Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1905-05-05
ANOTHER CARNEGIE GIFT
Sl0,OOo,0OO Fund For the WOrnout
Professors.
UNIVERSITY PRESIDENTS TRUSTEES.
The lronmasters Benefaction Ia the Interest
OF Higher Education Says He Believes
This Important Class of People to Be
Underpaid--Coleges Have No Means Of
Providing for Them.

inIS important ClaSS OF People 10 De
Underpald- Colleges Have No Means Of
Providing for Them.
New York, (Speciar "A gift of $Io,-
100000 by Andrew Carnegie to provide
annuities for college professors who are
not able to continue in active service was
announced by Frank A. Vanderlip, vice
president of the National City Bank OF
New York. Professors in the United
States, Canada and Newfoundland will
share in the distribution of the income
of the fund
United States Steel Corporation 5 per
cent, first mortgage bonds for $Io,ooo,ooo
have been transferred to board of trus-
tees and steps will be taken at once to
organize corporation to receive the do
nation. DR.. Pritchett, president of the
Massachusetts, Institute of Technology,
and Mr.. Vanderlip have been selected by
Mr.. Carnegie to obtain data on the Sub
ject to be presented at the first meeting
of the board of trustees, which will
take place on November IS.
Mr.. Vanderlip gave out the following
letter to the press:
Mr. Andrew Carnegie has transferred
to board of trustees, consisting in the
main to presidents of the most important
colleges in the United States and Can
ada, 100000 first mortgage per cent.
Steel Corporation bonds. The purpose
of the trust fund thus created is to
provide annuities for college professors
in the United States, Canada and New
foundland, who, from old age or other
physical disability, are no longer in
position to render the most efficient SER
vice.
Steps will at once be taken to organize
corporation to formally receive the be-
quest The first meeting of the board
of trustees has been called for November
IS. In the meantime it is Mr.. Carnegie's
desire that DR.. Prichett, president of
the Massachusetts Institute of Technol-
ogy, and myself proceed to obtain data
from all the institutions concerned for
use at the meeting of the trustees. The
bonds which Mr.. Carnegie has so gener-
ously donated have a market value Of
ST., 100000, and will produce an annual
income of 100000
The corporation which is being formed
will be styled 'The Carnegie Founda-
ton" Yours very truly,
(. (Signed) F. A. VANDERBILT.
Mr. Carnegic's letter to the trustees
is dated April IS, and is as follows:
/ have reached the conclusion that the
least rewarded of all the professions is
that of the teacher in Our higher educa-
tional institutions. New York city gener
ously, and very wisely, provides retiring
pensions for teachers in her public schools
and also for her policemen. Very few,
indeed, of our colleges are able to do so.
The consequences are grievouS. Able
men hesitate to adopt teaching as
career, and many old professors whose
places. should be occupied by younger
men cannot be retired. have, therefore,
transferred to you and your successors
as trustees 100000 S per cent, first
mortgage bonds of the United States
Steel Corporation, the revenue from
which is to provide retiring pensions
for the teachers of universities, col
leges and technical schools in Our own
country, Canada and Newfoundland
under such conditions as you may adopt
from time to time. Expert calculation
shows that the revenue will be ample
for the purpose.
The fund applies to the three classes or
institutions named, without regard to
race, sex, creed or color We have,
however, to recognize that state and
colonial governments which have es-
tablished, or mainly support, universities,
colleges or schools may prefer that their
relations shall remain exclusively with
the state. | cannot, therefore presume
to include them.
There is another class which states
do not aid, their constitutions in some
cases even forbidding it-viz., sectarlan
institutions. Many of these established
long ago, were truly sectarian, but today
are free to all men of all creeds or OF
are not to be considered sec
tartan now. Only such as are under
control of a sect or required trustees
Cor to a majority thereby, officers,
faculty or students to belong to any
specified sect, or which imposes any theo-
logical tests, are to be excluded.
Trustees shall hold office for five years
and be eligible for reelection. The first
trustees. shall draw lots for one, two,
three, four or five year terms, so that
one-hfth shall retire each year. Each
institution participating in the fund shall
cast one vote for trustees.
The trustees are hereby given full
powers to manage the trust in every re-
spect, to fill vacancies of nonex-officio
members, appoint executive committees,
employ agents, change securities, and,
speaking, to do all things nee
sssary in their judgment to insure the
most beneficial administration OF the
funds.
/ hope this fund may do much for the
cause of higher education and to re-
move a source of deep and constant anx-
ely to the poorest paid and yet one of
he highest professions.
! Gratefully yours,
Z W ANDREW CARNEGIE.
Gas Wrecks Home.
Newark, N. J., (SpeciaD An ex-
J..a., of ;tt,,,,;, ot;no oac from, a broken