Found this in Google News Archive while indexing the Alamance Gleaner newspaper.
Transcription: W.H. Vanderbilt has donated ten thousand dollars to the Deems Fund of the University of North Carolina. This fund is intended to be loaned to needy students to enable them to acquire an education. This is but another specimen of the large hearted generosity of Mr. Vanderbilt. The money comes where it is needed. There are many young men struggling up the rugged path to knowledge, who will be benefitted [sic] by this noble charity, and be grateful to both Mr. Vanderbilt and the founder of the fund in the years to come. ”
Information online at UNC states that the Deems Fund was created in honor of Theodore Deems, son of UNC professor Charles Force Deems (1820 – 1893). Theodore died in the Battle of Gettysburg. According to his Wikipedia entry, Deems was influential in securing the money from the Commodore for the establishment of Vanderbilt University.
In an address to the Alumni Association of UNC in 1903, John Sprunt Hill talks about this gift: