10/02/1913

  

UCCSN Board of Regents' Meeting Minutes
October 2-3, 1913
 



10-02-1913
Volume OD - Pages 481-484

                         Reno, Nevada
                       October 2, 1913

The Regents met in their Office at 2:30 o'clock P.M. Thursday,
October 2, 1913.  Present:  Regents Reid, O'Brien, Pratt, Codd
and President Stubbs.  Absent:  Regent Henderson.

The minutes of the meeting held September 3, 1913, were read
and approved.

Upon motion of Codd, seconded by O'Brien, it was ordered that
wrought iron pipes be placed in the four corners of the Dairy
building as recommended by the architect, at a cost not to ex-
ceed $60.

Upon motion of Regent Codd, seconded by Regent O'Brien, Profes-
sor James G. Scrugham was appointed delegate to attend the Con-
vention of American Agricultural Colleges and Experiment Stations
in Washington, D. C., November 19, 20 and 21, and to attend the
meeting of the Land Grant Engineering Association to be held in
Washington, D. C., November 12, 13 and 14th.  Approved.

Upon motion of Regent Pratt, seconded by Regent O'Brien, the
appointment of Professor Doten, as recommended by President
Stubbs, to attend the Convention of American Agricultural Col-
leges and Experiment Stations, to be held in Washington, D. C.,
November 19, 20 and 21 was approved.  Director Doten's expenses
are to be paid from the Hatch Fund.

Upon motion of Regent Codd, seconded by Regent O'Brien, $62.50
was ordered paid to the Sagebrush, as recommended by the Presi-
dent in his report, for 6 months' advertising in the schools
of the State, the same to be paid from the fund designated by
the Comptroller and the President.

Upon motion of Regent O'Brien, seconded by Regent Codd, $25 was
ordered paid the Nevada School Journal for Advertising and Uni-
versity for one-half year, as per agreement with the President.

The report of the Executor of the David Russell Estate, Mr. C.
T. Bender, and the opinion of the attorneys, Messrs. Cheney,
Downer, Price and Hawkins, to Mr. Bender, were ordered received
and copies in full in the Regents' minutes.  The President of
the University was requested to acknowledge to Mr. Bender, in
behalf of the Regents, President and University, their great
appreciation of the report and investment of said Estate Funds.

                                            September 30, 1913

President J. E. Stubbs
Nevada State University
Reno, Nevada

Dear Sir:

I beg to enclose a statement of account in the David Russell
Estate matter, showing that there are now net profits on hand
of $544.23 according to the opinion of the attorneys of the
Estate (copy enclosed) subject to distribution.

I am instructed to make a distribution of this fund and am en-
closing my check for $169.03, as per enclosed voucher.

I believe that from this date the yearly income subject to dis-
tribution should amount to about say, $1,000 net income yearly.

        6% interest on $12,500 bonds      $  750.00
        6% interest on $5,000 loans          300.00
        4% interest on Savings Deposits      100.00
                             Total        $1,150.00

You will note that it has taken $3,852.26 to pay the indebted-
ness of the Estate and expenses; also, that the bequests to
Barney O'Hara and Kate Tracy, amounting to $2,500, have been
charged to capital valuation.  I have, however, added $8,060
to the real estate sold for $16,000, appraised for $7,940 at
the time of Mr. David Russell's death.

                             Yours very truly,

                         /s/ C. T. Bender, Executor

                    STATEMENT OF C. T. BENDER, EXECUTOR
                 OF THE ESTATE OF DAVID RUSSELL, DECEASED,
                  AT THE CLOSE OF BUSINESS SEPT. 30, 1913

Assets

    6% Bonds of the Riverside Mill Company             $12,500.00
    Bills Receivable, Loans                              5,000.00
    Cash on hand, California                             2,123.54
    St. Mary's School, California Inheritance Tax           96.18
    Nevada State University, Inheritance Tax               275.20
                                                       $19,994.92

Liabilities

    Capital Account                                    $19,450.60
    Income                                  $4,396.49
    Less
        Claims Paid              $2,096.48
        Expenses                  1,263,92
        Funeral Expenses            459.80
        Barney O'Hara Tax            32.06   3,852.26
                                                           544.23
                                                       $19,994.92

Distribution

    Amount Due
        St. Mary's Parochial School                $100.00
        Less California Inheritance Tax              96.18
                                                   $  3.82

    Amount Due
        Nevada State University                    $444.23
        Less California Inheritance Tax             275.20
                                                   $169.03

                             Respectfully,

                         /s/ C. T. Bender, Executor

                                       September 27, 1913

Law Offices of
Cheney, Downer, Price and Hawkins
Reno, Nevada

Mr. C. T. Bender,
Reno, Nevada

Dear Sir:

            Re:  Will of David Russell, Deceased

In response to your inquiry as to what construction should be
placed on that paragraph of the Will of David Russell, deceased,
relative to bequests to St. Mary's Parochial School and the
University of Nevada, we have carefully examined the Will of Mr.
Russell and studied the question raised by the 4th paragraph of
the Will relative to the time when the bequests therein mention-
ed are effective.

The paragraph of the Will referred to reads as follows:

    4.  All the rest and residue of my property and Estate, both
        real and personal, and wherever situate, I give, devise
        and bequeath to my Executor, and his successors, for-
        ever, in trust for the following uses and purposes -
        viz.:  That my said Executor shall lease or let the same
        or if in his judgment it is for the best interest of
        said Estate, sell and convert the same into money, and
        to this end he is authorized to make such sale without
        order of Court, and the funds so obtained to invest in
        good, safe, interest-bearing securities, and the rents,
        issues and profits of said Estate so held in trust by
        him, after the payment of all necessary expenses, shall
        by said Executor be annually paid and disbursed as
        follows, to-wit:  To the "St. Mary's Parochial School"
        at Reno, Nevada, $100, and the balance thereof to the
        Nevada State University, at Reno, Nevada.

It was undoubtedly the intention of the testator that the entire
Estate remaining after paying the bequests to Kate Tracy and
Barney O'Hara, should constitute a fund from the income of which
the bequests to St. Mary's Parochial School and the University
of Nevada should be paid.  We think, from a reading of the Will,
that it was his intention that the payment of claims against the
Estate, expenses of administration, etc., but not including the
specific bequests to Tracy and Barney O'Hara, should be out of
the rents, issues and profits, and not out of the principal of
the Estate, and that it was not the intention of the testator
that any increase in the value of the ranch property should be
construed as proceeds out of which the bequests should be made.
In other words, that it was his intention that the entire prop-
erty, as it stood at the time of his death, less the bequests to
Tracy and O'Hara, should be kept intact, and only the rents,
interest and dividends from the property should be applied to
payment of the bequests to St. Mary's Parochial School and the
University of Nevada.

The time of payment of those bequests should, therefore, in our
opinion, date from the time when the income from the property
shall be sufficient to meet the claims against the Estate (not
including the Tracy and O'Hara bequests), expenses of adminis-
tration and the expenses of the trustee relative to the Estate.

                             Yours very truly,

                         /s/ Cheney, Downer, Price & Hawkins
                             by Robert M. Price

RMP/C

Upon motion of Regent Pratt, seconded by Regent Codd, the sense
of the Regents is that they concur in the recommendation of the
President in relation to the State Institute work.

Upon motion of Regent Codd, seconded by Regent Pratt, the recom-
mendation of President Stubbs, that Professor Maxwell Adams be
granted a Sabbatical leave of absence for one year from June
first, 1914, on half salary, was approved, with the full under-
standing that the Professor should return to the University
after his leave of absence expires.

Upon motion of Regent Pratt, seconded by Regent Codd, the
President was authorized and directed to make demand on the
Board of State Investment for the bonds of the 90,000 Acre Grant
fund.

Adjourned to 10 o'clock A.M. Friday, October 3, 1913.

                             H. E. Reid
                             Chairman

Geo. H. Taylor
Secretary1