New-York tribune., 1907-08-26
PEDDIE NOT CRIPPLED BY THEFTS
The Principal Says 100000 of $4,000 En-
dowment Is Still Intact
o the Editor OF The Tribune.

To the Editor OF The Tribune.
Sir: In view Of the publicity given 10 the en-
tezzlement of the endowment funds Of the Peddie
Institute by the treasurer. Samuel V. Hulse. OF
Newark. and in 10 constant inquiries Of
Interested friends as to the effect upon the school
Of this loss, will you permit through your col
umns make the following statement of the stU-
ation as far it is clear to the Pcddie authOri-
ties?
As 20 the probable effect the loss il is impossi-
be TO say with exactness at this time The methods
employed by Mr.. Hulse in concealinE his operations
were shrewd and carefully carried out that
only thorough investigation of every security
will reveal the exact state OF the fund. II Is cer-
TAIN however. that the greater part OF the ell
dowment fund of $4,000 is still intact That much
is known. How much. if any, be recovered
from Mr. Hulse il is at present impossible TO say.
These are all questions which now
answer with dehniteness. The most that be
said with certainty is that even at the worst
Peddie will still have about 100000 endowment, in
addition to her splendid equipment OF grounds and
buildings.
AS to the probable effect OF this loss one point
should be made very clear and emphatic-P -Peddie
has not the shadow of thought of closing her
doors of Iessening in any way the thorOughness
of her work. There is not note of despair any
where among her board Of corporators her fac
uty The board has recently been strengthened
by the addition OF nine men, nearly all business
men of large means and influence. and while all
unite in deporng the loss there Is equal unity in
the determination 10 maintain the school at the
highest possible point of efficiency. The faculty
was never stronger than to-day. and every member
of that faculty will retained The usual repairs
and Improvements of the summer vacation are
being made with thOroughness and care. and the
buildings never in better condition than they
will be at the opening of school in September. One
evidence of the confidence OF the board of cor
porators is in the that at the very meet
ing when the disclosure of loss was first made
tha u S,ts
in fitting up for nfirnary, so that here
after pupils who Ill may receive all the care
of a hospital and have traired nurse in charge.
rhe fact Is that for the last five years especially
there has been steady gain in the income
from students that II is only question of a few
wears until school will be largely if not wholly.
indepe ndent of it's endowment income for funds to
meet its current expenses. 1t had been the nope
of the administration that the greater part
of this income could be devoted to still further I'M
proving the equipment of the school There, then
IS where the by this embezzement Will first ba
felt We must defer for time some cherished
mans such as a central heating plant. O chapel.
the beautfying of the Pedde grove and lake and
other improvements OF like sort
II is cheering know that the prospect for stu
dents this coming year is most encouraging. The
registration is already large. and inquiries are re-
ceive6 daily With an increased attendance ana the
advance in rates to boarding students. the student
,ncomes may safely be expected to make up what
ever shortage there may be in the income from the
endowment. In this matter of preserving cohii-
danca in the school and increasing its attendance
our friends can materially aid US by assuring others
that Pedde will provide for her sons and daugh-
tors in this year 1s070s and instruction fully
~, m her former high standard. Peddie irle:1ds
arc legion and the legion loyal, as they have
,royad many times before. They should be cheered
b,r the hopefulness OF those who are mere bearing