a fund bequeathed in 1867 and 1869 by George Peabody for the purpose of aiding education in the South. The fund consisted of securities amounting to $3,100,000, but $1,384,000 of this was in bonds of some of the Southern states, which, because of the Civil War, were repudiated. The fund is under the management of a board of trustees, who select an agent as their executive officer. It is the duty of this agent to recommend the use to which the income from the funds should be put. According to the provisions of the donor, after the first two years the principal was to remain without division for thirty years, at the expiration of which time it could be used in such way as the trustees should decide. Nearly all of the income from the fund has been applied to aiding schools established for the training of teachers. According to the regulations of the trustees, a school having 100 pupils and complying with their requirements may receive $300. If it has 200 pupils it may receive $600, and if it has 300 pupils, $1000. Many scholarships, varying in value from $100 to $200, have been granted to worthy students. At the close of the thirty years, about $2,600,000 had been paid out, and the fund was in excellent condition. Most of the money has been expended in the Southern states and applied to the education of both white and colored students. See SLATER FUND.