The Washington herald., 1910-11-03
PLAN DISTRIBUTION
Or PEABODY FUND
Trustees Hold Next to Final
Meeting, Is Belief.
FORMAL DISSOLUTION NEXT
Benefn ctiOns Total About $4,000, 900.
Special Meeting May Soon BE Cali
ed to Decide ON Plans for the
FUture-HiStory of the Fund and
Its FOunding-MiIIiOns to Charity.

| New York, Nov. 2.-The annual meeting
of the trustees OF the Peabody Eduea-
/ ttonal Fund drew together at the Waldorf
to-day body Of prominent men from the
| North and the South in what is believed
10 be the next TO the last yearly meeting
of the men who have stood the trust.
Steps were taken looking to the formal
dissolution of the board and the distribG-
ton of the remainder Of the fund.
During the year two members Of the
board died, Chief Justice Fuller and Sen
ator John ". Daniel OF the other four
teen, there were present Joseph II.
Choate, former Ambassador to Great Brit
ain, who was made chairman; Richard
Olney. former Attorney General: DR.. sam
uel A. Green. of the Massachusetts His
torical Society, who is secretary OF the
board; eX-Gov. James ID. Porter. Of Ten
nessee; J. PierpOnt Morgan. Judge Charles
z. Fenner, of Louisiana: ex-Gov. and
Gov.-elect Hoke Smith. Of Georgia: Bishop
Doane, OF Albany; Bishop Lawrence. OF
Massachusetts; Grenville Winthrop, OF
New York. and Gov. Ansel. Of South
Carolina. The abSentees were Judge Hen
derson NJ. Somerville, OF Alabama; Sen
atOr George p. Wetmore. of Rhode Is
land. and Col Roosevelt, who was in
Baltimore
Mr.. Choate delivered a eulogy on the
late Chief Justice Fuller and paid a
tribute 10 the late Senator Daniel, and
then, after reports and a discussion, a
committee. consisting of Messrs. Choate,
Olney, Ansel. Smith. and Bishop Law
renee was appointed 10 consider and report
whether the terms Of the Peabody trust
require the board now to distribute the
remaining capital. and if so. by what vote
10 reconsider and rescind the boards ac-
ton of January a, 1906 10 continue TO
use and apply the income Of the fund.
the committee, if reporting in favor of
the present distribution of funds, 10 re-
port a scheme for such distribution"
In the opinion of DR. Green, the secre-
tary and oldest member of the board in
point Of service, for he has been a Pea
body trustee some thirty years, this
means that after the committee has met
and considered the Questions il VIII prob
ably call special meeting OF the board
and the latter will be dissolved. either ut
some special meeting or at the meeting q
year hence. The trustees voted 10 post
p0ne the election OF members TO succeed
Three Score and Ten.
OF the eleven men who met to-day six
were over seventy. according TO their
biographers. though most Of them didn't
look it. Dr. Green confesses TO eighty
and Gov. Porter TO eighty-two. Alongside
of them Gov Ansel. with his sixty. was
mere boy. and Gov. Smith. who is fifty
five. almost an infant in arms. Mr..
Choate, who Is seventy-eight, was
classmate OF DR.. Green at Harvard.
and they are still Joe" and sam" 10
each other. Bisnop Doane is of the same
age as Mr. Choate.
lifetime, Mr. Peabody was the most
lished in 1857 by George Peabody. a native
of South Danvers, now Peabody, Mass.
who, after accommodating a fortune IN that
town, went to London and established a
banking business over there. During his
lifetime, Mr. Peabody was the most
notable OF philanthropists.
Millions 90 Charity.
He gave more than 100000 TO Ralti-
more, with which Tie Peabody Instituta
was established; he made large gifts to
his native town. to Salem and Ros-
ton, and other cities: gave Harvard and
Yale $4,000 each, and established a fund
OF S2,6O0oO0 for the building of lodging
houses. In 1857, TWO years before his
death. Mr.. Peabody handed over 70
board Of trustees securities TO the value
of 2l000OO, TO which he later added
Sl.SS4, ,0G0
OF the total sum s1.4S4,OoO represented
Mississippi and Florida State bonds
which were afterward repudiated bv
those States, so that the trust was that
much short of the amount Mr.. Peabody
thought he was giving The trustees were
10 devote this TO the cause Of education
In those Southern States where il would
seem likely to do most good. They had
authority 10 expend 20 per cent of the
principal during the first two years. and
the rest was 10 remain unchanged for
thirty years, gifts TO be made where the
trustees considered proper in the interval
from the income
Mr.. Green said to-day that including
the Sl0C0.000 given last year to the George
Peabody Normal College. at Nashville. |
Tenn, the benefactions from the fund
and its income approximated somewhere
in the neighbOThood of s. 600.