University of Virginia Library

The regular monthly meeting of the Board of Visitors of The Rector and Visitors of the
University of Virginia was held on this date in the Office of the President of the University of
Virginia, Charlottesville, Virginia, with the following present: President Colgate W. Darden, Jr.,
of the University of Virginia; Visitors Anderson, Barksdale, Black, Carrington, Garnett, Gay,
Mears, Smith, Trout, Wailes, and Willis. Absent: Dr. M. L. Combs, President of Mary Washington
College; Visitors Gravatt and Miller.

Mr. Garnett was elected Rector pro tempore.

The minutes of the meeting of March 11, 1949, which had been copied and mailed to the
members, were approved.

RESIGNATION OF EDWARD R. STETTINIUS, JR.

Mr. Black presented the following resolution concerning Edward Rielley Stettinius, Jr.,
who resigned as Rector and as a Visitor of the University on March 16, 1949. Mr. Black prepared
the resolution at the request of the Board, and it was unanimously adopted. The Board requested
that a copy of the resolution, certified by the Secretary, be forwarded to Mr. Stettinius by Mr.
Black.

BE IT RESOLVED by the Board of Visitors of the University of Virginia, in meeting
assembled, this 8th day of April, 1949.

THAT WHEREAS, this Board has with sorrow learned of the illness of Edward R. Stettinius,
and of his recent resignation as Rector of this Board,

NOW, THEREFORE, it desires to record, by means of this resolution, the feeling of regret
and dismay of each member of the Board, on account of the loss to the Board, occasioned by the
Rector's illness and resignation.

This Board further desires to record the very deep appreciation of each member for the
valuable services rendered to the Board, and to the University of Virginia, by Edward R. Stettinius.

It desires further to express its sympathetic understanding of the quality of those services,
in that they consisted not only of a generous expenditure of energy, but also of the contribution
of a spirit and direction to the efforts of the Board.

MRS. HERBERT MCKELDEN SMITH APPOINTED VISITOR

Mrs. Herbert McKelden Smith, appointed by the Governor on April 5, 1949 to succeed Mrs.
A. O. Calcott, resigned, for the term ending February 28, 1950, was present for the meeting. Since
Mrs. Smith had not had an opportunity to appear before the Clerk of the Court and qualify for the
office, she did not vote in the matters considered at this meeting.

GIFTS

The President announced receipt of the following gifts:

   

From former residents of the late Dr. Tiffany J. Williams, Professor of Obstetrics and Gynecology, to be added to the Tiffany J. Williams Memorial Lecture Fund	$300.00
From Mrs. E. Walton Brown, to be used for research in hematology under Dr. Byrd S. Leavell	500.00

RESIGNATIONS

The following resolutions were adopted:

RESOLVED that the resignation of Miss Mildred Hoyt, Acting Assistant Professor of
Education, be and the same is hereby accepted, effective at the end of the session of 1948-49. We
wish for her the highest success in her new undertaking.

RESOLVED that the resignation of Dr. Marion Lawrence White, Jr., Assistant Professor of
Surgery and Gynecology, be and the same is hereby accepted, effective June 30, 1949. We wish for
him the highest success in his new undertaking.

PROMOTIONS

The following promotions were approved:

Dr. H. Rowland Pearsall from Instructor in Medicine to Assistant Professor of Internal
Medicine, effective April 1, 1949, his salary to be paid from special funds.

Dr. Francis Dunnington Smith from Instructor to Assistant Professor of Clinical Pathology,
as of September 1, 1946. This promotion was recommended by Dean Jordan on July 30, 1946, and
approved by President Newcomb, but it was inadvertently omitted from the docket of September, 1946.
Dr. Smith is paid from special funds, and his name has been carried in the medical catalogue as
Assistant Professor since 1946.

ELECTIONS

The following elections were approved:

Mr. David C. Yalden-Thomson as Assistant Professor of Philosophy, to begin in September,
1949, at a session salary of $3,510.

Dr. Armistead Page Booker, as Instructor in Pediatrics for one year, effective July 1,
1949, at a salary of $3,600, $3,000 to be charged to the Pediatric Well-Child Fund and $600 to be
paid by the Children's Service Center.

LEAVE OF ABSENCE

Mr. John Anthony Walker, Assistant Professor of Drama, granted leave of absence without pay
for the session of 1949-50 in order to work towards the Ph. D. degree.

REPORT OF FINANCE COMMITTEE

Visitors: Messrs. L. B. Gunn and J. Harvie Wilkinson, Jr., of the State-Planters Bank and
Trust Company, Richmond.

Mr. Gunn pointed out that the over-all yield in the Consolidated Endowment Fund averaged
4.02% for the year ending January 25, 1949. He added that this was the first time since the present
trustees commenced management of the fund that the yield had exceeded 4%. During the past year the
general policy of the trustees has been to dispose of securities which had returned a high yield
during the war but which it was felt were not now attractive for permanent investment. The present
distribution of securities is shown below.

UNIVERSITY OF VIRGINIA
DIVERSIFICATION OF ASSETS (AT MARKET VALUES)
AS OF MARCH 25, 1949

                                                                 

Bonds - General	23.3%
U. S. Government	25.2%	48.5%
Preferred Stocks		20.1
Common Stocks		31.3
Principal Cash		.1
		100.0%
Utilities	$1,225,383.75	24.3%
Railroads	401,121.25	8.0
Chemical and Drug	371,242.88	7.3
Bank, Insurance & Finance	320,043.50	6.3
Tobacco	296,192.75	5.9
Stores	140,300.00	2.8
Oil	139,032.50	2.8
Electrical Equipment	84,224.13	1.7
Food & Food Products	72,075.00	1.4
Container	71,837.50	1.4
Metals & Mining (Non Ferrous)	71,570.50	1.4
Credit Reporting	69,933.50	1.4
Auto and Accessories	68,536.88	1.4
Steel	60,913.13	1.2
Machinery and Equipment	38,585.50	.8
Motion Picture	33,312.50	.8
Manufacturing (Abrasives, etc.)	26,125.00	.5
Textiles (Rayon)	25,562.50	.5
Fertilizer	11,687.50	.2
Miscellaneous	10,802.00	.2
Sugar	6,787.50	.1
Soap	6,262.50	.1
U. S. Savings "G" Bonds	576,500.00	11.4
U. S. Treasury Bonds	696,461.22	13.8
Municipal & Quasi-Govt. Bonds	209,487.07	4.2
Principal Cash	6,353.73	.1
	$5,040,434.29	100.0%

The Board expressed approval of the manner in which the Finance Committee and the trustees
of the Consolidated Endowment Fund have managed the investment of this fund during the past year,
and tendered their thanks to Messrs. Gunn and Wilkinson for being present at this meeting.

CITY SEWER LINE

Visitor: Mr. W. Allan Perkins.

The President stated that the City of Charlottesville had found that the location of the
sewer line which is now located on the land of the University, on one of the Athletic Fields of the
University, between Route 250 and the right of way of the C. & O. Railway, is unsatisfactory. And
the City desires to be given an easement for a new 15-inch sanitary sewer which will run across
another portion of said field.

The President further reported that he is advised by Mr. Hartman that Capt. Pritchett is
agreeable to the construction provided the work can be done on April 14th, 15th, and 16th, and a
deed was presented to the meeting, with plat attached, showing the exact location of the proposed
easement which deed has been approved by the Attorney for the University. The location as shown
upon said plat has been approved by Mr. Hartman, Superintendent of Buildings and Grounds.

It was, thereupon,

RESOLVED that Colgate W. Darden, Jr., President, be and he is hereby instructed to execute
said deed as approved by counsel, in the name and on behalf of The Rector and Visitors of the
University of Virginia and Vincent Shea, Secretary of this Board, is instructed to affix the corporate
seal of the University thereto, attest the same, and see that the deed is properly delivered
to the City of Charlottesville and recorded in the Clerk's Office of the Circuit Court of Albemarle
County, and that a copy of said deed, with plat attached, be retained in the files of the Bursar's
Office.

UNCOLLECTIBLE HOSPITAL ACCOUNTS

The following resolution was adopted:

RESOLVED that approval be and is hereby given to the charging off of schedules 52 and 53
of uncollectible hospital accounts recommended for cancellation by the Hospital Accounts Committee.

PROPOSED DEVELOPMENT FUND CERTIFICATE OF INCORPORATION

Mr. Perkins, Attorney for the University, presented for consideration of the Board a
"Certificate of Incorporation of University of Virginia Development Fund," reading as follows:

CERTIFICATE OF INCORPORATION
OF
UNIVERSITY OF VIRGINIA DEVELOPMENT FUND

This is to certify that we do hereby associate ourselves to establish a Corporation
under and by virtue of Chapter 151 of the Code of Virginia of 1919 and Acts supplemental thereto
and amendatory thereof, for the purposes and under the corporate name hereinafter set out,
and to that end we do, by this our Certificate, set forth as follows:

I.

The name of the Corporation shall be - "University of Virginia Development Fund".

II.

The principal office of the Corporation shall be at the University of Virginia, in
the County of Albemarle, and the Post Office address shall be - "University Station", Charlottesville,
Virginia.

III.

The purposes for which this Corporation is formed are as follows:

To solicit and receive, hold, manage and administer such gifts, grants, contributions
and donations of money, securities and property or other thing or things of value and of any
kind whatsoever, real, personal and mixed as may be given, transferred, conveyed, bequeathed,
devised, assigned, or in any manner set over and delivered to said Corporation for the direct
or indirect use or benefit or for advancement of the interests or purposes of The Rector and
Visitors of the University of Virginia.

IV.

The maximum number of Trustees who are to manage the affairs of the Corporation shall
be eight (8) and the minimum number of Trustees shall be five (5), and the President of the
University of Virginia shall be at all times ex officio a Trustee of the Corporation; the seven
Trustees named in this Certificate (other than the President of the University ex officio)
shall serve for one to seven years, respectively. The term of office of each of the seven
Trustees named in this Certificate of Incorporation shall be determined by lot and no Trustee
who draws a term of more than three years shall be eligible for reelection, but any Trustee
drawing a term of three years or less shall be eligible for nomination and reelection for one
additional term of seven years regardless of the age limitation hereinafter set out. Any
Trustee who has served a full term of seven years shall be ineligible for nomination or election
to serve a second term. The Trustees named in this Certificate have been selected without
especial reference to their respective ages but all other successor Trustees shall, at the
time of election, be of the age of fifty-seven (57) years or less so that upon the expiration
of their respective seven year terms of service no Trustee will have attained an age of more
than sixty-five years. Vacancies upon said Board of Trustees, whether arising from expiration
of terms as above set out, by death, or by resignation shall be filled as follows - All successor
Trustees shall first be nominated by majority vote of the Trustees present and voting
at any regular meeting of said Board, or at any special meeting of said Board called by the
President or by any two members of said Board for the purpose of such nomination. For each
vacancy said Trustees shall nominate three persons, and these nominations shall be certified
by the Secretary of the Board of Trustees to the Active Members of this Corporation and from
the names so certified said members shall elect a successor or successors to fill such vacancy
or vacancies upon said Board of Trustees, such election to be held at any regular meeting of
said members, or at any special meeting thereof called for the purpose of such election by
any three active members. And if said Trustees fail to certify such nominations to said members
within one year after any such vacancy occurs, said members shall upon their own motion
proceed to elect a Trustee or Trustees to fill such vacancy or vacancies.

V.

The active members of this Corporation shall consist of those persons who shall be
the members of the Board of Managers of the Alumni Association of the University of Virginia.
When any one or more of the members of this Board shall cease to be members thereof his or
their successor or successors in office shall ipso facto become an active member or members
of this Corporation in the place or places of that member or of those members who have ceased
to be members of said Board of Managers. If, for any cause, said Board of Managers of the
Alumni Association of the University of Virginia should be abolished, then the persons who
shall succeed to the performance of the substantial duties of such Board of Managers shall
ipso facto become active members of this Corporation in the place and stead of the former members
of said Board, which former members shall ipso facto cease to be such active members, it
being intended that the active members of this Corporation shall consist of the persons who
for the time being shall occupy such position or positions, the duties of which are exactly
or substantially those performed at the time of the issuance of this charter by said Board of
Managers of the Alumni Association of the University of Virginia. The voting power at any
meeting or meetings of this Corporation shall be vested in such active members.

VI.

The names and residences of the Trustees who are to manage the affairs of the Corporation
for the first year of its existence, together with the names, residences and post
offices of the President, Secretary and Treasurer of the Corporation are as follows:

Trustees

                 

Name	Residence
Colgate W. Darden, Jr., President, University of Virginia (ex officio)	University, Virginia
C. Francis Cocke	Roanoke, Virginia
Charles A. Ferguson	Newport News, Virginia
Joseph M. Hartfield	New York, N. Y.
William S. Hildreth	Charlottesville, Virginia
Arthur J. Morris	New York, N. Y.
Buford Scott	Richmond, Virginia
J. Brockenbrough Woodward	Newport News, Virginia

Officers

       

Office	Name	Residence & Post Office
President	Buford Scott	Richmond, Virginia
Secretary	Thos. M. Carruthers	Albemarle County, University Station, Charlottesville, Virginia
Treasurer	William S. Hildreth	Charlottesville, Virginia

VII.

The period of duration of the Corporation shall be unlimited.

VIII.

The amount of real estate to which its holdings at any time are to be limited shall be
100,000 acres.

IX.

This Corporation shall hold, manage and administer all such gifts, grants, contributions and
donations and without regard to any legal or statutory restrictions otherwise applicable to Fiduciaries
(whether pertaining to investments or to other matters) and subject only to limitations, conditions
and restrictions placed upon any gift or gifts by the donor or donors thereof, said Corporation shall
be clothed with and shall possess the following powers and discretions in addition to any conferred by
law, that is to say -

1. To retain as long as may be deemed advisable property of any kind or description that
may be given to it, or acquired by it in the exercise of any power conferred upon it by general law
or by this charter, even if such property should be or become unproductive of income, speculative in
character or otherwise hazardous.

2. To sell, exchange, or otherwise dispose of any such property or thing of value.

3. To invest and reinvest in any securities or other property, real or personal, including
corporate stocks of any classification.

4. To hold any portion of its property in cash or uninvested for such period or periods as
may be deemed advisable.

5. To sell, encumber by deed of trust, or otherwise, or lease, alter, improve, erect buildings
upon, or otherwise deal with or dispose of real property, or any interest of said Corporation
therein.

6. To consent to, dissent from or otherwise participate in any mergers, consolidations, reorganizations,
or other changes affecting securities, and to delegate discretionary powers and pay any
assessments or other charges in connection therewith.

7. To exercise any options or rights of subscription, available in connection with any securities
and to make any payments required thereon.

8. To vote in person or by proxy upon any such securities and to delegate discretionary
powers in relation thereto.

9. To compromise, submit to arbitration, release or otherwise adjust any claims in favor
of or against any funds, securities, properties, etc., estates or interest therein held by it, or to
which said Corporation may be entitled, and to enter into any contract or other undertakings that may
seem to it advisable and in furtherance of the purposes to which such funds, securities and properties
are dedicated in its hands.

10. To hold the securities and other properties in the name of said Corporation in the name
or names of its nominee or nominees, or in bearer form.

11. To employ agents and attorneys, investment counsel, to be selected either from the Faculty
of the University or elsewhere, such investment counsel to be either individual or corporate, and to
employ depositaries and to delegate to them discretionary powers, if need be, and to compensate them for
their services.

12. This Corporation shall faithfully apply all gifts and grants to the objects and purposes
designated by the donor or grantor, but where no direction, limitation, restriction or condition is
attached to such gifts or grants, it shall hold the same with full power to invest and reinvest, manage
and administer as hereinbefore and hereinafter set out.

X.

The income derived from any and all funds, securities, properties, interests and other things
of value, tangible or intangible held by this Corporation shall, except as otherwise specifically required
and provided by the donor or grantor thereof, be applied as follows:

(1) To the proper and necessary costs and expenses of this Corporation as fixed and determined
by its Trustees and Officers.

(2) To the needs of the University of Virginia after full conference of the Trustees and
Officers of this Corporation with the President, the Rector, and the Board of Visitors of the University
and upon agreement with them as to the expenditure of all or of a part of such annual income, this Corporation
shall pay the same or the part as to which agreement has been reached, to the Bursar of the
University to be expended as agreed upon.

(3) All income, application of which has not been so agreed upon, shall be segregated and
held intact until there shall be such joint agreement as to the use thereof.

(4) Said Trustees shall have full power and discretion to resolve whatever doubts, if any
may arise, in allocating as between principal and income any receipts or disbursements, and their decision
shall be binding upon all interested parties.

XI.

The Trustees above named, and their successors, are hereby given full power and authority to
make and from time to time to alter By-Laws regulating the management and conduct of the Corporation's

affairs in accordance with, and subject to provisions of Section 3878 of the Code of Virginia.

IN WITNESS WHEREOF, we have hereunto set our hands this _____ day of April, 1949.

- - -

Mr. Gay felt the provisions of Section X., Paragraph (3), to be inexpedient and unwise,
in that it puts the Board of Visitors in the position of actually controlling the investment of income
derived from the Fund since, until they do agree with the Trustees of the Development Fund,
no use can be made of such income.

Mr. Gay concurred in approval of the agreement in other respects, and with this exception
the instrument was unanimously approved.

BUILDING PLAN FOR UNIVERSITY

The President presented a revised Master Building Plan of the University which was tentatively
approved. The location of the Student Union Building was changed to a site behind Peabody
Hall on the side of the hill overlooking the Gymnasium and Route 29. The location selected for the
proposed Physics Building was across the road from Cobb Chemical Laboratory on a line with Randall
Hall, the front facade facing east.

The President stated that the Local Building Committee, composed of Dr. Ivey F. Lewis, Mr.
Frank E. Hartman, Dr. Bruce D. Reynolds, Dr. Frank A. Geldard, and Prof. Chapin Jones, had recommended
that the space south of the McIntire Amphitheater, which was originally assigned to the Women's Dormitory,
be reassigned for a Life Science Building. The communication from the Committee reads, in
part, as follows:

The Board approved the reallocation of the site south of the McIntire Amphitheater for a Life Science
Building.

Possible new sites for the Women's Dormitory were discussed, and it was agreed to request
the Alumni Board of Trustees to assign the Morea Property for this purpose.

REPORT OF ATHLETICS COMMITTEE

Mr. Carrington, Chairman, stated that Captain Pritchett had sent a questionnaire to all
former members of University of Virginia boxing teams. One of the questions asked read approximately
as follows: "Knowing what you now know about boxing, would you wish to participate in intercollegiate
boxing?" Every reply was in the affirmative. The Committee stated that it had weighed carefully
the evidence presented, both for and against boxing, and that it did not feel there was sufficient
evidence of harm to the individual participants to warrant the discontinuance of boxing at the
University.

The Committee unaminously recommended that intercollegiate boxing be continued, but that
every precaution be exercised to protect the participants.

Dr. Trout then pointed out that leading doctors in Virginia are opposed to intercollegiate
boxing. He stated that the parents of nine University of Virginia boxers had written him to ask
that he use his influence to persuade the Board to abolish boxing. Dr. Trout further stated that
most colleges and universities have abolished boxing, and that the University of Virginia is the only
college in the State which has continued it as an intercollegiate sport. Five past presidents of
the Medical Society of Virginia have stated to Dr. Trout that it is their opinion that boxing should
be abolished.

Mr. Black moved that further study be made of the matter by the Committee on Athletics,
and that particular attention be given to the reasons why so many colleges have abolished this sport.
The motion was passed.

- - -

There being no further business to come before the meeting, the same was adjourned after
a motion to that effect had been made, seconded, and carried.