Late in 1892, Dr. D.K. Pearson offered to give Drury College $25,000 if it would in turn raise $75,000. Drury accepted the challenge but was not able to raise the $75,000 until 1901. Dr. Pearson's offer created Drury's first endowment fund. Dr. Edward M. Shepard was responsible for the new science hall that was to be built with the money raised. The second floor was to contain his museum and laboratories. Dr. Shepard was involved in every field established in Drury's Scientific Course of study, which lead to a Bachelor of Science degree. He served Drury as dean of the college, as librarian, professor of mineralogy and geology, and in 1893-4 was acting president of the college. He had previously taught chemistry and biology as well. The museum in the new science hall was named the Edward M. Shepard Museum.

On January 30, 1901 ground was broken at the site of Pearson Hall. The cornerstone was laid on June 13, 1901. On February 25, 1902 the building was completed and occupied. Like Fairbanks Hall and Stone Chapel, Pearson Hall became another large addition to the Drury campus. It is still used as a classroom building today.

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