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, Jr.,
President J. L. Newcomb of the University of Virginia, President-elect, Honorable Colgate W. Darden, Jr.;
Visitors Garnett, Anderson, Bustard, Carrington, Calcott, Wailes, Willis, Black, Barksdale, Gay, Trout, Mears,
Miller; absent Combs.

The minutes of the meeting of February 14th, which had been copied and mailed to the members, were approved.

REPORT OF SPECIAL COMMITTEE FOR SELECTION OF PRESIDENT:

Mr. Thomas B. Gay, Chairman of the special committee of the Board of Visitors appointed to make a nation-wide
survey and submit its recommendation of some person or persons qualified to serve as President of the University
reported that, after the fullest investigation and study of the matter in the manner contemplated by the
resolution of its appointment, the special committee unanimously recommended the election of the Honorable
Colgate W. Darden, Jr. The recommendation of the special committee was unanimously approved by the Board,
and Mr. Darden was elected President of the University of Virginia, effective June 23, 1947.

"Judge Barksdale moved the adoption of the following resolution: BE IT RESOLVED that the Board of Visitors
expresses its gratitude and appreciation to the Committee on Selection of a New President for its diligent and
devoted services in the discharge of its duties. The Rector suggested that the resolution be amended to express
the special thanks of the Board to Mr. Gay, the Chairman of the Committee. This suggested amendment was
accepted by Judge Barksdale, and, as thus amended, the resolution was unanimously adopted."

Mr. Gay presented the following report of the Special Committee on the selection of a President, which was
adopted:

TO THE RECTOR AND THE BOARD OF VISITORS
OF THE UNIVERSITY OF VIRGINIA:

At your meeting held September 13, 1946, the resignation of Dr. John Lloyd Newcomb was accepted with
profound regret and this Committee was thereupon appointed by the Rector, pursuant to a resolution that he constitute
a Special Committee of the Board, consisting of five members, of which he should be ex officio a member
"to make a nation-wide survey for a successor to Dr. Newcomb and later to report its findings and recommendations
of a list of names of persons deemed qualified to discharge the highly important and exacting duties
of the President of the University of Virginia."

This was an undertaking of the first magnitude. It imposed a responsibility of far-reaching relation
to the part which the University shall play, possibly for a decade, in the field of education in Virginia and
in the Nation. It envisioned the needs of the University and a determination of what qualifications were required
to fill them. Upon such questions there might readily arise marked, yet honest, differences of opinion.
This Committee therefore sought the views and judgments of others whom it felt both interested and informed,
as a means most likely to impart to its own thinking a quality of appreciation and understanding, essential
to a sound solution of the problem.

Invitations were accordingly extended to the General Alumni and General Alumnae Associations, to the
University Senate, a representative organization of the Faculty, the Committee on Academic Standards and Legislation
of Mary Washington College, and to the Alumni Board of Trustees of the University of Virginia Endowment
Fund, to indicate the qualities which they thought a person selected for the presidency should possess,
and to suggest some one or more persons who in their opinion possessed such qualifications. All of these organizations
responded to this invitation except the Alumni Board of Trustees, and made helpful and constructive
contributions to the work of your Committee. The Alumni Board of Trustees in declining to take official action
informed your Committee that its members would individually express their views. Most of them did so.

The Rector and the Chairman of your Committee also personally conferred with many recognized leaders
in the field of education, such as Dr. Raymond B. Fosdick, President, and Dr. Jackson Davis, Vice President
and Director of the General Education Board of the Rockefeller Foundation, Dr. O. C. Carmichael, President of
the Carnegie Foundation, Dr. George F. Zook, President of the American Council on Education, Dr. Guy E. Snaveley,
Secretary of the Association of American Colleges, and Mr. Thomas I. Parkinson, President of the Equitable
Life Assurance Society and Chairman of the Committee for the selection of a President for Columbia University,
as well as a number of college Presidents, individuals eminent in the field of education and many distinguished
Alumni and Alumnae of the University.

As a result, your Committee was able fairly to determine what manner of man it should seek to find.
It concluded that he should be of high character; possess intellectual courage and broad scholarship; be an
Alumnus, if possible; be of the South or appreciative of its culture and traditions; have administrative ability
and sound judgment; be able affably to meet and effectively to speak to the public; possess or be able to acquire
an influential relation with governmental authorities of the State; have the ability to aid in augmenting
the financial resources of the University; possess religious convictions of a quality which give purpose to


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his way of life; and if possible a family around whom he might associate the social and cultural life of the
University.

Where to find such a man - that was the problem of the Committee!

The names of many "favorite sons" were brought to its attention and the qualifications of some of
these pressed upon it with great earnestness and sincerity. The Committee, however, sought to keep an open
mind and fairly to discharge the mandate of the Board, that it make a "nation-wide survey" in order effectively
to select the man best qualified to succeed Dr. Newcomb as President of the University.

To do so the Committee felt it must first acquaint itself with the names of all persons presently
serving as President, or Dean, of all American colleges, and with the names of faculty members of such institutions
having outstanding ability who might be thought worthy of consideration. Informed opinion seemed to
sustain the view that a college president should not be chosen under thirty-five or over fifty-five years of
age, and a list of such persons, within such ages, was thereupon secured from the Association of American
Colleges. This list, with the names of many persons suggested by interested Alumni and Alumnae, numbered 259
individuals, a biographical sketch of each of whom was taken from the 1946-1947 Edition of "Who's Who in America,"
or other available sources of information, and such sketches were placed in an alphabetically arranged
card index.

For one or more reasons, the first review of the qualifications of these 259 persons reduced the
number to 106. To the qualifications of these the Committee devoted the most careful consideration, and concluded
that not more than 16 of them possessed a sufficient number of the qualities deemed essential to justify
further consideration. For one or more reasons, this number was finally reduced to seven, and the Committee
adjourned a two-day and night session for the purpose of more maturely considering the respective abilities
of these seven before reaching a final conclusion as to whether one or more of them should be recommended
to the Board of Visitors.

On December 13, 1946, the Committee held a further meeting and unanimously concluded to recommend
the Honorable Colgate W. Darden, Jr. It was motivated in doing so by the very definite feeling that he possessed
all of the qualifications deemed essential for the effective discharge of the highly exacting duties
of a President of the University.

The Committee's appraisal of Mr. Darden's qualifications and his unusual fitness to serve the
immediate needs of the University was fortified by the opinions of many wholly disinterested persons, and by
many sources highly qualified to express a judgment in the matter.

In a letter of November 25, 1946, from Hugh Leach, President of the University of Virginia Alumni
Association, to the Chairman of your Committee, he said in part:

"Your letter of September 5 upon the subject of the selection of a successor to Dr. Newcomb was discussed
at a meeting of the Board of Managers of the Alumni Association held on September 27. The Board
did not consider that it should attempt to speak for the Association upon so important a matter without
first attempting to obtain an expression of the views of as many alumni as practicable. It, therefore,
deferred a reply and directed me to send a copy of your letter to the president of each local chapter
and invite him to give a report of the views of the members of his chapter upon the subject.

"I am enclosing a tabulation showing the substance of the replies and comments received from such
chapters as made suggestions. You will see that an overwhelming majority of those alumni who expressed
a preference for any person named the Honorable Colgate W. Darden, Jr., as a man well fitted to meet the
needs of the University at the present time."

A copy of the tabulation of the replies and comments of the various local Alumni Chapters is attached to and
made a part of this report.

Mr. Darden's name was among ten others submitted by the Committee on Academic Standards and Legislation
of the Mary Washington College, and among a list of forty-six presented by the University Senate.
Dean Ivey F. Lewis of the College wrote the Chairman of the Committee on November 16, 1946, in part as follows:

"While faculties are never unanimous, the overwhelming sentiment of the professors here favors Mr.
Darden. While it is true that he has never served on a university faculty and this is recognized as a
handicap, it is nevertheless realized here that he combines to an unusual degree the qualities needed by
a president. It is not necessary to recite these to you. I may say, however, that his intense interest
in education and his hold on the people of Virginia are greatly in his favor. Given such leadership the
University of Virginia will go far."

Mr. Jackson Davis, Vice President and Director of the General Education Board of the Rockefeller
Foundation, in a letter of October 24, 1946, after suggesting a number of persons of prominence in the field
of education, said:

"Of all the persons of my acquaintance, former Governor Colgate W. Darden is in my opinion the
best qualified to undertake the leadership of the University at this time. While his life has been spent
in the law and in public service in Congress and as Governor, he is a man of first-rate intellectual
ability and scholarly interests, and his academic life has given him an intimate acquaintance with three
distinguished universities. His personal background is all that could be desired. He has an instinctive
understanding of all that is fine in the traditions of the University of Virginia and could be depended
upon to preserve and strengthen these traditions. Equally he could be depended upon to change
customs and attitudes that are not in the best interest of the University.

"Mr. Darden's first message as Governor dealt in considerable length with the University of Virginia.
He was highly critical of the University but his criticisms were of a thoroughly constructive character.
He backed up his words with deeds and persuaded the state to make generous appropriations to enable the
University to meet its opportunities and overcome the weaknesses which he had pointed out. Mr. Darden
has a knowledge of the state and its affairs which few men possess. He has a sympathetic viewpoint and
the administrative gifts to deal with the University in relation to the other state institutions and to
coordinate them. By a better coordination Virginia, with its available resources, would be able to support
more effective work in all the fields that are now being covered, and the University and some of
the other institutions would then be able to thrust forward into new fields or into more advanced work
in fields which they now cover inadequately. Mr. Darden would need, of course, to be supplemented by
deans and assistants with competence and vision in their respective fields. If he were supplemented by
men of this character, I believe that he could in the period of his active life make a great contribution
to the University and to the whole cause of education in Virginia. He would face a difficult task
in bringing the University into closer relationship with the resources, needs, and activities of the
state, and he would face inertia and institutional rivalries in bringing about a better coordination;
but, as I see it, this is a great need of the state, and the leader to do it should be the head of the
University. Mr. Darden has the personality, the independence, the courage, the imagination, and the
confidence of the people that would fit him to do what seems to me to be the great work ahead of the
University of Virginia.

"When your letter first came, I was disposed to recommend Mr. Darden; but I refrained from doing
so until I could make a more objective inquiry. After making this inquiry I am even more firmly convinced


483

that the choice of Mr. Darden would be the most fortunate one that the University could make."

A letter of November 6, 1946, to the Chairman from Dr. Raymond B. Fosdick, President of the
General Education Board, is to the same effect. Dr. Fosdick said:

"Since we talked the other day, I have seen Jackson Davis's letter to you of October 24, and I doubt
if there is anything that I can add to what he says. The list of people that he gives you is the same
list that I would send, and I share his admiration for Colgate Darden.

"It was a pleasure to see you, and I sincerely trust that the results of your inquiry will bring continued
vitality and success to the distinguished university you represent."

Many other similar commendations from equally eminant sources might be quoted from the Committee'
correspondence. To do so, however, would seem to labor the obvious and only tend unduly to prolong this report

Having unanimously determined to recommend Mr. Darden, your Committee considered that before
doing so it should first determine whether he would accept election as it was felt that, unless he was willing
to do so, his name should not be presented. Otherwise the Board of Visitors would have found itself under the
necessity of making a second choice. This your Committee thought should be avoided for obvious reasons.

Mr. Darden was accordingly informed of this Committee's conclusion and earnestly urged to permit
your Committee to present his name to the Board of Visitors. Because of many personal and public matters in
which he was engaged, and because of the radical change in his mode of life which acceptance of the Presidency
of the University would entail, Mr. Darden asked for and has been extended ample time by the Committee to reach
a considered conclusion. We are happy now to report that Mr. Darden's conclusion is favorable and that he informs
the Committee that, if elected by the Board of Visitors, he will accept the Presidency of the University.
Your Committee therefore has the honor unanimously to recommend for election the Honorable Colgate W. Darden, Jr.
as President of the University of Virginia.

Respectfully submitted,
E. R. Stettinius, Jr.
Ex Officio
Thomas B. Gay
Chairman
Edward C. Anderson
Bertha P. Wailes
Hugh H. Trout
Christopher B. Garnett
Committee of the Board of
Visitors of the University
of Virginia

PRESIDENTIAL INAUGURATION DATE:

The date for the inauguration of President-elect Darden was deferred until sometime in the Fall of 1947

REPORT OF THE FINANCE COMMITTEE:

The Finance Committee of the Board of Visitors met yesterday, March 30, 1947 at the Office of the President
of the University of Virginia and were in session from 4 o'clock to 7 o'clock P. M. All the members of the
Committee were present. In addition, Dr. J. L. Newcomb, Mr. E. I. Carruthers and Mr. R. M. Musselman from
the University and Messrs. Wilkinson and Gunn from the State Planters Bank attended.

The Committee received the "sell and buy" recommendations of the State Planters Bank, in regard to the investments
in the Consolidated Endowment Fund; discussed these recommendations with Messrs. Wilkinson and Gunn and,
thereafter, went into executive session and unanimously adopted all of the recommendations except the sale of
250 shares of Boston and Albany, $8.75 Pfd, which we decided not to follow at this time.

The Committee was informed by Messrs. Wilkinson and Gunn of some of the plans and objectives of the bank in regard
to the investment of the Endowment Fund, with which we were all impressed.

The following sales were recommended and adopted:

PREFERRED STOCKS

                           
Sell  Price  Amount  Income  Yield 
50 sh.  Amer. Locomotive 7% Pfd.  113  $ 5,650  $ 350.00  6.19% 
50  Bethlehem Steel 7% Pfd.  146¼  7,312  350.00  4.79 
250  Celanese 1st $4.75 Pfd.  106¼  26,563  1,187.50  4.47 
75  Curtis Pub. $3-$4 Pr. Pfd.  66  4,950  300.00  6.06 
270  Dan River Mills 4½% Pfd.  108  29,160  1,215.00  4.17 
250  Gen. Amer. Inv. 4½% Pfd.  106  26,500  1,125.00  4.25 
110  Mo. Kan. Tex. 7% Pfd.  20 3/4  2,282  ----  -- 
200  Riegel Textile $4 Pfd.  93½  18,700  800.00  4.28 
150  Tenn. Gas & Tran. 4.10% Pfd.  107¼  16,088  615.00  3.82 
150  20th Cent. Fox Film 4½% Pfd.  103  15,450  675.00  4.37 
250  U. S. Steel 7% Pfd.  148  37,000  1,750.00  4.73 
100  Wesson Oil & Snow $4 Pfd.  87 7/8  8,787  400.00  4.55 
$198,442  $8,767.50  4.70 

COMMON STOCKS

                       

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Sell  Price  Amount  Income  Yield 
50 sh.  Amer. Cyanamid  46 7/8  $ 2,344  $ 75.00  3.20% 
262  Amer. Locomotive  26 3/4  7,008  432.30  6.17 
100  Calumet & Hecla  8 1/8  813  40.00  4.92 
50  Chase Nat'l. Bank  36 1/8  1,806  80.00  4.43 
30  Continental Ill. Nat. Bk.  86½  2,595  120.00  4.62 
187  Curtis Publishing  10¼  1,917  ----  -- 
1st Nat. Bank of N. Y.  1,480  5,920  320.00  5.41 
283  National Sugar Ref.  25¼  7,146  452.80  6.34 
38  Penn. Co. for Insur.  34  1,292  60.80  4.71 
150  Pennsylvania R. R.  22  3,300  187.50  5.68 
20  Peoples Nat. Bk. Charsv.  95  1,900  60.00  3.16 
250 sh.  Wesson Oil & Snow  41½  $10,375  $ 750.00  7.23% 
100  Western Union "A"  20½  2,050  ----  -- 
200  Philip Morris  34 7/8  6,975  350.00  5.02 
83  Philadelphia Elec.  24½  2,033  99.60  4.90 
500  N. Y. Central R. R.  18¼  9,125  ----  -- 
$ 66,599  $ 3,028.00  4.55% 

BONDS

                           
Sell  Price  Amount  Income  Yield to Maturity 
$25,000  Celanese 3% 1965  105½  $ 26,375  $ 750.00  2.62% 
10,000  Firestone Tire 3% 1961  105  10,500  300.00  2.55 
50,000  B. F. Goodrich 2 3/4% 1965  103  51,500  1,375.00  2.54 
10,000  Mo. Kan. Tex. Pr. Ln. 5% 1962  89½  8,950  500.00  6.10 
46,375  N. Y. & Harlem 4% 2043  108  50,085  1,855.00  3.70 
3,000  Penna. R. R. 4½% 1965  107 1/8  3,214  135.00  3.95 
10,000  Penna. R. R. 4¼% 1984  107  10,700  425.00  3.89 
1,000  Sou. Pac. 4½% 1981  96  960  45.00  4.74 
30,000  Sou. Rwy 4% 1956  102  30,600  1,200.00  3.74 
3,000  Sou. Rwy. 6½% 1956  120¼  3,607  195.00  3.82 
15,000  Tenn. Gas & Transm. 2 3/4% 1966  101 3/4  15,263  412.50  2.63 
20,000  Universal Pict. 3 3/4% 1959  102  $ 20,400  $ 750.00  3.54 
232,154  7,942.50  3.30% 

The following purchases were recommended and adopted:

PREFERRED STOCKS

               
Sell  Price  Amount  Income  Yield to Maturity 
500 sh.  Merck & Co. 3½% Pfd.  101  $ 50,500  $ 1,750.00  3.47% 
500  Phila. Elec. $3.80 Pfd.  107½  53,750  1,900.00  3.53 
500  N. Y. State Elec. $3.75 Pfd.  99  49,500  1,875.00  3.79 
Add. 300  Continental Can $3.75 Pfd.  107  32,100  1,125.00  3.50 
Add. 200  Reynolds Tob. $3.60 Pfd.  103 5/8  20,725  720.00  3.47 
$22,000  Seaboard A. L. 1st 4% 1996  100 7/8  22,193  880.00  3.97 
$228,768  $ 8,250.00  3.61% 

COMMON STOCKS

                 
Sell  Price  Amount  Income  Yield to Maturity 
300 sh.  Amer. Gas & Elec.  41¼  12,375  645.00  5.21% 
300  Penn. Pwr. & Lt.  20 3/4  6,225  360.00  5.78 
500  Internat'l Nickel  33  16,500  800.00  4.85 
Add. 200  Amer. Tobacco  74  14,800  700.00  4.73 
Add. 225  Reynolds Tobacco "B"  40 3/8  9,084  393.75  4.33 
Add. 100  Stand. Oil N. J.  67 3/8  6,738  300.00  4.45 
Add. 50  Socony Vacuum  14 5/8  731  37.50  5.13 
$ 66,453  $ 3,236.25  4.87% 

BONDS

           
Sell  Price  Amount  Income  Yield to Maturity 
$100,000  U. S. Series "G" 2½% 1959  100  $ 100,000  $ 2,500.00  2.50% 
50,000  Union Pac. R. R. 2 7/8% 1976  104½  52,250  1,437.50  2.65 
50,000  Kansas City Pr. & Lt. 2 3/4% 1976  104 5/8  52,313  1,375.00  2.53 
25,000  Pacific Gas & Elec. 3% 1974  107 3/4  26,937  750.00  2.60 
$231,500  $ 6,062.50  2.55% 

The following is a resolution presented by the Chairman of the Finance Committee and adopted:

RESOLVED, that J. L. Newcomb, President, and E. I. Carruthers, Secretary, be and they are hereby
authorized in the name and on behalf of the University of Virginia to sell, assign, and transfer the following
stocks standing in the name of the University of Virginia unto Hamac and Company, namely:

                                                       
Shares  Class  Certificate Nos. 
500  Appalachian Electric Power Co.  $4.50 Pfd.  AP785/9 
300  General Motors Corp.  $5.00 Pfd.  B4705/6,A7367,A63625 
50  Alfred J. Major, Inc.  Pfd.  50 
300  Ohio Power Co.  $4.50 Pfd.  1601/3 
400  Twentieth Century-Fox Film Corp.  Prior Pfd.  TPP1227/1228,TPP1526,
TPP02645,TPP01277 
50  American Cyanamid Company  Common "B"  PB077397 
628  American Telephone & Telegraph Co.  Capital  E42343/6,NL15967,
JN33269,EN49710,
AN80584,NQ93775 
250  Boston & Albany Railroad Co.  Capital  C2181/2,B36294 
560  Boston Edison Company  Common  C33849/53,C068820 
100  Calumet and Hecla Consolidated
Copper Co. 
Common  NY43008 
100  Carolina, Clinchfield & Ohio Rwy.  Common  A4455 
50  Chase National Bank of N. Y.  Common  353996 
1400  E. I. DuPont de Nemours and Co.  Common  F7958/71 
698  First National Bank of Boston  Capital  49516,42916 
50  General Foods Corp.  Common  0301738 
50  Alfred J. Major, Inc.  Common  54 
134  The Murray Company  Common  204,123,338 
583  National Sugar Refining Co. of N.J.  Common  7725,7956/58,
7978,016131 
1100  New York Central Railroad Co.  Common  H144723/33 
250  Old Colony Railroad Co.  Common  56403 
20  Peoples National Bank,
Charlottesville, Virginia 
Capital  5161,5427,4649 
400  Second National Bank of Boston  Capital  602 
70  Sethlow Corp.  Capital  29 
100  Socony Vacuum Oil Co.  Common  NYB406092 
33  United States Steel Corp.  Common  P16954 
465  Virginia Electric and Power Co.  Common  CB16/9,CB15 
35  Dan River Mills, Inc.  4½% Cum. Pfd.  TP01106 

and be it further

RESOLVED, that the aforementioned companies and/or corporations, their transfer agent
or agents, their registrar or registrars, their successors or assigns, be and they are hereby authorized to
treat Hamac and Company as the holder in fact and owner of said shares and certificates representing the
same for any and all purposes including but not limited to the payment or issuing of dividends in money or
stock to said Hamac and Company; and be it further.

RESOLVED, that the aforementioned companies and/or corporations, their transfer agent
or agents, their registrar or registrars, and their respective successors and assigns, be and they are hereby


485

absolved from any and all responsibility in following the said shares as being the property of University
of Virginia.

MARY WASHINGTON COLLEGE MATTERS:

The following Mary Washington College matters were recommended and approved:

RESOLVED, by the Board of Visitors of the Rector and Visitors of the University of Virginia that Dr. Robert
Graham Caldwell
be and he is hereby elected Professor of Sociology for the session of 1947-48, at a salary
of $4100 for the session of nine months, incumbency to begin on September 15, 1947, tenure of one year.
This is a new position made necessary as a result of the increased demand for work in this field.

RESOLVED, by the Board of Visitors of the Rector and Visitors of the University of Virginia that Dr. Arthur
L. Vogelback
be and he is hereby elected Professor of English for the session of 1947-48, at a salary of
$4000 for the session of nine months, incumbency to begin on September 15, 1947. This is the replacement
for Dr. John Kirby who has resigned.

The meeting then adjourned.

E. R. Stettinius
Rector
E. I. Carruthersa
Secretary