Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-01-25
PEABODY TRUST FUND
PLANS OF FOUNDER TO BE CAR.
RIED OUT.
Trustees Given Authority to Distribute
the Money at the Expiration
of Thirty Years.

The annual meeting of the trustees of the
Peabody education fund was brought to
close yesterday afternoon at the Arlington,
and most of the trustees, including ]. Pier
pont Morgan, have departed for their
homes AS stated in The Star yesterday.
the trustees, by vote of IL to 2, decided to
dissolve the trust, President Roosevelt, 1t
is stated, voting in the affirmative. The
sessions were executive, and 1T could not be
learned which two trustees voted against
the closing of the trust
At the conclusion of the afternoon ses-
sion Dr. Samuel A. Green of Boston, agent
of the fund.- gave out the following state
ment:
by the necessary two-thirds vote it was
resolved that the time had come to close
the trust. Thereupon million dollars was
appropriated to the George Peabody Col
lege for Teachers in Nashville on certain
conditions, which include contributions
from the state of Tennessee, Davidson
county and the city of Nashville"
Justice Fuller presided at the meetings
The absentees were Ambassador Choate at
London; former Secretary of the Interior
Hoke Smith, who was detained by an i'm
portant law case, and Bishop Doane, whose
brother, George Doane, was buried at
Newark, N. j.. today.
Distribution of the Fund
lie tIuSt WAS created by MT. fedDOuy
February 8, 1867, and amounted to S3,OOO,-
600, but almost $4,000 of this were in
bonds issued by the states of Florida and
Mississippi and subsequently repudiated.
The fund today is approximately therefore,
81. 100000 The trustees were given power
to distribute this fund at the expiration of
thirty years, which period ended in 1897,
and since then number of questions have
arisen as to the distribution. The state of
Tennessee, Davidson county and Nashville
recently offered a bonus of 81, 100000 provid
ed the Peabody trustees would appropriate
a round million dollars for the Peabody
College for Teachers.
The details of this appropriation will now
be worked out by a committee. This ap-
preparation leaves a fund of approximately
s1,2OO,OOO which will be distributed later
among other educatio institutions, prob
ably at the next annual meeting which will
be held the first Wednesday in next Oc-
tober in New York Chief Justice Fuller
was authorized to call special meeting
meantime, but it is not at all certain that
there will be one. The trustees have au-
thority to distribute two-thirds Of the fund
in the south and the remainder in the
north, but it is probable that the entire
fund remaining will be devoted to southern
institutions. The board appointed a COM
m1ttee to consider the question of other
long it will take to wind up the affairs of
the trust, but it was suggested that this
probably would be accomplished within
two years and that the corporation then
would cease to exist.
Southern Ideal
The establishment at Nashville of great
institution for the higher education of
teachers has been one of the ideals of
southern educators for many years Now
that the contribution from Nashville
Davidson county, and the state of Tennes-
see and from the Peabody fund have been
made, within the year steps will be taken
for its practical realization. One of the
trustees of the fund stated last night that
1t Is the plan to make the institution quite
similar to Barnard College in New York
Inc graduates of the normal schools and
colleges will be admitted and there gain
training in the higher branches of pedagogy
so as to be able to become educational Lead
ers In the south.
DR.. Green, general agent of the trust
stated last night that the details have not
yet been worked out.
The passage of the resolution he said
granting the M,O0o,OOO to the Nashville in
sututlon, to which We have heretofore been
contributing from the interest on the fund
at the rate of some $4,000 yearly. does not
mean that the check will be paid tomorrow
Some other details have to be arranged, and
1t is likely that another year will elapse
before the money is put into the project
for which it is given. 1t will make the
greatest institution of it's kind in the SOUTH
of course"
Purpose of the Founder.
When the fund was established it was
AR. Peabody's purpose that the annual in
terest should be applied to securing and
establishing the public school system for
free education of all children throughout
the south. Robert c. Winthrop of Massa-
chusetts was the first chairman of the
led in T in,
two years after he had established the
fund The headquarters of the Peabody
trust is at 1154 Boyleston street, Boston,
Mass