Note 7 — VII

Not all of this amount is represented in permanent endowments, since large contributions to cover deficits in annual income as compared with current expenses, or for special repairs and alterations, do not appear under that head. According to the balance-sheet of January 1, 1900, the total assets consist of $1,075,428.62, the appraised value of the building, furniture, and apparatus; and $947,021.39 in cash on hand or investments,—making a total of $2,022,450.01. Of the invested sum $953,159.30 is in "special endowments," of which the income only can be expended. This fund comprises $200,000 from Peter Cooper and $340,000 from the family of the late William Cooper, his brother; the remainder is made up of smaller gifts (the chief of which are a bequest of $30,000 from Wilson G. Hunt, one of the original trustees, and $10,000 each from Mary Stuart, J. Pierpont Morgan, Morris K. Jesup, and John E. Parsons), and one of $300,000 made in December, 1899, by Andrew Carnegie. In addition to the aggregate thus made up Hon. Edward Cooper, the son, and Mr. Abram S. Hewitt, the son-in-law of Peter Cooper, have undertaken to furnish a further income of $10,000 per annum; and finally, according to the 41st Annual Report of the Trustees (May, 1900), the Cooper Union, as residuary legatee under the will of the late John Holstead, will ultimately receive between $200,000 and $300,000.

These recent additions to the endowment of the institution will enable the trustees to enlarge its usefulness in many ways, and especially (being no longer dependent for annual income upon rents) to utilize the whole of the building for educational purposes. Yet the total endowment will still be modest, as compared with that of many similar institutions of later origin.