University of Virginia Library

On call of the Rector, a special meeting of The Rector and Visitors of the University of
Virginia was held on this date at 10:00 a.m. in the office of Mr. Thomas B. Gay in Richmond, Virginia,
with the following present: The Rector, Edward R. Stettinius, Jr.; President Colgate W. Darden, Jr.,
of the University of Virginia; Visitors Anderson, Garnett, Gay, Mears, Miller, and Willis. Absent:
Barksdale, Black, Calcott, Carrington, Combs, Trout, and Wailes.

Guests were Mr. John Price Jones, Mr. B. J. Powell-Tuck, and Admiral William F. Halsey.

The Rector stated that the purpose of the meeting was to consider whether or not, in view
of world conditions, the opening date of the Development Fund drive, set for April 22, should be postponed.
He stated that according to best estimates there will be during the next six months about
twenty billion dollars of new purchasing power through: -

         

(1) Tax reduction	4½ billions
(2) Wage increases	6 billions
(3) Rearmament program	5 billions
(4) European Recovery Program	5 billions
	20½ billions

He believes the confusion in international affairs, i.e., the Italian election on April 18, makes it
inadvisable to start the drive at the time scheduled. He recommends that the campaign be postponed
until after the presidential election next fall and that we should in the meantime reduce the overhead
of the fund-raising program, retaining Mr. Powell-Tuck of the John Price Jones Corporation with a skeleton
staff until Fall.

Mr. John Price Jones stated that the University has begun a project that cannot be abandoned.
He believes it is fundamental to the success of the drive that larger gifts be solicited before the
general drive is started. He referred to the fact that in 1924 when taxes were reduced after the first
World War, gifts to institutions increased substantially. Changes in the tax laws expected to pass
Congress this spring should assist the drive.

Mr. Gay pointed out that we have a large investment in this campaign; how could we, without
"losing face," postpone the campaign?

Mr. Jones brought to the attention of those present the fact that a large part of the campaign
cost has already been expended.

Mr. Anderson stated that he believed we should go forward with plans for the campaign. In
his opinion we have built up a potential upon which we should attempt to realize.

Mr. Jones offered the suggestion that we should concentrate on big gifts which beget small
gifts, which in turn stimulate more large gifts.

Mr. Stettinius said he believed we should think of the drive as a continuing operation,
and that we should maintain a permanent office separate from the Alumni Office.

Mr. Gay pointed out that we must be concerned with two factors - the psychological and
the financial. He brought up the question of how we could maintain a complete, all-out program
without requiring a continuation of the present budget expense.

Mr. Jones said it would be possible to cut the budget and at the same time continue the
program with no letup. He stated that the effort is of two kinds - that by local chairmen, and solicitations
by President Darden, Mr. Stettinius, and Admiral Halsey of large gifts. Mr. Jones
stated that he is most interested in the solicitation of corporate gifts within the State.

The Executive Committee of the Development Fund, consisting of Mr. F. D. G. Ribble, Mr.
William S. Hildreth, and Mr. T. M. Carruthers, was invited to join the meeting.

President Darden asked the meeting to give consideration to his suggestion that the drive
be a continuing one. He stated that, "Virginia is an agricultural state. With farm prices turning
downward, now is the time to approach the small donors in Virginia. The large givers can be solicited
over an extended period by the President, Rector, and Admiral Halsey. If Russia backs down
after hearing President Truman's statement to Congress today, we will probably win in Italy. I am
wondering if it wouldn't be well to wait until the returns are in from the Italian elections. We
can then decide, and if necessary send telegrams canceling the drive."

Admiral Halsey stated he believes our organization is well established all over the country
and he is inclined to agree with the Rector that the Board should take action today to postpone the
drive for the present. He does not believe the drive could be called off between April 18 and 22.

Mr. Hildreth suggested the setting of an opening date around May 1.

Mrs. Willis and Mr. Mears expressed themselves as being in favor of deferring the campaign
for the present.

Mr. Ribble suggested that a tentative date in May be set.

Mr. Powell-Tuck expressed the view that if the campaign were not to be held in April as
originally scheduled, it should be postponed until Fall. He stated that at least thirty days were
needed for planning a nationwide dinner.

Mr. Tyler Miller favored postponing the campaign until May.

Mr. Anderson stated that he was disposed to continue present plans, canceling them at the
last minute if necessary. If we got a favorable election in Italy we should go ahead. He stated
that he preferred two campaigns rather than one.

Mr. Garnett said he believed the campaign should wait until conditions are more settled.

Admiral Halsey stated that he believes postponement would cause deflation in alumni enthusiasm.

Mr. Powell-Tuck stated that the present budget of $82,000 for March 20 through July 3
could be reduced to $35,000.

Mr. Jones advised that the drive be started as planned, with the actual time left to the
Executive Committee.

The Board then went into executive session.

Mrs. Willis proposed that the decision of whether or not to postpone the campaign until a
later date be left to the Executive Committee, and Mr. Anderson supported this proposal.

Mr. Stettinius re-stated his opinion that this is a bad period and the campaign should be
postponed. He moved that the Board do three things:

• 1. Rescind action approving the $82,000 budget.

• 2. Authorize the Development Fund Committee of the Board of Visitors, in conference with
  the Executive Committee of the Development Fund, to decide in view of world conditions
  when to start the campaign.

• 3. Direct the Executive Committee to work out a new contract with the John Price Jones
  Corporation and a new budget, with authority to negotiate the new contract.

The foregoing motion made by the Rector was passed.

The meeting was then adjourned.