Evening star., 1924-12-09
GIVE $52,5OO,OOO
IN PUBLIC WELFARE TRUSTS
George Eastman, and J. B.
Duke Pledge Institu-
tiO1s Aid.
Tobacco Magr,ate Offers
$4O,OOO,OOO, Kodak
Head $I2,5OO,OOO.
By the Associated Press.


| CHARLOTTE. ~ c., December g.
James B. Duke, multi-millionaire
power magnate, today was complet-
! Ing preparations for turning back to
| the people of North and South Caro-
! lima in an educational and charitable
| trust most of the money he has made
through development of the Southern
| power system.
Announcement was made last night
! that Mr.. Duke was creating a trust
| fund aggregating $40, 600, 900, in which
| he was placing about three-fourths OF
his holdings in the Southern power
! system, of which he has been the
prime developer. The system CEN
| ters around the Catawba River in
North and South Carolina
| Under the trust q university, to be
| located in North Carolina and to be
| known as Duke University, is to be
| created. Out of the trust fund the
! trustees, a self-perpetuating body OF
| Il men and l woman-Mrs. James 3.
Duke-are directed to spend s6.000,o00
! in establishing this university. If
| however, Trinity College, Durham m
! n c., which has received millions of
| dollars from Mr.. Duke and members
| of his family, decides to change its
name to Duke University, it will re-
ceive this sum for acquiring property
| anu
Income of Fund.
The income of the trust fund, which
| will aggregate about S2,000000 a
year, and which the donor estimates
| Will increase as the economic develop
| ment of the Carolinas continues, is to
| be divided among various colleges, the
Methodist Episcopal Church in the
| State and for the erection and main
| tenance of hospitals. Twenty pei
cent of the income is to be retained
| each year until S40.800,000 is accumu-
| lated from this source, making the
fund sS0,000,O00. The remainder OF
the income Is to be divided:
| Duke University, 32 per cent: main
| tenance and securing hospitals, pri-
! marily in North and South Carolina
32 per cent; white and colored or
phans in the Carolinas, 10 per
cent: buildings Methodist Episcopal
| churches in rural districts, 6 per cent;
| maintaining rural Methodist churches,
| per cent; pensioning superannuated
| Methodist preachers who have served
in North Carolina, 2 per cent; David
son College, Davidson, n. c., per
+, cent; Furman University, Greenville,
! 5. c., per cent, and Johnston c.
| Smith University, Charlotte, a school
| for negroes, 4 per cent.
Ministers to Welfare.
The trust indenture, which will be
| completed as soon as Mr.. Duke re-
| turns to his New Jersey residence, is
! about 1000 words long. A statement
| announcing the trust issued under
| Mr.. Dukes authority last night con-
| tanned statement of his reasons for
| selecting the objects named and is to
| be read cash year to the trustees
| My ambition" said Mr.. Duke in the
statement. "is that the revenues of
such developments (the water power
| developments in the Carolinas) shall
| administer to the social welfare, as
! the operation of such developments is
| administering to the economic well
| fare of the communities they serve.
In conclusion he said that he had
"endeavored to make provision in
| some measure for the needs of man.
| kind along physical, mental and spir-
| ftual lines, largely confining the ben
| efactions to those sections served by
these water-power developments"