Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-27
GIFT OF TEN MILLIONS
Another Munificent Bequest
by Andrew Carnegie
IN CAUSE OF EDUCATION
TRUST FUND FOR ANNUITIES TO
WORKOUT PROFESSORS.
Donation Applies to Three Glasses of
Institutions Regardless of Race,
Sex, Greed or Color.

NEW YORK, April PA gift of $10,00O,-
GOO by Andrew Carnegie to provide annui-
ties for college professors who not able
to continue in active service was announced
today by Frank A. Vanderlip, vice presi-
dent of the National City Bank of New
York. Professors in the United States, Can
ada and Newfoundland will share in the
distribution of the income Of the fund.
United States Steel Corporation 5 per
cent first mortgage bonds for s1O,OOO,oO0
have been transferred to board of trus-
tees and steps will be taken at once to
organize a corporation to receive the do
nation. DIR. Pritchett, president of the Mas
sachusetts Institute of Technology, and Mr.
Vanderlip have been selected by Mr. Car
negie to obtain data on the subject to be
presented at the first meeting of the board
of trustees, which will take place on No
vember 10.
Mr.. Vanderlip today sent the following
letter to the press:
Mr.. Andrew Carnegie has transferred to
board of trustees consisting in the main
of presidents of most of the important col
leges in the United States and Canada
slo,oo0,co of first mortgage per cent steel
corporation bonds.
Purpose of Trust Fund.
The purpose of the trust fund thus Gre
ated is to provide annuities for college pro-
fessors in the United States, Canada and
Newfoundland who, from old age or other
physical disability, are no longer in a po-
sltlon to render the most efficient service
1t is Mr.. Carnegies belief that this fund
Will not only provide dgnified pension
system for body of most worthy self
sacrif1cing and poorly paid men, but that
1t will be of distinct value to the cause of
education in Offering an opportunity to the
trustees of a college to retire members of
the faculty who have faithfully served the
institution for many years, and to replace
such men with young, vigorous and eff
clent professors. l am taking the liberty
of inclosing herewith Mr.. Carnegies letter
outlining the nature of his beuuest This
letter was written to the members of the
board of trustees. The list of trustees is
also inclosed All have accepted.
Steps viii 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 15
In the meantime it is Mr.. Carnegie's de-
sire that DR.. Pritchett president of the
Massachusetts Institute of Technology
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 generously do
mated have a market value of 100000
and will produce an annual income OF
100000
The corporation which is being formed
will be styled The Carnegie Foundation
''F A. VANDERBILT"
Carnegie's Letter.
Mr.. Carnegies letter to the trustees Is
dated April IS and is as follows:
4 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 in
deed of our colleges are able to do so. Ihe
consequences are grievous. Able men hes
itate to adopt teaching as a career ana
many old professors whose places Shoulo
be occupied by younger men cannot De re-
tired ~ -,
Il have therefore transferred to you ana
your successors, as trustees, Slo,op,oo .
ner cent first mortgage bonds of the United
States Steel Corporation, the revenue from
which is to provide retiring pensions Tor the
teachers of universities, colleges ana teen
nical schools III our own country, Canada
and Newfoundland under such conditions
as YOU may adopt from time to time. tx
nerf calculation shows that the revenue will
be ample for the purpose.
Applies to Three Glasses.
''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 govern
ments which have established or mainly
support universities, colleges or schools
NAV prefer that their relations shall remain
exclusively with the state. l cannot, there
fore presume to include them.
There is another class which states do
not aid, their constitutions in some cases
even forbidding 1t, viz: sectarian institu-
tions. Many of these, established long ago,
were truly sectarian, but today are free to
all men of all creeds or of none-such are
not 20 be considered sectarian now. Only
such as are under control of a sect or re-
qure trustees, or a majority thereof, or
officers, faculty students, to belong to
any specified sect, or which impose any
theological test, are to be excluded.
Terms of Trustees.
Trustees shall hold office for five years
and be eligible for reelection. The first
trustee 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 pow
ers to manage the trust in every respect;
TO fill vacancies of non-eX-ofiicio members,
appoint executive committees, employ
agents, change securities, and, generally
speaking. to do all things necessary in their
judgment to insure the most beneficial ad-
ministration of the funds.
by a two-thirds vote they may from
time to time apply the revenues in a differ
ent manner and for a different, though SIM
liar purpose to that specified, should COM
ing days bring such changes render this
necessary in their judgment to produce the
best results possible for the teachers and
for education.
mo 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.
Il hope this fund may do much for the
cause of higher education and to remove a
source of deep and constant anxiety to the
poorest paid and yet one of the highest of
all professions. Gratefully yours
ANDREW CARNEGIE
List of Trustees
The trustees are: Presidents A. T. Had