Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-04-27
Gives $40, 900, 900 to Provide An.
nuitieS for Superaunuated COL
lege Professors.
THREE COUNTRIES INTERESTED.
The Favored Ones Are the United
States, Newfoundland aud
Canada
TRUSTEES NAMED AND ACCEPT.
Douer Believes Least Rewarded Of All
Professions Is that Of Teacher 10
Higher Educational Institutions.


Higher Educational Institutions.
New York, April 27,---A gift Of so. OOO,-
OOo by Andrew Carnegie to provide an
nuities for college professors who are
not able to continue in active service,
was announced today by Frank A.
Vanderlip, vice president Of the Ma
tional city bank of New York. Pro-
fessors Of the United States, Canada
and Newfoundland will share In the
distribution of the income Of the fund.
United States Steel corpora ton s per
cent first mortgage bonds for 10000
600 have been transferred to a board
Of trustees and steps will be taken at
once to organize a corporation to re-
ceiye the donation, Or. Pritohett, pres
i1cnt Of the Massachusetts institute
Of technology and Mr., Vandcrlp have
been selected by Mr.. Carnegie to OBJ
tain data on the subject to be presented
at the first meeting Of the board Of
trustees, which will take place on
Nov 10.
LETTER TO THE PRESS.
Mr.. Nanderlip today sent the follow
ing letter to the press:
Mr.. Andrew Carnegie has trans
terred to a board of trustees consist
ing In the main of presidents of the
most Important colleges in the United
states and Canada, $l0,0000O0 first
mortgage per cent steel corporation
bonds The purpose OF the trust fund
thus created is to provide annuities for
college professors I'm the United
states, Canada and Newfoundland, who
from old age or other physical disa-
bihty are no longer in a position to
render the most efficient service. II is
MI Carnegie's belief that this fund
VIII not only provide a dignined PEN
sion system for a body of most worthy
selt-sacrihcing and poorly paid men,
but that II will be OF distinct value TO
the cause Of education in Offering an
opportunity 10 the trustees Of college
10 retire members Of the faculty who
have faithfully served the institution
for many years and Ia replace such
men with young, intelligent and eff
cient professors ! am taking the I'D.
gie's letter of outlining the nature OF
his bequest This letter was written
TO the members of the board Of trus-
tees The list of trustees is also en-
closed All have accepted.
steps VIII al once he taken 10 orr
gonlze corporation to formally re.
ceive the beQuest. The first meeting
Of the board Of trustees has been called
for Nov, Is. In the meantime II is MI
Carnegie's desire that Dr. Pritchct
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.. Car
uesie has so generously donated have Il
market value Of Sll,0O0,0O0 and win pro-
duce an annual income Of $500, 900.
The corporation which Is being
formed viii be styled the Carnegie
foundation
Yours very truly,
IF. A. VANDERBILT"
MR., CARNEGIEs LETTER.
Mr. Carnegies letter to the trustees
IS dated April Is, and is as follows:
Il have reached the conclusion that
the least rewarded of an the profess
sions is that Of the teacher I'm our
higher educational institutions. New
York city generously and very wisely,
provides retiring pensions for teachers
IN her public schools and also for her |
policemen, Very few indeed Of our coll
Ieges are able to do so. The conse-
puences are grieyous. Able men hest |
tate to adopt teaching as a career and !
many old professors whose places |
should be occupied by younger men |
cannot be retired.
1 have therefore, transferred to |
You and your successors as trustees, |
slOOOO,OO0 per cent first mortgage |
bonds Of the United States steel cor |
porotion, the revenue from which is |
10 provide retiring pensions for the |
teachers of universities, colleges and |
technical schools In our own country. |
canada and Newfoundland. under such |
conditions as you may adopt from |
time TO time, Expert calculations show |
mat the revenue will be ample for the !
purpose.
THREE CLASSES OF BENEFICIAR-
les.
The fund applies TO the three classes
or institutions named without regard to
race, sex, creed or color We have, how
ever TO recognize that state and co.
i9nlal governments which have estab-
Ished, or mainly support universities.
,''bVo Vt htUOOlh, may prefer that |
thelr relations shall remain exclusively
WIN the state, / cannot, therefore.
presume 10 include them.
There is another class which states
90 not aid, their constitutions In some
cases even forbldding II, viz: sectarian
institutions, Many OF these establish
ga long ago were truly sectarlan, but
To-Day are free to all men of all creeds
or OF none such are to be considered
bectarian. only such as under control
Vt sect or require trustees Cor a ma
Iorlty thereof officers, faculty or stu
gents, to belong to any specified sect,
VI which impose any theological test,
are to be excluded.
TRUSTEES.
Trustees shall hold office five years
and be eligible for reelection. The first
tIustees shall draw lots for /, 2, 3. or
years terms, so that one-hfth shall
retire each year.
=, Each institution participating In the
Iund shall cast one vote for trustee. .
me trustees are hereby given full
powers to manage the trust In every re-
spect 10 MI vacancies OF non-ex -ofilcio
hemp efs, appOint eXAcutiya pnrnrntt !