716 



SCIENCE. 



[N. S. Vol. XXI. No. 540. 



they had had of taking so active a part in a 

 plan of such broad and liberal scope. Dr. 

 Barker called attention to the unusual pro- 

 cedure of an endowed institution extending 

 its facilities in such a liberal manner to the 

 workers in the science and calling upon them 

 to advise methods of development which would 

 be mutually advantageous to both the institute 

 and researcher. 



The meeting of the advisory board then ad- 

 journed subject to the call of the officers of 

 the meeting. 



A meeting of the board of managers of the 

 Wistar Institute was called on April 18 and 

 the action of its representatives at the con- 

 ference was officially confirmed. 



THE CARNEGIE FOUNDATION. 



The announcement was made on April 27 

 that Mr. Andrew Carnegie had created a trust 

 fund, to be known as * The Carnegie Founda- 

 tion,' to provide annuities for college pro- 

 fessors in the United States, Canada and New- 

 foundland, who from old age or other physical 

 disability are no longer in a position to render 

 efficient service. The fund is vested in a 

 board of trustees consisting in the main of 

 presidents of institutions for higher education. 

 It consists of $10,000,000 first mortgage 5 per 

 cent. Steel Corporation bonds, the market 

 value of which at present is $11,500,000, and 

 will produce an income of $500,000 a year. 



Mr. Carnegie's letter to the trustees is as 

 follows : 



New York, April 18, 1905. 



Oentlemen: ' I have reached the conclusion 

 that the least rewarded of all the professions is 

 that of the teacher in our higher educational insti- 

 tutions. New York city, generously, and very 

 wisely, provides retiring pensions for teachers in 

 her public schools and also for her policemen. 

 Very few indeed of our colleges are able to do so. 

 The consequences are grievous. Able men hesi- 

 tate to adopt teaching as a career, and many old 

 professors whose places should be occupied by 

 yoimger men can not be retired. 



I hav^, therefore, transferred to you and your 

 successors as trustees, $10,000,000 five per cent, 

 first mortgage bonds of the United States Steel 

 Corporation, the revenue from which is to provide 

 retiring y>ensions for the teachers of universities, 



colleges and technical schools in our country, Can- 

 ada and Newfoundland, under such conditions as 

 you may adopt from time to time. Expert calcu- 

 lation shows that the revenue will be ample for 

 the purpose. 



The fund applies to the three classes of institu- 

 tions named, without regard to race, sex, creed or 

 color. We have, however, to recognize that state 

 and colonial governments which have established, 

 or mainly support, universities, colleges or schools, 

 may prefer that vneir relations shall remain ex- 

 clusively with the state. I can not, therefore, pre- 

 sume to include them. 



There is another class which states do not aid, 

 their constitutions in some cases even forbidding 

 it, viz., sectarian institutions. Many of these, 

 established long ago, were truly sectarian, but to- 

 day are free to all men of all creeds or of none — 

 such are not to be considered sectarian now. Only 

 such as are under control of a sect or require- 

 trusteees (or a majority thereof), officers, faculty 

 or students to belong to any specified sect, or 

 which impose any theological test, are to be ex- 

 eluded. 



Trustees shall hold office for five years and be 

 eligible for reelection. The first trustees shall 

 draw lois for one, two, three, four or five-year 

 terms, so that one fifth shall retire each year. 

 Each institution participating in the fund shall 

 cast one vote for trustees. 



The trustees are hereby given full powers to 

 manage the trust in every respect; to fill vacan- 

 cies of non ex-officio members; appoint executive 

 committees ; employ agents ; change securities and, 

 generally speaking, to do all things necessary in 

 their judgment to insure the most beneficial ad- 

 ministration of the funds. 



By a two thirds vote they may from time to 

 time apply the revenues in a different manner and 

 for a different though similar purpose to that 

 specified, should coming days bring such changes 

 as render this necessary ia their judgment to pro- 

 duce the best results possible for the teachers and 

 for education. 



No trustee shall incur any legal liability flowing 

 from his trusteeship. All traveling and hotel ex- 

 penses incurred by trustees in the performance of 

 their duties shall be paid from the fund, the ex- 

 penses of wife or daughter accompanying the trus- 

 tees to the annual meeting included. 



I hope this fund may do much for the cause of 

 higher education and to remove a source of deep 

 and constant anxiety to the poorest paid and yet 

 one of the highest of all professions. Gratefully 

 yours, Andrew Caknegie. 



