In 1898, Edward Austin, a Boston merchant, bequeathed to Harvard University $500,000, the income of which was to be used for "needy, meritorious students and teachers, to assist them in the payment of their studies." In the settlement of this estate, Harvard received $425,000. In fulfillment of the wishes of Mr. Austin, the President and Fellows have voted that $2,000 shall be assigned yearly from the income of this bequest to establish eight scholarships, each with an annual value of $250, to be awarded according to the rules of the Corporation, adopted December 26:
1. "Recommendations for these scholarships shall be made to the Faculty of Arts and Sciences by the Committee on Fellowships and other aids for graduate students.
2. These scholarships shall be open to persons who have attained established positions as teachers in colleges or secondary schools or as superintendents of schools, and intend to return to service in the same or similar positions. In the assignment preference will be given to applicants who have obtained leave of absence for one year for the purpose of studying at the University."
These scholarships are designed primarily to encourage men who have been obliged to begin teaching before they have finished their education, to receive a higher education and obtain their degree while on leave of absence. The holders may register in any department under the Faculty of Arts and Sciences.
Other parts of the fund have been divided in the following manner, but the rules relating to them have not been finally formulated:
1. Eight teaching fellowships of $500 each in the Graduate School.
2. $1000 for a travelling fellowship in Architecture.
3. $4000 for teachers engaged in medical investigation.
4. $3000 for other beneficiary purposes.