 | Board of Visitors minutes November 5, 1908 |  |
November 5th, 1908.
At a called meeting of the Board of Visitors of the University
of Virginia, at 2.00 o'clock P. M., on above date in
the President's Office, East Lawn,
Present Rector Gordon, Visitors Irvine, Drewry, Shackelford,
Norton, Flood, Craddock, White, Harmon, and President
Alderman,
The Board was called to order by the Rector and the following
adopted,-
Resolved: That Mr. Charles H. H. Thomas be appointed
Assistant in the Bursar's Office, at a salary of $600.00 per
annum. Of this total sum, $200.00 must come from the Dining
Hall Fund; $200.00 from the Summer School Funds, and $200.00
from general funds. It is understood that the salary of the
other assistant in the Bursar's Office is reduced from $300.00
to $150.00 per annum, and that said Assistant shall give bond
in the penalty of $10,000. in some good bonding company; the
expense of said bond to be paid by the University.
Resolved: That Mr. C. W. Paul be elected Adjunct Professor
of Public Speaking and Expression for the session of
1908-9, at a salary of $900.00 per annum.
Resolved: That the Chair of Diseases of Eye and Ear be
divided into separate chairs
That Dr. H. S. Hedges be elected Professor of
Diseases of the Eye for the session of 1908-'9, at a salary
of $250.00 per annum, and
That Dr. R. F. Compton be elected Professor
of Diseases of the Ear, Throat and Nose, for the session of
1908-'9, at a salary of $250.00 per annum.
The Rector and Visitors of the University of Virginia,
acknowledge with profound gratitude, the receipt of check of
J. W. Adkins, Administrator of A. M. Adkins deceased, for
$100.00, covering bequest under the will of A. M. Adkins;
said sum to be added to the general endowment funds of the
University.
Resolved: That Warren H. Manning of Boston, be appointed
consulting landscape architect for the University of Virginia
for a period of four years at a retainer of $250.00 per annum.
Resolved: That the location of the Law Building be
changed to the site in front of Dawson's Row, opposite the
Mechanical Laboratory, in general conformity with the plans
of Mr. Warren H. Manning.
Resolved: That John K. Peebles be accepted by the Board
as the architect for the new law building; and that he be
asked to submit altered plans to fit the new site.
The President submitted the Report of the Faculty Committee
on Bachelor of Science Degree, which was adopted, as follows:-
The Committee on the B. S. Degree question recommends
I. That no new Department be established at this time,
but that the degree of Bachelor of Science be established in
the College.
II. That the requirements for B. S. be the same as those
for B. A., except that neither of the two languages required
in Group I shall be ancient languages, and that four electives-at-large
shall be required instead of three.
III. That the degree of Master of Science be established
in the Department of Graduate Studies.
IV. That the requirements for M. S. be the same as those
for M. A., except that the M. S. degree shall be based upon
the B. S. instead of upon the B. A.
V. That the Ph. D. degree shall in future be based upon
either the B. A. or the B. S.
The President having presented the letter of Mr. Lile
in behalf of the Kappa Sigma Fraternity, the following was
adopted -
Resolved: That the Kappa Sigma Fraternity be requested
to comply fully with the resolution of the Board of December
2nd. 1907, and that the Committee with authority upon the subject
of fraternity houses report fully to the Board upon the
application of this fraternity, when the said resolution has
been complied with.
The President having submitted to the Visitors the request
of the authorities of the City of Charlottesville that
the Visitors will contribute to the support of the Fire Department
of that City, and the subject having been considered
by the Visitors, on motion, it was
Resolved: That the Visitors regret they do not see
their way clear to granting the request of the city author-
ities.
Resolved: That the application of Prof. Garnett for a
position in the University Faculty, with a view to qualifying
himself for the Carnegie Foundation, be referred to Dr.
Pritchett, President of the Carnegie Foundation, with a full
statement of the circumstances surrounding said application.
Resolved: That John B. Moon, the Counsel for the Board,
be directed to report to the Board what steps are necessary
to make sale of the unproductive real estate of the Estate of
Edward W. James
Resolved: That the action of the Finance Committee, in
purchasing $20,000.00 five per cent. Albemarle County bonds,
at par and interest, of issue in pursuance of act of General
Assembly of Virginia approved February 20, 1908, and resolution
of Board of Supervisors adopted May 20, 1908, the formal
and legal character of which have been approved by the Attorney
for the Board, be and is hereby ratified and approved.
Resolved further, That the Finance Committee be authorized
to sell a sufficient amount of the securities of the University
of Virginia now held by the Virginia Trust Company,
to pay off obligation given for the purchase of said bonds,
these bonds having been deposited with the Virginia Trust Company
to be kept and accounted for along with the other securities
now held by it for the University.
Resolved, That the Finance Committee of the University of
Virginia be and is hereby authorized to sell such of the securities
Trust Company, Richmond, Virginia, as in its judgment may
be desirable, not, however, in excess of $200,000.00, and
to re-invest the same in real estate loans under the following
terms and conditions
(a) No loans to be made at less than five per cent.,
with the understanding, however, that six per cent. is to be
the rate of such loans, except under extraordinary circumstances,
where the loan is peculiarly desirable.
(b) Loans are not to be made in excess of sixty per cent.
of the conservative market value of real estate within cities
or towns of ten thousand and over, and not in excess of fifty
per cent. of the market value of real estate on which said
loan is made in towns or cities under ten thousand or farm
real estate
(c) No loans shall be made except by and with the consent
of all three members of the Finance Committee, provided,
however, that should one of the members be absent, or for
other cause could not be reached for consultation, such loans
may be made by the other two members of the Finance Committee.
(d) For all such loans coupon bonds, with interest payable
semi-annually, must be taken, said bonds to be secured
by deed of trust, which shall be the first lien upon the
property. In all cases the title shall be examined by a competent
lawyer, selected by the Finance Committee, and all
papers and instruments pertaining to the transaction submitted
to the attorney of the Board, for his approval.
(e) Where loans are made upon improved real estate the
borrower must insure the improvements for such an amount as
University, as its interest may appear, and deposit policies
along with the bond and deed of trust.
(f) That bonds, deed of trust, insurance policies, &c,
shall be deposited with the Virginia Trust Company for safe
keeping and for the collection of interest and accounting to
the University for same, semi-annually, as is done on all
other securities.
Resolved: That such expenses as may be incurred in carrying
out the terms and purposes of this resolution shall be
paid by the Bursar, out of the current funds of the University,
upon the presentation of proper vouchers by the Finance
Committee.
Mr. J. W. Craddock, Chairman of the Finance Committee,
submitted the following, which was adopted, and ordered to
be placed on record
Finance Committee's Report and Statement of the special
temporary Bond loan, as authorized by the Board of Visitors,
December 2, 1907.
Under this authority, there was loaned to the National
Exchange Bank of Lynchburg, Virginia, on January 1st, $40,000.00
Roanoke City Bonds, which were returned to the Virginia
Trust Co. on May 1st, and also $42,100.00 Virginia
Century Bonds, returned July 17th, for which the Bank has
made payments to the Bursar for Interest, as per agreement
as follows
| On $40,000. Roanoke City Bonds, | $228,34 | |
| On $42,100. Virginia Century Bonds, | $366.57 | $594.91 |
| Paid to Virginia Trust Company for services in connection with transfer and delivery of the Bonds, |
$100.00 | |
| Leaving a balance of net gain by the transaction, | $494.91 |
Respectfully
(signed) J. W. Craddock, Chairman.
Resolved That the President's Report to the Rector,
be adopted by the Board, and ordered to be transmitted to
the proper authority at Richmond.
The petition of the literary societies was received, and
action deferred until the next meeting of the Board.
On motion the Board adjourned.
Secretary.
Rector.
| Board of Visitors minutes November 5, 1908 | |