New-York tribune., 1905-01-25
DISSOLVE PEABODY FUND. |
VOTE TO END THE TRUST.
Directors GiUe 1000 900 to Nash
ollie SchooESI 200 900 Left.

Washington. Jan. 24.-The trustees of the Pea
body Education Fund voted to dissolve their
trust at meeting held here to-day. An appro-
priation of 81 100000 for the George Peabody
School for Teachers at Nashville, Tenn. was
made. The vote OH the question of dissolving
the Peabody trust followed considerable discus
sion. Several members expressed very posi-
tive opposition TO the move to dissolve, and when
the vote was taken it stood II to p President
Roosevelt participated in the proceedings.
The meeting held at the Arlington Hotel
President Roosevelt, who is a member of the
board of trustees, came over from the White
mouse and remained almost an hour, taking
part IN the deliberations of the board. j. Pier
poht Morgan, who came from New-York last
night, remained throughout the sessions. and
among the others present were Chief Justice
ruler of the Supreme Court of the United
states; Richard Olney, ex-Secretary of State;
MOTIFS X Jesup, Ex-Governor James D. Porter,
OF tennessee; Senator George Peabody Wetmore.
OF Rhode Island; Henderson NJ. Sonierville, of
Alabama; William A. Courtney, of South Caro-
lima; the Right Rev. William Lawrence, Of Mas
sachusetts; DR.. Daniel C. Gilman. of Baltimore,
former president of Johns Hopkins University.
and Dr. Samuel A. Green, of Boston. Chief Jus
ice Fuller presided at the meeting.
The meeting closed this afternoon. The fol-
lowing statement was given OUT
By a two-thirds vote it was resolved that
Lne time o had come to close the trust. There
George Peabody College for teachers in Nash
Vliie on certain conditions which include con-
tributions from the State of Tennessee David
son county and the city Of Nashville.
The trustees declined to state which two voted
against the closing of the corporate trust. Pres
ident Roosevelt voted afirmatively on both
propositions.
The trust was created by Mr. Peabody Feb
ruary 8, 1867. and amounted to $3,0O0,OOO. but
almost SS00000 of this was in bonds issued by
the States of Florida and Mississippi and subse-
quently repudiated. The fund to-day is approx
imately therefore $2,200000. The trustees re-
ceived power to distribute this fund at the ex-
piration of thirty years. in 1897. Since then a
number of questions have arisen as to the dis
tribution. The State of Tennessee. Davidson
County and Nashville recently offered a bonus
of S1OOO,OOO provided the Peabody trustees
would appropriate $1,0O0,000 for the Peabody
College for teachers. The details of this appro-
priation will now be worked out by COM
mittee.
This appropriation leaves a fund Of approx
matey 100000, which will be distributed
later among other educational institutions prob
ably at the next annual meeting which will be
held the first Wednesday in next October in
New-York.
Chief Justice Fuller was authorized to call
a special meeting in the mean time, but it is
not at all certain that there will be one The
trustees have authority 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 institu-
tions. The board appointed committee to con-
slider the question of other distributions 1t is
not certain just how long it will take to wind
up the affairs of the trust, but it was sug-
gested to-day that this probably would be ac-
complished within two years. and that the cor
trustees. including Mr.. Morgan, left here for
their homes tonight.