University of Virginia Library

At a called meeting of the Board of Visitors held at the
University on July 20th, 1905,

Present. The Rector, and Visitors, Moore, Hunton, Buchanan,
and Harmon.

The Board having been called to order by the Rector, the
following resolutions were adopted:

Resolved:- That the communication from the City Council
of Charlottesville in reference to the water supply of the
City and the University, be referred to a Committee conisting
of Mr. Harmon and Professor Echols, to consider all of the
matters to which it relates and report what is best to be done.
The Committee is authorized in its discretion to employ the
services of a competent engineer to assist in any investigation
that may become necessary.

Resolved:- That the investment of about $80,000.00 of
the Rockefeller donation made by the Finance Committee through
Messrs. Spencer Trask & Co., and shown in the memorandum marked
"A", which is directed to be recorded with this resolution be
approved.- That the Committee is authorized to invest the residue
of that donation in the manner suggested in the correspondence
with Messrs. Spencer Trask & Co., submitted by the Committee,

or in such other manner as the Committee may think
best; and that the Committee is requested to do from time to
time, whatever it may deem necessary or prudent in the way of
registering any of the bonds representing the investment, and
for the protection of the interests of the University touching
the investment or any part of it.

[See the following page for Memorandum "A" referred to above,
it is recorded here in the original Minutes.]

Letter from Chairman of the Finance Committee,

[Memorandum "A", referred to on Page 94.]

                           

"A." Quantity.	Name of Bond.	Date of coupon payments	Rate of Interest	Price	Cost without accrued Interest.	Amount Interest accrued	Annual Income	Rate of yield on cost.
$ 5,000	United Rys. of St. Louis,	[1] J. & J.	4 %	88	$ 4,400		200	4.80
10,000	Detroit Edison Co.	[2] J. & J.	5 %	103	10,300		500	4.80
10,000	Mexican Coal & Coke Co.	M. & S.	5 %	98	9,800	166.67	500	5.15
5,000	Somerset Coal Co.	F. & A.	5 %	97 1/2	4,875	104.17	250	5.18
10,000	Central Leather Co.	J. & J.	5 %	99 5/8	9,962.50		500	5.00
10,000	United States Steel,	M. & S.	5 %	93 7/8	9,387.50	83.33	500	5.40
5,000	Southern R. R. Collateral,	A. & O.	5 %	102	5,100	62.50	250	4.40
5,000	Rio Grande Western R. R.	A. & O.	4 %	92	4,600	50.	200	4.50
5,000	Georgia Ry. & Elec. Co. (Atlanta)	J. & J.	5 %	104 1/2	5,225		250	4.70
5,000	Kings Co. Electric (Brooklyn)	A. & O.	6 %	125	6,250	75.	300	4.75
5,000	American Tobacco Co.	A. & O.	6 %	113 5/8	5,681.25	75.	300	6.25
5,000	Japanese 4 1/2 % Bonds.	F. 15. & A.15.	4 1/2 %	90	4,500	82.18	219.15	5.15[3]
					$80,081.25	698.85	3,969.15

P. S. I have examined all the securities with the Virginia
Trust Company and find the list sent me by the Proctor all
correct.

Copy of letter from Charles J. Peabody.

Spencer Trask & Co.

Bankers.

William Street,
Corner of Pine Street,
New York

Resolved:- That the appointment of a Professor of Gynecology,
Obstetrics, Surgical Diseases, and Abdominal Surgery,
be postponed until the next meeting of this Board.

It appearing that notice has been given as required by
Statute, that the Board will at this time proceed to elect a
Professor of Secondary Education of the Curry School, now
therefore, Dr. Bruce R. Payne having received the votes of
all the members of the Board, is declared elected to the Chair
of Secondary Education of the Curry School at a salary of
$2,500. per annum, and travelling expenses, not to exceed
$500. to enter upon the duties of his Professorship September
15th, 1905.

It appearing that notice has been given as required by
statute, that the Board will at this time proceed to elect a

Professor of Anatomy and Surgery, now,—Therefore, Dr. Richard
H. Whitehead having received the votes of all the members of
the Board, is declared elected to the Chair of Anatomy and Surgery
at a salary of $3,300 per annum, to enter upon the duties
of his Professorship September 15th, 1905.

Resolved:- That Professor Richard H. Whitehead be and he
is hereby appointed Dean of the Medical Faculty, at a slary of
$250. per annum, beginning with September 15th, 1905.

It appearing that the advertisement required by statute
has been made for the appointment of a Professor of Philosophy
in the Curry School of Education,

Resolved:- That Dr. Albert LeFevre be appointed to the
Professorship at a salary of $2,500. per annum, beginning September
15-1905.

In the enlarged School or Department of Philosophy, all
instruction in Logic and Psychology is hereby assigned to Professor
LeFevre, and all instruction in Ethics and Philosophy
is assigned to Professor Noah K. Davis; except that advanced
instruction in the Philosophy required in the Post-Graduate
Course for the Degree of Doctor of Philosophy, is assigned to
Professor of Logic and Psychology.

Resolved:- That a rebate of $40.00 be allowed Mr. Randolph
P. Rogers on his fees of last session.

The Bursar is authorized to continue paying Prof. Minor's
residence commutation at the rate of payment heretofore made,
until the house vacated by Col. Carter is ready for occupancy.

Whereas, it appears that the Director of the "Virginia
Summer School of Methods" had made contracts for Instructors

based upon the usual appropriation of $1,500. therefore, be it
Resolved:- That this Board deems it but fair and just that this
sum be allowed for the present Session, and that the reduction
to $1,200 take effect with the Session of 1906.

Resolved:- That the Committee on Self-Help be authorized
to make any change which it may consider proper and judicious
in the personel of the parties who were given possession of
the Carr's Hill Mess Hall, by resolution passed at the last
meeting of this Board.

On motion the Board adjourned, subject to the call of the
Rector.