The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-04-27
100000 GIFT
Carnegie Gives Annuity Fund
for College Professors.
United States, Canada and New
fOUndland Included.
INCOME OF 100000.
Takes in Universities, Colleges
and Technical Schools.
No Line Drawn on Race, Greed,
Sex or Color.
INCOME OF 100000.

New York, April pa gift Of $1O,-
100000 by Andrew Carnegie to pro-
vide annuities for college professors
who are not able to continue in active
service was announced today 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 of the
fund. United States Steel corporation
i've per cent first mortgage bonds for
$lOsOOO,0OO have been transferred to
a board of trustees and steps viii be
taken at once to organize a corpora
ton to receive the donation.
Dr. Pritchett, president of the
Massachusetts institute of technology,
and MI Nanderlip have been selected
BY Mr.. Carnegie to obtain data on the
SUBJECT to be presented at the first
meeting of the board of trustees,
which will take place on November 10.
Vanderlip's Letter.
Mr. Vanderlip today sent the fol-
lowing letter to the press:
Mr. Andrew Carnegie has trans
ferred to q board of trustees consti-
tuting in the main of presidents of the
most Important colleges in the United
States and Canada S1O,000,0OO of the
first mortgage per cent United
States Steel corporation bonds Tbs
purpose of this trust fund thus created
is to provide annuities for college pro
fessOrs in the United States. Canada
and Newfoundland VINO from old age
or other physical stability are no
longer in a position to render the
most efficient service. It is Mr. Car
negie's belief that this fund viii NOT
only provide a dignif1ed pension sys
TEN for a body of most worthy self
sacrificing and poorly paid men. hut
that it viii be of distinct value to the
cause OF education in Offering an on
portun1ty to the trustees of a coIIeee
TO retire members of the faculty. who
have faithfully served the institution
Tor many years and to replace such
men with young, vigorous aud eff
4lcieht professors am taking the
liberty of enclosing herewith Mr. Car
negie's letter outlining the nature OF
MS bequest. This letter was written TO
the members of the board of trustees
Inc list of trustees is also enclosed.
steps will at once be taken to or
game a corporation to formally re-
celVe the bequest. The first meeting Of
me BOARD of trustees has been called
tor November Is. In the meantime ii
is Mr.. Carnegie's desire that M
Pfilchett president of the AFassa-
chusetts Institute of Technology and
nlyseH proceed to obtain data from
an the institutions concerned for use
az the meeting of the trustees. The
bonds which Mr.. Carnegie has 81 cen
erously donated have a market val11e
OF "a 100000 and will produce an an
Hual income of 100000
The corporation which is heinz
formed VIII be styled The tsarneeie
Foundation 8 X
Yours very truly.
IF. A. VANDERBILT"
Carnegie's Letter.
Mr.. Carnegia's letter to the trustees
IS 9aled April is, and is as follows.
~ l. have reached the conclusion that
tne Ieast rewarded Of all the pr0fessions
IS that Of the teacher In our higher "a
vocational institutions. New York cif,,
generously, and very wisely, provides
retiring pensions for teachers in her
pubic schools and also for her Dolice-
men Very few indeed of our COLLEGES
are able to DO 50. The conseouences
are grievous. Able men hesitate tn
adopt teaching as a career. and many
Old professors whose places sh0uId he
occupied by younger men can not be re-
tired
I have, therefore. transferred to YOU
ana your successors as trustees SO 0O0.
V0u nVe per cent first mortgage bonds
OF the United States Steel corpora ton
the revenue from which is to provide
!etflng pensions for the teachers of un-
lNersltles, colleges and technical schools
IN our own country, Canada ard New.
Ioundland, under such conditions as vor
may adopt from time to time. Exper1
calculations show that the revnue wiz
De ample for the purpose.
The fund applies to the three classes