 | Board of Visitors minutes March 27, 1943 |  |
REPORT OF THE CHAIRMAN OF THE FINANCE COMMITTEE IN RE: INVESTMENTS, ETC.
The Rector stated to the Board that, acting in his capacity as Chairman of the Finance
Richmond, Va., with a view to compiling a list of securities to be purchased for the endowment
funds of the University to take up the uninvested cash now in the several depositories, to
be presented to this meeting of the Board for its consideration. The conference, however,
developed the fact that the question was more than making up a mere list of suggested
securities; that there was the further question of giving study to the present investments
and the continuing study of the securities under the control of the Rector and Visitors.
He further stated that he had discussed with Mr. Scott the possibility of having
his firm act in the capacity of investment counsel for the University as to such funds as
as may be under the control of the Board, and had suggested that he attend this meeting
and give his views of the matter.
Mr. Scott was then invited to appear, whereupon a general discussion of the matter
was had. He stated that it would be agreeable for his firm to have one of their employees
devote a part of his time to the University's account; to advise upon the sale and purchase
of its securities; that the compensation for this service would be $100,00 per month, as
had been mentioned by the Rector.
The matter was disposed of in the following motion, adopted:
WHEREAS, Scott and Stringfellow, Investment Bankers, of Richmond, Virginia, have
investigated and advised The Board of Visitors of the University of Virginia,
and/or its Finance Committee, in the purchase and sale of many securities, without
receiving compensation therefor, other than the customary commission on sales; and
WHEREAS, it is deemed proper and fair that a small monthly sum be paid to Scott
and Stringfellow as a contribution toward the clerical expense involved in advising
upon the purchase and sale of securities owned by the University of Virginia.
BE IT RESOLVED: That the sum of One Hundred Dollars ($100.00) per month be
paid to Scott and Stringfellow, for a period of one (1) year from the 1st day
of April, 1943, unless either party to this agreement should give to the other,
in writing, at least thirty (30) days' notice of a desire to cancel this
agreement.
The question of investing the present cash in the endowment funds was disposed of
in the following motion, adopted:
RESOLVED, That the cash held in the several depositories of the University, awaiting
investing, be invested by the Chairman of the Finance Committee in such
securities as may meet the requirements of the University's former action as to
legal investments, including Governments, as he may determine.
RESOLVED, FURTHER, that he be authorized to sell, in his discretion, the 870
shares of Commercial Investment Trust common stock now held in the Consolidated
Investments.
| Board of Visitors minutes March 27, 1943 | |