 | Board of Visitors minutes August 9, 1946 |  |
The regular monthly meeting of the Board of Visitors was held on this date in the office of
the President at 11 o'clock with the following present: Visitors Christopher B. Garnett, Edward R. Stettinius,
Jr., E. C. Anderson, Mrs. J. M. H. Willis, Mrs. A. O. Calcott, Mrs. Ben Wailes, Richard A. Carrington,
Jr., B. F. Black, and Dr. H. H. Trout, Sr; President Newcomb, and President Combs of Mary Washington
College.
Mr. Christopher B. Garnett was elected Chairman of the meeting.
Mr. Garnett referred to the death on July 24, 1946 of Mr. R. Gray Williams, Rector of the University,
and suggested the preparation of a memorial in his honor to be spread upon the minutes of the Board,
and, on motion of Mr. Stettinius that Mr. Garnett be requested to prepare such memorial, to the preparation
of which Mr. Garnett gave consent, it was adopted.
Mr. Anderson moved the election of a Rector to succeed Mr. R. Gray Williams, and upon the motion
being approved placed in nomination Mr. Edward R. Stettinius, Jr., who was unanimously elected.
The President announced the enrollment of the University as of this date 2420.
Upon the recommendation of the President, the following were elected to the faculty of the University:
Mr. Robert E. Lee Gildes, Associate Professor of Civil Engineering, at a salary of $4344 for the
session, encumbency to begin October 1, 1946.
Dr. Arthur Frederick Stocker, Assistant Professor of Ancient Languages, at a salary of $3244 for
the session, encumbency to begin September 30, 1946.
Mr. Edward Ryant Dyer, Jr., Acting Assistant Professor of Astronomy, at a salary of $3244 for the
session, encumbency to begin September 30, 1946.
Dr. Thomas William Douglas, Assistant Professor of Commerce and Business Administration, at a salary
of $3,952 for the session.
Dr. Charles A. Micaud, Acting Assistant Professor of Political Science, at a salary of $3244 for
the session, encumbency to begin September 30, 1946.
Mr. Milton Robert Allen, Acting Assistant Professor in charge of our home study program in the
Extension Division, at a salary of $3,280 per calendar year, encumbency to begin September 30, 1946.
Dr. William Norman Thornton, Assistant Professor of Obstetrics and Gynecology, effective July 1,
1946, at a salary of $6,600, all of which is to be paid from the earnings of the Department of Obstetrics
and Gynecology.
Receipt and Release of the University of Virginia in re. Deed of Trust executed by David Randall
MacIver to the United States Trust Company of New York, Trustee. On motion the matter was disposed of in
the following resolution adopted:
RESOLVED, that the action of E. I. Carruthers, Bursar of the University of Virginia, in executing
and delivering to the United States Trust Company of New York, Trustee under deed of trust dated May 27,
1932, made by David Randall MacIver, said receipt and release be and is hereby approved, ratified and confirmed
in all respects.
The requests of certain fraternities for additions to their present loans from the University
secured on their houses, to be used in making needed repairs and to meet demands of private parties who had
made loans to aid in the erection of the houses, were referred to the Finance Committee.
President Newcomb stated that he had received an application from a woman student from the
eastern shore of Virginia for a Bayly-Tiffany scholarship to enable her to attend Mary Washington College
and felt that he could not authorize the award as the bequest establishing the scholarships made
no mention of their award to women students, and that at that time Mary Washington College was not a
College of the University, and requested action by the Board. Following some discussion of the matter,
the question of making the said scholarships available for Mary Washington College was referred to the
Attorney General of the State for his opinion.
The President stated that he had received a communication from the Surgeon General of the
U. S. Army inviting the University to apply for the establishment of a Reserve Officers Training Corps
unit in the Medical Department of the University, which was disposed of in the following motion adopted
RESOLVED, by the Board of Visitors of the Rector and Visitors of the University of Virginia,
that the President is authorized and empowered to make application to the Adjutant General for the establishment
of a Reserve Officers Training Corps Unit in the Medical Department of the University of
Virginia.
It was suggested that the special committee of the Board on Student Activities undertake to
include the Mary Washington College in their studies. After some discussion it was RESOLVED, that this
be added to the duties of the Committee of the Board on the Mary Washington College, and this committee
was empowered to deal with all matters connected with the Mary Washington College.
REPORT OF THE FINANCE COMMITTEE:
Mr. Barron F. Black, Chairman of the Finance Committee, submitted the following report, which
was approved:
To the Board of Visitors of The University of Virginia:
The Finance Committee of the Board of Visitors of the University of Virginia respectfully
submits the following report:
There is attached hereto marked "Exhibit A" a schedule showing the transactions of the Finance
Committee regarding the Consolidated Endowment Funds of the University of Virginia for the period January
1, 1946 to July 1, 1946.
In this schedule is reported "Stocks sold and called", "Stocks purchased", "Bonds sold and
called", and "Bonds purchased". From these headings it will be seen that many of the transactions are
somewhat involuntary and in the form of stocks and bonds called. On the other hand, many of them are
sales and purchases of securities where the Committee has itself exercised its best judgment after seeking
advice from those skilled in investments. The Committee respectfully asks the approval of the Board
of its actions as set out in the attached Schedule A.
This Committee has actively functioned since January of this year, at which time a chairman
was appointed; only recently Mr. Gay has become a member.
It has a number of problems ahead of it. There are a few securities which at the opportune
time should be disposed of. Yet there is a comparatively large amount of cash awaiting investment, and
it is one of our prime objects not to too greatly lower the income from the fund. The question of the
proper proportions of investment in the various forms of securities is an ever-recurring one.
On all of these problems the Committee has been fortunate in having the wise counsel of Mr.
Edward C. Anderson, as well as the facilities of his firm, Messrs. Scott and Stringfellow, at its disposal.
In addition, very recently Mr. J. Harvie Wilkinson, Jr., Vice President of the State Planters
Bank and Trust Company of Richmond, Virginia, has kindly consented to sit with the Committee at its
meetings and advise with it on its various problems.
We think that progress has already been made by the Committee, and that gradually an organization
will be developed capable of properly directing the investments of the funds in charge of the Board
of Visitors.
| STOCKS SOLD AND CALLED | BOOK VALUE | CASH RECEIVED |
| 24-20/40 shs. common stock of Pittston Co. received as dividend on 980 shares common stock of Chesapeake & Ohio Rwy. Co. |
$ 356.54 | 356.54 |
| 200 shs. Beneficial Ind. Lean Corp. Pfd. stock called | 10,000.00 | 10,500.00 |
| 20-40 shs. common stock of Pittston Co. rec'd on 20 shs. C. & O. Ry. common |
6.95 | 6.95 |
| 165 shs. North American Company 5-3/4% pfd. called @ $55.00 | 8,580.00 | 9,075.00 |
| 200 rights Philip Morris Co. | 33.75 | 33.75 |
| 167 shs. Camp. Mfg. Co. 5% cum. pfd. called @ 103 | 16,700.00 | 17,201.00 |
| 75 shs. Granby Consolidated Mining & Smelting @ 9.00 | 9.94 | 662.43 |
| 15 shs. Peoples Mortgage Co. Common | 120.00 | 144.90 |
| 7 shs. Charlottesville Woolen Mills pfd. | 1,540.00 | 1,002.76 |
| 119 shs. Charlottesville Woolen Mills common | 16,020.00 | 17,090.40 |
| 12 shs. Delaware Power & Light common | 172.80 | 301.90 |
| 15 shs. Deposit & Trust Co. of Baltimore, Md. | 1,050.00 | 1,613.25 |
| 25 shs. United Gas & Improvement | 59.47 | 718.39 |
| 20 shs. Public Corp. of N. J. | 127.70 | 582.63 |
| $ 54,777.15 | $ 59,289.90 |
STOCKS PURCHASED
| 300 shs. Buffalo Electric Corp. $3.60 pfd. @ 102.85 | $ 30,855.00 |
| 1 and 1/4 shs. Peoples National Bank, Charlottesville @ 98.00 | 122.50 |
| (Received stock dividend of 3 and 3/4 shs. on 15 shares held making total holding of this stock 20 shares with book value of $1,172.50) |
|
| 200 shares Paramount Pictures @ 77 and 77½ | 15,514.33 |
| 150 shs. Tenn. Gas & Transportation Co. $4.10 Cum. pfd. ¼ 106 | 15,900.00 |
| 200 shs. American Tobacco common @ 94½ & 93-3/4 | 18,895.70 |
| 100 shs. American Tel. & Tel. common (in exchange for $10,000 A.T.&T. 3% bonds with book value of $11,064.94 and $4,002.31 cash) |
15,067.25 |
| 60 shs. Hazel-Atlas Glass Co. par $25 per share (Gift) | 10,200.00 |
| 200 shs. Reigel Textile Corp. $4 Series "A" @ par | 20,000.00 |
| Total | $ 125,554.78 |
BONDS SOLD AND CALLED
| $1,000 | P. Lorillard Co. 5s called | $ 1,017.50 |
| 1,000 | American Tobacco Co. debs, called | 1,015.00 |
| Installment payments on three N. Y. Realty Mtgs. | 1,239.06 | |
| 2,000 | American Power & Light 6s called @ 110 | 2,200.00 |
| 1,000 | S. J. Makielski real estate bond | 1,000.00 |
| 1,000 | Cavalier Hotel Corp. called | 1,000.00 |
| 3,000 | American Tobacco Co. 3s called @ 103 | 3,030.00 |
| 7,000 | B. F. Goodrich 1st mtg. 4¼s called @ 103 | 7,079.00 |
| 20,000 | Pacific Gas & Electric 1st ref. called @ 105 | 22,025.69 |
| 7,000 | Buffalo General Electric 4½s of 3/1/82, called | 7,636.35 |
| 1,000 | P. Lorillard Co. 3s of 10/1/63 called | 1,017.50 |
| 20,000 | Celanese Corp. of America 3½s called | 37,800.00 |
| 3,000 | Northern Pac. Ry. 6s of 2047 called | 2,096.25 |
| 25,000 | American Tel. & Tel. 3½s of 10/1/61 called @ 105 | 25,250.00 |
| Installment payments on N. Y. Mtgs. | 1,418.43 | |
| 10,000 | American Tel. & Tel. 3s exchanged for stock (see above) | 11,064.94 |
| 1,000 | Shell Union Oil Co. 2½s of '54 called at par | 961.40 |
| 1,000 | Brooklyn Union Gas Co. 3½s of '60 called @ 104 | 1,024.33 |
| 30,000 | U. S. Treas. 2s of 9/15/54, sold @ 10 4/32 | 30,000.00 |
| 5,000 | U. S. Treas. ½s of 12/15/46 sold 100 11/32 | 5,034.38 |
| 9,000 | Mountain States Tel. Co. called | 9,180.00 |
| 1,000 | Int. Tel. & Tel. Co. called | 840.00 |
| 25,000 | Am. Tel. & Tel. Co. called | 25,500.00 |
| Total | $ 200,507.54 |
BONDS PURCHASED
| $ 15,000 | Tenn. Gas & Transportation Co. 1st mtg. 2-3/4s of 4/1/66 | 15,225.00 |
| $100,000 | U. S. Gov. "G" 2¼s of 4/1/1958 | 100,000.00 |
| 25,000 | Ohio Public Service Corp. 1st mtg. 2-3/4% of 6/1/76 | 25,250.00 |
| Total | $ 140,475.00 |
MARY WASHINGTON COLLEGE MATTERS:
President Combs presented the following matters which were disposed of as shown:
Election of Mr. Charles H. Davidson as instructor in Physics for the session of 1946-47 at a
salary of $2300 for the session of 9 months, incumbency to begin on September 16, 1946. Mr. Davidson is
to fill the vacancy created by the resignation of Dr. Charles S. Simons, Assistant Professor of Physics.
Approved.
Resignation of Dr. J. Edwin Whitesell, Assistant Professor of English, effective immediately,
in order that he may accept a more attractive position at the University of South Carolina. Approved.
Increase in salary of Dr. Carrol H. Quenzel, Head Librarian and Professor of History, from $3500
to $4042 on the basis of twelve months, effective September 1, 1946.
In re: PURCHASE OF HOUSEHOLD FURNITURE AND EQUIPMENT IN THE DR. REICHEL HOME PURCHASED BY THE
COLLEGE BY AUTHORITY OF THE BOARD OF VISITORS AT A MEETING ON JULY 12, 1946:
Dr. Combs stated to the Board that Dr. Reichel had proposed to sell to the Mary Washington College
all of the furniture and furnishings in his home, together with the lawn furniture, for the sum of $26,000.
Dr. Reichel had arrived at this price as a result of an appraisal made by a prominent interior decorator
in Richmond. After a thorough discussion of the matter, the following resolution was unanimously adopted:
RESOLVED, by the Board of Visitors of the Rector and Visitors of the University of Virginia,
that the Board's Committee of Mary Washington College, consisting of Mr. Garnett, Mrs. Wailes
and Mrs. Willis, be authorized and directed to have an independent appraisal made of the furniture
and furnishings offered for sale by Dr. Reichel.
RESOLVED, further, that after the appraisal has been made, the Committee be given full
authority to act.
USE TO BE MADE OF THE REICHEL RESIDENCE:
Mrs. Willis, a member of the Mary Washington College Committee, presented the following on behalf
of the committee, and the same was disposed of in the resolution adopted:
In anticipation of being able to use the Reichel residence in which to house students, Mary Washington
College has taken this in consideration in accepting the number of students to be housed on the campus.
Dr. Reichel, the owner of the property, had stated that he would vacate the property by the first of September.
It now appears that Dr. Reichel will not be able to vacate before September 15th, which is the day that the
dormitories open at Mary Washington.
In view of this situation it is, naturally, impossible to make the necessary alterations
in time for the Reichel property to be used for students for the forthcoming session. This situation
presents the college with a difficult problem and would mean the loss of $14,000 income from students
unless these students can be cared for.
One solution to the situation seems to be to make the necessary alterations in the meantime
in the house now occupied by the President and his family and then at the opening of the session the
President move to the Reichel property and live there until such time as Brompton is ready. The alterations
can be made in the house in which the President is living in time for the opening of the college.
The house in which the President is now living will accommodate approximately the same number
of students as can be housed in the main residence of the Reichel property and workmen can enter the
President's home to complete the necessary alterations before September 15th. Furthermore, the residence
over the garage at the Reichel property will be used for students in view of the fact that workmen
can enter and make the necessary preparations. If the main house is occupied by the President's
family, there would be no necessity of having a hostess for these students.
It is, therefore, recommended that the following action be taken:
RESOLVED, by the Committee on Mary Washington College of the Board of Visitors of the
University of Virginia, that the administration of Mary Washington College be and is hereby
authorized to make the President's home available for students as of September 15th, and
transfer the President and his family to the Reichel property temporarily until Brompton
is habitable, if this should prove to be the best solution to housing the overflow of students
accepted for the dormitories for session 1946-47, the decision to be left to the
discretion of the administration of Mary Washington College. Adopted.
Mrs. Willis introduced the resolution presented at the meeting on June 1st relative to the
admission of male students, which was lost at that meeting, and which was again defeated. The proposed
resolution was as follows:
RESOLVED, that non-boarding male students be admitted to Mary Washington College next
session, with the distinct understanding that this is not to be a permanent policy, but
is simply a temporary deviation from the traditional policy of the College in an effort to
help relieve an unprecedented situation.
The meeting then adjourned.
Rector Pro Tem
Secretary
| Board of Visitors minutes August 9, 1946 | |