 | Board of Visitors minutes October 11, 1946 |  |
The regular monthly meeting of the Board of Visitors was held on this date in the office of the
President at 10 o'clock with the following present: Edward R. Stettinius, Jr., Rector, Visitors
Garnett, Anderson, Carrington, Calcott, Mrs. Wailes, Mrs. Willis, Black, Barksdale, Gay, Dr. Trout,
Mears, President Newcomb.
The Rector announced the appointment of the following Standing and Special Committees, and that
the duties heretofore assigned to the New Buildings Committee had been combined with those of the
Buildings & Grounds Committee.
STANDING COMMITTEES
Executive Committee:
The Rector, Garnett, Gay, Barksdale, Mrs. Willis.
Finance Committee:
Black, Chairman, Gay, Bustard.
Buildings and Grounds Committee:
Garnett, Chairman, Anderson, Mrs. Wailes, Mrs. Willis, Mears.
Mary Washington College of the University of Virginia:
Mrs. Wailes, Chairman, Garnett, Mrs. Willis, Mrs. Calcott, and the Superintendent of Public
Instruction.
SPECIAL COMMITTEES
Selection of President:
Gay, Chairman, Garnett, Anderson, Trout, Wailes.
Medical School:
Trout, Chairman, Garnett, Black, Carrington, Bustard.
Student Activities:
Anderson, Chairman, Barksdale, Carrington, Mrs. Wailes.
Proposed Financial Campaign:
Anderson, Chairman, Black, Gay.
The President reported the following enrollment and gifts:
Enrollment to date 4,192.
| From the estate of Mary Scott Chinn, deceased, the income therefrom to be used in defraying the expense of the education of a worthy law student, or students, in the University of Virginia - the fund to be known as the William J. Chinn Memorial Fund |
$3,000.00 |
| From Mrs. Philip B. Philipp for the Rucker Home Equipment Fund | $2,000.00 |
| From the estate of Miss Mattie L. Johnson of Orange, Va., for the William J. Rucker Home for crippled children, cash |
$7,792.20 |
| and stock in the Huntington Hall Corp. and Philadelphia Fairfax Corp. valued at | $ 362.00 |
The President recommended the following faculty retirements, resignation, leaves of absence, promotion
and elections:
RETIREMENTS:
Dr. William Allison Kepner, Professor of Biology, and Mr. Herman Patrick Johnson, Associate Professor
of English Literature, having reached the retirement ages of 70 years, be and the same
are hereby effective from September 30, 1946.
RESOLVED, that the retirements of Dr. William Allison Kepner and Mr. Herman Patrick Johnson be
and the same are hereby accepted, effective September 30, 1946. These gentlemen have carried on
their work at the University with devotion and skill, and the Board wishes for them many years of
happiness in their retirement.
RESIGNATION:
The resignation of Dr. John Thomas Baldwin, Acting Assistant Professor of Agricultural Biology,
effective October 15, 1946, be and is hereby accepted, and we wish for Dr. Baldwin the highest
success in his new undertaking.
LEAVES OF ABSENCE:
Mr. George B. Zehmer, Director of the Extension Division and Dean of the Summer Quarter,
granted leave of absence for a year, beginning October 1, 1946, to assume the temporary directorship
of the Richmond University Center.
Mr. Edward Watts Saunders, Professor of Civil Engineering granted leave of absence for a year,
beginning October 1, 1946, on account of ill health, with the salary of his substitute to be
paid from his salary.
PROMOTION:
Mr. William Hubert Baughan, Instructor in Rural Social Economics, to Assistant Professor of Rural
Social Economics, at a session salary of $3280, including the Tuck formula.
ELECTIONS:
Mr. Everett Cousins Cogbill, Instructor in Chemistry, for the academic year 1946-47, at a session
salary of $3,056, including the Tuck Formula.Mr. Wayne H. Bowers, Instructor in Romance Languages, for the academic year 1946-47, at a session
salary of $3,056, including the Tuck Formula.Mr. Henry Lee Kinnier, Acting Assistant Professor of Civil Engineering at a session salary of
$3,504, including the Tuck Formula.Mrs. Lucille E. Whyburn, Acting Assistant Professor of Mathematics at a session salary of $3,280,
including the Tuck Formula, encumbency to begin October 1, 1946.Judge Armistead M. Dobie, formerly Professor of Law in the University, Lecturer in Law, to give
a course in Federal Procedure, with an honorarium of $1,000 for the session, encumbency to begin
October 23, 1946.Mr. Edgar Miller Williams, formerly Professor of Naval Science and Tactics in the University,
Lecturer in English in the Department of Engineering, at a session salary of $2,384, including
the Tuck Formula, encumbency to begin October 1, 1946.Mr. Philip Henry Ryan, formerly Associate Professor of Naval Science and Tactics in the University,
Lecturer in Mathematics in the Department of Engineering, at a session salary of $2,384,
including the Tuck Formula, encumbency to begin October 1, 1946.Mr. William Fense Weaver, Instructor in English at a session salary of $2,384, including the Tuck
Formula, encumbency to begin October 1, 1946.Mr. Stewart Denslow, Instructor in Romance Languages at a session salary of $2,720, including the
Tuck Formula.Mr. William Harrison Kite, Jr., Instructor in Engineering Drawing at a session salary of $2,384,
including the Tuck Formula, encumbency to begin October 1, 1946.Mr. Lewis C. Goldstein, part-time Instructor in Biology at a session salary of $1,200, including
the Tuck Formula.Mr. Landon Leslie Davis, Instructor in Mathematics at a session salary of $2,160, including the
Tuck Formula.
In accordance with the resolution of the Board of Visitors of July 14, 1945, the President reported that
he had given professional standing in the faculty to Naval officers serving at the University, as follows:
Lieutenant Commander Louis Harkey Mayo, U. S. N., Associate Professor of Naval Science, effective
September 1, 1946, without salary from the University.Captain Eugene Stuart Roane, Jr., U. S. Marine Corps, Assistant Professor of Naval Science,
effective September 1, 1946, without salary from the University.
Mr. W. Allen Perkins, Attorney for the University, stated to the Board that for some time past serious
consideration had been given the question of the advisability of the University Hospital becoming one
of the participating hospitals of Virginia Hospital Service under what is popularly known as "The Blue
Cross Plan".
Mr. Perkins stated that this plan in all of its many details has been carefully studied by the Hospital
management and staff and that the conclusion has been reached that our Hospital should participate in
this plan which has as its primary purpose the affording of hospital service and care to as great a
number of persons as possible and at lowest possible cost.
Mr. Perkins presented to the Board a form entitled "VIRGINIA HOSPITAL SERVICE ASSOCIATION - APPLICATION
FOR PARTICIPATION", addressed to- "The Participating Hospitals Through Their Sole Agent, Virginia Hospital
Service Association, Richmond, Virginia".
He also presented a form of contract entitled- "Assumption of Liability - Agreement to Terms of Settlement,
etc.", and attached to these two papers a printed form entitled- "Hospital Service Contract."
After a full discussion the following resolution proposed by Dr. Trout and seconded by Mr. Garnett was
unanimously adopted-
BE IT RESOLVED, that the Rector and Visitors of the University of Virginia, a corporation
created by an Act of Assembly of Virginia adopted January 25, 1819, entitled- "An Act for establishing
an University (See Page 15 Acts of Assembly of 1818-19), owning and operating the
Hospital in the City of Charlottesville known as "University of Virginia Hospital" makes application
to "The Participating Hospitals", as shown in the form of application for participation,
submitted to this Board at its regular meeting held this 11th day of October, 1946, and made a part
of the record of such meeting, for the inclusion of this hospital as one of the participating
hospitals, which through their sole agent, Virginia Hospital Service Association, are engaged in
conducting a plan for hospitalization under the terms of a contract, a copy of which is attached
to such application, and that this hospital does agree that, on admission as one of "The Participating
Hospitals", it will assume the same responsibilities and liabilities as the other hospitals
participating, both those set forth in the Subscriber Contract offered the public, and the Agreement
between them and their Agent, the Virginia Hospital Service Association (both are on file with
State Corporation Commission) and those currently assumed by the Participating Hospitals, and that
the Participating Hospitals' Agent be, and he hereby is named as agent for this hospital with the
same authority as that which is conferred upon him by the other Participating Hospitals, empowering
him to sign for and represent them before the State Corporation Commission of Virginia and otherwise
in matters pertaining to the hospital service plan.
AND BE IT FURTHER RESOLVED, that the said form of application for participation, in as many
copies thereof as may be required, be executed for and on behalf of this hospital by its President
and that the seal of The Rector and Visitors of the University of Virginia be thereto affixed and
attested by the Secretary, and that the form of contract to be made between The Rector and Visitors
of the University of Virginia and the Virginia Hospital Service Association, under date of October 1,
1946, a copy of which is attached to the said form application for participation, be likewise executed
for and on behalf of this corporation by its President, in as many copies thereof as may be required,
and that the officers of this corporation be and they hereby are empowered to take such steps as may
be necessary for the inclusion of this hospital as one of "The Participating Hospitals".
Dr. Vincent W. Archer, head of the X-Ray department of the University Hospital addressed the Board
concerning entering into a contract with some smaller hospitals for X-Ray service. The matter was
referred to the Medical School Committee for report.
Upon the recommendation of the President, the following resolution was adopted:
RESOLVED, that an additional sum of $500, or as much thereof as may be necessary, be
authorized and paid out of the unexpended balance of income from the University's private
endowment for the cost of travel, mimeographing and typing of the John Price Jones report
in connection with the proposed fund-raising campaign.
The President reported the loss of a patient's money, in the sum of $195.00, deposited with the
Hospital cashiers, and suggested the following action which was adopted:
RESOLVED, that the sum of $195.00 be transferred from the income from the University's
private endowment to the University Hospital to care for the patient's deposit lost by the
cashiers in the University Hospital, and steps be taken to fix the liability of the Surety
Company and collect the money.
Mr. Black, Chairman of the Finance Committee, presented the following report:
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:
As of February 1st, 1946, there was under the control of this Committee, and of this Board,
securities representing an inventory cost of $4,612,244.67. The responsibility, therefore, is a
large one, both for the Committee and for this Board.
Ever since the membership of this Committee, as it is now constituted, was appointed, it has
been apparent to it that there was a compelling need for changes in the manner of its operation.
The Committee is composed of three lawyers, no one of whom lays any claim to any particular
knowledge or skill in regard to the investment of funds. Mr. Edward C. Anderson, of the firm of
Scott & Stringfellow, has gratuitously undertaken to advise this Committee. His services to the
Committee, as was stated in the last report of the Committee, have been of tremendous help. But
Mr. Anderson has never made any pretense of rendering all of the services which would be expected
of a financial advisor or supervisory agent, and such as is usual in the handling of similar funds.
Some of these services would be:
1. To keep the investments under constant review;
2. To make recommendations to the Committee regarding the investments of the funds;
3. To execute, upon instructions from the Committee, all purchases and sales of investments
and to handle all details of delivery and receipt of securities;4. To furnish storage facilities for the securities, clip the coupons, collect dividends
and other income, make regular remittances of income to the Bursar and render
detailed statements of accounts;5. To furnish the services of a nominee for the registration of the securities so that
they will be ready for delivery promptly in "Street Name" thus avoiding costly delays
when supporting papers are required.
The mere recital of what these services consist of is sufficient to show that they are too burdensome
to impose on any member of this Board, even if that member were equipped to perform them, and we
do not understand that any member is so equipped.
With all of this in mind and with the full approval of Mr. Anderson, whose advice the Committee
sought, the Committee recommends that it be empowered to enter into a contract with some recognized
Virginia bank, trust company or organization which makes a business of acting as a financial advisor
in relation to similar funds. The Committee does not propose to surrender any of the powers of the
Board, or of the Committee, to make final decisions as to any steps to be taken in regard to the investment
or reinvestment of funds under their control. We propose only that we obtain competent expert
advice on the various problems which arise in regard to the investment of these funds. We propose
that we place the Committee and the Board, both, in a position beyond the reach of criticism should
losses occur in these funds.
While we are not now in a position to submit either a contract with any financial advisor, or to
make any final decision as to what financial advisor should be selected, we may say that we have consulted
with Mr. J. Harive Wilkinson, of the State-Planters Bank and Trust Company, regarding the services offered
by his bank, and that we expect to explore the matter in more detail with him; that we expect to investigate
the services offered by other Virginia banks, trust companies and organizations, and that we feel
confident that at the next meeting, if the Board sees fit to approve this preliminary recommendation, we
will be able to submit to the Board a final recommendation, both as to the advisor and the form of contract
with that advisor.
We may state that the Board of Alumni Trustees retains investment counsel to advise it on the investments
of the Alumni Fund. Our investigation indicates that the total cost of handling the Alumni
Fund runs very close to ten per cent of the gross income. We believe that we will be able to obtain comparable
services for a substantially less percentage of the gross income.
As an illustration of how un-economically the Fund, under the control of this Board, has been handled
in the past, we may point out that for the year 1945 a total of $3,100 was paid to various banks over the
State for their services in acting as custodians only of the securities of the Fund, keeping these securities
in their vaults, clipping the coupons, etc., It is our intention to have this service performed by
the Financial institution acting as Investment Counsel without substantial additional cost.
Following some discussion of the foregoing report, the following resolution was adopted:
BE IT RESOLVED that the Finance Committee proceed to select a Financial Advisor for
the Funds under the control of this Board as suggested in the report of the Finance Committee,
and that the Committee be further directed to carry on negotiations with the Board of Trustees
of the Alumni Fund leading towards a joint action on the part of the Trustees and this Board
in regard to the handling of these Funds by a single advisor or official.
and that the Finance Committee report further to the Board on these matters.
MARY WASHINGTON COLLEGE MATTERS:
Upon recommendation of Dr. M. L. Combs, President the following were elected to the faculty:
Dr. W. H. Faulkner, Acting Assistant Professor of German on a Part-time basis, at a salary of
$3,000 for the session of 9 months, encumbency to begin September 18, 1946.Mrs. Catesby W. Stewart, Acting Assistant Professor of History, at a salary of $3,350 for the
session of 9 months, encumbency to begin September 18, 1946. This is a temporary appointment
until such time as we are able to secure some satisfactory person on a permanent basis.Mr. Hubert C. Shull, Acting Assistant Professor of Chemistry, tenure one year only, at a salary
of $2,775 for the session of 9 months, encumbency to begin September 18, 1946.Mrs. Mildred B. Sollenberger, Substitute Instructor in Speech and Radio, tenure one year only,
at a salary of $2,300 for the session of 9 months, encumbency to begin September 18, 1946.
Mr. Garnett, Chairman of the Mary Washington College Committee, submitted estimates from James Fox & Sons
of Richmond, Virginia, dated October 9, 1946, for work on "Brompton":
| The cost to October 1, 1946, of work completed on main and quarters building | $17,887.49 |
| The cost to complete the main building, quarters building and museum, exclusive of panel work in the parlors, reception hall, and library and also the stair hall |
54,099.56 |
| To complete paneling in stair hall, parlors, reception hall and library | 8,297.77 |
The above prices on the last two items are approximate only and while we have tried to take care of everything
that we think is necessary, we do not guarantee the above figures.
In regards to the first item, this cost is considerable more than was first contemplated by reason of the
large amount of replacement of deteriorated work in the present buildings.
The foregoing estimate was approved.
On motion the meeting then adjourned.
Rector
Secretary
| Board of Visitors minutes October 11, 1946 | |