The Brandon news. (Brandon, Miss.) 1892-1961, 1905-05-04
A NEW KIND OF
PHILANTHROPY,
Is INDUCED IN BY ANDREW
CARNEGIE.
MAKES MAGNIFICENT GIFT
MIR. Carnegie Has Provided for &c..
100000 to be Distributed Among Su.
perannuated Professors in U. s..
Canada and Newfoundland.

New IOrK-A gilt OF $lU,UUU,UUU
by Andrew Carnegie to provide annu-
tiles for college professors who are
not able to continue active service has
been announced by Franz A. Wander
lip, vice-president of the National City
Bank Of New York. Professors in the
United States, Canada and New Found
land will share in the distribution of
the income Of the fund. United States
Steel corporation per cent first mort
gage bonds for $1O,OOO,00O have been
transferred to board Of trustees and
steps will be taken to organize cor
poration to receive the donation. Mr..
Pritchett, president Of the Massachu-
sets Institute Of Technology, and Mr..
Vanderlip sent the following letter
to the press:
"Mr. Carnegie has transferred to a
board of trustees consisting in the
main Of presidents Of the most impor-
tant colleges in the United States and
Canada, $10,000,000 first mortgage 5
per cent steel corporation bonds. The
purpose of the trust fund thus created
is to provide annuities for college pro-
fessors in the United States, Canada
and New Foundland who from old
age or other physical disabilities are
no longer in a position to render the
most efficient service 1t is Mr. Car
negie's belief that this fund will not
only provide dignifed pension sys-
tenn for body Of most worthy, self
sacrificing and poorly paid men, but
that it will be of distinct value to the
cause of education in offering an op-
portunity to the trustees Of college
to retire members Of the faculty who
have. faithfully served the institution
for many years, and to replace such
men with younger, vigorous and eff
cient professors.
"Steps will at once be taken to or
ganize a corporation to formally re-
ceive the bequest. The first meeting
of the board of trustees has been call
ed for November 15 In the meantime
it is Mr.. Carnegie s desire that DR..
Pritchett, president Of the Massachu-
sets Institute of Technology, and my
self proceed to obtain data from all
the institutions concerned for use at
the meeting Of the trustees. The
bonds which Mr.. Carnegie has so gen.
erously donated have market value
of $11,000,000 and will produce an
annual income of 100000.
"The corporation which is being
formed will be styled 'The Carnegie
Foundation
Yours very Truly,
"F. A. VANDERBILT"
Mr.. Carnegie's letter to the trus-
tees is dated April Is. 1t follows in
part:
81 have concluded that the least
rewarded Of all the professions is
that of the teacher in our higher edu-
cational institutions. New York city
generously and very wisely provides
retiring pensions for teachers in her
public schools and also for her police
men. Very few Of our colleges indeed
are able to do so. The consequences
are grievous. Able men hesitate to
adopt teaching as career and many
old professors whose places should be
occupied by younger men cannot be
retired.
81 have therefore transferred to-
you and your successors as trustees
$10,O0O,000 per cent first mortgage
bonds Of the United States Steel Cor
poration, the revenue from which is
to provide retiring pensions for the
teachers of universities, colleges and
technical schools in our own country,
Canada and New Foundland under
such conditions as you may adopt
from time to time. Expert calcula-
tions show that the revenue 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
universities, colleges or schools may
prefer that their relations shall re-
main exclusively with the state. can
not therefore presume to include them.
Gratefully yours,
(Signed) "ANDREW CARNEGIE. !"
The trustees include many of the
best known educators in the American
continent.