To President Ralph C. Hutchison of Lafayette College in Easton, Pa. (enrollment: 2,020), the money looked a lot bigger than the string attached to it. By the will of Alumnus Frederick Dumont ('89), Lafayette was to benefit from the income of a $140,000 trust fund. The only hitch: Dumont's stipulation that none of his money be used to give scholarships to Jews or Catholics.
President Hutchison did not like the stipulation, but a fortnight ago he decided to accept the money anyhow and add it to Lafayette's general endowment fund. "The college," he said, "is not in any condition where we can...