University of Virginia Library

At a called meeting of the Board of Visitors, held at
the University on above date,

Present: The Rector, and Visitors Buchanan, Moore, Wallace,
Hunton, and Harmon,

The Board was called to order by the Rector at 3:00 P.M.,
and the following resolutions were adopted:

Resolved: That Dr. William Mann Randolph be chosen Adjunct
Professor of Operative Surgery for the period between
January 1st, and June 14th, 1906, at a salary of Eight Hundred
dollars, ($800.00).

Upon recommendation of the Medical Faculty and General
Faculty, the following was adopted,-

Resolved: That on and after September, 1907, there shall
be required for admission to the Department of Medicine, in
addition to the General Entrance Requirements of the University,
the College Courses in Physics, General Chemistry, and
Biology of this University, or equivalent courses from other
Collegiate institutions which are accepted by the Professors
in charge of these courses, in accordance with the requirements
for advanced standing now existing in the College.

Resolved: That the Faculty of the University be empowered
to shorten the final exercises of the University by one day, if
in their wisdom it would seem wise for the best interests of the
University.

Resolved: That the Bursar be empowered to pay $50.00 on
the salary of Mr. Paul Micou, instructor in Economics.

Resolved: The the Secretary be instructed to ascertain
from the University of North Carolina, on what conditions that

institution has permitted Professors to lease and build residences
on lands belonging to the University; and report same
to next meeting of the Board.

A statement of the Virginia Trust Company, giving a full
account of the matter of the sale of the Virginia Century
bonds sold for the payment of the "Old Mortgage Debt" was this
day laid before the Board, from which said statement it appears
that after applying the proceeds of said Century bonds to the
payment of the old mortgage debt, there will still be due on
account of said debt, a portion of the bonds due to the Library
(Gordon fund) the sum of $2074.38 which bears six per cent interest,
and a balance of $100.00 on the Brown Scholarship bond—
whereupon it is ordered that said statement be entered of record.

It is also entered of record that all of the bonds evidencing
the old debt have been duly cancelled by the Finance Committee,
except to the extent of the balances above specified, and
a bond for $2,500.00 owned by D. W. Owen, Denniston P. O., Virginia,
who, although specially notified to present the same for
payment, and that interest would stop after Oct. 15, 1905, has
failed to present the same for payment.

When the bonds secured by the said deed of trust shall have
been paid in full, the Finance Committee is directed to have prepared
and recorded a proper release deed.

Statement of the Virginia Trust Company follows:-

[See the following two pages for this statement.]

It is ordered that the Finance Committee do sell before
May the first 1906, the three per cent bonds of the State of
Virginia, deposited by the Bursar with the Virginia Trust Co.

[Statement referred to on Page 116.]

     

By accumulated Interest on Sinking Fund Bonds	1,108 12
By sale of $68,800. Virginia Century Bonds @ 96 1/2	66,392 00
By sale of 2,000. Georgia Pacific Bonds @ 124 (net)	2,480 00	69,980 12

To redemption of Bonds, due Oct. 15, 1905, as follows:-

                                                     

S. V. Southall,	8	Bonds of $500.each,	$ 4 000.-	8%	Int.$160.	4,160 00
S. V. Southall, Trustee,	20	Bonds of $500.each,	$10,000.-	8%	Int.$400	10,400 00
John B. Moon,	2	Bonds of $500.each,	1,000.-	8%	Int.$ 40	1,040 00
R.T.W.Duke, Jr. Treas.-	17	Bonds of $500.each,	8,500.-	8%	Int.$340	8,840 00
R.T.W.Duke, Jr. Treas.-	12	Bonds of $500.each,	6,000.-	6%	Int.$180	6,180 00
W. B. Tennant,	3	Bonds of $500.each,	1,500.-	8%	Int.$ 60	1,560 00
National Bank of Orange,	1	Bonds of each	500.-	8%	Int.$ 20	520 00
Lydia G. Watters,	1	Bonds of each	500.-	8%	Int.$ 20	520 00
Norfolk Bank for S. & T.,	5	Bonds of $500.each	2,500.-	8%	Int.$100	2,600 00
Thos. Easley, Trustee,	7	Bonds of $500.each	3,500.-	8%	Int.$140	3,640 00
T. S. Wilson, Trustee,	5	Bonds of $500.each	2,500.-	8%	Int.$100	2,600 00
Rufus Owen,	5	Bonds of $500.each	2,500.-	8%	Int.$100	2,600 00
I. B. Owen,	3	Bonds of $500.each	1,500.-	8%	Int.$ 60	1,560 00
A. A. Owen,	3	Bonds of $500. each,	1,500.-	8%	Int. $ 60	1,560 00
R. L. Owen,	2	Bonds of $500. each,	1,000.-	8%	Int. $ 40	1,040 00
W. L. Owen,	2	Bonds of $500. each,	1,000.-	8%	Int. $ 40	1,040 00
Observatory Fund,	20	Bonds of $500. each,	10,000.-	6 & 8%	Int. $315	10,315 00
Brown Scholarship, a/c	3	Bonds of $500. each,	1,500.-	8%	Int. $ 60	1,460 00
R.M.C.Glenn, Trustee,	5	Bonds of $500. each,	2,500 -	8%	Int. $100	2,600 00
Library Endowment, Interest,						150 00
Bill for services, Sale & Redemption of Bonds, as above,						69 50	64,454 50
						64,454 50
		Balance, Dec. 2, 1905-					5,525 62
To be applied to D. W. Owen's 5 Bonds & Interest,						2,600 00
credit on Library, Bonds, $5000.						2,925 62	5,525 62
Leaving balance of Old Debt unpaid, Library						2,074 38
Leaving balance of Old Debt unpaid, Brown Scholarship						100 00	2,174 38

of Richmond, held as a sinking fund for the new debt of the
University of Virginia, of Two Hundred Thousand Dollars, which
said debt was created pursuant to an act of the General Assembly
approved on the 23 day of January 1896; and with the proceeds
of said sinking fund bonds pay off, to the extent of
said proceeds, the five per cent bonds issued under said Act of
the General Assembly; selecting the bonds to be so paid by lot,
and giving notice of such payment as required in the body of
said bonds, by advertisement for four successive weeks in one
of the newspapers printed in the City of Charlottesville, and
for thirty days a newspaper printed in the City of Richmond.

And it is further ordered that the Finance Committee be
authorized to consider and formulate a definite scheme, if
practicable, to issue a sufficient amount of four per cent
bonds; the proceeds of which shall be devoted to the payment
of the remaining four per cent bonds issued pursuant to said
Act of Assembly approved in the 23rd day of January 1896; and
to obtain the necessary legislation therefor.

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