Established by the Peabody Institute in honor of sculptor, William Henry Rinehart, the scholarship is for gifted young sculpture students to study in Europe. The source of funds is the estate of Rinehart, who died in 1874, and whose invested monies left to the Institute reached $100,000. in 1891. First recipients were Alexander Phimister Proctor and Hermon Atkins MacNeil. Source: Thayer Tolles, "American Sculpture in The Metropolitan Museum of Art", p. 106.