University of Virginia Library

The regular monthly meeting of the Rector and Visitors of the University of Virginia was held on this date
at 10 o'clock in the office of the President, with the following present: the Rector Edward R. Stettinius; J.
President J. L. Newcomb of the University of Virginia and President M. L. Combs of Mary Washington College;
Visistors Garnett, Anderson, Carrington, Calcott, Wailes, Bustard and Miller.

The minutes of the meeting of December 13th, which had been copied and mailed to the members, were approved.

The President made the following announcements:

Enrollment to date 4387.

Gifts: From Mr. James N. Dunlop, Mrs. Hampton D. Ewing and Mrs. Thomas Walker Gilmer, for the establishment
of a scholarship at the University of Virginia in memory of their brother, William Carrington
Dunlop, $2,500.

From Mrs. William H. White, Jr., (no publicity) to be added to the Mary Stamps Royster Memorial Fund to
endow a bed in the University Hospital, $2,404.

From Mr. Whitney Stone - $1,000 of the value of the gift to be devoted to the Woodrow Wilson School of
Foreign Affairs and the balance for the Department of Internal Medicine of the University Hospital - one
hundred shares of The Greyhound Corporation Common Stock: total of $3,700.

The President presented the resignation of Dr. Hugh Page Newbill, Assistant Professor of Neurology and
Psychiatry, effective December 31, 1946, which was accepted, and the Board extended to him its best wishes
for the highest success in his new undertaking.

JANE SEWARD PROPERTY:

The President presented a letter from Mr. Alfred Akerman, Director Seward Forest, advising that he had
given due advertising of the Jane Seward property near Gholsonville, Virginia, and consisting of 102½ acres,
more or less, which property is detached from the Seward Forest property lying some ten and one-half miles
therefrom. He submitted two sealed bids therefor, which, upon being opened, were found to be as follows:
H. M. Stratton and S. H. Moore, $1,550.00, and M. O. Bloom, $2,055.00. On motion the bid of M. O. Bloom
of $2,055.00 was accepted, and the Attorney for the University was requested to prepare the deed, and the
President authorized to sign the same on behalf of the University.

JOHN PRICE JONES CORPORATION CONTRACT AMENDMENT.

Mr. Perkins, at the request of the Committee, heretofore appointed by this Board to "Study and Report"
upon the practicability of a campaign to raise a fund of some six million dollars for the use of the University,
presented to the Board a form of offer to conduct an advisory and managerial service for this purpose
made to the University by The John Price Jones Corporation of New York.

Mr. E. C. Anderson, Chairman of said Committee, stated that the terms of said offer, originally set out
in a letter addressed to Dr. J. L. Newcomb, President of the University, by said Corporation, under date
of September 13, 1946, had been carefully studied and were satisfactory to his Committee, but that due
to lapse of time since the offer was submitted he was advised by the John Price Jones Corporation that
possibly some slight modifications and amendments thereto might be necessary before that Corporation could
reaffirm its offer.

After discussion of the situation the following resolution offered by Mr. Anderson, and seconded by Mr.
Garnett was adopted-

BOND OF ELEANORE IDE McINTYRE

Mr. Perkins stated to the Board that among securities received by the University in the settlement of the
estate of the late Whitmell T. Taliaferro, of Atlantic Highlands, New Jersey, was a bond of Eleanore Ide

McIntyre for $12,500.00 which was secured by a mortgage constituting a first lien on Mrs. McIntyre's home
at No. 310 Ridgewood Avenue, Glen Ridge, New Jersey.

In June, 1936, the principal of this bond was reduced from $12,500.00 to $5,500.00 and the rate of interest
was reduced from six per cent to five per cent. The bond which would have originally matured
May 1, 1938 was extended to May 1, 1948. Interest is payable semi-annually on May 1st and November 1st
of each year, and all interest has been paid down to and including November 1, 1946.

Mrs. McIntyre now desires to convey a small triangular piece of land to be cut off from her lot and which
has a front of 12 feet on Ridgewood Avenue in Glen Ridge and extends back on its northern side a distance
of 38 feet and on its southwestern side 40.32 feet, the purpose of this conveyance being to give her
neighbor, a Mrs. Scribner, some additional room for a driveway into her lot which adjoins Mrs. McIntyre's
property on the south.

Mrs. McIntyre has tendered to the University the sum of $150.00 and asks that the University release its
mortgage on this little triangular piece of land so that she may convey it free of encumbrance. The
McIntyre property is assessed for taxation at $18,000.00 and I am advised by Mr. McIntyre that the place
is worth probably $30,000.00 or more.

It was, thereupon,

RESOLVED that in consideration of $150.00 paid by Mrs. Eleanore Ide McIntyre and Richard A. McIntyre,
her husband, and to be applied as a credit on the principal of her bond, the President be and is hereby
instructed to execute the form of release of the small triangular piece of land described in the preamble
to this resolution, which form of release was presented to the meeting by Mr. Perkins, and E. I. Carruthers,
Secretary, is hereby instructed to affix the corporate seal thereto and attest the same.

BOND OF UNIVERSITY OF VIRGINIA GIVEN TO THE UNIVERSITY BY MILDRED NELSON PAGE.

Mr. Perkins stated to the Board that by deed of trust dated November 1, 1906, The Rector and Visitors of
the University of Virginia conveyed to Virginia Trust Company, Trustee, all of its lands in the County
of Albemarle, in trust to secure an issue of four hundred bonds for $500.00 each, all dated November 1,
1906, and all payable forty years after date.

Article 10 of said deed of trust reads as follows-

"Upon production by said The Rector and Visitors to said Trust Company of all the bonds and coupons
which may have been issued in pursuance of and secured by this indenture . . . said Trust Company . .
. . . shall be fully authorized and empowered and it shall be their duty to release to the said Rector
and Visitors all of the property and estate of every description herein conveyed . . . . "

Article 5 of the deed exempts the Trustee from liability for any acts except wilful misconduct or failure
to exercise ordinary care.

Mr. Perkins further stated that Bond No. 330 of this issue passed to Miss Mildred Nelson Page as sole
legatee under the will of her stepmother, Mrs. Lucy White Page, widow of the late Frederick K. Page,
who for many years was librarian at the University.

Miss Page decided that she would give this bond to the University and brought it to Mr. Perkins in
order that proper assignment might be made by her. Upon examination of the bond it was found that as
of June 1, 1911, it had been registered in the name of R. T. Martin on the books of Virginia Trust
Company as Transfer Agent. Although the deed of trust required that the registration of any of these
bonds should be on the books of the University there was no record made on the University's books of
this registration in the name of R. T. Martin.

Mr. Martin was Cashier of the Albemarle Bank in Charlottesville for many years and Mrs. Lucy White
Page no doubt purchased this bond from the Albemarle Bank or from Mr. Martin and when the bond was delivered
to her, through some oversight, the transfer was not made from the name of R. T. Martin into
Mrs. Lucy White Page's name.

Mr. Martin died in 1919 and under his will all of his property passed to his widow, Mrs. Helen P.
Martin. This bond does not appear as an item in the inventory of his estate.

Mrs. Helen P. Martin died in 1921 and under her will all of her property passed to her two children,
Mrs. Ada Martin Kelham and Ashby Martin. Under date of November 30, 1938, Mrs. Kelham executed an instrument
in writing directing Virginia Trust Company to transfer this bond into the name of Miss
Mildred Nelson Page. At that time Mr. Ashby Martin refused to recognize Miss Page's title to the bond
and claimed that he was entitled to one-half of the principal thereof and one-half of all interest
paid after the date of his mother's death. Although he was advised of the situation on December 3,
1938, he has taken no further action in the matter.

All of the bonds of this issue fell due on November 1, 1946. On December 14, 1946, Miss Mildred
Nelson Page executed an assignment of this bond to the Rector and Visitors of the University of Virginia.
The University now desires to have the deed of trust securing all of these bonds properly
released of record. The money to pay this bond and all of the other bonds has been properly deposited
by the University with Virginia Trust Company, as Trustee. Upon presentation of this bond to the
Trustee the University will be entitled to the return of $500.00 from this Sinking Fund.

While it seems clear from the provision in the deed of trust above quoted, that it is the duty of the
Trustee to make this release upon production of the bonds to it by the University, it is of course
a possibility that some claim may be made by the said Ashby Martin, either against the University or
against the Trustee.

In view of this situation, it is-

RESOLVED, THAT, since the money to pay all outstanding bonds and coupons of said issue of
November 1, 1906, is now in the hands of the Virginia Trust Company, Trustee, under the deed of trust
aforesaid, said Virginia Trust Company, Trustee as aforesaid, is hereby requested to execute a proper
release of said deed of trust.

And,

That The Rector and Visitors of the University of Virginia hereby agrees to indemnify and
save said Trustee harmless from damage of any kind that may result to it arising out of any claim

that may be made by said Ashby Martin in and to an interest in said bond No. 330 for $500.00 as legatee
under the will of his mother, Mrs. Helen P. Martin.

And,

Be it further resolved that the President is hereby requested to express to Miss Mildred Nelson
Page our sincere appreciation of her generous gift.

Barron F. Black, Chairman of the Finance Committee, presented the following matters which were adopted:

LOAN FROM THE CONSOLIDATED ENDOWMENT FUNDS OF THE UNIVERSITY FOR CONSTRUCTION:

THAT WHEREAS some years ago the University of Virginia for the purpose of raising funds to construct certain
of its buildings borrowed from the Consolidated Endowment Fund of the University the sum of approximately
$175,000.

AND WHEREAS annually $2,000 has been paid by the University into a sinking fund held by the Virginia Trust
Company of Richmond to pay the Principal of said lean.

AND WHEREAS in addition to said sinking fund payments the University of Virginia has paid interest at the
rate of 5% per annum on a portion of said loan and at 6% per annum on the balance thereof the funds for
both said principal and interest payments having been provided by the State of Virginia.

AND WHEREAS said sinking fund payments have been invested by the Virginia Trust Company in the following
securities:

   

$25,000	Southern California Edison bonds, 3's of 1965.
$10,000	United States Government 2% bonds, maturing September 15, 1952, having an approximate value of $37,120 but yielding only a very low return in the form of interest.

NOW THEREFORE BE IT RESOLVED that the Bursar of the University shall direct and instruct the Virginia Trust
Company to sell said securities and apply the proceeds thereof, and any uninvested cash which the State
Treasurer may have on hand, on the principal of said loan retiring first that portion thereof bearing 5%
interest and thereafter that portion bearing 6% interest.

AND THAT HEREAFTER the annual curtails of $2,000 be applied directly on said loan instead of by way of
sinking fund payments.

SECURITIES TO BE RETAINED BY THE PEOPLES NATIONAL BANK OF CHARLOTTESVILLE.

RESOLVED that since the deeds of trust, mortgages, notes, bonds, and other papers in connection with the
real estate loans in the portfolio of the Consolidated Endowment Fund of the University of Virginia largely
concern loans secured by Charlottesville real estate with a few loans secured by New York real estate.

And since these loans can more readily be handled by the Bursar with the advice and counsel of Charlottesville
business men than by the State Planters Bank & Trust Company of Richmond

That the papers in connection with these loans be retained by the Peoples National Bank of Charlottesville,
as custodian under the terms of the existing contract, and not turned over to the State Planters Bank &
Trust Company, and that those papers in connection with these loans in the hands of other custodian banks
be likewise turned over to the Peoples National Bank of Charlottesville, also to be held as aforesaid,
so that they may be more readily accessible to the Bursar in the handling of these matters.

KAPPA SIGMA FRATERNITY LOAN:

Mr. Black next presented for the consideration of the Board, a letter just received from Mr. Christian A.
Natvig, Worthy Grand Treasurer of the Kappa Sigma Fraternity. Mr. Natvig inquired whether the University
would be willing to sell to the National Organization of the Kappa Sigma Fraternity, the loan which the
University of Virginia holds on the local Kappa Sigma Fraternity house. Mr. Black added that actually
this would not be a matter of selling the loan since the National Organization is now the principle debtor
on this loan. In accordance with Mr. Black's recommendation, The Board instructed the Bursar to advise
Mr. Natvig that the University was entirely agreeable to receive payment of this loan at any time, in
the face amount with accrued interest to the date of payment.

Mr. E. C. Anderson, Chairman of the Fund-raising Committee, made a verbal report of the progress being
made by his committee.

Mr. Garnett, Chairman of the Buildings & Grounds Committee made a verbal report of the work of his committee,
especially with respect to the location of the Student Union Building. No action was taken by
the Board in the matters.

REMARKS OF THE RECTOR IN RE: THE SERVICES OF THE COMMITTEE ON SELECTION OF A PRESIDENT.

The Board went into executive session in order to hear a progress report from Mr. Gay, Chairman of the
Committee of the Board appointed to recommend a successor to President Newcomb.

Mr. Stettinius, in praise of Mr. Gay, stated that he had never known of a more pain-staking, thorough
or more able handling of an assignment than had been shown by Mr. Gay. He also praised and congratulated
the Members of the Committee for the valuable service which they were rendering the University.

MARY WASHINGTON COLLEGE MATTERS:

The question of widening College Avenue at Mary Washington College was referred to the Mary Washington
College Committee to investigate and report.

President Combs presented a list of proposed salary increases for the members of his faculty; same was referred
to the Mary Washington College Committee with power to act.

The meeting then adjourned.