The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1905-05-03
ANOTHER CARNEGIE GIFT
$l0,OOO,O0O Fund For the Wornout
Professors.
UNIVERSITY PRESIDENTS TRUSTEES.
The Ironmsster's Beneiaetion Ia the Interest
Of Higher Education Says lie Believes
This Inportapt Class Of People to Be
Underpald-coIeges Have No Meaus Of
Providing for Them.

tto'lhhhx tvf tutm.
New York. (Specia) "A gift of SIo,-
100000 by Andrew Carnegie to provide
annuites 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 S 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.. Prtchett 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 ont 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, $Io,ooo,ooo first mortgage 5 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 DIR. 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 market value of
100000, and will produce an annual
income of $4,000.
The corporation which is being formed
will be styled "The Carnegie Founda-
ton" Yours very truly,
(Signed) +. A. VANDERBILT.
Mr. Carnegies 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 cduca-
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 a
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 $Io,oooooo 5 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 OF
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., sectarian
institutions Many of these established
long ago, were truly sectaran, but today
are free to all men of all creeds or of
none-such are not to be considered sec
tartan now Only such as are under
control of sect or required trustees
Cor to a majority thereof, 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-ffth 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,
generally speaking, to do all things nee
essay 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-
iety to the poorest paid and yet one of
the highest professions,
Gratefully yours.
ANDREW CARNEGIE.
Gas Wrecks HOme