University of Virginia Library

A called meeting of the Board of Visitors was held at
the University on the above date.

Present: The Rector, and Visitors Moore, Harmon, Hunton,
Buchanan, Wallace, Downing, Glass, and White.

The Board was called to order by the Rector at 10:30
a.m.

The report of A. W. Wallace, Chairman of the Finance Committee,
was read, and the following resolution adopted;-

Resolved: That the report of A. W. Wallace, chairman of
the Finance Committee, in regard to the Austin Trust Fund,
be accepted and spread on the record; and the Finance Committee
are directed to communicate with the Trustees of the Fund,
and the counsel for the Board of Visitors in Boston, with a
view to the sale of the unsold part of the real estate belonging
to the trust Estate, in case a satisfactory price can be
secured for the same, with directions to report to the next
meeting of the Board.

Report of the Finance Committee of the Board of Visitors
of the University, or rather of the Chairman, A. W.
Wallace, on the status and condition of the Austin Trust
fund, in the hands of William Endicott, Jr., and Bentley W.
Warren, Trustees, of Boston, Massachusetts.

The undersigned Chairman of the Finance Committee of
the Board of Visitors of the University of Virginia respectfully
reports to the Board that at the request of the Rector
of the University, he visited Boston, Massachusetts, on the
9th, 10th, and 11th days of October 1904, to investigate and
report the condition and status of the trust estate under the
will of Arthur W. Austin, dec'd, and the assignment of Mary
A. Carroll to the University of Virginia dated July 15th,
1901.

The undersigned respectfully returns, as a part of this
report, a list of the real estate held for the benefit of the
University, under said Trust marked "A", and that the character
and location of the several pieces of property is not desirable
or liable in the near future to increase in value, said real
estate not being an investment of the Trustees, but owned by
the estate of Arthur W. Austin under the original trust and
the net income from which for the year ending on the thirty-first
day of March 1904, was only $1025.46, the assessed value
of this estate being $26,420.

The undersigned respectfully reports further that on the
11th day of October 1904, the mortgages listed in Exhibit "B",
as part of this report, evidenced by bond and mortgages were

held by the Trustees amounting in the aggregate, as carried
by the Trustees, to the face value of $48,200. Some of these
mortgages are more than twenty years old; but the undersigned
was informed by the Trustees that the interest was paid up to
date, which prevented any bar of the Statute of Limitations
under the law of Massachusetts. The properties, on which all
these mortgages are held, are insured and policies duly assigned
for the benefit of the Trustees, and while the mortgages are
apparently secure, still they are not on the most desirable
properties, being on what is known as "out-lying" dwellings on
the suburbs of Boston.

The undersigned respectfully returns as part of his report
Exhibit "C", herewith filed, showing the assessed values
of each piece of real estate held by the Trustees and each
piece on which mortgages are held; by which it will appear
that the assessments are more than the mortgages, the undersigned
reporting however that the assessments are full up to
the market value of the properties.

The undersigned also returns on Exhibit "B" a list of
all the stocks held by the Trustees carried at the cost value
by the Trustees of $302,672.27, on the margin of said exhibit
in lead pencil is marked the market value of each stock.

The undersigned reports that by the laws of Massachusetts
a Trustee is not required to give bond with security unless
required by the "Cestuy-que trust" and that if the University
were to require a bond with security of Mr. Endicott he would
probably surrender the trust, which in the judgment of the
undersigned would be very unfortunate. Mr. Endicott is a member

of the firm of Kidder, Peabody & Co., of Boston and is
reported to be very wealthy, and in addition his father is
estimated to be worth from three to four millions of dollars.
The mass of this trust fund is in "Stocks" and his thorough
familiarity with the stock market is a great assistance in
the safe investment of the fund. By the decisions in Massachusetts,
Trustees are allowed to invest in safe interest
bearing stocks in which a prudent man would invest his own
money. See C. J. Field in Dickinson's Appeal 152nd Massachusetts
184 and Brown vs. French 125th Massachusetts 410.
Mr. Endicott has a reputation for the highest integrity.

Mr. Bentley W. Warren, the other Trustee, is a lawyer
of reputation and standing in Boston, of the firm of Warren
and Garfield, No. 60 State Street, Boston, Mr. Garfield being
a son of the late President Garfield. Mr. Warren attends to
the settlement of the accounts of the estate which is done annually
in the Probate Court of Boston after notice to all parties
in interest. The mortgages are in the name of both Trustees
and are kept by Mr. Warren. The stocks are kept in the
Boston Safe Deposit Co. and were exhibited to the undersigned
by Mr. Endicott. Mr. Warren has given bond in the penalty of
$50,000 with the Fidelity and Safe Deposit Company of Maryland,
as his security.

The undersigned reports that in his judgment all of the
stock investments are in first class "Stocks" except the Ogdensburg
and Lake Champlain R. R. Co. for $250 which is worthless;
for which investment the Trustees are in no way responsible as

it came from the original Austin estate at the decease of the
testator.

In conclusion the undersigned reports that the Trustees
desired him to state to the Board that, at any time, they
would be glad to have any suggestions as to the management
of the estate which the Board might be pleased to make; and
that he was much indebted for assistance to the firm of Messrs.
Loring, Cooledge & Logan, who had been counsel for the
University, in legal proceedings in Massachusetts, in connection
with this trust fund.

All of which is respectfully reported,

In response to your letter of the 10th inst. I am anthorized
by Mr. John D. Rockefeller to say that he will take
pleasure in contributing one hundred thousand dollars toward
the completion of the million dollar fund. Mr. Rockefeller
would be gratified if it should conform to the policy of the
Board of Visitors to make this $100,000 a memorial to his
friend the late Hon. J. L. M. Curry. Perhaps it may be possible
for you to found with this fund a school of Education
to be called the Curry Memorial School of Education of the
University of Virginia, in commemoration of Dr. Curry's great
and distinguished services to popular education in the South.