Excerpt from The Carnegie Foundation for the Advancement of Teaching: Seventh Annual Report of the President and of the Treasurer, 1912 The endowment of the Foundation has been increased during the fiscal year by two million dollars. Mr. Carnegie transferred one million dollars to the trustees in Decem ber, 1911, and in May, 1912, he transferred a similar amount. Including the transfer Of one million dollars in March, 1911, Mr. Carnegie has thus given to the Foundation three Of the five million dollars Offered in his letter Of March 31, 1908, in addition to his original gift of ten million dollars on April 16, 1905. The trustees, therefore, hold in trust at present about fourteen million dollars, the thirteen millions given by Mr. Carnegie being in the fifty year five per cent bonds of the United States Steel Corporation, the remaining nine hundred thousand (1o the result Of accumulation from income since the establishment Of the Foundation, being invested in other securities, purchased upon the recommendation Of the finance committee. The funds and the form Of their investment are given in detail in the Report Of the Treasurer. During the fiscal year ended on September 30, 1912, the trustees were in receipt Of an income Of They authorized a total expenditure Of This expenditure was distributed as follows. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.