University of Virginia Library

A special meeting of the Board of Visitors was held on this day with the Rector,
Fred W. Scott, and Visitors Garnett, Stuart, R. Gray Williams and Munford, and Acting
President Newcomb present.

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

Acting President Newcomb stated to the members that his reason for calling them
together at this time was to have their help in formulating plans for presentation of
the needs of the University to the Governor and Budget Committee for their consideration
in connection with the budget recommendations for the biennium 1934-36. The matter was
given general consideration without any formal action being had.

The following announcements were made:

Enrollment to date, 2525.

GIFTS:

               

From Dr. Walter M. Seward, an estate consisting of 3700 acres of land, valued at	$ 30,000
and securities and cash to the amount of	277,000	$307,000
to be used by the Forestry Department of the University for "purposes of practical demonstration in the art of forestry".
From the estate of Robert Burns Waddy, for the establishment of the ROBERT BURNS WADDY SCHOLARSHIP		1,961.76
(this gift was originally reported as $5,000, but the above is the amount finally realized.)
From E. R. Squibb and Sons, through the NATIONAL RESEARCH COUNCIL, a fellowship to be awarded for work under Dr. L. F. Small in connection with the work of the Committee on Drug Addiction		$ 700.00
From the National Research Council, a second grant to Dr. Carl C. Speidel, for the continuation of his study of living nerves		350.00
		$310,011.76

From Yale University, an etching of the National Capitol at
Washington, by Louis Orr.

From Mr. T. F. Lorentzen, a student in the University, a gift
of a large electric clock, for the Main Drafting Room, and a
smaller electric clock for the Library of the Fine Arts
Department.

From Mr. William Franklin Willoughby, Director, Institute for
Government Research, Washington, private collection consisting
of 175 books and 697 pamphlets, for the Library of the Bureau of
Public Administration - secured through the efforts of Dr. Rowland
A. Egger, Director of the Bureau of Public Administration.

From Dr. Paul McFarlane, a graduate of the University Medical
School, a gift to the Fine Arts Library of several hundred
photographs of European and American buildings.

From Mrs. Edwin A. Alderman, fifteen hundred books, from the
library of the late Dr. Edwin A. Alderman.

From Mrs. Ida C. Edmond, of Richmond, three small pieces of bronze.

From Miss Eugenia J. Bowne, of Mount Vernon, New York, an etching of
Poe's Cottage at Fordham, to be hung in the Poe Room.

From Mr. Malcolm Stanton, a portion of the musical library of his
father, the late Louis Chalmers Stanton, of Boston, Massachusetts.

From Miss Mary D. Gordon, letter books of her father, Armistead C.
Gordon, containing copies of his letters in re University from
1894 to 1918.

Upon the recommendation of the Acting President a leave of absence was granted
to Dr. James C. Bardin as set forth in the following resolution, adopted:

A request was received from the Zeta Psi fraternity to which the University had
made a loan of $20,000 for the purpose of erecting a chapter house here, for a reduction
in the interest rate of 6% on the said loan. After due consideration, the request was
declined.

An application was received from the Montalto Corporation, the holding company
owning the real estate and all the personal property occupied and used by the Phi Kappa Psi
Fraternity, at the University of Virginia, for a loan of $20,000 to take up maturing notes
on said property. After due consideration the application was declined.

Mr. Newcomb stated that the State Highway Department, in continuing highway #29
northward from Ivy Road, desired to connect up same on a direct line with the road west of
the Memorial Gymnasium, and that in order to do so it would be necessary to remove the
filling station on the north side of said Ivy Road, and that the present owner had agreed
to remove said filling station, provided the University grant him sufficient land on the
east side of the proposed route abutting on the Ivy Road on which to relocate said filling
station. It was therefore

The Acting President read certain correspondence between Dr. J. C. Flippin, Dean
of the Medical Department, and Governor Pollard with respect to additional funds from the
State to provide medical treatment of the indigent sick which the University Hospital
cannot now care for due to lack of funds. After due consideration, it was

Mr. Perkins, attorney for the University, presented a copy of the will of Benjamin
Altschul, of the City of New York, which will was admitted to probate in the Surrogate's
Court for the City of New York, on the 5th day of August, 1932. Under the second clause
of this will, Mr. Altschul gives to the University of Virginia the sum of $5,000.00 upon
condition that the principal be retained intact for a period of twenty-five years from date
of payment thereof, and that during said twenty-five years the income therefrom shall be
used for the purpose for which the University was formed, and after said period of twenty-five

years the principal may be used for any purpose lawful under the charter of the
University. Said will contains a further provision that before said legacy is paid the
University shall "through its duly authorized officers signify in writing its consent to
accept such bequest with the condition above named, and such consent to contain an
agreement on the part of such Institution to carry out the condition above named, to use
only the income as above stated, and that in the event that such condition be broken that
the amount of the legacy shall revert back to the Estate and be disposed of as provided
for the disposition of the residuary estate, and such written consent to be filed with
the executors within one year after the issuance of letters testamentary".

By a codicil to said will, Mr. Altschul provides that said bequest shall not be
paid in cash but that it shall be paid in such securities as his Executrix, Mrs. Celia
Altschul, may designate, said securities to be turned over to the University at their
par value.

A copy of said will and codicil was presented to the meeting by Mr. Perkins, and
was ordered filed with the minutes of this meeting:

Mr. Perkins also presented to said meeting a paper prepared by him, expressing the
consent of the Rector and Visitors to the conditions of said bequest, and agreement on its
part to carry out the conditions expressed in the will. He stated that the paper in its
present form has been submitted to and approved by Mr. Joshua Sprayregen, of 1450 Broadway,
New York City, attorney for the Altschul Estate. It was thereupon,

The meeting then adjourned.