THE CHANDLER AND OTHER ENDOWMENT FUNDS FOR SPECIFIED USES*

The most considerable of the funds for specified uses, the Amos Tuck Endowment Fund tor Instruction, ($500,000, with the additional sum of $135,000 for a building) has been treated separately in a previous article. THE BI-MONTHLY, October 1907.

The other funds of this nature may be classified under three heads :

First, funds for departments, including the library.

Second, funds for separate professorships.

Third, funds for scholarships and prizes.

I

FUNDS FOR DEPARTMENTS, INCLUDING THE LIBRARY

The Chandler (including Woodman Fund $40,000 and Hayes Fund $10,000) $168,066.22, and Daniels Fund $34,452.69.

In 1851 Mr. Abiel Chandler, a native of New Hampshire, well known as a philanthropic merchant of Boston, bqueathed to the College $50,000 toward a "department or school in the College, for "instruction in the practical and useful arts of life," the terms of admission to be such that connection could be made with the public school system of New England. At that time students for the colleges were fitted chiefly in academies or by private instructors. The bequest of Mr. Chandler followed close upon a like gift of $50,000 by Mr. Abbott Lawrence of Boston for the establishment of the Lawrence Scientific School at Harvard (1847), and upon the establishment of the Sheffield Scientific School at Yale (1847). The "department or school" was organized by the Trustees of the College under the supervision, as required by the terms of the will, of a self-perpetuating Board of Visitors. In 1854 the Chandler Scientific School was advanced from a three to a four years course of instruction. The terms of admission were raised from time to tim e according to the advance made in the public schools. In 1892, the public high schools having become in large numbers fitting schools for colleges, and the Thayer School having been meanwhile established (1874) as a tech. nical school of Civil Engineering, the Trustees of the College proposed to the Visitors of the Chandler School that the requirements of admission to the Chandler School should be raised to College standards, and that the course of in. struction in the school should be absorbed into the curriculum of the College. The alternative presented was that of the development of the school into a school of Technology. The Visitors accepted the proposal of the Trustees, through an opinion rendered by Judge Hopkins of the Supreme Court of Massachusetts, the junior member of Board of Visitors, and concurred in by the Honorable B. A. Kimball, the senior member. The courses of instruction in the Chandler Scientific "Department" of the College now lead to the degree of bachelor of science, and can be so taken as to connect directly with the curriculum of the Thayer School, allowing the degree of Civil Engineer to follow after one year, instead of two years, of graduate study.

The original fund of $50,000 has increased to its present amount—$168,066.22—through the economy practiced in the early use of the fund for teaching purposes, much of the teaching having been secured by extra but small payments to members of the faculty of the College; through the rapid appreciation of investments during and after the civil war, (iB60—$61,161.62: 1865 $82,429.20: 1870—597,209.07); and through the bequests of Professor John S. Woodman (1871), for fourteen years the professor in charge of the Chandler School, and later (1885) of his wife, Mrs. Anna M. Woodman, their bequests aggregating $40,000, "to be added to the general funds, of the Chandler Scientific Department, and to be under the same visitorial power and all the provisions of the will of Mr. Chandler, the founder;" and the further bequest of $10,000 in 1885 of the Honorable Francis B. Hayes, a Visitor on the Chandler Foundation from 1854-1884. Three scholarships of $1,000 each, the William L. Baker, the John S. Wallace, and the Dutton Woods scholarships referred to later, are included in this fund.

By the will of Mr. Frank W. Daniels (1897) a graduate of the Chandler Scientific Department, 1868, the College was made the residuary legatee of his estate. The bequest, which was paid in 1902, amounted to $34,452.69. According to the terms of the will the Trustees of the College were "to purchase the land and building owned by the President of Moor's Charity School, and used by the Chandler School of Science and the Arts." They were also authorized to improve the property, provided the fund left after purchase was kept intact,to be known as the Frank W. Daniels Fund. The Trustees purchased the property named in the will for $6,000, and hold the balance as a fund invested substantially in the large addition to the building, now known as the Chandler Building. Mr. Daniels having informed the Trustees of the disposal of his property, they were able to confer with him about the purchase of Moor Hall and its enlargement through the prospective use of his bequest.

The Daniels Fund carries the expense attending the maintenance and care of Chandler Hall.

The average income from the Chandler Fund for the past five years has been $8,450.00, from which annuities to the value of $400 are to be deducted. The income from the fund is sufficient to pay the salaries of the professors upon the Chandler and Woodman foundations, to provide a certain amount of additional instruction, and to fulfill in part the wishes of the donor that aid might be exended to needy students seeking instruction on his foundation.

The Thayer Fund, $68,644.07, was a bequest to the Trustees of Dartmouth College, but the Thayer School is not in the same sense with the Chandler School a "department" of the College. General Thayer used in part the same terms with Mr. Chandler in making his bequest: "I propose," he said, "to give to the Trustees of Dartmouth College forty thousand dollars to be held by them in trust for the purpose of establishing and maintaining in connection with the Institution a school or department of Architecture and Civil Engineering." Where, however, Mr. Chandler speaks of placing his "department or school" in the College, General Thayer speaks of placing his ' 'school or department" in connection with the College. General Thayer further created a Board of Overseers, not of Visitors, who were to have the entire management of the school. This Board is self-perpetuating, and,as was natural from the fact that -General Thayer, though a graduate of the College (1807) is chiefly known from his relation to West Point ("The Father of the Military Academy"), has been from the first made up in part of the graduates of West Point.

The Thayer Fund, increased by codicils to the will to the present amount, provides in part for the Thayer School. A considerable part of the expense is met by tuition, and more recently also by the hearty and most valuable cooperation of the "Thayer Society of Engineers" with headquarters in New York.

The Joel Parker Fund, $50,000.00, for the department of Law and Political Science; $8,507.43 for Library, and Drewry Mansion, Virginia, valued at $15.000, for Library; and $6,430.53, for Law Department Library.

The Honorable Joel Parker graduated from the College in 1811, and was a Trustee from 1843-1860. He was for ten years Chief Justice of the Supreme Court of New Hampshire, and from 1848-1875 was Royall Professor of Law at Harvard. In view of his official relation to the College, and in view also of the academic character of his later professional service, the plan which he had proposed in his will for the establishment of a law school at Dartmouth is of interest, although it was found necessary in the settlement of the estate to abandon the project.

After devising to the Trustees of Dartmouth College various lands and properties, the will provided, Section five:

"All of said lands and other property being devised and bequeathed to them, in trust, for the establishment and maintenance of a Law School, as a department of said college, as hereinafter mentioned, to wit, — said property to be divided, as the proceeds of sales and the income thereof may be received, (after deducting taxes and expenses) into three parts, one part of which shall constitute an Instruction fund, the income of which shall be applied to the salary of a Professor of Law, and to the compensation, either in whole or in part, of such Lecturers as may from time to time be appointed as instructors in said school, except as is hereinafter provided.

"Another part of which shall constitute a Library fund which shall be appropriated and applied to the formation and increase of a library for said school, and the care and maintenance thereof. one-half of the principal sum of said third, as existing at the time said division is made,"and the different funds established, shall be applied to the purchase of books for the formation of the library,—and the remaining half shall be kept and preserved as a fund for its increase, the income thereof, from time to time, being applied to that purpose.

"The remaining third part shall constitute a Building fund, for the erection of such building or buildings as may be required for said school; three-quarters of which may be expended for the erection of buildings and the remaining quarter shall be reserved as a fund, the income of which may be applied to additions, alterations and repairs of the buildings erected for, or appropriated to, the use of the school; or, when not needed for that purpose, may be appropriated as hereinafter provided.

"This bequest is made, of course, with the knowledge that the property bequeathed may not be sufficient at my death, for the accomplishment of the purpose for which it is made: in which case the trustees are authorized to hold the property, and the proceeds of such parts, as may be sold, adding any income which may be received, to the principal, Until the increased value of the property and the income shall be sufficient for the organization of the school upon the basis above specified. Each of the three funds ought to have a capital, on the organization, of at least from thirty to fifty thousand dollars, and it is supposed that the property may reach that value, at least, within some reasonable time hereafter.

"I trust that other persons, to whom this plan may commend itself, will aid in its execution by the endowment of professorships, lectureships, and scholarships, or in such other mode as their judgment shall dictate."

On account of the shrinkage of the estate, especially in the value of certain landed properties, the Trustees and heirs were obliged to secure a readjustment of the terms of the will according to which the College received the amounts indicated above. By agreement the sum of $50,000 was to be used for the establishment "of a professorship of Law and Political Science in the academic department of the College," in place of the establishment of a law school, "provided, however that if at any time hereafter a Law School should be established in connection with Dartmouth College, said sum -and its accumulations, if any, shall be transferred to said School, and the income of said fund shall be thereafter applicable to the purposes of said School so long as said School shall continue to exist."

In accordance with this agreement the income from the Joel Parker Fund, which is not expended for the library, goes to the support of the department of Law and Political Science.

The Appleton Fund, $53,965.32, and the Wilder Fund $109,652.62 ($84,201.02 in Wilder Hall) for department of Physics.

Mr. Samuel Appleton, a native of New Ipswich, N. H., belonging to the class of philanthropic merchants of Boston to which reference has already been made, gave in 1845 the sum of $10,000 to the College, which appears to have been a part of a general subscription for the College begun in 1842. The minute in the Treasurer's report of 1845 is to the effect that "Mr. Appleton's subscription (subscriptions of 1842) is to be funded for the endowment of a professorship of Natural Philosophy." In the Treasurer's report of 1855 it is stated that "during the last year the Treasurer has received from the Executors of the will of the late Samuel Appleton, stocks amounting at their par value to. $15,000, a schedule of which accompanies this report. These stocks are supposed to constitute a safe investment and no change has been made since they were received."

It is worthy of note that the stocks referred to, chiefly in manufacturing corporations, were retained for long time, some of them till now. The benefaction has steadily appreciated in value under successive administrations of the treasury—in 187.2 it had become $40,496.12; in 1889, $47,000; in 1907, $53,965.32. Any surplus from the income of Fund, after paying the salary of the Appleton Professor, is applied to the department of Physics.

In the early part of the summer of 1896 Mr. Charles T. Wilder, of Wilder Brothers, predecessors of the International Paper Company at Olcott Falls (Wilder), Vermont, proposed to Treasurer Charles P. Chase, in the course of a business conversation, that if agreeable to the Trustees he would give to the College certain sums on which annuities were to be paid during the life of the annuitants designated. The Trustees accepted the proposed gifts—aggregating $85,000. Further reference will be made to these gifts under the statement dealing with the general funds of the In a later conversation Mr. Wilder intimated his purpose to make a direct benefaction to the College, and as he was then in failing health he asked or a conference at his home with both the Treasurer and President. As the result of this and subsequent conferences the following communication was made to the Trustees:

To THE TRUSTEES OF DARTMOUTH COLLEGE, A corporation at Hanover, New Hampshire :

Herewith I pass over and give to you, the said corporation, a promissory note of one hundred thousand dollars, dated October 1, 1895, and due three years from its date, owned by me and secured as recited in the note.

I make this gift without conditions or limitations, but it would meet my wishes and I recommend, that from forty to fifty thousand dollars of the proceeds of the note be used in the erection of a physical laboratory building, and that twenty thousand dollars be held as a fund, the income of which shall be for the care and keeping of the building and its equipment; that ten thousand beheld as a fund, the income of which may be used in the equipment of the Observatory, and that the balance be used as the Trustees may deem best, giving preference in such use to the needs of the department of Physical Science and research.

"CHARLES T. WILDER "Opposite Olcott Falls, Vermont "July 19, 1897"

The amount actually received when the note matured was $109,000.00. The Trustees availed themselves of the liberty allowed in the deed of gift to put a larger sum than was suggested into the building,$84,201,02, leaving the sum provided for the Observatory, $10,000 intact, but reducing the maintenance fund to $15,000.

The Butterfield bequest, $135,880.33, (including Butterfield Museum, $87 . 372.99):

Dr. Ralph Butterfield was a graduate of the College in the class of 1839, taking his degree of M.D. at the University of Pennsylvania in 1843. Most of his life was spent in Kansas City, where he accumulated a considerable property. Apart from business he devoted himself to some forms of scientific investigation as a matter of personal interest.

By his will, Aug. 8, 1892, the College was made the residuary legatee of his estate,-"for the purpose of founding and forever maintaining a chair and professorship for the purpose of lectures, recitations, and general instruction in Paleontology, Archaeology, Ethnology, and other kindred subjects; and for the erection of a building to cost not less than thirty thousand dollars, for the purpose of keeping, preserving, and exhibiting specimens illustrating the aforesaid branches. It is to be optional with the Trustees either to establish a professorship or a series of lectures at stated periods, on the subjects mentioned."

The Butterfield Museum was erected in 1893 at a cost of $87,372,99 the first of the more recent buildings for the departmental work of the College, It contains the various collections germane to the subjects named in the will, and for the time being affords room for the geological, biological, and sociological departments.

The income from the productive part of the estate, chiefly property in Kansas City, is distributed through sections of two or three departments of instruction rather than applied to a single professorship, in accordance with the option given in the will of Doctor Butterfield.

The Guernsey Center Moore fund of 15,000, given by Mr. Henry Lynn Moore of Minneapolis, of the class of '77, as a memorial to his son who died in 1901 in the midst of his college course, is the nucleus of a fund for "the purchase of objects of artistic merit and value," in connection with courses of instruction in Modern Art.

Special Library Funds to the value of $56,353.31:

The College Library, in the words of the librarian, "represents the accumulation of a century and a quarter. It originated in valuable gifts of books to the first President from English and Scotch societies foi promoting religious knowledge; also, from the Rev. John Erskine, Mr. William Dickinson, and others. Similar benefactions have followed, among the more important of which are the Johnson, Phillips, Shattuck, Shurtleff, Parker, Smith, Appleton, Bond, Grimes, Chamberlain, Tuck, and Conner donations.

"For many years separate libraries were sustained and managed by the public literary societies of the students, known as the Social Friends and the United Fraternity. The Philotechnic Society, organized at a later date among the students of the Chandler School, also made important additions to these collections.

"In 1874 the different libraries were consolidated, and put under the control of the College, but the principle of voluntary contribution, by which the collections were so largely gathered," has been carried over into that of annual assessment.

The library shares with the college club and with the gymnasium in the income from the assessment of $25.00 upon each student above $100.00 for tuition. Further reference to appropriations for the library will be made in connection with the statement concerning the annual income and expenditures of the College.

The Henry Bond Fund, $12,410.71, the income of which is "to be expended for books for the College library and for no other purpose" except for a possible scholarship, was the (1861) to the College as a residuary legatee from the estate of Dr. Henry Bond of Philadelphia, a graduate in the class of 1813. This bequest became available after the death of three annuitants.

The Roswell Shurtleff Memorial Fund (Brown Fund, Treas. Report), $10,000, was the bequest (1900) of Mrs. Susan A. Brown of Hanover, the object being stated in the following terms:

"I give to the Trustees of Dartmouth College the sum of Ten Thousand Dollars to establish a special Library Fund in memory of my honored father, to be known as the Roswell Shurtleff Memorial Fund, the annual income of which shall be applied for the purchase of books for Dartmouth College Library, with a preference, so long as especial need theretore shall exist, for the purchase of books on Moral Philosophy, including Intellectual Philosophy and Political Economy."

This fund carries an annuity, but a part of the income is available.

The Bryant Fund, $4,726.35, the gift (1875) of Miss Mary C. Bryant of Boston, in honor of "the memory of my grandfather, the Reverend John Smith, D. D., a graduate of Dartmouth College of the class of 1773 and subsequently Tutor, Professor, Librarian, and Trustee in such Institution — the income of said fund to be expended for the purchase of books for said library under the direction of the Faculty."

The George G. Fogg Fund, $4,726.. 35) the bequest (1881) of the Honorable George G. Fogg of the class of 1839, U. S. Minister to Switzerland 1846-47, U. S. Senate 1866-67.

The Haven Fund, $6,000, the bequest (1898) of Miss Charlotte M. Haven of Portsmouth, "said legacy to be invested as a permanent fund to be called the Haven Fund,' the income thereof to be appropriated annually to the purchase of books for the library."

The Kenerson Fund, $3,000, the gift (1905) of Mrs. Addie Earle Kenerson in memory of her H. Kenerson of the class of 1876, the income of which is to be expended in the purchase of books for a library of standard authors.

The Mellen Chamberlain bequest, of $2,707.82 in 1907, in addition to his own library, of Mellen Chamberlain of the class of 1844, librarian of the Boston Public Library, 1878-90.

The Parker Fund (as above), $8,507.42, included the gifts of three brothers, Edmund, Isaac, and Joel Parker. To this should be added $15,000 in Drewry Mansion.

The Parker Fund, Law Department (as above), $6,420.58.

II

FUNDS FOR SEPARATE PROFESSORSHIPS

The Phillips professorship of Divinity, $16,258.64, the gift of Dr. John Phillips of Exeter, founder of Phillips Academy, Exeter.

John Phillips was one of the earliest and most liberal supporters of the College. To John Phillips, and to John Thornton of London, more than to any other two single men, President Eleazar Wheelock was indebted for that constant interest and benevolence through which the College was able to live during the first decade, 1770-1780. Doctor Phillips was a Trustee from 1773-1793.

As this professorship was the first to be endowed the records in regard to its establishment are of special interest.

At the Annual Meeting of the Board, August, 1789, "President Wheelock having informed this Board that he hath received of the Honorable John Phillips. LL. D. ₤37 s. 10—to be applied to the use and benefit of this College, provided this Board will sequester as a foundation for support of a Professor of Divinity at this College those lands which have been given' by him to this Board, for the benefit of said College since the year 1780—also 400 acres belonging to said College in Warren, and so much other lands in their hands as may amount in value to the said sum of ₤37 s. 10—whereupon

"Voted that this Board do hereby sequester as a foundation for the support of a Professorship of Divinity at this College forever, all the lands conveyed by the said Doctor Phillips to this Board by his deed bearing date the 10th day of October, Anno Domini 1781, which lands are therein described as follows, viz: all" etc. same as in the deed as above extracted—following the words of the deed.

"Also this Board do hereby sequester as a foundation for the support of a Professorship of Divinity at' this College forever one hundred acres of land in the township of Sandwich in the County of Strafford and State of New Hampshire, it being the lot No. 27 in the nth range of lots in said township, and laid out to the original right of Nicholas Gilman and conveyed by said Gilman to the Trustees of Dartmouth College by deed dated the 10th day of December 1771, (this said last mentioned hundred acres being of the full value of the said ₤37 s. 10). Also 400 acres of land in the township of Warren in-the County of Grafton and State of New Hampshire, viz., at the northeasterly part of said town beginning at the northerly line of said town on land voted by the proprietors of said town to Colonel Jonathan Greeley, thence southerly by said Greeley's land 290 rods, thence westerly 221 rods, thence northerly 290 rods to the northwardly line of said town, thence easterly 221 rods to the bounds firstmentioned."

The allotment of lands was somewhat modified by later transactions, but the lands were not sufficiently productive to make the professorship available, as may be seen from a subsequent vote of the Trustees under date of August, 1794:

"This Board taking into consideration the state of donations made by the Honorable John Phillips, LL. D, as foundation for support of a professorship of Divinity at this College, and that they are already in some valuable degree productive and considering the importance that some proper person be appointed to that office as soon as sufficient means for his support therein can be had.

"Voted that the members of this Board be requested to make the enlargement of that foundation an object of their serious attention as opportunity may offer."

It was not until February, 1796, that the Trustees ventured to fix the salary of the professor of Divinity "including appropriate donations" at $400.

The Evans Fund, $12,666.62, the bequest of the Reverend Israel Evans, a graduate of Princeton in 1772, a resident of Concord, and Trustee of the College from 1793 to 1807.

The original bequest of $4,193 which became available in 1847, was for the support of a professor "to be called and known in his office by the name of the Evans Professor of Oratory and the Belles Lettres." This fund was allowed to accumulate until it reached its present value.

The Willard Fund for a professorship of Rhetoric and Oratory, $37,799.72.

This fund grew out of a bequest of $10,000 by John Dwight Willard, a native of Lancaster, N. H., of the class of 1819, tutor 1822-23, editor and lawyer, Troy, N. Y., and judge of the Court of Common Pleas in that State. . The bequest was made on condition that the sum should be allowed to accumulate till it reached $35,000, and thai if at any time it should fall below that amount the income should, be applied to the principal till the deficiency should be made good. The bequest was accepted by the Trustees, on these and other conditions of a like nature, in July, 1865. The fund became available in 1895.

The Winkley Fund for the professorship of the Anglo Saxon and English Literature $55,000, (the gift in 1878 of $35,000 and in 1800 of $20,000) by Mr. Henry Winkley of Philadelphia, who gave also $5,000 toward the Webster professorship, and $20,000 by bequest in 1889 to the general fund.

Dartmouth was the recipient in common with a large number of educational institutions, of the generous benefactions of Mr. Winkley. Most of his gifts were a surprise, as it was his habit to make careful inquiries about institutions, and to take the initiative in meeting their wants.

The Hall Fund, $22,686.48, for the Frederick Hall professorship of Mineralogy and Geology.

This fund was in part the gift, and in part the bequest of Frederick Hall of the class of 1803, tutor 1804-5, professor of Mathematics and Natural Philosophy in Middlebury College 1806-24, professor of Chemistry and Natural Philosophy, Trinity College 1824-28 President of Mount Hope College 1838-41.

Doctor Hall gave (1838) $5,000 in cash in connection with the gift of his cabinet of mineralogical and geological specimens which he valued at $5,000.

By his will he made the College his residuary legatee for what proved to be (1853) the additional amount of $4,103.

The fund was allowed to accumulate till it reached the present amount, $22,686.48.

The Cheney Fund of $50,000, $40,000 for the B. P. Cheney professorship of Mathematics, $5,000 for the Daniel Webster professorship of Latin,and $5,000 toward the Presidential Fund.

This fund, received in 1880, was the gift of Mr. Benjamin P. Cheney of Boston, the head of the Cheney and Co. Express, after consultation with his friends Judge Nesmith of Franklin and John P. Healey, Esq., of Boston, he having expressed to them a desire "as a son of New Hampshire to do something for the state which gave me birth, and believing that I can not do anything in a more appropriate way than by donating a sum to Dartmouth College."

The Lawrence Fund, $15,382, the bequest (1872) of Aaron Lawrence, Esq., of Amherst, N. H., for "the chair of the Greek Language and Literature" - originally designed for "the chair of Intellectual Philosophy," but transferred by consent of executors of the estate. "

The Stone Fund, $35,000, the gift (1879) of Mrs. Valeria G. Stone for "the chair of Intellectual and Moral Philosophy." This gift was one of many to educational and religious institutions from the Estate of Daniel G. Stone of Maiden, Mass., administered by the Reverend William H. Willcox,D. D.

Presidential Fund, $35,000, largely the gift of personal friends in New York upon the accession of the Reverend Asa Dodge Smith, D. D., to the presidency of the College.

The fund for the New Hampshire professorship of Chemistry, $35,000, was raised by subscription, begun in 1876 and completed in 1894. This fund was raised chiefly by President Bartlett.

The fund for the Daniel Webster professorship of Latin, $35,000, also a subscription fund raised by President Bartlett, 1881-1884.

The fund for the William W. Brown professorship, the bequest of Mrs. Martha W. Brown, November 27, 1897, as a memorial to her husband, William W. Brown, M.D., a graduate of the Medical School in the class of 1835, and for the greater part of his life a practicing physician in Manchester, N. H., surgeon of the seventh New Hampshire Regiment, 1861-1864.

This fund, given partly in stocks and partly in real estate, was to accumulate until it reached the sum of $40,000, the income then "to be used for the foundation of a professorship to be known as the William W. Brown professorship for instruction in Human Physiology and its allied branches." The fund becomes available in 1908.

In 1895 it was found, after a careful revision of the funds in the associated trust account, amounting at that date to $646,419.86, that there had been a shrinkage of value, under the financial crisis, which had just preceded, to the amount of $35,000. The funds in this trust were charged down by this amount,a proportionate part of this amount having been deducted from such of the funds for professorships as were in this trust. In no case however, did the reduction signify much more than-the loss of a year's income. Whenever a fund is thus reduced, it is the intention of the trustees.to allow the fund to recover itself to its face value by the gradual application of the income to the principal.

III

FUNDS FOR SCHOLARSHIPS AND PRIZES The total amount of funds, the in come of which is available for scholarships, is $362,549.10—$21,342.30 of which is not available at present.

Of these funds by far the largest is that known as the Second College Grant, a fund which has accrued from the earnings of a grant of timber lands made to the College by the State in 1807, the benefit of which is restricted to New Hampshire students. Its present value is $140,177.07, the fund having been largely increased through a settlement for damages in 1905.

A like fund known as The State Fund of 1883, of $10,000, is for New Hampshire students.

These two funds will be treated more fully in a succeeding article upon the general funds of the College in which the gifts and appropriations of the State will be considered.

Next in age and in value to the Second College Grant Fund is the group of scholarship funds originally designed for the benefit of students for the ministry. As the oldest professorship was the professorship of Divinity, the oldest scholarships, next to those provided by the State Grant, were those of the ''Charity Fund" raised by President Tyler in 1823-4.

The system of scholarships is administered upon the basis of beneficiary aid, but with a view to stimulating scholarship. The most common unit of separate scholarships is $1,000 the income of which is appropriated toward the tuition of students who are in pecuniary need. As the amount, however, in each case, owing to the decline of interest, is relatively small, beneficiary aid is supplemented from the general funds of the College, by amounts graded to the scholarship of the recipient. The system is fully explained in the annual catalogue. In the case of scholarships above $1,000 the element of scholarship as well as of beneficiary aid can be recognized.

In connection with scholarships, a system of loan funds has been recently introduced. The trustees of the John H. Pearson, Loan Fund (Concord, N. H.) have appropriated for the past three years a thousand dollars annually to be used as a loan fund for the benefit of New Hampshire studentsThis fund is for use in place of beneficiary aid.

In 1906 the alumni, under the lead of Mr. H. H. Hilton, inaugurated a fund for scholarship and instruction modeled after the Yale Alumni Fund, which had yielded large results. The fund which has been in operation but one year shows an income of $5,147.10, a certain per cent of which is set apart for a permanent fund, the remainder being applied to a loan fund for students. The fund has started under such favorable auspices that very much is hoped and expected from its annual increase. A full statement of the object and methods of raising the fund has been made by the committee on the Alumni Fund, copies of which may. be obtained of Ernest M. Hopkins, Secretary and Treasurer; Hanover, N. H.

Owing to the number and similarity of the scholarship funds, they have been tabulated. In several cases the amounts left by will have been slightly reduced by shrinkage of the estates before they were settled, by the inheritance tax, or by a distribution of losses throughout the whole amount of these funds so far as they were placed in a common trust. In general, it may be said, that while the income from scholarship funds has declined through the decline in the rate of interest, the appreciation of the principal of these and like funds has exceeded any depreciation from losses in investments.

*This article is the second of a series of authorized statements which the BI-MONTHLY will publish, having to do with the resources and expenditures of the College.

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