University of Virginia Library

A special meeting of the Board of Visitors was held on this date at 8:30 p.m.
Present, the Rector, Fred. W. Scott, Visitors Corbitt, Garnett, Roolrick, Rinehart, L. C.
Williams and R. Gray Williams, and President Newcomb.

President Newcomb announced the enrollment to date 2797 against 2614 to the same
date last year.

Upon the recommendation of the President the following elections were voted.

• William Dighton, Instructor in English, for the session of 1938-39 at a salary
  of $2500.

• John Norville Gibson Finley, Assistant in Adult Education in the Extension Division of
  the University for a period of ten months beginning September 1, 1938
  and ending June 30, 1939, at a salary of $2400.

• Dr. Allan Talbott Gwathmey, Research Assistant in Chemistry, for the session of
  1938-39, at a salary of $1800.

• Alexander D. Wallace, Instructor in Mathematics for the session of 1938-39, at a
  salary of $1800.

• John L. Kelley, Instructor in Mathematics for the session of 1938-39, at a salary of
  $1800.

The following Special Appropriations were voted:

For the purchase and installation of recording equipment in connection with the
teaching of Public Speaking, $700.00.

For special filing cabinet for the office of the Dean of the College, $300.00.

The New Buildings Committee reported that at their meeting on September 20,
1938 for the purpose of opening bids on the Neuor-Psychiatric Ward of the Hospital,
PWA Project Va. 1101-F, following the opening of bids contracts were awarded as set
forth in the following resolution adopted:

     

A. General Contract, or Contract No. 1 on PWA Project Va. 1101-F, to John C. Senter of Roanoke, Virginia. in the amount of	$107,895
B. Contract for Heating and Ventilation or Contract No. 2 on PWA Project Virginia 1101-F, to Williams Company of Norfolk, Virginia, in the amount of	$ 6,881
C. Contract for Elevator, or Contract No. 3 on PWA Project Va. 1101-F to the Salem Foundry Machinery Works, of Salem, Virginia, in the amount of	6,775

The award of Contract No. 3 is also subject to favorable reports on the actual
operation of several of their recent installations of passenger elevators of similar
type. If the reports are unsatisfactory then in that event the President of The Rector
and Visitors of the University of Virginia be and he iw hereby authorized and directed
to make the award, after approval by the PWA, to the next lowest bidder, which is
Westbrook Elevator Manufacturing Company of Danville, Va., at $7,885.

The following in reference to certain Bond & Mortgage Guarantee certificates
was considered and adopted:

The President presented to the Board a form of consent to be filed in the
Supreme Court of the State of New York, County of Kings, in the matter of the People, &c.
by George S. Van Schaick, Superintendent of Insurance, &c., Bond and Mortgage Guarantee
Company, in the matter of Plan of Readjustment, &c. of the Rights of Holders of Investments
in the Mortgages guaranteed by Bond and Mortgage Guarantee Company under Guarantees
Nos. 170827, 170983, and 208334, and in the matter of the applications of the Mortgage
Commission of the State of New York for an order approving a plan for the further readjustment
of the rights of holders of investments in the mortgages guaranteed by Bond and
Mortgage Guarantee Company under guarantees numbered as above, whereby the Rector and
Visitors of the University of Virginia as holders of Certificates Nos. 91465, 116583, and
91757, in the principal amounts of $3,000.00, $4,000.00, and $19,800.00, respectively,
consents to the terms and conditions of the proposed modified plan dated June 1, 1938,
for the further readjustment, modification and reorganization of the rights of the holders
of Mortgage Investments in the above described mortgages, and to any modification thereof
as the Supreme Court of the state of New York shall approve, which modified plan has been
promulgated by the Mortgage Commission of the State of New York and will be presented to
the Supreme Court, Kings County, as specified in the notice thereof received by the
University.

After consideration thereof, it was RESOLVED that Fred W. Scott, Rector, be and
he is hereby authorized in the name and on behalf of The Rector and Visitors of the University
of Virginia to execute the consents aforesaid, if upon further consideration he
approved of the "Details of the Modified Plan", and E. I. Carruthers, Secretary of this
Board, is hereby authorized and directed to affix the corporate seal thereto and attest
the same and return said consents to the Mortgage Commission of the State of New York
to be filed by said Commission in the Supreme Court of the State of New York, County
of Kings.

The Rector read a report on the financial conditions of the Lehigh Valley
Railroad Company to the effect that it was on the verge of Bankruptcy, and had asked
for consent of its bondholders to defer for a period of five years three-fourths of
the interest on its bonds in order to effect a readjustment of its finances and prevent
Bankruptcy proceedings. He advised that the University owns in its consolidated funds
$25,000 Consolidated Mortgage 4s of 2003.

On motion of Mr. Garnett, the Rector was authorized to consent on behalf of the
University if, in his judgement, it was to the interest of the University to give such
consent.

CONRAD HUBERT TRUST:

The President was authorized to attend a meeting in New York City on Monday
October 10, to represent the University with power to act as one or several beneficiaries
under the trust of Conrad Hubert to consider the question of accepting allocations in
kind in final settlement of the said trust. He further reported that of an allotment to
the University from the said trust of $50,000 only $12,500 was received in 1935.

KAPPA ALPHA FRATERNITY LOAN:

The loan of $10,000 to the Kappa Alpha Fraternity, made June 9, 1927, at 6%
interest, payable serially from June 9, 1933 at the rate of $1,000 per annum, which loan
was in default as to principal payments, was authorized to be refinanced on a 15 year contract
at 5% to be paid in nine monthly installments from October 1st in each year, covering both
principal and interest.

IN RE: REZONING OF VACANT LOT OPPOSITE THE SOUTH GATE OF THE UNIVERSITY TO PERMIT
ERECTION OF A FILLING STATION.

A communication was received from M. L. Porter, owner of the lot on the southwest
corner of Brandon Avenue and Jefferson Park Avenue, opposite the south Gate of the
University, advising that the City Council would be requested to rezone the said section
so that a filling station might be erected on the said lot, and soliciting the approval
of the University to such rezoning. Following consideration of the matter at some length,
the following motion by Mr. Corbitt was adopted:

The meeting than adjourned.