The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-12-14
MAY |NCORP ORATE.
JOHN D. s FORTUNE
United States Senate Again
Asked to Permit This
Step.
A NJ E N D MENTs OFFERED
Funds Will Be Limited to
oo,ooo,oo and Other Modi-
dcations Are Proposed.

Washington, December ia vehicle
by which John d. Rockefeller may
utilize his great fortune after deatf
for the beneft of mankind Will vet b,
framed If friends in the Senate cal
accomplish it. The old bill creating
The Rockefeller Foundation" has been
revised with series of amendments
intended TO remove the objections OF
Senator's La Toilette, Hepburn and
others, Who see In the guise of philan.
thropy scheme to perpetuate the
enormous fortune of the family.
Early in the last session of Con.
gress Senator Galllnger introduced a
bill to create The Rockefeller Foun-
dation." 1t had been framed by starr
j. Murphy the attorney for Mr.. Rookie.
feller in his charities, who later APP
peared and explained the intended dis
position of the money which Mr.. Rookie
Teller would furnish. the object of
:lse foundation was then thus eX-
planned:
ITO promote the well being and to
advance the civilization of the peoples
of the United States and It's territories
and possessions and of foreign lands
in the acquisition and dissemination of
knowledge; In the prevention and re-
lief of suffering. and in the promotion
of any and all of the elements Of hu-
man progress"
Rockefeller Irritated.
When 1t was declared that an at
tempt was being made to Incorporate
the Rockefeller fortune, and much un-
expected opposition to the measure de-
veloped, the oil king and his counsel
became irritated They lot it become
lyrn he 70 th,+
Rockefeller had become Indifferent
about the entire matter. The bill then
sumbered on the calendar until ad-
journment,
Senator Gaillnger has offered several
proposed amendments to the original
bill, calculated 10 make its provisions
more acceptable. They have been APP
proved by Mr.. Rockefeller.
The most important modification
limits the amount of the funds held
by the foundation to 100000 900. Other
give Congress the right
to "at any time impose such limitations
upon the objects of the said corpora
ton as 1t may deem the public in
terest demands"
The income of the property shall not
be added to the principal or accumu-
lated. but shall be expended currently
for the purposes achieved by the cor
poration. A new section is added;
Provision for Distribution.
AT any time after the expiration OF
fifty years from the receipt by the
said corporation of any property,
by deed, grant, devise or be-
quest the said corporation may dis
tribute the principal or any part there
of. as we'll as the income thereof, pro-
yided such action shall he authorized
by resolution passed by the affrma-
tive vote of two-thirds of all those
present who shall at the time be mem-
bers of the corporation at a special
Meeting held on not less than thirty
lays notice, given In writing, which
shall state that the meeting is called
'or the purpose of considering a reso-
ution to authorize the distribution OF
he whole or some part of tho principal
IF said funds, and after the eXpira-
ion of one hundred Years from the
late of its receipt by the said COR
shall distribute the principal
t so directed to do by the Congress
II the United states; and all gifts
grants. devises or requests to the
shall be taken and held
ubject to the provisions OF this Sec
Ion"
The election of additional incorpo-
'ators and the successors of all chosen
must he approved by the President OF
he United States the Chief Justice OF
he Supreme Court, the President OF |
he Senate, the Speaker OF the House /
II representatives and the presidents /
If the following institutions Harvard
Yale UNIVERSITY, Columbia
University, Johns Hopkins unlyersityl