Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-12-11
DUKE ESTABLISHES
S4G,0OO,0O0 TRUST
To. HELP CAROL|NAS
Trinity College tc Be Nj
cIeuS for Great Duke Uni
versity If Name Is Changed

ment of a trust fund for charitable
and educational purposes in North
and South Carolina, embracing prop
critics valued at at least SAG, 100000,
was announced here last night by j.
&. Duke, northumberland North
Carolina power magnate. Among
the securities thus set aside are
about three-fourths of Mr.. Dukes
holdings in the Southern Power sys-
tenn, the income of which during the
next few years will aggregate APP.
proXimately 100000 a year.
The trust will be administered by
fifteen trustees, who will constitute
Self-perpetuating body.
The trustees first are directed and
empowered to expend not exceeding
$6,0OO,000 in acquiring lands and
erecting and cquipping thereon
buildings Gin the state of North Car
DINA to be known and operated as
Duke university" but with the pro-
vision that if Trinity college, at Dur,
ham, N. c., sees fit to change it's
name to Duke university, this sum
may be spent in expanding and OK.
IellulHS TRINITY college,.
Fund to Reach $50, 100000
The trust then provides that 20
per cent of the income shall be re.
tanned each year and added to the
principal until such funds have ag-
gregated $40,000,0O0, making the
total of the trust fund approximate
ly $S0,000,000. After this percent-
age has been set aside, the other 80
per cent of the income is to be
divided as follows:
ThirtytWo per cent to Duke uni
versity for all purposes of the uni
vcrSity.
Thirty-tWo per cent for maintains
ing and securing hospitals primarily
in the states of North Carolina and
South Carolina on the plan of pay
ing to the hospitals a sum not ex-
ceeding 81 per day for each free bed
occupied and in assisting in building
and equipping hospitals.
Ten per cent for the benefit of
white and colored orphans in North
and South Carolina.
Six per cent for assisting in build
ing Methodist Episcopal churches in
the sparsely settled rural districts of
North Carolina.
-Four per cent for assisting in
maintaining Methodist Episcopal
churches in the sparsely settled rural
districts in North Carolina.
Two per cent for. pensioning SUI
perannuated preachers and widows
and orphans sof deceased preachers
who have served in North Carolina
conferences.
Five per cent to Davidson Col
leSe, Davidson, N c. Davidson is a
Presbyterian institution.
Five per cent to Furman univer.
slty, Greenville, S. G. Furman is a.
Baptist university
-Four per cent to Johnson c.. Smith
university, Charlotte. johnson C.
Smith university formerly was
known as Biddle university and is a.
negro school.
Trustees Selected
The trustees ~ med by Mr.. Duke
include Mrs. James Is. Duke, Somer.
vile, N. j.; George C. Allen, Will
liam X. Perkins, William Is. Bell, An.
thony j. DreXel Biddle, Jr., Walter
{. Parker and Alexander H. Sands,
Dr., all Of New York; William S. Lee,
Charles ]. Burkholder, Norman A.
Cooke and Edward c. Marshall,
Charlotte, and Benjamin Z. Geer,
Greenville, S. c.
The trust indenture according t.
last nights announcement, is now
in course of preparation and will be-
executed by Mr.. Duke on his return
to his home in New Jersey in a few
days.
Recalling that he has for years
been engaged in developing water
power resources Of North Carolina
and South Carolina, Mr.. Duke in q
statement set out in the indenture
Tor the guidance of the trustees,
says that my ambition is that the
revenues of such developments shall
administer to the social welfare, as
the operation Of such developments
is administering to the economic
welfare of the communities which
they serve" He then commends to
the trustees the securities Of the
Southern Power System as the prime
investment for the funds Of the trust
and advises the trustees not to
change such investments unless ur-
gently necessary.
Il recognize that education.
when conducted along sane and prac.
tical, as opposed to dogmatic and the.
oretlcal lines, is, next to religion, the
greatest civilizing Influence" says
Mr.. Dukes statement, i'll giving his
reasons for creating Duke university.
lie asks that a faculty assuring
the university "a place Of real lead
crship in the educational world" be
secured and that courses be arranged
primarily for training preachers.
teachers, lawyers and physicians.
Hospitals to Benefit
Hospitals have been selected as an.
other means for distributing the in.
come of the trust, because, accord
ing to the statement, they not only
minister to the comfort of the sick,
but Increase the efficiency OF man.
Kind and prolong human life."
Orphans are included in the trust.
Mr.. Dukes statement to the trus.
tees says lin an effort to help those
who are unable to help themselves"
lie adds that in his opinion, how
ever, nothing can take the place of
a home and it's Influences" adding
that every effort should be- made
to safeguard these wards of society,"
Superannuated ministers and rural
churches of the Methodist church are
chosen as a very fertile and much
neglected field for useful help in re-
ligious life" in order to assist "by
way Of support and maintenance in
those cases where the head of the
family through devoting his life to
the religious service of his fellow
man has been unable to accumulate
for his declining years and for his
widow and children and assisting
in building and maintenance of
churches in rural districts where the
people are not able to do this prop
erly themselves. He expresses the
belief that such a pension system"
is just call which will secure
better grade of service"
In conclusion he says:
Il have endeavored to make pro-
vision in some measure for the needs
Of mankind along physical, mental