The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1913-03-24

!
negle Foundation, which has just ap.
peared, covers the year ended Septen,
Der 30, 1912.
The endowment in the hauds OF the
trustees al that tine amounted to APP
| proximately $14.OOOOOO, and the in
come for The year amounted to $B1O,.
1856. of which $G34,497 was expended.
Frog its first pension payment in
June. 1896. to the end OF The fiscal year
September 80, 1912, tie Foundation
las distributed S9,O77LSH in retiring
allowances to professors and $2SS,59O
N widows pensiOns--a total of 81
sl6,4Ol. In all 42g retiring allowances
and ~ Widows penEions have been
granted, Of which SO have terminated
through death and % at the expiration
oil temporary grants, leaving 3i5 re-
tlring allowances and 50 widows pen;
sions in force at the end Of the year.
The report OF the president, like the
former reports is divided into two
parasitic first referring TO the cur
rent business Of the year and dealing
with questions more directly pertain,
Ing to the administration OF the Four
Gation. the second mart being devoted
10 current educational problems OF q
larger and more. general nature
The first part Of the report in
cludes a careful statement of the
whole question OF pensions for teach
ers, for government employees, and for
industrial employees. This statement
contains the results OF the e&amina-
tion Of practically all of the pensioYI
systems now In operation anywhere,
and leads finally TO a discussion Of a
feasible pension system for the public
school teachers OF a State. This dis.
cnssion Is particularly ncedrul at this
time. since theAquestion of teachers
pensions is a matter under considera-
ton by a number OF State legislatures.
AS the report points out, the bills
which have been introduced in the
various legislatures almost without eX'
ception violate Fundamental actuarial
conditions, aud have been framed with
out study Of the essential conditions
which must be fulfilled by any ade'
uuate pension system. The material
brought together in this report, the eX'
ampIts OF the failures OF pension sys-
TENS which have occured,-as. for en-.
ample, that in New South Wales
mud the precartous situation in witch
many state pension systems now
stand, make this portion Of The report
one of great practical value to the au.
lhorities Of any State contemplating
pensions either for teachers or for
Ntdle eHlIiUscS.
President Pntchett in arguing final
" for some form OF contrlbutory PEN
sion system for public school teachers,
points OUT clearly the difficulties of the
the necessity 1or
The most careful actuarial advice, and
he public nature OF the questions
which are involved in u distribution
.! the cost Of such pension system
between the State and the teacher.
Following the discussion of these
pensions. a complete history OF the
methods by which the Carnegie Foun'
Ilation pensions were arrived at is civ
4n: the process through which the
trustees worked is told in the frank
psf manner; the difficulties which they
and the differences (which |
prose out of the fact that the pensions
of the Carnegie Foundation are moi
contributory, but have come as the re-
suit OF a free gift. are made clear. The
literature on pensions now At the dis
posal of the Foundation Is probably
the most complete in the statement OF
sI,ch problems that has ever been
brought together. and the discussion
here made cannot fail to be Of value
10 a college. a state, or an industrial
association which is studying the pen
sion problem; and the pension prob
LEI to-day is one of the insistent prob
lems of modern social progress.
The second part OF the report is de.
voted to such subjects as the matter
of college entrance requirements al,
mission to advanced standing, a state
ment OF medical progress, university
and college financial reporting. adVer-
Using as factor IN education, eduea-
lion and politics, and finally, sham
universities.
All of these subjects are discussed
in the frank and specific manner
which has hitherto been used in these
reports. In recounting the extraordl-
nary medical progress of the last five
years attention Is called to the eonuec'
tinn wbicb s,pl exists IN the United