The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-28
CARNEGIE GIFT OF $40, 100000
TO PENSION COLLEGE PROFESS
SORS WHOVE PASSED 90.
Establishes q Trust Fund Under Control
Of College Presldents-NOt More
Than - 400 . YeAF-One Hope Il 20
Make Room for Younger Teachers.

the income OF Wnlcn - 20 pension JhOse col
lege professors In the United States. Canada
and Newfoundland who through old age
or other disability have become incapable
Of rendering efficient service. A minimum
Ct 05 will probably lie fIed as the cd age
limit.
The fund, which IL vested in a board Of
trustees made up mainly Of college presi-
dents, consists OF tiO,OOo,o 900 in per cent.
frst mortgage bonds Of the United States
Steel Corporation, their actual market value
at present being 81, 10000. To the men
who are for the present to be the trustees
Mr.. Carnegie wrote the following letter:
Mr.. CarneEIe's Letter.
NEw YoRK, April 10, 1905.
GENTLEMEN: have reached the con-
clusion that the least rewarded Of eli the
professions il that Of the teacher In our
higher educational inst itutions. New York
city generously and very wisely pro-
yides retiring pensions for teachers In her
public schools and also for her policemen
Very few indeed OF our colleges are able to
do 10. The consequences are Rrievous
Able men hesitate TO adopt teaching as q
career, and many old professors whose
places should be occupied by younger
have therefore transferTed 10 you and
your successoB as trustees 100000 8
per cent. first mortgage bonds Of the United
States Steel Corporation, the revenue from
which is to pro vide retiring ponsions for
the teachers Of universities, colleges and
technical schools in our country, Canada
and Newfoundland, under such oondit ions
az you may adopt from time TO time. En-
pert calculation shows that the revenue win
be ample for the purpose.
The fund applies to the three glasses OF
institutions named, without regard to race.
sex, creed OF color. We have, however,
TO recognize that State and colonial govern
ments which have established, 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 casea
even foTbidding II, viz, sectaTian institu-
tions. Many Of these, established long ago,
were truly sectarian but to-day are frea
not to be considered sectarian now. Only
such as are under control Of a sect or
require trustees Cor a majority thereof, on
cers, faculty or students to belong 20 any
specified sect or which impose any theoloRf-
cal test, are to be excluded.
Trustees shall hold of1ce for Eve yeaI
and be eligible for reelection. The frut
trustees shall draw lots for one, two, three
four or hve-year terms, 30 that oAe-ffth
shall retire each year. Each institution
for trustees.
The trustees are hereby given full powers
to manage the trust in every respect, 20
fill vacancies OF non eX-oficio members,
appoint executive committees, employ
agents, change securities and, generally
speakingo to do all things necessary in
their judgment to insure the most bene-
fetal administration OF the funds.
BY two-thirds vote they may from time
TO time apply the revenues in q different
manner and FOR a different though similar
purpose to that specified, should coming
days bring such changes as to render this
necessary, In their judgment, 70 produce the
best esults possible for the teachers and fol
education,
No trustee shall incur any legal Liability
flowing from his trusteeship. All travelling
and hotel expenses incurred by trustees
IN the performance Of their duties shall
be paid from the fund, the expenses Of
wife or daughter accompanying the trustees
TO the annual meeting included.
l hope this fund may do much for the
cause Of higher education and to remove
q source Of deep and constant anxiety 20 the
poorest paid and yet one Of the highest Of
all professions. Gratefully yours,
ANDREW CARNEGIE.
These are the trustees chosen by Mr..
Carnegie for the fund:
TRUSTEES CHOSEN By Mr.. cARNEo1E
President A. T. Hadley. Yale University;
President Charles William Eliot, Harvard
University, President William R. Harper.
Murray butler. Columbia UniSefsity; PTesi-
dent Jacob G.. SchurmRn. Cornell University.
President Woodrow Wilson. Princeton Univer-
Provost Charles C. Harrison GniveFsity OF
President Alexander c. Hum
phreys, stevens Institute; Chancellor s. 3.
Mccormick, Western University OF Pennsyl
yania. President Edwin q. CrRiRhead, Tulane
! niyerslY q New Orleans President n. Z.
fhMns %sssrn CRR essfv. tnSsTsty Prsl
: SIesburg. III. President Edwin q, Hughes,
President H. McCieiland Bell, Drake Uni:
yersity, Des Moines. President George n,
Penny WsSshnSSGn and lee UnvsTsity
University, Montreal: President Samuel Plantz,
Lawrence University OF Wisconsin; President
versity; President ". II, Crawford. AileSheny
College Meadville Pa. Henry s. PTitchett
Z. A, ,Nanderlip. T. Morris Carnegie and
R. A. Franks.
All the trustees have accepted the ONCE
md each Of them in his letter to MI. CaIpeEie
poke in the highest terms Of the bene- |
action.
The gathering Of statist les upon which |
dr. Carnegie made his estimate that So
90 900 was a sufficient fund was conducted |
~ Vice-President Frank A. Vanderlip OF |
he National City Bank and Henry s. .
oritchett, preside ut Of the Massachusetts, /
institute Of Technology.
AID ToB sS ISsTITUTGoNs.
taking into consideration Mr.. CaneRie's
provision against sectariRn institutions.
aid Mr.. Vanderbilt yesterday, we found
hat ninety-three institutions would benefit
~ the fund. These include 5000 persons
n their faculties, and their salaries aRRre-
.ate t7,T2o, 600. Instructors and assistapts
.re not taken into account. Only pro
essors, assistant professors, associate pro-
essors and executive oficers, such as
residents, deans, secretaries, registrar
nd recorders, are affected
I'VE found that the average salary of
aCulties in colleges il 81 800; In teohnioal
ohools and universities, 81, 200. That gives
n average Of 5000. The avers ge age OF
Professors seems to be Al years.
sOne thing the trustees have yet TO settle
; how to apportion the benefits Of the fund
o those institutions that have a pension
ystem. Harvard, for instance has A
,ension system which gives the faculty
vested right In the pension fund IL ia
'ased on number Of years Of service. and
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