The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-01-25
School at Nashville Viii Re-
ceiVe 100000
ABOUT $1,2OO,OOO REMAINS
Considerable Opposition Developed tc
Dissolvine the Trust, But 1t Was
Carried BY De-
cisive Vote.

Washington. January 24-The trustees
of the Peabody education fund held
meeting here today and voted to dis
solve their trust A vote also was taken
on the proposition to appropriate $1,000,
900 for the George Foster Peabody school
for teachers at Nashville, Tenn. and It
was carried. the appropriation for that
purpose being made by a vote less than
unanimous. The vote on the question
of dissolvng the Peabody trust followed
considerable discussion. Several mem
bers expressed very positive determina-
tion against the move to dissolve and
when the vote was taken it stood II to 2,
President Roosevelt participated in the
proceedings.
The meeting was held at the Arlington
hotel President Roosevelt, who Is
member Of the board of trustees came
over from the White House and re-
NAMED almost an hour, taking part in
the deliberations of the board J. p.
Morgan. who came from New York last
night, remained throughout the sessions
and among the others present were Chief
Justice Fuller of the supreme court os
the United States: former Secretary Of
State Richard Oney of Massachusetts.
Robert X, Jessup of New York, former
Governor James ID. Porter of Tennessee,
Senator George Peabody Wetmore Of
Rhode Island. Anderson NJ Somerville
of Alabama, William A. Courtney of
South Carolina, Rt. Rev. William Law
renee of Massachusetts, DIR. Daniel o. Gill
man of Baltimore, for President of Johns
Hopkins university DR.. Samuel A. Green
of Boston and Charles E. Fenner OF
Louisiana.
Chief Justice PresIdes.
Chief Justice Fuller presided at the
meeting. The meeting closed this after
noon. The following statement was given
out:
by a two-thrds vote 1t was resolved
that the time had come to close the trust
Thereupon a million dollars were appro-
priated to the George Peabody college for
teachers in Nashville on certain condi-
tions, which include contributions from
the state of Tennessee Davidson county
and the city of Nashville"
The trustees declined to state which
two trustees voted against the closing of
the corporate trust. President Roosevelt
voted afirmatlvey on both propositions,
that Is to close the trust and to make
the million dollar appropriation.
The trust was created by Mr.. Peabody
February 8, 1867 and amounted to 3d.
100000 but almost 100000 of this was In
bonds issued by the states of Florida and
Mississippi and subsequently repudiated.
Therefore the fund today is approximate
ly $2,200000. The trustees were given
power to distribute this fund at the exp-
ration OF thirty years, which ended in
1897. and since then a number o. questions
have arisen as to the distribution. The
state of Tennessee, Davidson county and
Nashville recently offered a bonus of ST.
G0O.00O providing the Peabody trustees
would appropriate round million dol
lars for the Peabody College for Teach
ersr.
VIII Work Out Details.
The details of this appropriation will
now be worked out by a committee. This
appropriation leaves fund of approxi-
mately 81, 200, 600 which will be distri,-
uted later among other educational inst-
tuuons, probably at the next meeting,
which will be held the first Wednesday in
next October in New York. Chlef Justice
Fuller was authorized to call a special
meeting meantime. but 1t Is not at all eer-
tain that there will be one. The trustees
have authority to distribute two-thirds Of
the fund in the South and the remainder
in the North. and 1t is probable that the
bulk of .he fund remaining will be de-
voted to Southern institutions. The board
appointed a committee to consider the
matter OF other contributions. 1t Is not
certain just how long 1t Will take to wind
up the affairs Of the trnsteeship but Il
will probably In two years and the cor
poration will then cease to exist.