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Show 4 By JOHN DICKINSON SHERMAN I' AJIKS BUCHANAN DUKE of Somerville, N. J., who has made a great fortune in :'i w tobacco ami water-power development, ,.r':'-:.f ail George' Eastman of Rochester, N. p-,:-'. who lias amassed millions in the manufacture of kodaks, have announced the establishment of large funds to aid educational and charitable institutions. Mr- Dke's fund embraces properties now valued at approximately $46,000,000 and will ultimately amount to $S6,000,-000. $S6,000,-000. By Mr. Eastman's plan the beneficiaries will gain $12,500,000. This brings his public gifts to a total of $58,002,000. These gifts are interesting and important in themselves and also as they touch various phases of American life. Both millionaires began life at the bottom of the ladder which fact again emphasizes the fact that this is a land of equal opportunity, even if all men are not created equal. Neither millionaire has a college education, yet both have made the bulk of their gifts to colleges which fact would seem to have a bearing on the much-vexed question of the mission and value of the American college in the Twentieth century. Both millionaires have made their gifts while they are alive and can see the results. Both millionaires 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 a few years ago? It looks as if the American people have decided that there is no such money. To 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 Baptist Bap-tist ministers criticized Doctor Straton severely and declared, "Not since the apostolic age has the world had two greater benefactors than John D. Rockefeller and-his son." Anyway, the Rockefeller Rocke-feller benefactions now amount to nearly $600,000,-000 $600,000,-000 and are continuing works. The Rockefeller foundation, for Instance, has just given Yugo-SIavia $255,000 for educational purposes. The son has just given $1,000,000 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 Incomes In-comes of working people. The Duke and Eastman benefactions top off a long list which brings the total for 1924 In excess of $130,000,000 and the total for the last ten or twelve years to nearly two billions which facts seem to indicate that the "inspired American millionaire" mil-lionaire" is a real rather than an Imaginary personage. 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 a library, the famous collection gathered by his father. Its nominal nom-inal value Is $8,500,000, but it is literally priceless. price-less. George 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, Rave $5,000,000 to the Harvard Graduate School of Business Administration. Among the securities set aside by Mr. Duke are "bout three-fourths of his holdings in the Southern South-ern Water Power company, making available an income of about $2,000,000 a year. Pointing out that he has for years been engaged in developing water-power resources of North and South Carolina, Car-olina, Mr. Duke, in a statement, says that "my ambition is that the revenues of such developments develop-ments shall administer to the social welfare, as the operation of such development Is administering administer-ing to the econonr" welfare of the communities which they serve." He then commends to the trustees the securities of the Southern Power company com-pany ns the prime investment for the funds of the trust and advises the trustees not to change snch investments unless urgently necessary. The Duke trust will be administered by 15 trustees, trus-tees, constituting a self-perpetuating body ; he himself him-self Is one of them. The trustees are directed and empowered to expend not exceeding $6,000,000 In acquiring lands and equipping buildings in North Carolina "to be known and operated as Duke university," uni-versity," with this provision: If Trinity college at Ihjrluim sees fit to change its name to Duk" university uni-versity tills sum may be expended In expanding and extending Trinity. (The trustees of Trinity h'ive made the change in name.) The trust provides that 20 per cent of the Income shall be retained each year and added to the principal prin-cipal until a total of approximately SSG.000.OD0 Is reached. The other SO per cent of the Income Is l be divided as follows : ! I!j!rt"tw'0 per cent to Duke university. 'wty-two per cent for maintaining hospitals n iNorth Carolina and South Carolina, on the plan Pfty'ng' to tho hospitals a sum not exceeding $1 Hay tor each free bed occupied and In assisting " building and equipping hospitals. Ten per cent for the benefit of white and colored orphans in the Carolinas. Six per cent for assisting In building Methodist Episcopal churches inthe .sparsely settled rural districts cf North Carolina. Four per cent for assisting In maintaining Methodist Meth-odist Episcopal churches in the sparsely settled rural districts in South Carolina. Two per cent for pensioning superannuated preachers and widows and orphans of deceased preachers who have served In North Carolina conferences. con-ferences. Five per cent to Davidson college, Davidson, N. C, a Presbyterian institution. Five per cent to Furman university, Greenville, S. C, a Baptist Institution. Four per cent to Johnson C. Smith university, Charlotte, formerly known as BIddle university, a negro school. "I recognize that education, when conducted along sane and practical lines, as opposed to dogmatic dog-matic and theoretical lines, is, next to religion, the greatest civilizing influence," says Mr. Duke's statement in giving his reasons for creating Duke university. He asks that a faculty assuring the university "a place of real leadership in the educational edu-cational world" be secured and that courses be arranged primarily for training preachers, teachers, teach-ers, lawyers and physicians. Hospitals have been selected as another means for distributing the income of the trust, because, according to the statement, they not only minister to the comfort of the sick, but increase the efficiency effi-ciency of mankind and prolong human life. Mr. Eastman's new gifts of $12,500,000 follow a recent announcement of a gift of $2,500,000 in the Greater University of Rochester campaign. Those to benefit under the latest gifts of Mr. Eastman East-man are : Massachusetts Institute of Technology, $4,500,-000, $4,500,-000, which is added to a previous gift of $11,000,-000 $11,000,-000 ; University of Rochester, $6,000,000 ; Hampton institute, $1,000,000, and Tuskegee institute, $1,-000,000. $1,-000,000. Of Mr. Eastman's total of $5S,602,900, the sum of $23,5TS,500 has been given to the University of Rochester. Despite the fact that these new gifts mark the disposal of the last large block of his personal stockholdings in the Eastman Kodak company, Mr. Eastman makes it clear that he will continue to direct the affairs of the company and hopes to as long ns he lives. Gifts made and not announced before are under terms similar to those made to employees. Stock Is sold to benefiting institutions for $12,500,000 less than its actual value. While provision Is made. that it may be paid for in Installments during dur-ing the life of Mr. Eastman, it is given without any restriction regarding the time for sale. It may be sold at once if the beneficiaries desire to part with it. Explaining the motives actuating his gifts, Mr. Eastman said : One of the reasons why I welcome this disposition disposi-tion of my kodak stock is that It separates me from money-making for myself and will give me the benefit of a somewhat more detached position in respect to human affairs. J look forward with Interest to finding out how much the changed condition con-dition will affect my slant on current affairs. The reason I selected a limited number of Institutions Insti-tutions was because I wanted to cover certain kinds of education and felt that I could get results re-sults with the institutions named quicker and more directly than if the money was spread. Under the best conditions it takes considerable time, sometimes some-times years, to develop the wise expenditure of money in any line, no matter how well prepared one may be. I am now upwards of seventy years old and feel that I would like to see results from this money within the natural term of my remaining years. As to my gifts to Hampton and Tuskegee: Almost Al-most the entire attention of educators has been devoted de-voted thus far to the white race, out we have more than 10 per cent negro population in the Lnlted States, most of whom are densely Ignorant. The only hope of the negro race and the settlement of 'he negro problem Is through proper education edu-cation of the Hamp-ton-Tuskegee type. It Is stated that there is a condition attached to the gifts to Tuskegee and Hamilton. The promoters pro-moters of the Tus-kegee-Hampton Endowment En-dowment fund are engaged in a 1925 campaign to raise $5,000,000 and Mr. Eastman's gifts are contingent upon the success of that campaign. cam-paign. Mr. Eastman' s gifts are known to total $58,602,000. He established a school of music in Rochester Roches-ter at a cost of $9,-500,000, $9,-500,000, and built a theater in which the best musical talent Is provided for Rochester's citizens at moderate cost. The Massachusetts Institute of Technology Technol-ogy has for a long time been receiving gifts from an "angel" known as "Mr. X4S "5? attached to the gifts Nr-J::::fe 10 Tuskegee and . X"" Hampton. The pro- . N " V " vk ""' ' - motors of the Tus- - ' ki " 0 kegee-Hampton En- ' "Vm I & V" dowment fund are P '' f " V' engaged in a 1925 I ft i I I ' r V campaign to raise fr'' .N A l V, 1 BWXJ.000 and Mr. fiv " ' 1 ' 1 - s Eastman's gifts are tSV - j 1 jps i n contingent upon the I l - ' f''- K success of that cani- VvNJ i J UJ ' " - f ,',- 1 i ' l Mr. Eastman' s lv i "! f I ' fsl gifts are known to J, ? - ' . ' I -J-1'" total $58,602,000. He I "TV V - .Sr? ; f 7 established a school 1 - Y Wf f r ' ."J 0 music In Roches- " s x " -JW 500,000, and built a TV - J -& ' X V theater in which the wf - V ! "s i-r "A "fT" 4. i-' V ' f hest musical talent V " V YvV-AS is provided for . .CK yVX'-.IL ' ' Chester's citizens fo b, " ' V 4 A 5 V " ' Institute of Technol- lrV- - - J ' hT ' A f - i ogy has for a long XX H1?' s 4'-v" " s' H ' j. . , - time been receiving oT ' h - - " , , gifts from an "angel" 2uJie Is. , y "n"" ," ,tl - XHvt known as' "Mr. 1924 Sees Qifts 6 ' ,X V of Many MlUons WlV f ' ' 'A ' By JOHN DICKINSON SHERMAN , mM R 1. - l ' T AMES BUCHANAN DUKE of Somerville, f lilU ' ? I N. J., who has made a great fortune in F 'is I V I K tobacco and water-power development, 1 1 .'K " ' ' , lj V f " J aiul George Eastman of Rochester, N. t s ' I tf;;': Y-' "ho "s amassed millions in the t ' " 9 WtI -' dth I jSSff manufacture of kodaks, have announced I'V WWf $ ff . SJ the establishment of large funds to aid V ' , . I iy I educational and charitable institutions. V, -x U I ' tmf I Mr- Dllke's fund embraces properties , , . a M sCS(4s. I now valued at approximately $46,000,000 - "v'fN B " 'W ' M I and will ultimately amount to $S6,000,- J A x " i " 000. By Mr. Eastman's plan the beneficiaries will i K gain $12,500,000. This brings his public gifts to a A, V" , nJ' iU I total of $58,002,000. ,5'A ;: L-wf J These gifts are interesting and important In W , V", V-iw. h if' I themselves and also as they touch various phases V- 1 ' X. v " I I jt?' " I of American life. Y c , N Vi ' ' Both millionaires began life at the bottom of V & ff jt'-''' ' ' " "7 the ladder which fact again emphasizes the fact Y " ' X i fl V '- V U that this is a land of equal opportunity, even if all 1 - '' x V'!'' 1 f ' - ' ' men are not created equal. V' X"' '1 A i V V - " 'IvSJ Neither millionaire has a college education, yet frf V IXjrfe5 ? ! v 'j)r both have made the bulk of their gifts to colleges SiA V w S3i -tes-, ' V 'CI wliich fact would seem to have a bearing on the M " S' As 1 . s ' iJ much-vexed question of the mission and value of r cHfr '.....i..,:-!'-f the American college in the Twentieth century. Gteorff'e jC-SaR&l- JoJin J RocAefeUerJr. - Both millionaires have made their gifts while lncryroac i'crxefervsaotf Jnfernafons Smith." It was not until many millions had been given the institution that a transfer of stock brought out -the fact that the donor was Mr. Eastman. East-man. The following complete list of his benefactions benefac-tions to date is approximately correct: University of Rochester, $23,578,500. Rochester Dental dispensary, $2,500,000. Massachusetts Institute of Technology, $15,500,-000. $15,500,-000. Stock of Eastman Kodak company to employees (value at date of delivery, July 1, 1924), about $9,000,000. T. W. C. A. and Infants' Summer hospital (Rochester), $25,000. Children's society (Rochester), $55,000. Stevens Institute of Technology, $100,000. Homeopathic hospital (Rochester), $75,000. Rochester parks, $104,350. Hahnemann hospital (Rochester), $100,000. State and municipal research bureaus, $333,050. War relief, $225,000. Red Cross of 1917, $250,000. Y. M. C. A., $340,000. Tuskegee institute, $1,412,000. Mechanics institute, $390,000. Enlarging Rochester General hospital, $500,000. War chest and community chest, $1,725,000. Chamber of Commerce building, $590,000. Addition to Chamber of Commerce building, estl mated at $750,000. Rochester Friendly home, $50,000. Hampton Institute, $1,000,000. Mr. Eastman was born in 1854 in the town of Watervilie, N. Y. He left school to work for $3 a week and, in later years, attributed his success in part to the fact that he never went into debt, but always managed to save a little capital. He became be-came an amateur photographer and experimenter and perfected a process for making dry plates, his first important invention. In 1SS0 he began making these plates on a small scale. Later, he made his most important invention, the kodak, and established a plant at Rochester. Trinity college at Durham, now Duke university, was founded in 1S38, has 40 Instructors and 1,232 sludents. Its endowment is $2,978,470 and the value of its plant and equipment Is $2,S32,931. Its president Is Dr. William P. Few. Trinity has been for many years the center of higher education for Methodists of the state. Some of the state Methodist leaders were frankly against the change in acceptance of the Duke gift, saying it would "hang crepe on the door of North Carolina Methodism." The alumni were divided. President Few, however, favored the change. The trustees met, accepted the gift and made the change. in name. James Buchanan Duke was born in 1S57 on a little farm near Durham, N. O. His father, Washington Wash-ington Duke, returned from the Confederate ranks after the Civil war to find a ruined farm. The father and his sons, Brodie L., Benjamin N. and James, cured tobacco in a log barn, granulated It by beating it with flails and peddled it about the countryside. In 1S70 they established their business busi-ness in Durham; In 1S74 they built a factory 70 by 40 feet. James, nt seventeen, was Its manager. man-ager. In 1S78 W. Duke Sons & Co. was organized organ-ized with a capitalization of $70,000. James established es-tablished a successful New York factory in 18S4. In 1SS9 he effected a consolidation of five of the largest tobacco concerns in America and incorporated incorpor-ated it in New Jersey as the Amerienn Tohacco company, with capital stock of $2.".(Ki0.0O0. Following Fol-lowing the dissolution of the so-called tobaccr trust in 1911. Mr. Duke resigned as president. The Duke bequest incidentally calls attention to the fact that North Carolina of late years has made great strides forward. It now pays more federal taxes than any other state except New York and Pennsylvania. It Is first In tobacco, not ond in textiles and third In furniture. |