The San Francisco call., 1905-04-28

NEW YORK, April 27.-A gift Of
$40, ,0oO, 900 by Andrew Carnegie, to pro-
vide annuities for college professors
who are not able to continue in act
i've service, was announced to-day by
Frank A vanderlip, vice president 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 fund.
United States Steel Corporation per
cent first mortgage bonds for s1O.-
0OO. 900 have been transferred to q
board of trustees.
Vanderlip to-day sent the following
to the press:
The purpose of the trust fund thus created
is to provide annuities for college professors IN
the United States, Canada and Newfoundland.
who from old age other physical disapiiity
are no longer in position to render tne mos.
efficient service 1t is Mr.. Carnegie oeliel
that this fund will not only provide dignihed
pension system for a body OF most worthy
self sacrificing and poorly paid men, but that
it will be Of distinct value to the cause OF ed
ucation in Offering an opportunity to the trus-
tees of q college to retire members OF the lac-
ulty who have faithfully served the instltution
for many years, and to replace such men with
young intelligent and efficient professors !
am taking the liberty Of inclosing herewith
Mr.. Carnegies letter outlining the nature OF
his beouest This letter was written to the
members of the board OF trustees The list OF
trustees also is inclosed. All have accepted
Carnegie's letter to the trustees is
dated April IS and is as follows
1 have reached the conclusion that the least
rewarded of all the professions Is tnai OF ,ne
New York City generously, and very wlseiy,
provides retiring pensions for teachers In her
public schools and also for her policemen.
Very few indeed OF colleges are able to
do So The consequences are grievous Aole
men hesitate to adopt teaching as a career.
and many old professors whose places should
be occupied by younger men cannot be retired.
I have, therefore. transferred TO you and
your SUCCESSORS, as trustees, sloUoOoU PEI
cent first mortgage bonds Of the United States
Steel Corporation, the revenue from which fs
to provide retiring pensions for the teachers
of universities, colleges and technical schools
in our own country, Canada and Newfound-
land. under such conditions as you may adopt
from time TO time. Expert calculations show
that the revenue will be ample for the purpose
The fund applies to the three classes OF IN
creed or color We have. however to recos-
nize that State and colonial governments s
which have established, or mainly support.
universities colleges or schools may prefer
that their relations shall remain exclusively
with the State. cannot, therefore, presume
to include them.
aid, their constitutions in some cases even
forbiddtng It, viz: Sectarian institutions
sectarian but to-day are free to all men OF
all creeds or of none. Such are not to be con-
Sidered SectariaD. only Sucn as are uuuer con-
troll of sect or require trustees Cor majority
thereof officers faculty or students. to belong
to any specified sect. or which imposes any
theological test are to be excluded.
Trustees shall hold office five years and be
eligible for reelection. The first trustees shall
draw lots for one, two, three, four or hye
year terms. 80 that one-ffth shall retire each
year.
Each institution participating in the fund
shall cast one vote for trustee.
Tie trustees are hereby given full powers
to manage the trust in every respect, to NIL
vacancies of non-ex-officio members, appoint
executive committees, employ agents, change
securities and. generally speaking, to do all
things necessary in their judgment to insure
the most beneficial administration of the funds
BY two-thirds vote they may. from time
to time apply the revenues In a different man.
ner and for a different, though similar pur-
pose to that specified, should coming days bring
such changes render this necessary in their
Judgment to produce the best results possible
for the teachers and for education.
No trustee shall incur any legal liabilities
growing 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 ac-
companying the trustees to the annual meeting
included.
| hope this fund may do much for the cause
of higher education and remove source of
deep and constant anxiety to the poorest paid