The Washington herald., 1910-02-01

II TOOK J. Pierpont Morgan and the oth-
er trustees Of the Peabody education
fund Just thirty minutes to come 10 an
agreement appropriatlng 100000 at a
meeting at the Arlington Hotel yesterday
afternoon. The Peabody Normal College
an institution for the education Of teach
ers at Nashville. Tenn. is the bene-
ficisry.
The State OF Tennessee, Davidson
County, and Nashville. raised more than
$4,000 by subscription and donations.
carrying out their part Of an agreement
with the board OF trustees OF the Pea
body fund Of which Chief Justice Full
Ter is chairman. kilograms announcing
that this amount had been raised were
read yesterday at the meeting.
The endowment disposes Of one-third
Of the 100000 bequeathed by George
Peabody in 1877 to advance education IN
the South. The disposal Of the principal
Of the endowment has been held In abey-
ance since the Peabody estate was set
tied. only the interest having been used
up TO the present Terms Of the will pro-
vided that the principal should be spent
at the end OF thirty years
Chief Justice Fuller presided ct the
trustees session yesterday. the hfty-fifth
meeting OF the board The following
were present: J. PierpOnt Morgan, Sam
uel A. Green, James d. Porter. Hender-
son ". Someryille, Joseph II. Choate,
Charles Z. Fenner. George Peabody Wet
more, Gov. Hoke Smith, Right Rev.
William c. Doane, Right Rev. William
Lawrence. Grenvi!le /. Winthrop. and
Martin F. AnseL Col Theodore Roose-
welt and former Secretary Of State Rich
ard Olney were the only absentees.
Senator Daniels. OF Virginia. was elected
a member Of the board Of trustees.
The session lasted more than two
hours. though the question OF appropri-
ating a million 10 the Tennessee insutu-
ton and its subsidiary schools was dis
posed OF in one-fourth OF that time. AS
one member Of the board put Il, Never
has there been such unanimity at &
meeting Of this body" There was not a
dissenting voice when the question was
put by Chief Justice Fuller Of the Unit
ed States Supreme Court
The remainder Of the meeting was de-
voted to an informal discussion OF routine
affairs relating 10 the estate. including an
examination Of some Of the investments.
and reports by the several trustees IN re-
gard to holdings Of the fund
Clause Prevents Merger.
One OF the provisions Of the endowment
is that the Peabody Normal School shall
in the future De known as the George
Peabody School FOR Teachers. and the in
stltution IS 20 be located adjoining the
campus OF Vanderbilt University. so its
pupils can attend university courses II
they so desire. A clause Of the new char
ter Of Peabody College perpetuaIIy pre-
vents a merger Of the two Institutions.
The Peabody College for Teachers in
addition 10 the 100000 from the trustees
Of the fund. gets $4,000 from the State
OF Tennessee. $2c00 in bonds from the
city OF Nashville. and $4,000 IN bonds
and. sixteen acres OF land from the Coun-
~ Of Davidson. only the income Of the
mlIlion-doIlar endowment IS TO be used
in maintenance Of the college
According 20 statements made by the
trustees yesterday, Nashville is destined
to become the great educational center Of
the South. wing with the University OF
Virginia and its million-dolar fund. as
the axis Of Southern learning. The insti-
tuition VIII be equipped with costly build
ings and an unriyaled faculty.
The board meeting was adjourned 10
meet next November In New York. when
another million will be appropriated for
some worthy educational scheme. 1t IS
expected that within three years the trus-
tees will be entirely relieved Of their
stewardship.
J. Pierpont Morgan was one Of the most
enthusiastic champions Of the Nashville
college as the proposed beneficiary. When
the motion was carried in executive ses-
sion, he affixed his signature 10 the neces-
sary papers with smile and a sigh OF
relief The fnancier left for New York
last night.