Waterbury evening Democrat., 1905-04-27

vide annuities for college professors who are not able to continue in active service, was announced to-day by Frank A. Vanderlip, vioe-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 per cent first mortgage bonds for $10,000,' GOO have been transferred to board of trustees and steps will be taken at once to organize corporation 10 re ceive the donation. Dr Pritchett, pres ident of the Massachusetts Institute of Technology, and Mir Vanderlip have been selected by Mir Carnegie to ob- tain data on the subject to be pre- sented at the first meeting of the board of trustees, which will take place Oh November 15.
 Mir Vanderlip to-day sent the follow ing letter to the press:
 Andrew Carnegie has transferred to board of trustees consisting in the main of presidents of the most i'm portant colleges in the United States and Canada, $1O,OOO,0O0 first mortgage 5 per cent Steel corporation bonds. The purpose of the trust fund thus ere ated is to provide annuities for college professors in the United States, Cana da and Newfoundland. who, from old age or other physical disability, are no longer in position to render the most efficient service It is MT Carnegie's belief that this fund win not only pro- vide a dignified pension system for q body of most worthy self-sacrifcing and poorly paid men. but that 1t will be of distinct value to the cause of edu- cation in offering an opportunity to the trustees of college to retsre members of the faculty who have faithfully served the institution for many years, and to replace such men with young, vigorous and efficient professors. am taking the liberty of enclosing herewith Mir Carnegie's letter outlining the nature of his bequest. This lette was written to the members of the board of trustees. The list of trustees is also enclosedA All have accepted.
 Steps will at once be taken to or ganize corporation to formally re- ceiye the bequest. The first meeting of the board of trustees has been called for November 15. Ill the meantime 1t is Mir Carnegie's desire that Dr Pritch- ett. president of the Massachusetts h. titute of Technology, and myself pro ceed to obtain data from all the insti- tutions concerned for use at the meet ing of the trustees. The bonds which MT Carnegie has 50 generously donated have a market value of $11, ,OOO, ,OOO and will prOduce an annual income Of $50O,OOO. H
 "The corporation which is being formed will be styled The Carnegie Foundation
 Yours very truly,
 (Signed ''F. A. VANDERLIP."
 Mir Carnegie's letter to the trustees is dated April IS, and Is as follows:
 q have reached the conclusion that the least rewarded of all the profes- siOns is that of the teacher in our high CT educational institutions. New York city generously, and very wisely, pro vides retiring pensions for teachers in her public schools and also for her policemen. Very few indeed of our colleges are able to do so. The cOnse- quencess are grievous. Able men hesi- tate 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, S1OOOO,OOO , per cent first mortgage bonds of the United States Steel cor poratiOn. the revenue from which is to provide retiring pensions for the teahcers of universities, colleges and technical schools in our own country Canada and Newfoundland, under such conditions as you may adopt from time to time. Expert calculation shows that the revenue will be ample for the purpose.
 .'The fund applies to the three class es of institutions named, without re- gard to race. sex, creed or color. We have, however. to recognize that state and colonial governments which have established. or mainly support univer- sities, colleges or schools, may prefer that their relations shall remain ex- clusively with the state. I cannot, therefore, presume to include them.
 'There is another class which states do not aid, their constitutions in some cases even forbidding it, viz: sectarian institutions. Many of these. established long ago, were truly sectarian, but to- day are free to all men of all creeds or of none. such are not to be considered sectarian now.
 Only such as are under control of q sect or require trustees tor a majority thereof, officers, faculty or students, to belong to any specified sect, or which impose any theological test, are to be excluded.
 Trustees shall hold office for five years and be eligible for reelection. The first trustees shall draw lots for one. two. three. four or five year teams, go that One-fifth shall retire each year. Each institution participating in the fund shall cast one vote for trustees.
 1.-The trustees are hereby given full powers to manage the trust in every respect; to fill vacancies of non-e0 of ficiO members: appoint executive com- mittees: employ agents: change securi- ties. and generally speaking, to do all things necessary fin their judgment to ensure the most beneficial adminis- tration of the funds.
 By a two-thirds vote they may from time to time apply the revenues in a different manner and for a different though similar purpose to that speci- lied. should coming days bring such changes as render this necessary in their judgment to produce the best re- .sults possible for the teachers and for education
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