Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1925-01-22

SzSE3S93 the establishment of large funds to aid
>sGGSGy< educational and charitable institutions.
ARt,68 Mr.. Dukes fund embraces properties
now valued at approximately S46,OO0000
and will ultimately amount to $S6000,-
OOO BY Mr.. Eastmans plan the benefciaries will
gain $12,50O,0O0 This brings his public gifts to
total of $58,602 0OO
These gifts are interesting and important in
themselves and also they touch various phases
of American life.
Both milliDnaires began life at the bottom Of
the ladder-ahich fact again emphasizes the fact
that this is land Of equal opportunity, If all
men are not created equal.
Neither millionaire has a college education, yet
both have made the bulk i their gifts to colleges
which fact would seem to have l. bearing on the
much-vexed question of the mission and value Of
the American college in the twentieth century.
Both mlIionaires have made their gifts while
they are alive and see the results.
Both mllllonaires have made their fortunes
largely through frankly monopolistic methods
which fact raises the question: What has become
of the tainted money" issue that bulked so large
few years ago? It looks as if the American
people have decided that there is no such money
TIE be sure, Rev. DR.. John Roach Straton Of New
York recently declared before the Baptist Bible
Union of North America that the Rockefeller
money was the greatest curse that rests today
upon the Baptist denomination But other Bap-
fist ministers criticized Doctor Straton severely
anu uCSlalOut 4NOL SLICE LH0 -dpOSCOlIC age mas
the world had two greater benefactors than John
d. Rockefeller and his son." Anyway the Rookie
Teller benefactiOns now amount to nearly $600,000-
600 and are continuing works
The Rockefeller foundation for instance, has
just given YugoSlayia $255,0OO for educational
purposes The son has just given $1,O0OOOO to
the Metropolitan Museum of Art in New York He
is also spending several millions in an effort to
construct homes in New York city within the In
comes of working people.
The Duke and Eastman benefactions top off
bong list which brings the total for 1924 in excess
OF $130,OOO,OO0 and the total for the last ten or
twelve years to nearly two billions-which facts
seem to indicate that the inspired American mil
Ionaire' is real rather than an imaginary per-
sonage.
One Of the most notable gifts Of the year was
that Of j. Pierpont Morgan, who put into the hands
of trustees, to be Incorporated as library, the
famous collection gathered by his father It's NOM
inal value is S8500000 but it is literally price
less. Georges F. Baker, who has been chairman Of
the board OF the First National Bank of New
York and at eighty-four is at his desk every day.
gave $5,000OO0 to the Harvard Graduate School of
Business Administration.
Among the securities set aside by Mr.. Duke are
about three-fourths of his holdings in the South
ern Water Power company making available an
income Of about 100000 year. Pointing out
that he has for years been engaged in developing
olina, Mr.. Duke, in statement, says that my
ambition is that the revenues of such develop
ments shall administer to the social welfare as
the operation of such development is administer
ing to the economic welfare of the communities
which they serve" He then commends to the
trustees the securities of the Southern Power COM
pany as the prime investment for the funds of
the trust and advises the trustees not to change
such investments unless urgently necessary.
The Duke trust will be administered by 10 trus-
tees, constituting self-perpetuatng body; he HIM
self is one of them. The trustees are directed and
empowered to expend not exceeding $60O0,OOO In
acquiring lands and equipping buildings in North
Carolina ito be known and operated as Duke uni
versty" with this provision: If Trinity college at
Durham sees fit to change its name to Duke uni
versity this sum may be expended in expanding
and extending Trinity. CThe trustees of Trinity
have made the change in name.)
The trust provides that 20 per cent Of the income
shall be retained each year and added to the prin-
cipal until total of approximately $86,000,O0O is
reached. The other 80 per cent of the income Is
to be divided as follows;
Thrty-two per cent to Duke university.
Thirty-two. per cent for maintaining hospitals
in North Carolina and South Carolina, on the plan
of paying to the hospt@s not exceeding 81
a day for each free bed occupied and in assisting
in building and equipping hospitals.