Evening Star Newspaper, December 31, 1926, Page 19

THE EVENING STAR, WASHINGTON, 19 " D. ©, FRIDAY, DECEMBER 31, 1926. Tolerance Toward Business Features Government’s Policies Throughout Year 1926 CONDITION OF RAILROADS | | BEST SINCE WORLD WAR WO T % i - Sl lanufacture and Farm Progress Cited. GIFTS TO ART, EDUCATION AND CHARITIES ENORMOUS ;Largést Single Benefaction of 1926 Wz#s $25,000.000 Bequest to by Frank A. >s Result in Confidence to Industry. Few Political Surpri Tuseum Munsey. BY DAVID LAWRENCE. sted in the economies of wments and some with the vast amount o t to Kuropean d for an outlet held anges The attitude « war-debt concerned money being countries, whose for their products reason for tariff Foundati A.. Detroit of Bronxvill property to found women I $500.000 the the 1 enormous single benefac vear was Frank A. Munsey’s will, of his residuary estate, estin at $25,000,000, to the Metrc Museum of Art up as ted the Washington ad ministration toward mergers and Ly ISt (SIhjo)s Bfuse trusts is one of the influences lttle : ¢ 1 i / recelved 314,000,000 by the noticed, but nevertheless important in ; Caadiy Vet g B any retrospect of what has happened | was left $i0,192 forecast of what is going to hap- | of Charles M. Hall These are days of mergers. The { Other notable benefactions Government recognizes more fully, | | Nnonymou rhaps, than ever hefore that it is llege, Ha most disturbing to an industry sud- | Anonymot fenly to haul it before the court n anti-trust suit It was cons zood political strategy in the old especially when large corporatis were owned by relatively groun of men oday as securities are sold in a| big merger, the people ultimately buy | these shares, and in fact own more than a ma of the stock, indeed in some S as much as 90 per cent of the s To prevent em- barrassment all around, the *Depart ment < now to as. icts about a proposed and prevent its consummation appears likely to be so organized violate the Sherman anti-trus What the Government is doing in this respect corresponds to what the doctor does in the field of pre- | ventive medicine. Trade Board Cril m Ends. The worl of the Federal Trade Com- - | mission has during the year come in | for criticism and debate on the part | of those who think unnecessary inter- | ference with business has been prac- ticed. The commission is still doing business and the demand for its abo- lition has died down. For the com- mission has been recognized as an in- strumentality which can protect the dis- | small business man as well as the big in-| business man against unfair compe- the gen- | tition. problem | In the matter of shipping, the Gov- rates has | ernment’s policy is unsettled and will s of other | continue to be for some time to come. that a | The relationship of this problem to na- 1ilroads | tional defense and the desirability of alone. | keeping an American merchant ma- TEU- | rine, even though private capital is of | not yvet ready to enter the fleld with- luation of {out ‘a subsidy of some kind, makes into con- | the who'e thing difficult to settle. tion values,” | Broadly speaking, the attitude of wement in present- | Government toward business has been me of tolerance. Radicalism, which - | in years gone by meant endless in- he | vestigation and constant meddling, provided cert ad- | has been reduced not to the point which have stimulated ex-| which the business interests would o A . for example, the com- | like to see, but they concede it is not E e % « A - 5 . possible under the |as plexing as it used to be. % % / an be fixed for ex- | is not saying that the school ements made in the for- | of thought which believes in keeping 1 would not be allowed | a regulstory eve on business has lost HEED ; — inte I oyd Library by will, $756 " and Museum Ob ket 1L, Mary Virginia MeCormick, Chi McCormick Thee Sy ad Harold $1,000,000 Seminary ven wre B (two _donors) New Haven, ( Dartmouth MeCormick and Gorde to Young Womer McDonald, 100,000 1 and soifs, 1,000,000 Paris, Tex., will, University for astronomical observatory. Morgan, 16 site, valued 000, for Knowr can Men to City of lding Fund Offered s Foundation 16 to g Yorl New ¥ for « No. 67 sildin Ne sh Penne lerat opi $1,000,000 LAWRENCE. 1,000,000; Haven, C'onn Mrs. € Case P 1ere to School Cleveland, Ohio. 00,000 to Science Scl Bingham, 2d hool of Applied Scie land, Ohio, Frederick $500,000 seventh office to of J o o be I Park en Cove nd B lati Incorporaie w University Brown truction of street $500,000, for men and wives 11 I’h rsity e d cler pring Her » Un as to law H. Buhl of $2,000,000 for re in M 00,000, t Sharon of northern zium. 1rne Corpors of $6.000.000 dur tember 30 Segv $600,000 fine arts; $375,000 for research wc r tion. Carne Unive Unive fessor Y B Arts; for Medical College, University Cincinn ariton € William dence and 1 to Universi Prevost, wrship fund hool that Ramson, by fund for prosec ersons cruel to animals and i inimals £ the world. Charle Rebstock, ngton University, New Prosperity Factor. of vital fact place. will, $5 ition, prot nd game in all pa Anson 000,000 trust to Ations adult ed Sy nd among have put securities, funds to in rail $1.000.000 St. L« who oad hea tion $1,385,000, Yale ent of a pro. of Fine $200,000 to to uis, ardson, by Hospital; § tlement, to_ Peabody s.: $30,000 ¢ w York Cit amen's New Y ty: $60,- 000 to Association for Aid of Crippled | Chilc John D. Rockefeller, reconstru at S £587,978 to New Y 000 to Henry Stre York City; $100,000 seum, Salem this w has had that i Mu- Andr 2 jr., resi o 'y valued of California, southern ommonwealth $400,000 for one vear’s work in of community mental Dr. J. Ackerman ( Museum, Newark, N. J Will Aid Children. Davi York a pro hygiene. will $1,000,000 Versailles and thedral, art | France 7 1 Park, | ) to Brooklyn ic Garden, New York City; $177.- on conditions, to fund being 1 by National Safety Council fer ign to prevent public_accidents; ich to Boys' Club of New York, ta Kappa Foundation, United Jewish fund; $50,000 to Euclid Avenue | Baptist Church, Cleveland; Federatiomn for Support of Jewish Philanthropie; Rockefeller Foundation University of Toronto, ¢ 000, d Stanford, jr., Willard | Calif John D. Rock: 1,000,000 for nown 4 D. Pr Davis Foundation, Mass., the incon ldren of fund | o4 and Srit started | p to be ! el Massachu- or the day terms 2 » next field—the ma s of the country used for need setts. James T ngs worth { Institute Mrs. Leo: | 000 to Cornel s Straight Hall, Ithaca oil port tra Webb 1 port, o elgn fi in don paint 5 112,503_to ada; $50,- Uuniversity, eller, sr., 0,000 to wde. | its momentum. The inquiry fever Reaping Just can be aroused overnight, but the Begun. | s ju: } truth is that customer ownership has ning to reap In fact, beginning e to per- s of pro- | bred a peculiar conservatism if not | caution in governmental circles. Few Political Surprises. Politically the year has been hardiy | a surprise. The Autumn elections brought the expected increasés in the | Democratic membership of the Senate and House. But the Democrats are by no means radicals. They have among them conservatives and liberal conservatives. Thus, on the major economic issues, there is a comfortable working ma- jority of Republicans and Democrats who together give a certain confidence operation | to business that nothing fanciful or ve, too. while | experimental will begtried which in- ces of opinion on | terferes with the processes of busi- ness The spectacle of the Democrats clamoring for a reduction in corpora- tion taxes when they are a minority | party is unusual to say the least. The steady reduction in surtaxes indicates the conservatism typical of the re- construction era as a whole. The readiness to accept foreign debt agree- ments which amount to cancellation of a large portion of combined prin- cipal and debt is a sign of the growth of the economic rather than the po- litical idea at the seat of government. But the significant thing is that it is growing. And under such circum- stances the assurance may be derived from all that has happened this year that nothing radical or revolutionary for « change in |may be expected from the Government from eléments in | in its relation to business. rty are in- (Convris™t, 1926.) 1926 BRINGS U. S. GREATEST PROSPERITY: EUROPE GAINING ntino, ency and righer | would | to be which Amer- | on the tariff | uch han clear a period of s Are Requested. Some screen star; Senator Bert M. Fernald of Maine; Comdr. John s, U. 8. Navy. September—Ben Welch, come- Prof. R. C. Eucken, German philosopher; Maj. Gen. R, L. Howze, u. Army; Tom Thumb, famous : Dr. W. J. Tucker, president emeritus of Dartmouth. In October—Arthur Jule Goodman, tist; H. L. Fuqua, governor of hard | Louisiana; D. P. Davis, noted Florida finan 1 Cleveland Moffett, York; |author and journalist; Commissioner homas Estill of Salvation Army; Eugens V. Debs, Soclalist leader; Thomas Mott Osborne, prison re- former; John G. Shedd, Chicago financier; Charles M. Russell, artist; Maj. Ger. George Bell, jr., U. S. A.; Harry Houdini, magician; Charles E Fox, eminent Chicago architect In Nevember mous merksma yette Young, publisher, of Towa; Clement Shorter, English author; Joseph McKenna, for- mer justice of United States Supreme Court; Mrs. Herman Oelrichs of New York; Teonid Krassin, Russian states- man; John M. Browning, inventor of rms; 1 15. Akeley, naturalist. In December—Bishop J.' J. Davis of Davenport, Iowa; Charles Ringling, amous circus owner; Claude Monet, mmed | French painter: Senator Willlam B! Met- | McKinley of Illinois. Gib- | (Copyright by McClure In Henry and au- primate op Roy of Que Admiral nepp, tern e of wall of Isham, Louis 1 Do arf; Jacob Ge Miller orticultu » tor former ewspaper Syndicate.) WAR LOANS EDUCATIONAL. “The Liberty loan campaign to sell Government bonds taught many peo- their savings. As a result of this education,” says Secre- tary Mellon in his annual report, “of more effective bond salesmanship and of high earnings in America there has {been created an investment market ind the public readily buys large amounts of new security issues, re- sorting to the banks for loans to as- sist in these purchases. Business con- cerns have come to prefer permanent i distinguished from com- Dodge | Ple how to inv ilan Inness, Jr., Jewish | aaditional ton mission; Senator Lawrence C. Phip) in the Senate for liberalized Civil Bottom ro tinued from Eighteenth Page.) that we may look forward to a year of good general business, even though it_possibly will not be quite so good as 1926. And the same applies, in mjy Jjudgment, to the automobile business.” BY LAMMOT DU PONT President, E. 1. du Pont de Nemotirs & Co ““As the year 1926 draws to a close we do not see any element in the in- dustrial or economic situation which would indicate trouble or depression ahead. This view seems to be well supported by economists and bankers generally. If this is the present situa tion it seems to follow that for at least the next year the country will experi- ence a satisfactory volume of busi- ness. This is our expectation for busi- ness in general, but as applied to our own lines we feel that, due to the nat- ural growth in population, together with the fact that many of the lines in which we are engaged consist in re- cent developments, our business for the next 12 months will run some- what better than the current year.” BY WILLIAM SPROUL. President of the Southern Pacific Co. “The indications are that railway traffic volume and financial results for 1927 will compare favorably with those of 1926, “The pressing problem of the rail- roads continues to be the production of enough net to pay such adequate return upon rallway investment as will attract new capital constantly needed. Comparing 1926 with 1917, when we entered the World War, the wages of employes of the rallways have been advanced 100 per cent, in round figures, compared with only 50 per cent advances in rates charged the public. The result requires that $8 more gross be taken into the treas- uries of the railways to produce $1 more net operating income. “Before we entered the World War cent on their investment. When the Government gave them back to the owners in 1920 the net operating in- come had largely disappeared, and in the following year only 3 per cent was earned Gradual improvement has been shown since, mainly through great efficiency in operating the roads, for the rates have gone down sub- stantially since their peak. In 1926 it is probable the met operating earn- ings of the railways will again aver- age b per cent, but still will be much below the 6% per cent declared a fair return by the Interstate Commerce Commission under authority of the transportat@n act. “There is a limit to what expert operation can achieve, and it is al- ready evident that means have to be found for increasing the gross earn- ings out of which operating and all other charges have to be pald. The general situation is that too much is being handled for too little earnings. The trouble is that reduction in rallroad rates is accepted by the public as a matter of course, but every attempt to increase a rate Is met with rebuff. The public does not yet see clearly that high- grade service in transportation is of first in:portance to them and that it can_be maintained only as money is forthcoming for the purpose. New York | mer ns from the banks, and n o tendency with Wt many corporations, through th <ale of bonds, notes or capital sto tt' to resort to the publie for money to . Ludolph Val- meet their corporate requirements,’” e | its product. raflroads were earning over 5 per | Top row, left to right—Senator Arthur Capper, chairman of the Senate District committee; the roads can be frowned upon by the public in view of the very narrow margin that now exists between gross and net income. The progress of the railroads since the war gives earnest for the future with the aid of a rea- sonable and sympathetic attitude on the part of the people.” BY R. L. AGASSIZ, President Calumet & Heela Consolidated Cop- per Co. ‘and President Copper and Brass esearch Association. “‘Copper is one of those American industries which looks to Europe to consume a substantial proportion of Therefore any impro: ment in the general European situa‘ tion must be viewed optimistically b; us. Within the past few weeks we have had encouraging evidence that the larger foreign nations, which the war left in chaos, are emerging from thelr difficulties, and this certainly augurs well for that section of the American Industrial organization which has been built up to its present proportions on the basis of a fixed European demand for its products. “The world's economic structure is S0 sensitive that we cannot always be sure what a week or a month will bring forth, but, judging by condl- tions as they now present themselves, I have every confidence that the com- ing year will be a prosperous one for the copper industry. With the opera- tion of Copper Exporters, Inc., it is expected to bring about better gen- eral working conditions in the Euro- pean market, so long influenced ad- versely by speculative interests. With the consumption of copper in the United States continuing to increase, there is little at home to cause ap- prehension. “During the first 10 months of the current year shipments of reflned copper exceeded refinery production by approximately 20,000,000 pounds. It is true that during this period ex- ports fell off from the 1925 average by about 12,000,000 pounds a month, but against this we have the en- couraging fact that domestic con- | sumption has been exceeding the 1925 | figure by 15,000,000 pounds a month. | The figures for November and Decem- ber are not yet available, but if the averages for the first 10 months are maintalned for the balance of the vear, shipments of American copper will show a substantial Increase over 1925, which was a peak year for peace times in the copper industry. “For the past flve years there has been a constantly expanding demand for copper and copper products in the United States. This has been due in part to the main consuming industries —electricity, automobiles and build- ing—but a very largely increased ton- nage is accounted for by the smaller consuming industries, such as radio, electric refrigeration, washing ma- chines, brass pipe, lightning rods, hot- water heaters, locomotives, marine piling and others. “There is no indication of this de- mand abating; on the contrary, there is every evidence of steadily increas- ing requirements.” BY PATRICK E. CROWLEY, President of the*New York Central Lines. “The railroad situation, as a whole, is more satisfactory than it has been in a long time. As the roads have | support in public opinion which is the basis of sound progress. Measures which needlessly reduce earning power ey needlessly increase expenses for “On this and other matters we look | a | with confidence in 1927 for that moral | better prospered they have been able to give service, and there is on the part of the the companies a growing feeling of reciprocal satisfaction -over the situa- tiony | blic, the shippers and |b Senator Reed Smoot, s, chairman of the subcommittee in charge of District appropriations, and Senator Robert > ervice retirement. Second row, left to right—Senators Wesley L. Jones, Frederic M. Sackett, William H. King, the affairs of the Senate District committee. Third row, left to right—Representatives Frederick ) lation and improvement; E. W. Gibson, chairman of the s, mittee on District appropriations; Charl the House. “The most pressing problem con- fronting the railroads is the necessity for making, pursuant to the jurisdic- tion of the public authorities, expendi- tures for improvements which do not enhance the capacity of the propert and do not in themselves yield a sus taining return. The railroad is viewed from a regulative and legislative standpoint as a public institution from which it seems expedient to exact many things beyond those required to convey persons and property, vet it must survive as a business, if it sur- vives. This is an anomaly which r | quires that the business, if business it is, must absorb burdens as a part of its current existence from which other forms of enterprise are immune. The indications are, however, that 1927 will be a year that might be termed generally satisfactory, so far as the railroads are concerned, in that the prospects for the volume of traffic do not at this time present any un- usual outlook. From the information we can gather, there are no bad spots in busine8s in our territory. There has been a little slowing up in some lines, but, generally speaking, the out- look is favorable. “Regarding the outlook for mnet earnings, there seem to be few con- ditions, other than wage increases re- cently ‘awarded, that should encroach upon’ the net earnings, assuming the volume of business generally expected for the year materializes. “In the field of legislation affecting the railroads, I believe the passage of the Parker bill by Congress will be in the interest of the public, as well as the railroads. It will enable progress to be made in carrying out the intent of the transportation act in regard to consolidations, as to which we are now at a standstill. I do not see how there can be much, if any, progress during the coming year in railroad consolida- tions unless the Parker bill, or some other bill which will authorize consoli- dations to be made, shall be passed. “In the meantime, some progress in unification has been made by acquisi- tion of stock, taking of leases, et Consolidations, when they shall be- come possible, should be made along business and economic lines, so that there may gradually grow up In the country a number of well balanced systems. Railroad systems should grow gradually through construction and amalgamation, and there should be no attempt to make arbitrary and general advance grouping. .Each situ- ation as it arises should be studied by itself and with regard to its merits and to the general situation.” BY ALVIN W. KRECH, Chairman of the Board of Trusteca the Equitable Trust Co. of New York. “The thermostat that operates to establish an even temperature in a well regulated heating system has a parallel in the influences of numerous radical changes that have recently taken place in the conduct of business. “The business risks Involved in wars, pestilence and money panics have been minimized. Immigration laws have stabilized labor conditions. So-called hand-to-mouth buying, or ‘producing for consumption,’ support- ed by efficient transportation and prompt distribution, has reduced fn- ventory risks and the peaks of employ- ment and unemployment in the indus- trial fleld. “Saner methods are being applied to installment buying and selling. The | s weather man may confidentl Money 's slow appar- should bo fairly easy. 750, chairman of the public buildings com- . Stanfield, who led fight Royal S. Copeland and William Cabell Bruce, active in | the N. Zihlman, chairman House District committee; R. Walton Moore, active in District-Virginia legi pecial subcommittee inquiring into munici es L. Underhill, who is fathering the Mall triangle legislation left to right—Representatives Richard N. Botanic Garden improvement and enlargement; in sponsoring the national representation measure in the House. ipal affairs here; Frank Funk, chairman of the subcom- | Elliott, chairman of the Public buildings committee of the House; Fritz Lanham, active in the Frank Oliver, active in the public buildings and Mall legislation; L. C. Dyer and Henry R. Rathbone, active ent. Foreign loans will continue to increase only to the extent that other countries can afford to pay a higher return on unquestioned securit ““With his usual courage and enter- prise, backed by good digestion and cheerful temperament, the American business man may look forward to a r devoid of nightmares. BY JAMES § Chairman of the Bo: Commerce. “In forming a judgment as to busi- , it is even more than ordi- narily essential to separate the funda- mental from the superficial elements in the situation. Conditions underly- ing business in the United States un questionably are sound. “The inventive genius of the Ameri- can people in the mechanization of industry has greatly increas individual productive capacity workers in many lines and the natural resources of the country fur- nish the major t of the raw ma. terials needed for the operation of the great national plant. Despite standard of living never before equaled, savings are accumulating at an_ astonishing rate. The stabilizin; influence of the Federal reserve sy tem and the liquid position of the manufacturers and merchants afford assurance of freedom from _credit stringency. In a word, the United States is tremendously rich, it is self. contained as is no other countr a fine plant and wellbalanced busi- | ness organization; and the main trend is toward continued prosperity. “It is true t recent decline in the general rate of business activity. Prices of non-fer- rous metals have been falling some months and steel output has be- gun to decline. While a pronounced slump in bullding in the immediate future is not likely, the peak of the up-swing in construction which began in 1921 has been passed. It may be that the automobile industry has not vet completed the adjustments nec sary for the transition from produc- | tion for rapidly expanding markets to production for replacement plus nor- mal year-to-year growth in population and business. The sharp decline in the price of cotton and unsatisfactory prices for most other agricultural products have resulted in reduced purchasing power in many agricul- tural regions, when measured in terms of present prices for manufactured goods. “In consequence, some doubts have arisen in men’s minds as to the cour of business in 1927 and there is e dence of much conservatism in the making of forward plans. i it should be and Is the bes; of reasonably good business ahead. A real danger signal would be uni- versal and enthusia optimism rather than conservative optimism. It seems likely that some downward revision in the prices of finished goods will be necessary during the coming year in order to maintain the physical volume of distribution in the domestic market at a satisfactory level. In short, competition may.be even keener in 1927 than in 1926, but such a prospect affords no ground for discouragement.” there has been some | for | ! Wood Fosdick, b | 000 to Americen Mu History, New ¥ Children's Aid Soci Mrs. Elizabeth BI 1 60v, o toscer chermi United States consulting with the | cal Society. General Education ]Yul'k City; $3,350,000 of Chicago Medical 600 to Columbia School, New Yor! Princeton Univ of $780,000 Y, di Trust C Am Boa to 1 School Univers Virgin to Ha h to rv to New York Ci Frascl $9 cted ‘0 rd, nive it the t Medic, ard Unive , and Y ,000 to Marine t Woods F rvard Medi lane Univer Je r'th ( nes and 00 to > i Wonr North Carolina, $58,000 to U of Iowa Medical s University Cincinnati fr Colle; | Colle Northfield, | to Tilinois Univer to Univ Schoc Hospital Gets Fund Miss M Griffith, 000: Presbyterian Hospita Daniel ggenhein 000 to_ found it New Yor v, New York und the Gu; mote av | College | Daniel Promotion of the Univer Mrs. Edv | 000 Zoolo Melk valued at w copy tenber 120,000, tation hall. wel Hecht, by will |buy coal for worthy poor | in” Philadelphia. | “Alfred M. Heinsheimer home at Breezy Point, I way, with $500,000 | to hospital for joint disea: | York_City. William Ratcliffe Irb. $1,000,000 to Tulane Unive . lizabeth Jenkins more, by will, $2, tion. of hom aged wome for incura ment to indicate other thar year ahead. “Busin is on a new evolution in which for lack of a better call hand-to-mouth buying surpluses have been buill quently there is little there will be any unu periods. After all, the gr tors in assuring prosperity employment and stable pr “The packing industry an in 1927 than in 1926. The with the like period of 19 ing the second half it that there will be gr of this corn wa ing and will have spells heavier steer “The nece v for cheaper to be fe BY F. EDSON WHITE President of Armour & Co. ear 1927 dawns without ai the business sky. Of coursc some before the is nothing at “The clouds we outy b e mo- | market for gradually Es in evel idle to contem- | U port at present price levels, wrolina € "und 000 £ Chics $414,000 rsities for ¥ rican Chemu- | of New | items to slogical Mass.; School, Medi- er olle ersity “nive 143 r M d. by will, N ew Y School 500,000 for b= | for the protection of N rk funds, of Univer to the 78,000 to York Cit Bible, versi $500,000 ty. families v country | Rocka- endowment fund New 2 by ity of bles N a - name Few, t up, pr ither first will, N Balti- 000,000 for the ercc- and —_— good plane, Speculation has been minimized by an evolution we i ex but du; D. d, and more hog: r m i f of the year should be about on a par lurope out of the for erection of lecture and reci- pects to handle a little more product | United half id Avenue Baptist Church, Cleve 90 Is Distributed. ler Memorial (Laura S . during year distributed $7.8 ienc and_child whioh iumbia_University and $155.000 to nd ¥ abeth | sciencs of London School litical Science. < Rogers, rd Universit mbridge, Ma 000 to Harv v of her h Niagara Falls Memo » New York H Rosenwald, Chic: the establishment o pital. 000 for seum. Johp G. Shedd, d Chicago, Shedd aquarium, Sherry, by will, §70 Bentley 1-Presbyterian Medical New York Smith, (two years' salary), gary, from which miak scholarship fund was founded John W by will, § 000, for new bu to Yale 1 versity Smitix J. S yw, Boston, by for new building endowment W d House, Boston; $100, 000 each to Franklin Union, Bostu: of Boy Scouts of Americz Massach | forest Ambr 000 for enginee: Cleveland, ng foundation Colleges Are Aided. Mrs. Mary Clark Thompson, ¢ indaigua, N. Y., by will, $400,000 Ferrvis F. Thompson Hospital; to Clark Manor House: $300,000 each Vassar Colle Williams rs’ College; § tal of Ne w York Z i Women's H 000 to the ciety John Kennedy neeton h to Presbyteri: nwich Hospital and the Chil Ald Society; $30,000 each to York Association for Improving Condition of the Poor, St. Andrew's sciety and American Museum of Natural History. Henry R. Towne | by will, $2.616,211, seums of the pe of New York ice buildin & Towne Co; $30,000 each | chants® ciation of New York and United Engineering Societies | Mrs. Hamilton McK. Twombly, § | 600 to Vanderbilt University, | ville, Tenn. | Gustav Ulbricht | will, $837,87. | pitat, w York: $50,000, Association for Improving the tion of the Poor Clinie Gets $500,000, Frederick W. and Harold S. Vur derbilt, $300,000 the Vanderbilc | pological Tod, by will, n Hospital, Stamford. Conn! to maintain “mu ceful arts in the Ci $300,000 to erect s vloyes of C New Yor! to the Leno: Cif - Hill Hos York | Clinie. Mrs. Cornelius B. Van Pelt, New Brunswick, N. will, $50,000 to Rutgers University: $50,000 endow ment to the Children's Industrial Home; $5f4,000 endowment to Middle Hospital, both addresses as above, Felix M. V . $400,000, to the Jewi Federation fo sems probable | pts of | Harv live stock resulting from the size and | | condition of the last corn crop. Much | 11 not su'table for hold- | 000 to Hebrew Union College endowment fund. Artemus Ward, will, $4,000,0047, rd University, Cambridge, M Mrs. Montgomery Ward, Chicago, $4,000,000, Northwestern Univer- ty, for use of medical and dental That | sehools. Robert Bovd Ward Fund, $1,000,000 and estate ($ )0), to Almont Hom; on Hudson, Duchess County, N. Y. products. | 100,000 to New Rochelle Hospital, rein Lusin as: &e&r islwhile hog and pork products remain I Y. §56,000 each to Cornell Universice, iversity of Pennsylvnia and Syr cuse University; §500,000 to Broadway Temple, New York City; $54.500 to Ward Home for Children, Pittsburgh, 10 in trust al Hospitad, ers, by will, $750,000 John the Divine: £1,000,000 Chi- 00 for quier Urological Clinie $100.0849 ned to Huii- will, setts Girl Scouts and Society ew Hampshire $300, 00,000 College $300,000 to the