 | Board of Visitors minutes June 11, 1912 |  |
June 11th, 1912.
At the regular annual meeting of the Board of Visitors
on above date, at 8:30 P.M.,
Present: The Rector, Visitors White, Craddock,
Oliver, Irvine, Randolph, Superintendent Eggleston, and
President Alderman.
The Rector having called the Board to order, Dr. W. N.
Randolph presented his certificate of qualification, and
took his seat as a member of this Board.
The President presented the following, which was
adopted:
At a meeting of the Board of Visitors of the University
of Virginia duly called and held at the University of Virginia
on June 11th, nineteen hundred and twelve, at which the
Rector and a quorum were present, the following preamble
and resolution were unanimously adopted.
Whereas, The Trustees of the Peabody Education Fund
has voted to grant to the Rector and Visitors of the
University of Virginia the sum of forty thousand dollars
to be applied to and used for the erection of a building
for the School of Education in this University, to be called
the George Peabody Building, and for no other purpose, on
condition that this Board agree to contribute for the perpetual
maintenance of such School of Education at least ten thousand
Peabody Education Fund is ready to pay the said sum of
forty thousand dollars to the Rector and Visitors of the
University of Virginia to be used for the purposes aforesaid
and upon the condition aforesaid, Now, Therefore,
Resolved, that the said grant of forty thousand dollars
be and the same is hereby accepted by the Rector and Visitors
of the University of Virginia and that the said sum be applied
to and used for the erection of a building for the School
of Education in this University, to be called the George
Peabody Building, and for no other purpose, that the
Rector and Visitors of the University of Virginia and the
said Board of Visitors of said University agree to and will
contribute for the perpetual maintenance of such School
of Education at least the sum of ten thousand dollars annually
hereafter; that the Rector be and he hereby is authorized
and directed to sign and execute in the name and on behalf
of the corporation of the Rector and Visitors of the University
of Virginia, and affix its corporate seal to a receipt for
said sum of forty thousand dollars to be applied and used as
aforesaid and an agreement to so apply and use the same and
to so contribute annually hereafter for the perpetual maintenance
of such school of Education and to prove the execution
of such receipt and agreement and deliver the same, on receipt
of said sum of forty thousand dollars.
In connection with the foregoing, the Rector was
authorized to execute a receipt as follows:
Received this day of
1912, from the Trustees of the Peabody Education Fund
the sum of forty thousand dollars ($40,000), in consideration
of which The Rector and Visitors of the University of
Virginia agree with the said Trustees, its successors and
assigns that the said The Rector and Visitors of the
University of Virginia will apply the said sum of forty
thousand dollars ($40,000) to and use the same for the
erection of a building for the School of Education in
said University of Virginia—to be called the George Peabody
Building—and for no other purpose, and will hereafter
appropriate and contribute each year in perpetuity for
the maintenance of said School in said University at least
the sum of ten thousand dollars ($10,000)
In Witness Whereof the said The Rector and Visitors
of the University of Virginia has caused its corporate
seal to be hereunto affixed and these presents to be
signed and executed by its Rector thereunto duly authorized
the day and the year first above written.
The Rector and Visitors of the University of Virginia,
By Armistead C. Gordon, Rector
The President presented the following, which was unanimously
adopted,—
Resolved: That the Rector and Visitors of the
University of Virginia in consideration of the distinguished
service rendered by Daniel Harmon as a member of the Board
of Visitors do establish in the Department of Law a scholarship
to be entitled the "Harmon Scholarship." This scholarship
shall carry exemption from all tuition and University fees
and shall be eligible to a young Virginian of ability,
character, and need.
Resolved: That the selection of the site for the George
Peabody Educational Building be left to a committee composed
of the following: viz.-The President, the Superintendent of
Buildings and Grounds, Chairman of the Executive Committee,
Professors Newcomb and Maphis, with power to act, conditioned
upon such selection being approved by Mr. Manning the consult-
ing landscape architect of the University.
On motion, the Board confirmed the action of the Executive
Committee in approving the following resolutions of the
Academic Faculty, at a meeting held on May 11, 1912.
"Resolved: That the Academic Faculty recommend to the
President and Visitors that C. W. Wagenerbe permitted to count
the course in Electrical Engineering which he has completed, as
an elective at large for the Baccalaureate Degree. This
recommendation is also endorsed by the Engineering Faculty.
"Resolved: That the Academic Faculty recommend to the
President and Visitors of the University that W. P. Foster be
of the regular first year law course, a course embracing
the following subjects; Contracts, Brief Making, Equity,
Criminal Law, Evidence, Insurance, Negotiable Instruments,
Torts, Carriers, and Bailments, Corporations, Agency, Public
Corporations, Legal Ethics, and International Law.
"This course is somewhat more extensive and difficult
than the regular course. Mr. Foster desires to make this
substitution in order that he may receive credit for a full
years' work in law when he completes his law studies at the
Louisiana State University. The application has the
endorsement of the Dean of the Law School."
Mr. Craddock, Chairman of the Finance Committee, having
read a letter from Messrs. Kirkpatrick and Howard, concerning
the Stearnes loan, it is hereby
Resolved: That said letter be made a part of the minutes
of this meeting, and that the Finance Committee is authorized
to arrange the said loan as recommended in said letter if they
shall approve the same.
The letter follows:
Chairman Finance Committee,
University of Virginia,
Lynchburg, Va.
The University of Virginia now holds a balance of
in the following manner:
$2500.00 on December 3d of each of the following
years, 1912, 1913, 1914, 1915, and 1916, and $30,000.00
in 1918. Mr. Stearnes desires to somewhat change this
serial method of maturity, and to negotiate a loan of
$50,000.00 that will mature June 3, 1920.
The security offered for this loan is valued by
Mr. Stearnes as follows:
| Cash surrender value of four life insurance policies |
$18,670 00 |
| His farm of over 1500 acres. | 120,000 00 |
| His town property in Pulaski | 30,000 00 |
| 168,670 00 |
The life insurance is steadily increasing each year.
As we recall it, it was approximately $12,000.00 when the
loan was made three years ago. If the $18,000.00 be deducted
from the total amount of the loan, there would be
a balance of $32,000.00, which would be only $21.33 per
acre upon 1500 acres of his farm land. This does not take
into consideration his town property at all.
Mr. Stearnes values his farm at $80.00 per acre.
Judging by a sale which we recently made of a piece of adjourning
farm lands, and which was by no means as valuable as
Mr. Stearnes', we should say that $60.00 per acre is less than
a very conservative value upon his farm.
We believe that after crediting this loan by the cash
surrender value of the policies that there is certainly
not as little as $3.00 of security values for every dollar
lent, and as all the policies, except one, will have
matured at the time that the proposed loan matures, the
value from this source alone will go far towards retiring
the amount of the proposed loan.
If the University has not $7,500.00 additional money
to put into this new loan, we will cash, at par an accrued
interest, by-an endorsement without recourse on the part
of the University, $7,500.00 of the Samuel L. Matz loan
which the University negotiated through this office.
The advantage to the University in merging the Matz and
the present Stearnes' loans into the proposed loan we believe
is material. They would have a solid long time loan,
upon security which, as far as the life insurance is concerned,
would surely increase in value, and they would not be forced
to take care of the five bonds of $2500.00 each that will be
maturing during the next five years. The original loan
on this property was $50,000.00, since which time both the
life insurance and the farm have materially increased
in value, the farm being cared for in a most prudent manner
and is regarded as one of the finest estates in Southwest
Virginia.
As you have trusted us largely in the matter of all the
that the proposed loan has our unqualified approval.
If this plan meets the approval of the Board of
Visitors, we would be glad to be so informed.
The President presented the following correspondence
which was ordered placed on record,-
For the Advancement of Teaching
576 Fifth Avenue
New York, May 10, 1912.
I have the honor to inform you
that in accordance with your recommendation and in conformity
with the rules of the Carnegie Foundation, retiring allowances
have been voted to the following officers in the University
of Virginia, to be paid in the ordinary way through the
University.
| Milton Wylie Humphreys, | $2050.00 |
| Isaac Kimber Moran, | 1460.00 |
| Ormond Stone, | 2050.00 |
The allowances of Professors Humphreys and Stone become
Moran on October 1, 1912.
University of Virginia,
Secretary, Carnegie Foundation,
576 Fifth Avenue, New York.
I have great pleasure in acknowledging
receipt of your communication of May 10, 1912, informing
me that in conformity with the rules of the Carnegie
Foundation, retiring allowances had been voted to the
following officers in the University of Virginia to be
paid in the ordinary way through the University: Milton
Wylie Humphreys, $2050.00, Isaac Kimber Moran, $1460.00,
Ormond Stone, $2050.00. I have notified these gentlemen
of the action of the Foundation and beg to express to
you for them their very great obligations. When their
resignations are received by the Rector and Visitors, I
shall give you due notice.
May 11, 1912.
University of Virginia.
I am in receipt of a communication
from the Secretary of the Carnegie Foundation for
the Advancement of Teaching, which contains this statement,
"I have the honor to inform you that, in accordance
with your recommendation and in conformity with the rules
of the Carnegie Foundation, a retiring allowance has been
voted to Milton Wylie Humphreys, to be paid in the ordinary
way through the University. This retiring allowance amounts
to $2050.00. The allowance of Prof. Humphreys will become
effective on September 15, 1912."
I have pleasure in repeating this communication to
you, though it is mingled with profound regret that your
long and distinguished service to this University is soon
to end. You have won the regard and esteem of all connected
with the Institution's life, and you will carry into your
retirement the affection and good wishes of your colleagues
and your students.
I would suggest that your resignation be sent in to
me at any moment that may seem to you best. The next
meeting of the Board which will consider the matter officiall
May 15th, 1912.
President of the University of Virginia.
To you as President, and through you
to the Rector and Visitors I hereby tender my resignation
as Professor of Greek in the University of Virginia, to take
effect September fifteenth, 1912.
For nearly half a century I have been
teaching the ancient languages. Twenty-five of those years
I have spent at this Institution, working to the best of my
smallability; and now my advancing age and its attendant
infirmities convince me that my work can be done more efficiently
by a younger man.
In severing my connection with this
University, I wish to thank you, Mr. President, and through
you the Rector and Visitors, the Faculty, and all with whom
I have been so pleasantly associated, for the kind and
friendly consideration that I have received during my connection
the deepest regret.
Professor of Greek.
May 11, 1912.
University of Virginia.
I am in receipt of a communication
from the Secretary of the Carnegie Foundation for the Advancement
of Teaching which contains this statement, "I have the
honor to inform you that, in accordance with your recommendation
and in conformity with the rules of the Carnegie Foundation,
a retiring allowance has been voted to Ormond Stone,
to be paid in the ordinary way through the University. This
retiring allowance amounts to $2050.00. The allowance of
Professor Stone will become effective on September 15,
1912."
I have pleasure in repeating this
communication to you, though it is mingled with profound
regret that your long and distinguished service to this
University is soon to end. You have won the regard and
you will carry into your retirement the affection and good
wishes of your colleagues and students.
I would suggest that your resignation be sent in to
me at any moment that may seem to you best. The next meeting
of the Board which will consider the matter officially will
be held about June 11.
University of Virginia, U.S.A.
President E. A. Alderman,
University of Virginia,
Having been granted, in accordance
with your recent letter, at my request, a retiring allowance
by the Carnegie Foundation, I beg that you will kindly
transmit to the Rector and Visitors my resignation as Professor
of Astronomy, to take effect September 15th, next. In doing
so I desire to express to you and the Faculty, as well as to
the Rector and Visitors my sincere thanks for the many
courtesies I have received during the thirty happy years
I have spent at this University. May I also express the pleasure
I have enjoyed in watching the growing spirit of progress
which during these years has gradually infused
eventful years in which you have been its leader. I wish
also to express my pleasure in noting the growing realization
of the duty of the University constantly to readjust itself
in order that it may with ever increasing efficiency contribute
to the higher life of the people. In the firm
belief that this spirit and this realization will continue
to grow with the passing years, I lay down my work here with
pride that I have been privileged for so long a time to be
connected with an institution possessed of such splendid
traditions, and (what is more important) inspired by such
noble ambition to serve. With sincere personal esteem,
Bursar, University of Virginia.
I have the honor to inform you that the
Carnegie Foundation for the Advancement of Teaching has this
day notified me that a retiring allowance has been voted to
Isaac Kimber Moran to be paid in the ordinary way through
the University. This retiring allowance will become effective
on October 1, 1912. The amount accorded to you is $1460.00.
I have pleasure in repeating this communication
to you, though it is mingled with profound regret that your
long and distinguished service to this University is soon
to end. You have won the regard and esteem of all connected
with the Institution's life, and you will carry into your
retirement the affection and good wishes of your colleagues.
I would suggest that your resignation be sent in to
me at any moment that may seem to you best. The next meeting
of the Board which will consider the matter officially
will be held about June 11.
President.
University of Virginia.
It has been known to you for some months
past that I have had in contemplation the relinquishment
of the offices with which the University has so long honored
me.
On account of advancing years, and a
growing conviction that the rather exacting duties of my
the time has now arrived when I should take this action,
and therefore offer to you, to be by you transmitted
to the Board of Visitors, my formal resignation as Bursar
of the University, and also as Secretary to the Board of
Visitors.
This step is taken, not without regret, that a relationship
which has brought, even with its burdens, much of joy,
should of necessity be severed.
Permit me to express to you my deep appreciation
of the uniform courtesy and forebearance, I have always
received at your hands, and likewise from each member of
the governing Board, Administrative Officers and teaching
staff of the University. And further, let me assure you of
my sincere gratitude for your very effective personal
interest on my behalf, that has made possible my retirement
under the present gratifying conditions.
With warm personal regards, and my very best wishes
for the ever-increasing prosperity and usefulness of the
University, I am,
of the University of Virginia.
I hereby tender to you my resignation as Bursar
of the University of Virginia, and also as Secretary to
the Board of Visitors, to take effect on October 1st, 1912.
In view of the foregoing correspondence it was-
Resolved: That the resignations of Prof. Humphreys,
Prof. Stone, and Mr. Moran be accepted, and the thanks of
this Board be extended to each for his long and efficient
service to this University.
The following peition was presented by the President;
and on motion, the request was granted,-
University of Virginia.
I respectfully request that I be permitted to occupy
my present residence on University grounds, for the year from
October 1st, 1912 to October 1st, 1913, at the same rental
I am now paying; viz. $200.00 per annum.
Resolved: That Mr. E. I. Carruthers be and he is hereby
elected Bursar of the University of Virginia at a
salary of $2,200.00, per annum, to enter upon the duties
of his office, October first, 1912. This amount,
($2,200.00) is to cover all items; and is understood to
include salary as secretary of this Board, salary as
Bursar of the Summer School, and $200.00 commutation of
rental of residence. Resolved, further, that Mr.
Carruthers be required to give the usual bond in the sum
of $25,000.00. with some reliable bonding company.
Resolved: That the Bursar be authorized and directed
to have the books of his office audited for the year
ending July 1st, 1912, by a competent accountant, and a
report submitted to the President and the Rector and
Visitors, and the same to be made a part of the next
annual report.
Resolved: That the complaint of Mr. J. W. Hopewell
with regard to the treatment of his wife at the University
Hospital, having been submitted for report to Dr. Watts,
and Mr. Hopewell having been offered an opportunity of appearing
before the Board, and having failed to take advantage
of the same, and Dr. Watts having reported that there is
nothing in this case to warrant the interference of the
Board, the complaint of Mr. Hopewell is dismissed.
Resolved: That the secretary be directed to send
a copy of this resolution to Mr. J. W. Hopewell, Mt. Solon,
Virginia.
On motion, the Board adjourned subject to call.
Secretary,
Rector,
| Board of Visitors minutes June 11, 1912 | |