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158

The annual meeting of the Rector and Visitors was held on this date at 9 o'clock,
A. M., with the following members present: The Rector, Fred W. Scott, and Visitors,
Garnett, Hall, McIntire, Walker, Rinehart, L. C. Williams and R. Gray Williams, and Acting
President Newcomb.

The Minutes of the meeting of March 24, which had been copied and mailed to the
members, were approved.

Acting President Newcomb announced the following enrollment and gifts.

Total enrollment to date: 2,550.

GIFTS:

                     
From Mrs. Wm. J. Rucker, for scholarship in Law School  $ 10,000 
From Mr. Paul Goodloe McIntire a fund for the study and
treatment of Psychiatry, and to be known as the Virginia
McIntire Gift 
75,000 
A fund for the study and treatment of cancer, and to be
known as Anna Deering McIntire Memorial 
100,000 
A large and fine collection of works of art, including
paintings, enamels, china, silver, rugs, and furniture. 
From the Mount Wilson Observatory, a photographic telescope
and objective prism, for the Leander McCormick Observatory,
valued at 
3,500 
From the Carnegie Institution  4,000 
and 
From the National Research Council  1,000 
to defray a part of the cost of the installation of the
above mentioned telescope. 
From the same, to Dr. S. W. Britton  2,000 
From the National Research Council, to Dr. Jesse W. Beams, a
grant-in-aid, for technical assistance, equipment, and travel
expenses in connection with his study of the magneto-optical
method of chemical analysis of solutions 
665 

A portrait of Dean John Calvin Metcalf, painted by Mr.
Frederick S. V. Wright, presented by Dr. Metcalf's old
students, through Dr. James Southall Wilson and Dr.
Arthur Kyle Davis.

From interested friends and alumni of the University, numerous
books and pamphlets, to the General and Departmental Libraries.


159

The following were considered and approved as set forth in the resolutions in
the respective matters:

WHEREAS Assistant Professor Claude Matthews MacFall left the University
without notice on May 7th, and continued absent from his duties for the
remainder of the session, THEREFORE, BE IT

RESOLVED, by the Rector and Visitors of the University of Virginia,
That the Chair of Assistant Professor of Biology held by Dr. Claude
Matthews MacFall be and the same is hereby declared vacant as of May 15,
1933.

RESOLVED, by the Rector and Visitors of the University, that Mr.
Hardy Cross Dillard's title be changed from Acting Associate Professor
of Law to Associate Professor of Law, without change in salary.

RESOLVED, by the Rector and Visitors of the University, that James
E. Ward, Jr., be and he is hereby appointed Instructor in the School of
Rural Social Economics for the Session 1933-34, at a salary of $1,840.

and

RESOLVED, by the Rector and Visitors of the University, that Mr.
Chauncy McLean Gilbert be and he is hereby appointed Instructor in
Comparative Anatomy in the Miller School of Biology, for the Session
1933-34, at a salary of $1,440. Dr. Gilbert will take the work laid
down by Dr. MacFall.

RESOLVED, by the Rector and Visitors of the University of Virginia,
that the Acting President of the University, in consultation with the
Deans and Committees appointed by the Acting President from the staff, be
empowered during the summer to employ those professors who have been
authorized by the Board but who have not yet been selected. It is understood
that all actions of the Acting President and the Committees will be
brought to the Board for ratification at the next meeting.

Report from the Special Committee of the Board appointed by the Rector to consider
settlement of the Seward Estate, was presented and approved.

During the middle of April, 1933, W. Allan Perkins, Executor of Dr.
Walter M. Seward, requested Mr. Newcomb, Acting President, to ask the Rector
to appoint a Committee from the Board of Visitors to receive a report from
said Perkins, Executor as aforesaid, showing the condition of the Seward
Estate at the present time, and also for the purpose of instructing the
Executor as to certain phases of the future management and disposition of
this Estate.

In accordance with this request, Mr. Newcomb brought the matter to the
attention of the Rector, and a Committee, composed of Mr. Newcomb, Mr. Hollis
Rinehart and Mr. C. B. Garnett, was appointed to confer with the Executor.

This Committee met in the office of the President at the University on
Monday, May 8th, 1933, at 9 A. M., all three members being present.

Mr. Perkins stated that while he had endeavored, since his qualification
as Executor of Dr. Seward's Estate on December 21st, last, to keep in constant
touch with Mr. Newcomb, and keep Mr. Newcomb advised of the status of the
Estate, that both he and Mr. Newcomb had felt that either the whole Board, or
a representative Committee of the Board, should likewise be advised of just
what is being done. The following outline for discussion was then presented to
the meeting by the Executor, Mr. Perkins.

I.

This estate consists of.—

                 
(1) Some 3000 acres of land, practically all of which is in
Brunswick County (assessed for taxation @ $32,889.00) 
(2) Money in fifteen different banks  18,085.22 
(3) United States Liberty Bonds  15,752.00 
(4) United States Treasury Bonds  16,350.00 
(5) Stock  4,492.00 
(6) Railroad and Mortgage Corporation Bonds, State and Municipal  56,130.00 
(7) Thirty-four Bonds and twenty-nine Notes of individuals,
secured by First Mortgages on real estate 
166,885.20 
(8) Tangible Personal property  518.54 
Total—  278,212.96 

Of the above notes, sixteen were out of date. Of these sixteen notes, all
have been renewed except three, and in each of these cases I think the real
security is sufficient.

I have personally interviewed forty-one of these debtors, this being
necessary in order to get my books straightened out as to interest payments.


160

I have checked all deeds of trust;

I have checked all insurance policies,

I have checked all tax payments.

I have now all individual obligations, with deeds of trust and insurance
policies attached, in a Bank box in Lawrenceville, and all other securities
in a box in the National Bank in Charlottesville.

I have transferred all Bank accounts to National Bank & Trust Company
here, and since February 15th have had all except a small checking balance
on Savings Account at 3% interest.

II.

Duties of Executor:

(1) Payment of debts

(2) Collection of Assets.

  • (a) Money in Banks

  • (b) Open Accounts - None

  • (c) Past due obligations

(3) Payment of Taxes

(4) Maintaining Insurance

(5) Settlement and delivery of Estate at end of six months

  • (a) Possibility of suit to set will aside

  • (b) Probabilities of success of such proceeding

  • (c) Result if will is set aside

(6) Management of Estate from Bursar's office instead of by Executor

  • (a) Collection of debts over long period of years, and gradual
    liquidation of Estate.

III.

Mr. W. J. Branch, First Cousin.

Mrs. Helen F. Guthrie, First Cousin.

Each of the foregoing items requiring discussion was taken up separately
and discussed in detail, and it was agreed that the following recommendations
should be made to the Board of Visitors at its next regular or special meeting:

1st. That the action of the Executor in selecting the National Bank & Trust
Company of Charlottesville as the depository of the Estate's funds be approved.

2nd. That the action of the Executor in not undertaking to immediately force
collection of past due obligations to the Estate be approved.

3rd. That the Executor be instructed not to make payment of delinquent
taxes upon any of the real estate encumbered by deeds of trust securing notes
or bonds to Dr. Seward.

4th. That the action of the Executor in paying insurance premiums upon
policies of insurance upon properties encumbered by such deeds of trust be
approved, and that he be instructed to continue this practice whenever absolutely
necessary so that the security of the Estate shall be properly maintained.

5th. That the Executor be requested to proceed with the final settlement
of the Estate as soon as may be possible after the expiration of the six months
period provided by law.

6th. That the Executor be requested to communicate with Mr. William J.
Branch and Mrs. Helen F. Guthrie, and say to them that in the opinion of this
Committee any action with reference to their respective proposals for the
settlement of their indebtedness to the Estate would, at this time, be premature,
but at the proper time the matter will be taken up with the Board of Visitors
and given careful and sympathetic consideration.

Mr. Newcomb then called the attention of the Committee to the following
situation.— Mr. Randolph B. Turnbull, of Lawrenceville, Va., is now a fourth
year medical student at the University. During the years 1931 and 1932 Dr.
Seward lent young Mr. Turnbull the sum of $483.00 to enable him to stay in the
University and Dr. Seward had promised Mr. Turnbull to lend him such additional
money as he might need to complete his medical course. Mr. Turnbull, an
exceptionally good student, will graduate this year and has already received
an appointment as interne in the University Hospital. There is undoubtedly a
moral obligation upon the estate to carry out Dr. Seward's promise. The
matter was fully discussed and the Executor was requested to make a loan of
$450.00 to Mr. Turnbull, taking his note therefore, payable three years after
date, with interest at 6%, said note to be endorsed by Mr. Turnbull's father,
Dr. F. R. Turnbull, of Lawrenceville, Va., by his sister, Miss Elizabeth
Turnbull and by his cousin, Irby Turnbull. The Committee will request the
Board at its June meeting to ratify and approve this loan.


161

                                 
Compensation to me.  Face value  Probable
Actual value 
Ida Wesson  4,000.00  2,000.00 
Chambliss  60.00  40.00 
Walter J. Branch  4,200.00 
Isla S. Chambliss  74.20  39.20 
Herman Avents  200.00 
Helen F. Guthrie  6,500.00 
N. L. High  150.00 
15,184.20  2,079.00 
2,079.00 
13,105.20 
Total Estate as per appraisement  278,212.96 
Deduct for bad debts  13,105.00 
Deduct for possible shrinkage in bond value  5,000.00 
18,105.00  278,212.96 
18,105.00 
Fair valuation of whole estate  260,107.96 

I think to be absolutely on the safe side we may certainly count on the Estate
showing a value of $250,000.00

I will collect about $6000.00 in interest during the six months period of
administration, so the total of sound values which will pass through my hands will
be about $256,000.00

     
3% of $256,000.00 is —  7680.00 
Pay upon settlement —  6500.00 
Balance  1180.00 

Pay monthly @ $66.66 per month, for eighteen months, and we will accept this
in full of any service rendered by us during said eighteen months, EXCEPT in case
of suit to set will aside.

REPORT OF THE SPECIAL COMMITTEE

TO THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA.

Your Committee, which was appointed by the Rector with reference to the
recommendations made by Mr. W. Allan Perkins, as Executor of the Will of Walter
M. Seward, having carefully considered said recommendations, report and recommend
as follows:

1st. That the action of the Executor in selecting the National Bank and
Trust Company of Charlottesville as the depository of the Estate's funds be approved.

2nd. That the action of the Executor in not undertaking to immediately force
collection of past due obligations to the Estate be approved.

3rd. That the Executor be instructed not to make payment of delinquent taxes
upon any of the real estate encumbered by deeds of trust securing notes or bonds
to Dr. Seward.

4th. That the action of the Executor in paying insurance premiums upon
policies of insurance upon properties encumbered by such deeds of trust be approved,
and that he be instructed to continue this practice whenever absolutely necessary
so that the security of the Estate shall be properly maintained.

5th. That the Executor be requested to proceed with the final settlement of
the Estate as soon as may be possible after the expiration of the six months period
provided by law.

6th. That the Executor be requested to communicate with Mr. William J. Branch
and Mrs. Helen F. Guthrie, and say to them that in the opinion of this Committee
any action with reference to their respective proposals for the settlement of their
indebtedness to the Estate would, at this time, be premature, but at the proper time
the matter will be taken up with the Board of Visitors and given careful and
sympathetic consideration.

7th. Your committee further recommends that the compensation to the Executor
shall be as follows:

$6,500 to be paid upon settlement and the balance, to-wit, $1200, in monthly
installments of $66.66 per month for eighteen (18) months, which shall be in full
payment of all services heretofore rendered and of any service rendered by the
Executor during the eighteen months, except in case of suit to set aside the will.

Your committee also asks the Board to ratify and approve authority given by
the committee to the Executor to make a loan of $450 to Mr. Randolph B. Turnbull,
of Lawrenceville, Virginia, carrying out an oral promise of Dr. Walter M. Seward,
the Executor to take Mr. Turnbull's note payable three years after date with
interest at six per cent, said note to be endorsed by Mr. Turnbull's father, Dr.
E. R. Turnbull, of Lawrenceville, his sister, Miss Elizabeth Turnbull, and by his
cousin, Irby Turnbull.

(Signed) C. B. Garnett, Chairman,
Hollis Rinehart,
J. L. Newcomb.

Resolution covering agreement between the Rector and Visitors of the University and
the Virginia Public Service Company, for the purchase of electric current, as follows:

RESOLVED, by the Rector and Visitors of the University of Virginia,
That the Rector be and he is hereby empowered to sign the contract between
the Rector and Visitors of the University and the Virginia Public Service
Company, covering the purchase of electric current by the University.


162

Resolution covering collection of debts due the Virginia Quarterly Review:

RESOLVED, by the Rector and Visitors of the University, that the
Managing Editor of the Virginia Quarterly Review be and he is hereby authorized
and empowered to act as agent for the Rector and Visitors of the University of
Virginia in all cases of assignment of copyrights and in all matters connected
with the collection of debts due said Virginia Quarterly Review by bankrupt
individuals or corporations.

And, as such agent, said Managing Editor of said Virginia Quarterly
Review is hereby empowered to sign the name of the Rector and Visitors of the
University of Virginia, by himself as agent, to any and all assignments of
copyrights, and to any accounts, statements, proofs of debt, or other instruments
that may be required to be signed in order that money due said Virginia Quarterly
Review may be collected, provided such instruments are not of a contractual nature.

Resolution requesting the Governor to transfer any Capital Outlay carried over at
the end of the fiscal year to EXPENSE OF OPERATION was adopted, as follows:

RESOLVED, by the Rector and Visitors of the University, that the Governor
and the Director of the Budget be requested to transfer any balance remaining from
the CAPITAL OUTLAY appropriation at the end of the fiscal year to EXPENSES OF
OPERATION.

Recommendation from Acting President and Chairman of the Board Committee on
Buildings and Grounds assigned the quarters now occupied by Professor Chanutin, on Monroe
Hill, to Professor Jesse W. Beams, was approved.

Application of Dr. Robert V. Funsten for a loan of $12,000 to be secured on his
real estate "Ivy Cottage", located on the Old Barracks Road, was considered, and a loan of
$6,000 was approved, to be secured by first mortgage on the property, on terms to be arranged.

Application of Dr. Frank W. Hoffer for a loan of $6,000 to be secured on his
residence property on Rugby Road, was considered, and a loan of $5,500 was approved, to be
secured by first mortgage on the property together with assignment of certain life insurance
policies, as may be approved by the Finance Committee and Acting President.

Application of the Sigma Nu Fraternity for a loan of $3,315 to make repairs and
improvements to its chapter house, located on the grounds of the University, was considered
and approved, as follows:

  • 1st. That they get the general fraternity's share of the amount necessary to
    make the contemplated repairs and improvements before any work is done
    guaranteeing that no mechanic's lien will run against the building.

  • 2nd. That a minimum of at least $600 a year shall be applied annually to the
    reduction of the principal.

It was brought to the attention of the Board that the State of Kansas had condemned
a small strip of land belonging to the University, located in Peabody, Kansas, for the
purpose of constructing a State highway, the said land being part of the John W. Richard
bequest. The following action was voted:

This Board being apprized that the State of Kansas has condemned for
highway purposes in connection with the establishment of Kansas state
highway 50S-25-FA357A a tract of land 17 feet in width lying along the
South side of lots 10, 11, 12 and 13 Block 16 Highland addition City of
Peabody, containing .06 of an acre more or less, also a tract of land
beginning at the South-west corner of lot 6, block 5, Stoner's addition
City of Peabody thence north 20 feet thence in an Easterly direction to a
point on the East line 28 ft. north of the South-east corner of said lot
6, thence South 28 feet, thence West 150 feet to the place of beginning,
containing .08 of an acre more or less, for which two parcels of land
aggregating .14 of an acre more or less, the State of Kansas has awarded
the University of Virginia the sum of $25,

BE IT RESOLVED, That the Rector be and he is hereby authorized to
execute a deed on behalf of the Rector and Visitors of the University of
Virginia conveying to the City of Peabody, State of Kansas, the parcels
of land aggregating .14 of an acre more or less, as described in the
foregoing preamble.

A communication was read from Prof. Harry R. Pratt, Director of the School of
Drama in the University, stating that in 1928 the Virginia Players turned over to the
University the sum of $885 to start a fund to erect a Little Theatre, that due to the
necessity of purchasing scenery and other necessary equipment they were in debt practically
to the amount of the fund turned over to the University, and requested its return that said
debts be duly cancelled. The return of the original gift of $885, together with any accrued
interest, was voted.

Nominations for Instructors, Student Assistants, Scholarship and Fellowship holders,
including the appointment of Ryan Scholars, were considered and approved, and will be found
spread in detail on the Payroll and Scholarship books.

The question of making such change in the road at the Cobb Chemical Laboratory as
would permit of its being widened at that point, was referred to the Buildings and Grounds
Committee with power to act.

The University's financial budget for the fiscal year 1933-34 was presented,
considered and adopted, as set forth in the following summary - the detailed printed budget
being filed in the office of the Bursar:


163

RECAPITULATION OF ESTIMATED RECEIPTS 1933-34

                                                       
Income Estimates  Page  Estimate
1931-32 
Net Basis
1932-33 
Estimate
1933-34 
FROM ENDOWMENT INCOME & GIFTS 
I. Endowments-Unrestricted  $ 235,512  $ 160,060  $ 153,285 
Endowments-Restricted  232,791  193,455  182,745 
II. Student's Loan Notes  23,600  25,600  12,800 
III. Gifts  175,650  128,765  91,413 
IV. Carnegie Foundation  16,000  19,614  18,015 
V. Institute Public Affairs  11,900  10,000  7,000 
VI. Miscellaneous  9,600  16,700  10,300 
Total Endow. & Gifts  $ 705,053  $ 554,194  $ 475,558 
FROM PUBLIC FUNDS 
I. Students fees and rents  $ 514,800  $ 556,100  $ 525,950 
II. Summer Quarter  56,800  54,000  35,000 
III. Hospital  240,100  210,750  210,750 
IV. Commons  68,670  70,000  70,000 
V. Blandy Farm  10,500  7,100  7,100 
VI. Pantops Farm  5,250  4,000  2,040 
VII. Lectures & Entertainments  7,800  8,000 
VIII. Athletic fees  36,000  33,000  33,000 
IX. Miscellaneous  48,980  51,334  66,734 
Total Public Funds  $ 988,900  $ 1,016,934  $ 950,574 
Total Revenues  $1,693,953  $ 1,571,128  $ 1,426,132 
FROM STATE 
Appropriation  $ 499,620  $ 348,555  331,953 
Total Available Income  $2,193,573  $ 1,919,683  $ 1,758,082 
Total Estimated Expenses  $2,199,057  $ 1,910,686  $ 1,742,947 
Estimated Deficit  $ 5,484 
Estimated Surplus  $ 8,997  $ 15,135 

RECAPITULATION OF ESTIMATED EXPENDITURES 1932-33, 1933-34

                                                                 
Code
No 
Departments  Page  Budget
1931-32 
Net Basis
1932-33 
Allowed
1933-34 
I.  Administration  $ 76,235  $ 67,536  $ 67,350 
II.  College & Graduate  11  466,160  398,175  364,702 
III.  Medicine  17  190,963  167,906  165,323 
IV.  Engineering  20  57,175  42,408  40,190 
V.  Education  21  48,895  36,213  30,996 
VI.  Law  23  51,685  40,853  38,441 
VII.  Physical Education  24  24,947  20,232  19,126 
VIII.  Summer Quarter  25  99,450  70,045  68,700 
IX.  Library  27  77,187  70,792  69,732 
X.  Extension  30  58,010  48,449  44,178 
XII.  Buildings & Grounds  32  149,650  129,758  113,709 
XIII.  Power Plant  34  53,941  48,572  43,400 
XL.  Interest & Sinking Fund  46  50,220  50,220  50,220 
XV.  Publicity & Publications  35  7,050  7,050  7,050 
XVI.  Providing Annuities  35  28,762  32,014  30,745 
XVII.  Scholarships, Fel & Prizes  36  166,003  132,620  111,735 
XIX.  Lectures and Concerts  38  12,396  12,481  4,125 
XX.  Commons  39  68,670  69,798  69,798 
XXI.  Laundry  40  11,750  9,820  9,474 
XXII.  Institute for Res. S.S.  41  30,000  30,900  16,000 
XXIII.  Blandy Experimental Farm  42  20,249  17,660  16,757 
XXV.  University Press  43  5,800  5,160  5,160 
XXVI.  Institute Public Affairs  43  15,400  15,000  10,500 
XXVII.  Athletic fees  44  36,000  33,000  33,000 
XXVIV.  Pantops Farm  44  4,860  3,609  3,149 
XXXI.  Hospital  47  326,699  297,120  269,956 
LXXXIII.  Drug Addiction Research  49  19,600  19,600  19,600 
XXVIII.  Mt. Lake Biol. Station  45  5,700  4,995  4,280 
XLV.  Making Loans to Students  49  26,600  28,700  15,500 
Total  $2,199,057  $ 1,910,686  $ 1,742,947 
1,742,947 
Net Decrease 1933-34  $ 167,739 

The meeting then adjourned

____________________
Rector
E. I. Carruthers
Secretary