment of the Endowment Fund, with which we were all impressed.
The following sales were recommended and adopted:
| Sell | Price | Amount | Income | Yield | |
| 50 sh. | Amer. Locomotive 7% Pfd. | 113 | $ 5,650 | $ 350.00 | 6.19% |
| 50 | Bethlehem Steel 7% Pfd. | 146¼ | 7,312 | 350.00 | 4.79 |
| 250 | Celanese 1st $4.75 Pfd. | 106¼ | 26,563 | 1,187.50 | 4.47 |
| 75 | Curtis Pub. $3-$4 Pr. Pfd. | 66 | 4,950 | 300.00 | 6.06 |
| 270 | Dan River Mills 4½% Pfd. | 108 | 29,160 | 1,215.00 | 4.17 |
| 250 | Gen. Amer. Inv. 4½% Pfd. | 106 | 26,500 | 1,125.00 | 4.25 |
| 110 | Mo. Kan. Tex. 7% Pfd. | 20 3/4 | 2,282 | ---- | -- |
| 200 | Riegel Textile $4 Pfd. | 93½ | 18,700 | 800.00 | 4.28 |
| 150 | Tenn. Gas & Tran. 4.10% Pfd. | 107¼ | 16,088 | 615.00 | 3.82 |
| 150 | 20th Cent. Fox Film 4½% Pfd. | 103 | 15,450 | 675.00 | 4.37 |
| 250 | U. S. Steel 7% Pfd. | 148 | 37,000 | 1,750.00 | 4.73 |
| 100 | Wesson Oil & Snow $4 Pfd. | 87 7/8 | 8,787 | 400.00 | 4.55 |
| $198,442 | $8,767.50 | 4.70 |
| Sell | Price | Amount | Income | Yield | |
| 50 sh. | Amer. Cyanamid | 46 7/8 | $ 2,344 | $ 75.00 | 3.20% |
| 262 | Amer. Locomotive | 26 3/4 | 7,008 | 432.30 | 6.17 |
| 100 | Calumet & Hecla | 8 1/8 | 813 | 40.00 | 4.92 |
| 50 | Chase Nat'l. Bank | 36 1/8 | 1,806 | 80.00 | 4.43 |
| 30 | Continental Ill. Nat. Bk. | 86½ | 2,595 | 120.00 | 4.62 |
| 187 | Curtis Publishing | 10¼ | 1,917 | ---- | -- |
| 4 | 1st Nat. Bank of N. Y. | 1,480 | 5,920 | 320.00 | 5.41 |
| 283 | National Sugar Ref. | 25¼ | 7,146 | 452.80 | 6.34 |
| 38 | Penn. Co. for Insur. | 34 | 1,292 | 60.80 | 4.71 |
| 150 | Pennsylvania R. R. | 22 | 3,300 | 187.50 | 5.68 |
| 20 | Peoples Nat. Bk. Charsv. | 95 | 1,900 | 60.00 | 3.16 |
| 250 sh. | Wesson Oil & Snow | 41½ | $10,375 | $ 750.00 | 7.23% |
| 100 | Western Union "A" | 20½ | 2,050 | ---- | -- |
| 200 | Philip Morris | 34 7/8 | 6,975 | 350.00 | 5.02 |
| 83 | Philadelphia Elec. | 24½ | 2,033 | 99.60 | 4.90 |
| 500 | N. Y. Central R. R. | 18¼ | 9,125 | ---- | -- |
| $ 66,599 | $ 3,028.00 | 4.55% |
| Sell | Price | Amount | Income | Yield to Maturity | |
| $25,000 | Celanese 3% 1965 | 105½ | $ 26,375 | $ 750.00 | 2.62% |
| 10,000 | Firestone Tire 3% 1961 | 105 | 10,500 | 300.00 | 2.55 |
| 50,000 | B. F. Goodrich 2 3/4% 1965 | 103 | 51,500 | 1,375.00 | 2.54 |
| 10,000 | Mo. Kan. Tex. Pr. Ln. 5% 1962 | 89½ | 8,950 | 500.00 | 6.10 |
| 46,375 | N. Y. & Harlem 4% 2043 | 108 | 50,085 | 1,855.00 | 3.70 |
| 3,000 | Penna. R. R. 4½% 1965 | 107 1/8 | 3,214 | 135.00 | 3.95 |
| 10,000 | Penna. R. R. 4¼% 1984 | 107 | 10,700 | 425.00 | 3.89 |
| 1,000 | Sou. Pac. 4½% 1981 | 96 | 960 | 45.00 | 4.74 |
| 30,000 | Sou. Rwy 4% 1956 | 102 | 30,600 | 1,200.00 | 3.74 |
| 3,000 | Sou. Rwy. 6½% 1956 | 120¼ | 3,607 | 195.00 | 3.82 |
| 15,000 | Tenn. Gas & Transm. 2 3/4% 1966 | 101 3/4 | 15,263 | 412.50 | 2.63 |
| 20,000 | Universal Pict. 3 3/4% 1959 | 102 | $ 20,400 | $ 750.00 | 3.54 |
| 232,154 | 7,942.50 | 3.30% |
The following purchases were recommended and adopted:
| Sell | Price | Amount | Income | Yield to Maturity | |
| 500 sh. | Merck & Co. 3½% Pfd. | 101 | $ 50,500 | $ 1,750.00 | 3.47% |
| 500 | Phila. Elec. $3.80 Pfd. | 107½ | 53,750 | 1,900.00 | 3.53 |
| 500 | N. Y. State Elec. $3.75 Pfd. | 99 | 49,500 | 1,875.00 | 3.79 |
| Add. 300 | Continental Can $3.75 Pfd. | 107 | 32,100 | 1,125.00 | 3.50 |
| Add. 200 | Reynolds Tob. $3.60 Pfd. | 103 5/8 | 20,725 | 720.00 | 3.47 |
| $22,000 | Seaboard A. L. 1st 4% 1996 | 100 7/8 | 22,193 | 880.00 | 3.97 |
| $228,768 | $ 8,250.00 | 3.61% |
| Sell | Price | Amount | Income | Yield to Maturity | |
| 300 sh. | Amer. Gas & Elec. | 41¼ | 12,375 | 645.00 | 5.21% |
| 300 | Penn. Pwr. & Lt. | 20 3/4 | 6,225 | 360.00 | 5.78 |
| 500 | Internat'l Nickel | 33 | 16,500 | 800.00 | 4.85 |
| Add. 200 | Amer. Tobacco | 74 | 14,800 | 700.00 | 4.73 |
| Add. 225 | Reynolds Tobacco "B" | 40 3/8 | 9,084 | 393.75 | 4.33 |
| Add. 100 | Stand. Oil N. J. | 67 3/8 | 6,738 | 300.00 | 4.45 |
| Add. 50 | Socony Vacuum | 14 5/8 | 731 | 37.50 | 5.13 |
| $ 66,453 | $ 3,236.25 | 4.87% |
| Sell | Price | Amount | Income | Yield to Maturity | |
| $100,000 | U. S. Series "G" 2½% 1959 | 100 | $ 100,000 | $ 2,500.00 | 2.50% |
| 50,000 | Union Pac. R. R. 2 7/8% 1976 | 104½ | 52,250 | 1,437.50 | 2.65 |
| 50,000 | Kansas City Pr. & Lt. 2 3/4% 1976 | 104 5/8 | 52,313 | 1,375.00 | 2.53 |
| 25,000 | Pacific Gas & Elec. 3% 1974 | 107 3/4 | 26,937 | 750.00 | 2.60 |
| $231,500 | $ 6,062.50 | 2.55% |
The following is a resolution presented by the Chairman of the Finance Committee and adopted:
RESOLVED, that J. L. Newcomb, President, and E. I. Carruthers, Secretary, be and they are hereby
authorized in the name and on behalf of the University of Virginia to sell, assign, and transfer the following
stocks standing in the name of the University of Virginia unto Hamac and Company, namely:
| Shares | Class | Certificate Nos. | |
| 500 | Appalachian Electric Power Co. | $4.50 Pfd. | AP785/9 |
| 300 | General Motors Corp. | $5.00 Pfd. | B4705/6,A7367,A63625 |
| 50 | Alfred J. Major, Inc. | Pfd. | 50 |
| 300 | Ohio Power Co. | $4.50 Pfd. | 1601/3 |
| 400 | Twentieth Century-Fox Film Corp. | Prior Pfd. | TPP1227/1228,TPP1526, TPP02645,TPP01277 |
| 50 | American Cyanamid Company | Common "B" | PB077397 |
| 628 | American Telephone & Telegraph Co. | Capital | E42343/6,NL15967, JN33269,EN49710, AN80584,NQ93775 |
| 250 | Boston & Albany Railroad Co. | Capital | C2181/2,B36294 |
| 560 | Boston Edison Company | Common | C33849/53,C068820 |
| 100 | Calumet and Hecla Consolidated Copper Co. |
Common | NY43008 |
| 100 | Carolina, Clinchfield & Ohio Rwy. | Common | A4455 |
| 50 | Chase National Bank of N. Y. | Common | 353996 |
| 1400 | E. I. DuPont de Nemours and Co. | Common | F7958/71 |
| 698 | First National Bank of Boston | Capital | 49516,42916 |
| 50 | General Foods Corp. | Common | 0301738 |
| 50 | Alfred J. Major, Inc. | Common | 54 |
| 134 | The Murray Company | Common | 204,123,338 |
| 583 | National Sugar Refining Co. of N.J. | Common | 7725,7956/58, 7978,016131 |
| 1100 | New York Central Railroad Co. | Common | H144723/33 |
| 250 | Old Colony Railroad Co. | Common | 56403 |
| 20 | Peoples National Bank, Charlottesville, Virginia |
Capital | 5161,5427,4649 |
| 400 | Second National Bank of Boston | Capital | 602 |
| 70 | Sethlow Corp. | Capital | 29 |
| 100 | Socony Vacuum Oil Co. | Common | NYB406092 |
| 33 | United States Steel Corp. | Common | P16954 |
| 465 | Virginia Electric and Power Co. | Common | CB16/9,CB15 |
| 35 | Dan River Mills, Inc. | 4½% Cum. Pfd. | TP01106 |
and be it further
RESOLVED, that the aforementioned companies and/or corporations, their transfer agent
or agents, their registrar or registrars, their successors or assigns, be and they are hereby authorized to
treat Hamac and Company as the holder in fact and owner of said shares and certificates representing the
same for any and all purposes including but not limited to the payment or issuing of dividends in money or
stock to said Hamac and Company; and be it further.
RESOLVED, that the aforementioned companies and/or corporations, their transfer agent
or agents, their registrar or registrars, and their respective successors and assigns, be and they are hereby
of Virginia.
| Board of Visitors minutes March 31, 1947 | |