Salt Lake Tribune | 1910-03-04 | Page 2 | Son of John D. is Almoner-in-Chief

I ALlS-CIF Has Resigned Directorate in H Oil Trust to Take Charge of Benefactions. H WILL CHANGE LIFE OF THE YOUNG FINANCIER Rockefeller Foundation Ex-pected Ex-pected to Become Historic Among Charities. NEW YORK. March 3. Anions cliar-ltles. cliar-ltles. the new Rockefeller foundation is to become what the Standard Oil com-pany com-pany has lonp been anions corporation?, and John D. Kockefeller. Jr.. as Us hoad. will, In another sphere of Influence. per-petuate per-petuate the domination so long ma n-tallied n-tallied In the world of business by m.-J father. The younger Rockefeller amiounced to- day that he had recently retired f'oni the directorate of the Stantla:d Oil coin-pany coin-pany to a.ssume tho management of Ills J father's benefactions, of whicti ho thus J becomes almoner In chief. N'- successor has been named to illl his place in the J oil company. Effect on tho Market. The announcement In Wall stree; ws taken to mean two lhln;;s -that all past estimates of young Ro;kafollprV luturo must now be revised, and that hcronner tho Rockefeller millions wlil no longer bo a market factor. Jnstoad it Is ns-oumed. ns-oumed. they will pass wholly Into ccn-sorvntlvo ccn-sorvntlvo securities. John D. Rockefeller, Jr.. Is now 3 yeara old. Greeted on his graduation from Brown university, nomfi years ago. as in prospect the richest young man of tho world, ho now leaves the Held to J. Plorpont Morgan, Jr.. ten yeara his Young Rockefeller's relations with cor-porate cor-porate finance in the future. It Is undcr- stood, will consist chiefly In conserving the huge fortune amassed by his father. reinvesting the income and distributing such part of It as may seem wise. Work of Many Yoars. It is not thought likely that tho now foundation for philanthropy, as proposed by the bill introduced, In the "United States senate yesterday, will assume tet- , tied policies for years to conic. But In this connection Frederick T. Gates, one j of the Incorporators of the foundation, said today: . . , ,, "There aro no sectarian boundary lines In the charter of tho new foundation and nothing to prevent It from absorbing the work of other organizations which have outlived their usefulness under present conditions." . Mr. Gates was understood to mean that there will bo gradual merger of tho Rock- feller charities. The general understanding among thoso in tho confidence of tho family colnc de with that of Senator Gallltiger, who In- troduccd tho bill to Incorporate tho foundation, when he said that ho be-llevcd be-llevcd tho bulk of tho Rockefeller fortune ultimately would bo devoted to tho work.