University of Virginia Library

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:

PREFERRED STOCKS

                           

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

COMMON STOCKS

                                   

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%

BONDS

                           

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:

PREFERRED STOCKS

               

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%

COMMON STOCKS

                 

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%

BONDS

           

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

absolved from any and all responsibility in following the said shares as being the property of University
of Virginia.