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 | Board of Visitors minutes December 9, 1949 |  |
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 Board Room of the Alderman Library at Charlottesville,
with the following present: The Rector, Barron F. Black; Visitors Gay, Mears, Talbott,
and Wailes. Absent: President Colgate W. Darden, Jr., of the University of Virginia; Dr.
M. L. Combs, President of Mary Washington College; Visitors Anderson, Barksdale, Carrington,
Garnett, Gravatt, Howard, Smith, Trout, and Willis.
The minutes of the meeting of November 11, 1949, which had been copied and mailed to the
members, were approved.
GIFTS
Receipt of the following gifts was reported.
| From the Meek Foundation, to be used for Squash Courts | $ 600.00 |
| From the U. S. Air Force, for research in psychology under Dr. R. H. Henneman |
$62,250.00 |
| From the Veterans Administration, for research in biochemistry under Dr. Alfred Chanutin |
36,855.00 |
| From the U. S. Navy, for research in physiology under Dr. S. W. Britton |
12,000.00 |
| From the U. S. Navy, for research in psychology under Dr. F. A. Geldard |
9,865.00 |
| From the U. S. Navy, for research in astronomy under Dr. Harold L. Alden |
2,420.00 |
| From the United States Public Health Service, for research under Dr. Alfred Chanutin |
11,880.00 |
From Mr. Whitney Stone, to be added to the Staige Davis Blackford Memorial Lectures
Fund, 100 shares of The Greyhound Corporation Common stock.
From Mrs. Janet S. Brewster, to be added to the Staige Davis Blackford Memorial
Lectures Fund, 100 shares of The Greyhound Corporation Common stock.
RESIGNATIONS
The following resolutions were adopted.
RESOLVED that the resignation of Dr. Andrew J. Crutchfield, Assistant Professor of Internal
Medicine, be and the same is hereby accepted with regret, effective January 1, 1950.
RESOLVED that the resignation of Dr. George H. Dillard, who was to begin service on
January 1, 1950, as Assistant Professor of Pathology, be and the same is hereby accepted.
CHANGE OF TITLE
The following resolutions were adopted.
RESOLVED that the title of Dr. Charles A. Micaud be changed from Assistant Professor of
Political Science to Assistant Professor of Foreign Affairs, effective as of September 15, 1949.
RESOLVED that the title of Dr. Alfred P. Fernbach be changed from Assistant Professor of
Political Science to Assistant Professor of Foreign Affairs, effective September 15, 1949.
PURCHASE OF JEFFERSON ITEMS
The Board approved the purchase from the Harry R. Burke Estate of Thomas Jefferson's Prayer
Book and three Jefferson manuscripts, at a price of $6,000. A contribution of $1,000 has been offered
toward the purchase by Mr. Clifton Waller Barrett, and the $5,000 received in June 1948 from the
estate of Alexander Weddell will make up the balance. The Secretary was asked to write Mr. Barrett,
expressing the appreciation of the Board for his generous offer.
ASSIGNMENT OF NEWMAN HOUSE ON DAWSON'S ROW
The assignment of the Newman house on Dawson's Row was referred to the Buildings and
Grounds Committee of the Board, with authority vested in the Chairman, Mr. Garnett, to make the
assignment should the Committee be unable to meet.
BUILDING PROGRAM
Women's Dormitory
The general plans for the Women's Dormitory, which had been approved by the State Art
Commission, were submitted for approval of the Board. After discussion Mrs. Wailes moved that the
plans be accepted, and the motion was carried.
Power Plant
Preliminary plans for the Power Plant, which had been approved by the State Art Commission,
were approved by the Board.
Hospital Records Storage Room
Plans for an underground storage room annexed to the present Hospital Record Room were
approved.
NCAA REGULATIONS
A proposed amendment to the Constitution of the National Collegiate Athletic Association
was approved as set forth below, the amendment to be presented at the annual meeting of the NCAA
in January. In accordance with the procedure outlined for amending the Constitution, the Secretary
was directed to send copies of this proposed amendment to the approximately three hundred members of
the NCAA.
Proposed Amendment
It is proposed to amend Article III, Section 4, Subsection (a) by adding thereto following
the words "provided, however, that the aid thus awarded shall not exceed" the following words: "the
amount necessary to provide room and board at the institution and".
And to further amend Article III, Section 4, Subsection (a) by adding thereto following the
words "for stated incidental institution fees" the words "and for required books".
So that Article III, Section 4, Subsection (a) will read after having been so amended, as
follows:
"(a) if approved and awarded on the basis of need by the regular agency established
in the recipient's institution for granting of aids to all students, provided,
to provide room and board at the institution and the amount of tuition
for instruction and for stated incidental institution fees and for required
books, or"
UNCOLLECTIBLE HOSPITAL ACCOUNTS
The following resolution was adopted
RESOLVED that the Hospital Accounts Committee be and is hereby authorized to charge off
as uncollectible, hospital accounts schedules 91-A, 91-C, 93, and 94, aggregating $17,480.92, recommended
by them for cancellation
Mr. Gay raised the question of whether or not the minutes indicated what policy was being
followed by the Hospital Accounts Committee in recommending uncollectible accounts for action by
the Board of Visitors. The Secretary pointed out that the policy followed was that recommended by
the Auditor of Public Accounts and the procedures were based upon a similar arrangement in operation
at the Medical College of Virginia. These accounts fall into two major categories. (1) Uncollectible
accounts which have been processed with no results for a period of not less than six
months by the Credit Manager of the University Hospital, then turned over to a collecting agent.
If the agent is unable to collect these accounts, the Hospital Credit Manager advises the Hospital
Accounts Committee so that they may be recommended to the Board of Visitors for cancellation.
(2) Accounts for services to indigents, the recipients of which are certified to the Hospital by
the welfare agencies
FURNISHINGS FOR PAVILION VIII
The Board directed the Secretary in consultation with Mr. E. S. Campbell, architect for
the renovation of Pavilion VIII, to purchase such furnishings as are necessary to equip the offices
of the Board and of the President
BUST OF THOMAS FORTUNE RYAN
It was the opinion of the Board that the University would be delighted to accept a bust
of Thomas Fortune Ryan, by Rodin, should it be offered, provided its acceptance were approved by
the State Art Commission
DEGREE REQUIREMENTS IN AMERICAN HISTORY
The committee investigating the American history and government requirement for a college
degree had no report at this time because the committee of the faculty with which they were to meet
had not yet been appointed by the President
The question was raised whether the investigation should be limited to the University at
Charlottesville. It was the sense of the Board that Mary Washington College should be included in
the study.
DEGREE OF B. S. IN NURSING
A proposal by the Department of Medicine to institute a program of study leading to the
degree of Bachelor of Science in Nursing was approved. The School of Nursing will function under
the administrative direction of the Department of Medicine. A summary of the work to be offered
was prepared by Dr. V. W. Lippard, Dean of the Department of Medicine, and presented to the Board
"The first two years of the course will be offered at Mary Washington and other colleges
and 66 semester hours credit will be accepted by transfer. During the summer sessions after the
freshman and sophomore years, students enrolled in the program will attend six-week courses at
the School of Nursing, for which 10 semester hours credit will be given. They will enter the
School of Nursing at the beginning of the junior year for a period of two and one-half years,
minus eight week vacation, and during that period will receive clinical instruction in the Hospital
and sufficient classroom work for 48 semester hours credit. Total credits amount to 124 and practical
experience to 856 days."
The following appointments to the faculty were made, effective July 1, 1950. For the
present, these faculty members are to remain on the Hospital pay roll in their present pay classifications
| Roy C. Beazley, R.N., B.S. (Nursing Ed. Univ. of Virginia) | Professor of Nursing |
| Margaret C. Sanner, R.N., B.S., M.A. | Assoc. Professor of Nursing |
| Isabel H. Neely, R.N., B.S. (Nursing Ed. Univ. of Virginia) | Assoc. Professor of Nursing |
| Betty Jean Jones, R.N., B.S. (Nursing Ed. Univ. of Virginia) | Asst. Professor of Nursing |
| Helen B. Plummer, R.N., B.S., M.A. | Asst. Professor of Nursing |
| Anne L. Pollok, R.N., B.S. (Nursing Ed. Univ. of Virginia) | Asst. Professor of Nursing |
| Frances W. Mears, R.N., B.S. (Nursing Ed. Univ. of Virginia) | Asst. Professor of Nursing |
| Margaret V. Moseley, R.N., B.S. (Nursing Ed. Univ. of Virginia) | Asst. Professor of Nursing |
| Mary Jean Kirk, R.N., B.S. (Nursing Ed. Univ. of Virginia) | Asst. Professor of Nursing |
| Mary L. Sonner, R.N., B.S. (Nursing Ed. Univ. of Virginia) | Asst. Professor of Nursing |
| Louise Bryant, R.N., B.S. (Nursing Ed. George Peabody College) | Asst. Professor of Nursing |
| Margaret E. Holbrook, R.N., B.S. | Asst. Professor of Nursing |
| Mary J. Morris, R.N. | Instructor |
| Linda R. Kite, R.N. | Instructor |
| Mary E. DeLacey, R.N., B.S. (Nursing Ed. Univ. of Virginia) | Instructor |
| Doris E. Binkley, R.N., B.S. (Nursing Ed. Univ. of Chicago) | Instructor |
| Josephine Ludewig, B.S., M.A. | Instructor |
| Emily D. Moore, R.N., B.S. (Nursing Ed. Univ. of Virginia) | Instructor |
| Margaret Sue Hornbarger, R.N. | Instructor |
| Doris B. Swaim, R.N. | Instructor |
| Jewell E. Reaves, R.N. | Instructor |
| Barbara S. Ford, R.N. | Instructor |
| Doris M. Spradlin, R.N. | Instructor |
| Helen W. Smith, R.N. | Instructor |
| Louise I. Rea, R.N. | Instructor |
LAW SCHOOL TUITION
The following resolution adopted by the Council of the University of Virginia Law School
Association was presented to the Board
"RESOLVED, that the Council of the University of Virginia Law School Association recommend
to the President, Rector and Board of Visitors of the University that tuition fees in the
Law School be raised to the extent of Fifty Dollars ($50) per year for both Virginia and non-Virginia
students."
The foregoing proposal was not approved. In lieu thereof, a resolution was adopted increasing
the tuition of non-Virginians in the Law School by $100, effective September 1950, with
no change in tuition for Virginia students
TAXATION OF STUDENTS
The Board approved the following statement for release to the Press
The Board of Visitors of the University meeting today considered the unprecedented situation
created as the result of action by local officials directed toward the exaction of taxes levied
on tangible personal property owned by University students
The Board requested Mr. W. Allan Perkins, Charlottesville attorney and counsel for the
University, to examine the problem and give his opinion respecting the legality of the proposed action.
Mr. Perkins was also requested by the Board to arrange for the presentation of a test case
or cases, which might result in the correction of erroneous assessments levied pursuant to the presently
announced policies of tax collecting officers in Albemarle County
The Board went on record in sharp criticism of the policy now being followed. It authorized
a statement to the effect that, regardless of technical questions revolving around residence and
ownership of tangible personal property and the situs of such property for tax purposes, the Board
deplored this effort at tax exaction as hostile to the long range interests of Albemarle County, Charlottesville
and the University community in general. The Board considered it significant that, according
to information published in the Cavalier Daily of December 9th, tax enforcement officials in
other educational communities throughout the State have no such conception of their duties as those
apparently entertained by the local officials, and that in this community the present policy is now
conceived for the first time in the history of the University, although the statutes now controlling
have been in effect for many years
The Board was especially critical of what it termed ill-advised and intemperate threats of
jail imprisonment allegedly made by one Albemarle County official
The Board expressed hope for the reversal of a policy which it regards as unwise and unfair
to the University students and the University community
DEVELOPMENT FUND
The minutes of the September 8, 1949 meeting of the Executive Committee of the Development
Fund were read and approved. The Rector stated that he had conferred with Admiral Halsey, who was
in accord with the action of the Executive Committee
The Rector pointed out that to carry out the recommendations of the Executive Committee of
the Development Fund it would be necessary for certain work of the Fund to be continued, such as
acknowledgment of payment of pledges, the sending of follow-up letters, etc. The Bursar was asked
to supervise this work until February 1, 1950 or until such time as President Darden could make permanent
arrangements for the transfer of the records of the Development Fund. The Bursar was authorized,
in consultation with the Rector, to continue the employment of one or two secretaries of the Development
Fund until February 1, 1950
The Board approved a proposal by the Rector to authorize Admiral Halsey to occupy "Four
Acres" for an indeterminate time at a monthly rental of $250, and further authorized his continued
use of his present office in the Rotunda
REPORT OF FINANCE COMMITTEE
The report of the Finance Committee was approved and the Secretary was directed to spread
it on the minutes
At the last meeting of the Board of Visitors report was made by the Bursar of the receipt
by the University of the gift from the late Christopher G. Memminger of the sum of $302,775.00, of
which $186,775.00 was represented by securities and $116,000.00 in cash, and these funds were turned
over when and as received to State-Planters Bank and Trust Company for handling as a part of the
Consolidated Endowment Fund of the University
Prior to the delivery of the securities, the Trustees of the Memminger Estate had acquainted
your Committee with what securities were being held by it, with the view of ascertaining whether the
University, as beneficiary of the trust, wished them sold and their cash values paid, or whether it
would accept all or any part of such securities in kind. After full consultation with the Trust Investment
Department of State-Planters Bank and Trust Company, and acting upon its advices, your Committee
informed the Trustees of the Estate that those of the securities which were subsequently delivered
to it in kind would be accepted by the University, and such as were not acceptable to it we
understand were subsequently sold by the Trustees and the proceeds of their sale constitute a part
of the cash subsequently paid to the University
In view of the large amount involved in this generous bequest, your Committee has felt it
both proper and appropriate to submit to the Board of Visitors a detailed statement showing the
names, par amount, market value and yield at the time of their receipt, and the estimated annual
income from each of the securities so delivered by the Trustees, in the aggregate amount of $186,775.00,
as well as the names of the stocks, their aggregate cost and estimated annual return on the securities
in which the $116,000.00 in cash was invested, and in order accurately and completely to report these
facts, have requested State-Planters Bank and Trust Company to make a detailed report to your Committee
for its submission to the Board of Visitors
Such a report, bearing date November 15, 194, is hereto attached and, as it is self-explanatory,
will not be commented upon except to point out that, as indicated therein, the present
estimated annual yield upon the securities delivered in kind is 4.51% and the present estimated yield
upon the common stocks purchased is 5.80%, giving an average yield of about 5% on the aggregate value
of the Memminger bequest
Chairman
RICHMOND, VIRGINIA
November 15, 1949
Finance Committee
Richmond 19, Virginia Re: University of Virginia
Consolidated Endowment Funds
We are pleased to give you this special report with reference to the Christopher G.
Memminger Estate Inheritance which consisted of the following:
| Bonds | Inventory Value at time inheritance vested |
Market Value and Yield at time of actual receipt |
Estimated Annual Income |
|||
| 25,000 | Appalachian Electric Power 3-1/4%, 12/1/70 |
$ 26,562.50 | 106-1/4 | 107-1/2 | 2.73 | $ 812.50 |
| 20,000 | Public Service Electric and Gas 3-1/4%, 7/1/68 |
21,450.00 | 107-1/4 | 108-1/2 | 2.68 | 650.00 |
| 24,500 | U.S. Savings 2-1/2%, Series G, 12/1/56 | 24,500.00 | 100 | 100 | 2.50 | 612.50 |
| 72,512.50 | ||||||
| Preferred Stocks | ||||||
| 120 | American Can Co. 7% | 20,970.00 | 174-3/4 | 185 | 3.78 | 840.00 |
| 100 | American Tobacco Co. 6% | 14,187.50 | 141-7/8 | 150 | 4.00 | 600.00 |
| 100 | E.I. duPont de Nemours $4.50 | 12,075.00 | 120-3/4 | 122 | 3.69 | 450.00 |
| 200 | General Motors $5.00 | 24,950.00 | 124-3/4 | 126 | 3.97 | 1,000.00 |
| 200 | Radio Corp. of America $3.50 | 14,500.00 | 72-1/2 | 69-3/4 | 5.02 | 700.00 |
| 86,682.50 | ||||||
| Common Stocks | ||||||
| 280 | General Motors Corp. | 17,220.00 | 61-1/2 | 61-1/2 | 8.94 | 2,240.00 |
| 370 | Public Service Electric and Gas 1.40 dividend preference |
10,360.00 | 28 | 28 | 5.0 | 518.00 |
| 27,580.00 | ||||||
| Sub-Total | 186,775.00 | $8,423.00 | ||||
| Cash | 116,000.00 | (Yield 4.51%) | ||||
| Total | $302,775.00 | |||||
The investment of the cash was approved by the Finance Committee as follows:
| Common Stocks | Cost | Estimated Annual Income |
||
| 370 | shares American Natural Gas Company | @ 27-3/8 | $ 10,225.26 | $ 444 |
| 300 | shares American Gas and Electric Company | @ 46-1/4 | 13,966.89 | 900 |
| 100 | shares Commonwealth Edison Company | @ 27-3/8 | 2,761.19 | 150 |
| 100 | shares Continental Insurance Co. | @ 64-1/4 | 6,457.43 | 220 |
| 200 | shares Firemen's Insurance Company of Newark |
@ 18-1/4 | 3,650.00 | 100 |
| 1,000 | shares Marshall Field and Company | @ 22-1/4 to 23-5/8 | 23,266.86 | 2,000 |
| 400 | shares Phillips Petroleum Company | @ 59 to 59-5/8 | 23,852.72 | 1,200 |
| 290 | shares Standard Oil of California | @ 70 to 70-1/8 | 20,411.73 | 1,160 |
| 52 | shares Standard Oil of New Jersey | @ 71-3/8 | 6,597.59 | 322 |
| 91 | shares Texas Company | @ 60-7/8 | 5,569.40 | 273 |
| $116,759.07 | $6,769 | |||
| (Yield 5.80%) | ||||
From the foregoing it will be observed that the estimated annual income on the securities
received in kind and on the investment of the cash aggregates $15,192.00, which is an average yield
of 5% on the Memminger Inheritance. In figuring this estimate of the annual income it should be recorded
that we have used current dividend rates effective in 1949 including extras on the common
stocks. It seems fair therefore to expect some fluctuation from year to year in the income from
common stocks, particularly in view of the very favorable extra dividend declared by General Motors
Corporation this year.
I think it should be stated that the securities which were received in kind were selected
from the inventory of the Memminger Estate and were considered suitable for retention, both from
the standpoint of the investments themselves and from the standpoint of how they would fit into the
portfolio of the University of Virginia. In choosing the investments for the cash consideration
was given to the investments already on hand and the diversification of the Consolidated Endowment
Funds and in every instance except one the new investments represented additions to units already
on hand so as to round them out to more normal size. The only new unit introduced was the Marshall
Field and Company common stock. That explanation will explain the rather odd number of shares of
some of the investments selected.
RESOLUTION IN MEMORY OF E. R. STETTINIUS, JR.
A resolution in memory of Edward R. Stettinius, Jr., prepared by Mr. Gay and Mr. Talbott,
received approval of the Board and the Secretary was asked to send copies to Mr. Stettinius' family.
RESOLVED, that the Board of Visitors of the University of Virginia, in lasting and affectionate
memory of Edward R. Stettinius, Jr., here record the feeling of deep sorrow and loss which
his death has brought to us.
A member of this Board for eight years and its Rector from August 9, 1946 to March 16,
1949, Edward R. Stettinius was known and loved by some of its members as a friend and leader in
college days. Others of us knew him as a powerful force in the industrial life of the nation, or,
in the great office of Secretary of State, as a capable and patriotic public servant in time of
crisis. But Ed Stettinius will be remembered by all of us as a loyal and loving son of the University
of Virginia. His interest in her welfare never flagged, his plans for her future were always
in the making; gifts to her of his time, his effort and his means have been unsurpassed.
Though our sorrow at his death will not leave us easily or soon, we can be encouraged
that the strong influence of his life for the good of the University will continue on, in line and
form which would gladden the heart of its Founder.
On motion the meeting was then adjourned.
Rector
Secretary
| Board of Visitors minutes December 9, 1949 | |