Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1905-02-03
PEABODY TRUST CLOSES
The Board Of Trustees Vote 10 Take
This Action.
SCHOOL FOR TEACHERS BENEFITS.
The Vote on the Question Of Dissolvius the
Peabody Trust Followed Considerable DIS
cussIon-Several Members Expressed very
Positive Opposition to the Motion to Dis
soiye-Yote Was Il to z.

Washington, D. c. (SpecaD..-Ihe
trustees of the Peabody Education funo
met at the Arlington Hotel here aho
voted to dissolve their trust. A Vote
also was taken on the proposition to
appropriate 100000 for the George
Peabody School for Teachers at Nash
vile, Tenn, and it was UNANIMOUSLY
carried.
The vote on the question diSsolving
the Peabody trust followed consider
able discussion. Several members ex-
pressed very positive opposition to the
motion to dissolve, and when the vote
was taken it stood II to 2.
President Roosevelt, who is member
of the board of trustees, came over from
the White House and remained almost
an hour, taking part in the deliberations
of the board. J. Pierpont Morgan, VINO
came from New York last night, re-
manned throughout the session, and the
others present were Chief Justice Full,
Ter, of the Supreme Court OF the United
States; ex-Secretary of State Kicharu
Olney, OF Massachusetts,; Morris N
Jesup, of New York; ex-Gov. James
d. Porter. of Tennessee; Senator Geo
Peabody Wetmore, of Rhode Island;
Charles E. Fenner, of Louisiana; lieu
derson NJ. Somerville, of Alabama; VII
liam A. Courtney, of South Carolina;
Ri. Rev. William Lawrence, OF MaSss-
chusetts; DR.. Daniel c. Gilman, OF Bal
timore, ex-presdent Of the johns hop
kins University, and DR.. Samuel "A.
Green, of Boston.
Chief Justice Fuller presided at the
meeting. The absenteeS were AmoaS-
sador Joseph Choate, at London; eX-
Secretary of the Interior Hoke Smith,
who was detained by an important law
case, and Bishop w. c. Doane, whose
brother, George Doane, was buried at
Newark, n. J., today. The meeting
closed in the afternoon, when the fol-
lowing statement was given out: =,
BY two-thirds vote it was resolved
that the time had come to close the
trust. Thereupon, 100000 was appro-
priated to the George Peabody College
for Teachers in Nashville, OIL certain
conditions. which include contributions
from the State of Tennessee, Davidson
county and the city of Nashville"
The trustees declined to state which
two trustees voted against the closing
or the corporate trust President Roose-
welt voted afirlnatively on both prop
ositions, that is, to close the trust ana
to make the 100000 appropriation.
The trust was created by Mr.. Pea
body February 8, 1867, and amounted to
$,ooo.ooo, but almost $4,000 OF this
was in bonds issued by the States OF
Florida and Mississippi and subse-
ouently repudiated The fund today is
approximately, therefore, 100000. The
trustees were given power to distribute
this fund at the expiration Of 30 years
which period ended in 1897, and since
then a number of questions have ariSei
as to the distribution. The State Of
Tennessee, Davidson county and Nash
vile recently offered bonus OF 81.
100000. provided the Peabody trustees
would appropriate round million dol
lars for the Peabody College for Teach
ers. -.
The details of this appropriation vii
now be worked out by committee.
leaves fund Of approximately $1,000,
900. which will be distributed late
among other educational institutions
probably at the next annual meeting
which will be held the first Wednesda
in next October in New York.