The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1905-05-02
PENSION FOR TEACHERS
andrew Carnegie Provides Fund Of
$4,000, 900 For the Purpose.
EDUCATORS CONTROL FUNDS

Steel Bonds with an Income OF $780,
600 Per Annum Given in Charge of a
Special Committee by the TnIion-
aire Steel Efagnate win Be Known
as the Carnegie Foundationcs
New York ity.-Adding S1o0O0,e0O
to the numerous millions he has placed
in funds TO endow colleges and libra
ries, Andrew Carnegie permitted it to
be announced that he had established
pension fund for teachers in univer-
sites, colleges and schools of tech
nology in this country, Canada and
Newfoundland. The announcement
that $1O000,000 in United States Steel
first mortgage bonds, bearing five per
cent. interest, had been transferred to
the Board of Trustees of the Pension
Fund was made by Yice-President F.
A. Vanderlip of the National City
Bank. The bonds nave a market value
of $l1, 100000 and will produce an an
nual income of $50O,OO0
The trustees are given full power to
administer the fund as they deem prop
er and no distinction will be made as
to race, sex, creed or color. Mr. Van
derlip announced that Mr.. Carnegie
had appointed him and Dr. Pritchett,
President of the Massachusetts, Insti-
tute of Technology, to prepare data for
all educational institutions concerned,
which will be submitted to the trustees
at the first meeting, which will be held
on November 10 next. Mr.. Carnegies
letter to the trustees is as follows:
New York. April IS, 1905.
Gentlemen have, reached the con
clusion that the least rewarded of all
the professions is that of the teacher
in our higher educational institutions.
New York City generously, and very
wisely, provides retiring pensions for
the teachers in her public schools, and
also for her policemen. Very few, in
deed, of our colleges are able to do so.
The consequences are grevious. Able
men hesitate to adopt teaching as a
career, and many old professors whose
places should be occupied by younger
men cannot be retired
II have therefore, transferred to
you and your successors. as trustees.
100000 900 five per cent. first mort
gage bonds of the United States Steel
Corporation, the revenue from which
is to provide retiring pensions for the
teachers of universities, colleges and
technical schools in our country, Can
ada and Newfoundland, under such
conditions as you may adopt from
time to time. Expert calculations show
that the revenues 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
established, or mainly support uniyer-
stiles, colleges, or schools, may prefer
that their relations shalt remain ex-
clusively 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
lished long ago. were truly sectarian,
but to-day are free to all men of all
creeds or none-such are not to be
NOISlQcEeQ7 SeCldEidu NOW.
Only such as are under control of a
sect or require trustees Tor majority
thereof officers, faculty or students
to belong to any specified sect, or
which impose any theological test 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-fifth shall retire each year.
Each institution participating in the
fund shall cast one vote for trustees.
The trustees are hereby given full
power to manage the trust in every
respect; to fill vacancies of non-ex-
officio members, appoint executive
committees, employ agents, change Sc
curlties and, generally speaking. to do
all things necessary in their Judgment
to insure the most beneficial admins
tration Of the funds
by two-thirds vote they may from
time to time apply the revenues in
different manner and for a different
though similar purpose to that speci-
fed, should coming days bring such
changes as render this necessary in
their judgment to produce the best re-
suits possible for the teachers and for
education.
No trustee shall incur any legal lia-
bility 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 daugh-
ter 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"
The corporation that will be formed
by the trustees will be known as THE
Carnegie Foundation" T. Morris Car
negie, nephew of the donor Of the gen
erous fund, and r. A. Franks, of Ho-
boken, n. j., will be the special rep
resentatives of Mr.. Carnegie in the
Board of Trustees. with Mr.. Vanderlip
and DR. Pritchett. of Boston. The
college presidents selected to admin
lister the fund are made up Of repre-
sentative educators of the country.
Excitement in Crete,