BELOIT. Wis--Between 1890 and 1910, a Chicago philanthropist named D.K. Pearsons gave Beloit College a total of $500,000 He was not an alumnus or the parent of a Beloit student--in fact, he took the college by surprise when he first wrote to say he would give $100,000 it Beloit could raise a similar amount in two months.

Now the liberal arts college, searching for latter day benefactors of similar magnanimity, has bought advertisements in The New York Times and The Wall Street Journal. The Chronicle of Higher Education reported recently.

"We needed him then We could use him now, an advertisement states Beloit wants to find people willing to commit $1 million or more to our kind of school, "according to an advertisement.

Roger H. Hull, president of Beloit, notes that the school's budget is balanced and its endowment stands at $10 million. He adds, however, that the campaign "is a way to try accomplish some special projects"--such as higher faculty salaries, new athletic facilities, and the creation of a new student center in a building that's been around for awhile-Pearson's Hall.