Speaking at Commencement last Spring, President Conant announced that gifts to the University during the academic year 1936-37 had amounted to $11,534,056.38.

Analysis of the total showed that $5,797,238.80 was for the 300th Anniversary Fund; the remainder for Capital, not including the 300th Anniversary Fund, and for immediate use, in the approximate ratio of 4 to 1.

300th Anniversary Fund

As a step "to strengthen the University as a national institution," Presiden Conant on November 25, 1935 announced the establishment of a Tercentenary fund.

Its fundamental purposes were two. One was to establish NATIONAL SCHOLARSHIPS, to give most promising youths from every part of the country an opportunity for study at an endowed university.

The second basic purpose was to establish UNIVERSITY PROFESSORSHIPS, to reinforce teaching and research by affording broader opportunities to teachers and scholars of unusual scope and ability who are working on the frontier of knowledge. These are the so-called "roving professorships," without Departmental connection.

Gardner's Report

On September 23, 1936, at the close of the Tercentenary celebration, George P. Gardner '10, chairman of the Fund, reported gifts totaling $5,514,192.96. Of this amount almost a million dollars was expressly given for the National Scholarships, half that amount for the professorships.

Less than a month later authorities voted to continue the fund for another year.

National Scholarships Launched

Then on January 22, 1937 came the announcement of real fruits of the fund. Covering a 15 State area, the National Scholarship plan, the most extensive educational project of its kind, was scheduled for inauguration this Fall.

The 15 States include ten in the Middle West where experiments with Prize Fellowships had already been conducted, and the five new States of Louisiana, New Mexico, California, Oregon, and Washington.

Awarded to the most promising candidates regardless of financial need, the scholarships carry maximum stipends of $1,000 in the first year and $1,200 each year thereafter.

Speaking of the plan, President Conant said in part at this time, January: "The belief which underlies the entire project is that there will always be a few young men of exceptional promise, but without adequate means of paying for a university education, to whom it is well worth society's while to furnish every opportunity. We are convinced after an examination of the records of the winners of Harvard College Prize Fellowships in the Middle West during the past three years that boys of outstanding character and ability can be selected from among secondary school graduates for such awards."

Of the ultimate future of the National Scholarship Plan's scope, few are so sanguine as to predict. Made possible largely by the generosity of those who contributed to the 300th Anniversary Fund, its spread must depend on such continued generosity