Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-05
PERSONAL PROPERTY

perty, equipment, and apparatus
Of the value OF at least .............s 500. GOO
the will Of the late Arthur w.
Austin, Of Norfolk county,. Mass.
in the hands OF trustees, the face
value of which, to hereafter &C
value OF which already exceeds. =. 10000
Third. Interest In the water-works
owned by the university and the
city OF Charlottesville, Va. ........ 10000
Total vslue OF personally and
water-"orks iiiY'.'''.''''.'''"''SzO'0cO
REAL ESTATE.
First. -Four hundred and ninety
seven acres of land at Char
lottesvilie, Va, with all the uni
vers ty buildings and improve. ~ ~,
mentS thereon ......................S lVc,WV
Second. Buildings to be erected out
of contributions already in hand
and the proceeds Of the bonds.... 10000
Total value OF property
pledged ........................N, ,OOo
The above real estate is subject 10 a
prior lien amounting 10 only S6,l5O, for
the payment Of which the State has al
ready made ample provision by law, and
the university is further forbidden by law
20 contract any other debt than those
above named without an express act OF
the Legislature sanctioning II.
secured as the first lien upon personal
property, etc, OF a present value largely
In excess Of the loan and OF the ultimate
value OF over 10000 from which IL can
be realized in full at any time Ia case OF
default In the payment OF either principal
or interest
1t viii thus be seen that independently
of any aid provided by the State, the
value OF the property pledged as security
for the bonds is (after providing for said
$3.50 mortgage on the real estatel more
than six times the amount Of the loan.
The deed of trust also further amply Sc
cures the bonds by providing for insurance
on the buildings and the establishment OF
sinking fund TO cover the principal al
maturity.
IL NAV be added that the buildings and
improvements already upon the land in
clude thirteen professors houses, 2lO dor
mitories for students. the museum, gym
nasium, infirmary, observatory, hotsls,
boarding houses, lecture-rooms, halls,
offices. and the beautifully arranged
grounds OF the university. Those to be
erected with the proceeds OF the loan and
other contributions already In hand will
make the buildings more complete and
valuable than ever before.
The university Is a free school for Vir-
ginia students, and while II Is an incor-
porated institution. the beneficial owner
I'm maintaining It's public-school system
and protecting its interest in the property
pledged for the bonds, would necessarily
protect this loan, even III every other Sc
curity therefor should by possibility fail.
The annual income of the university Is
$4,000 Its whole fixed charges for all
the interest and sinking funds (Which have
by law and under the terms OF the deed
OF trust 10 be met IN preference 10 every
other expenditure are less than $4,000 per
annum.
For seventy years, and during all the
yicissitudes through which every financial
interest In the State has passed in that
time, the university has continued with a
steadily increasing prosperity. and Il
stands now with renewed assurance OF
continued progress and advancement; but
whether prosperous or not, the principal
and interest Of the bonds offered are Sc
cured beyond doubt or question, even II
the doors 'of the institution should be
closed tomorrow.
II is submitted that an investment is
seldom placed upon the market offering
such Inducements in the way Of undoubted
and unquestioned security. Immunity from
taxation, and so good a rate OF interest:
and 10 investors seeking safe and refnu-
neratiye returns II AFFORDS aa opportunity
rarely to be met with for placing their
funcs.
Issued by order OF the rector and visitors
this 18th day OF June, 1896
w c. N. RANDOLPH. Rector