Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1911-11-11
CARNEGIE GIVES
S25,OOO,OOO FUND
New York Concern Will Devote
Money to Education,
Libraries, Etc.
GIFT is MADE IN BONDS
Steel Papers Will Provide Income of
SI,25O,OOO a Year to Be Used
in Peoples Aid.

New York. Nov. 11.-Andrew Carue-
sic turned over s25,00O,O 900 yesterday
afternoon to the Carnegie corporation
OF New York, the body which was IN
corporated BY the legislature on June
q OF the present year for the purpose
of taking over Mr.. Carnegie's work in
connection with educational institu-
lions. libraries, and hero funds.
The gift was in the form OF per
cent first mortgage bonds Of the Unit
ed States Steel corporation, the value
of the bonds being taken al par. The
bonds closed yesterday at 1925, so
the gift WAS worth about S656, ,250 more
than the face value of the bonds. The
income Of which the incorporators will
have the disposition is s1.250,00o a
year.
The gift was announced at a meeting
OF the incorporators held yesterday af-
ternoon in Mr.. Csrnegies home at
Ninety-first street and Fifth avenue.
LIST OF INCORPORAToRs.
The incorporators are Mr Carnegie,
Elihu Root. William y. Frew, Harry
5 Pritchett, Robert s. Woodward,
Charles L. Taylor, James Bertram, and
Robert A. Franks. Mr.. Frew is pTesi-
dent of the board of trustees of the
Carnegie institute at Pittsburgh. Mr..
Woodward is president of the Carnegie
institution at Washington. Mr.. Taylor
Is president Of the Carnegie hero fund.
MI Franks is president of the Home
Trust company. Mr. Pritchett Is pres
ident of the Carnegie foundation. Mr.
Pertram is MI Carpegie's secretary
The purpose of the corporation, as
embodied in the act legalizing its ex-
istence, is receiving and maintaining
a fund or funds and applying the In
come thereof to promote the advance
ment and diffusion Of knowledge and
understanding among the people of the
United States, by aiding technical
schools, institutions of higher learn
ing. libraries. scientific research, hero
funds. useful publications, and by such
05f-h5e5iT; meaT7s as shall from time to
time be found appropriate therefor"
The incorporators met for the first
time yesterday. Mr.. Carnegie was
elected president; Senator Root was
elected vice president; Mr Franks,
treasurer, and Nj. BertTam was chosen
secretary OF the corporation.
PURPOSES OF CORPORATION.
II is intended that the business OF
founding and aiding libraries and edu-
catjonal institutions which has been
carried on by Mr.. Carnegie, as an indi-
vidual. will be turned over TO the cor
poratiOn at an early date and will be
carried on hereafter by the corpora
ton.
The Carnegie corporation has moth
ing to do with the previously organic
ed institutions bearing the Carnegie
name except as its trustees feel that
the purposes of the corporation will be
served by aiding one or another Of the
According to the figures given In the
books, Mr. Carnegie will
be 76 years old on the 25th of the
present month. As those associated
with him in the present benefaction !
Mr.. Carnegies motives, the |
man who has given so many millions /
TO educational projects and other
causes which he believed deserved his /
assistance IS desirous OF relieving him /
self Of the responsibility of giving-of .
all the housand and one details incident .
upon an investigation OF the various .
needs Of the institutions he has helped .