The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-11-26
ANGUS TRIO
ACT SOON ON
HUGE REQUEST
Coolidge, AL Smith and
RoSenWaId Study Way
to Use Millions.
GIVEN FOR PUBLIC GOOD
Chicago PhiIanthrOpiSt Firm
Against Providing for
Far Into Future.
BY MORRIS DE HAVEN TRACY
United Press STAFF Correspondent

Chitcu Truss Stdn Correspondent
NEW YORK, Nov. Is. - Calvin
Coolidge, former Governor Alfred E.
Smith and julius RoSenwald are
nearing the end Of their study,
which is to determine disposition
of between 100000 and 100000
left by the late Conrad Hubert for
the public good.
1t is possible that in December,
as the Christmas season draws near,
the results Of the work they have
done thus far will be made public
officially. Some in touch with the
situation predict that racial inn
provement, such as Negro education,
and medical research will benefit
materially under the trio's decisions.
Hubert, who made his fortune
from the manufacture of electric
flashlights, left the bulk of his
estate in q fund which those three
men were called upon administer,
the money to be used for the public
good Early this year the three, SO
far apart in politics and religion.
came together to pool their powers
in this philanthropic enterprise.
Dine in Wall Street
Since then they have met FREE
quently at the conference table and
have dined together. The last meet
ing was held about three week ago,
when they dined in private room
at the Bankers Trust Company on
Wall Street, at the very time crowds
we're seething through that district,
drawn by the crash Of the stock
market Yet they passed through
Wall street as they have done on
numerous other occasions, unrecog-
nized.
No word has come from the meet
ingS of the three men as to the de-
cisions they have reached. All re-
fuse to discuss the matter, pending
formal announcement, as do officers
of the Bankers Trust Company,
executor of the Hubert estate. How
ever, a few things have been learned
as to the general views OF the thref
men. -
Rosenwald, who has had wide ex-
perience in philanthropic work, hav-
ing given much of his own vast
fortune to it, stands firmly against
the establishment of any endowment
or foundation in perpetuity.
He believes that future genera
tons can care for themselves and
that it is the business of the pres
ent generation to care for It's own
needs.
Must Spend Money Soon
So firmly does he believe that in
his gifts to the Julius RoSenfeld
foundation he has provided that
both principal and interest of the
money turned over by him to the
foundation be entirely expended
within twenty-five years after his
death, wiping out the fund entirely.
He also is opposed to placing any
thing but the broadest limitations
around the expenditure OF any phil
anthropic fund, for he argues THAI
money appropriated for a closelJ
defined purpose soon may find
changing conditions have removed
that particular need.
Rosenwald's own philanthropic
foundation is now engaged in such
diversified activities as assisting in
experiments to determine
ether drift; reconstructing the
Yerkes observatory telescopes; re-
search in glacial erosion in the state
Of Washington; and studies in pho
netics.
1t is understood that Rosenwald,
because Of his wide experience and
definite ideas, is acting as a sort of
unofficial chairman of the trio.
Coolidge Wants Institute
Mr.. Coolidge's ideas, it is under
stood, lean toward the buildin or
establishment of some permanent
institution-perhaps an art gallery,
an educational institution, a re-
search laboratory, or something Of
that sort.
Former Governor Smith is de-
scribed as agreeable to the general
ideas Of both Rosenwald and Mr..
Coolidge, but anxious that whatever
the specific purpose for which the
Hubert millions are used, it be of a
nature which will give as direct
benefit as possible to the largest pos
cih1n number Of Y1poY01a