1 8 MARINE BIOLOGICAL LABORATORY. 



6. Building and Endowment Funds: Since the report for 1919 

 the Director's report has referred each year to the need of new 

 buildings and endowment to provide for the development and 

 expansion of our work. Efforts were begun in 1919 to secure 

 the funds, estimated at $1,000,000 needed for these purposes. 

 In the report for 1922 the Director reported the contribution of 

 $500,000 from the Rockefeller Foundation and $100,000 from the 

 Carnegie Corporation towards this project, both gifts being 

 conditioned on the raising of the estimated sum required. In 

 December, 1923, Mr. John D. Rockefeller, Jr., contributed 

 $400,000 through Mr. Raymond B. Fosdick, thus assuring the 

 other contributions. On the completion of this sum the Friend- 

 ship Fund, established by Mr. Crane, endowed its annual con- 

 tribution of $20,000 a year by turning over to a trust company 

 for the benefit of the Marine Biological Laboratory bonds of the 

 par value of $405,000 yielding $20,020 a year. The Laboratory 

 thus receives $1,405,000 for its future development, of which 

 $500,000 is subscribed for building and $905,000 for endowment. 

 These gifts were all paid in to the Treasurer in January, 1924. 



A further contribution to the cost of the building was made by 

 the Architect, Charles A. Coolidge, by his generous offer to reduce 

 by one per cent, the customary charges of his firm for architects' 

 services. This gift, amounting to over $6,000 culminates, for 

 the present, a long series of services by Mr. Coolidge to the 

 Laboratory, as Trustee from 1901 to 1921, as Architect of the 

 Crane Building, and as expert adviser constantly in all our plans 

 for enlargement before they assumed practical form. 



The fortunate outcome has been due not alone to the devoted 

 cooperation of our own membership, constituting in itself a 

 strong body of favorable expert opinion, but also to a larger body 

 of scientific public opinion, and especially to the support of the 

 National Research Council. Back of all this, and furnishing 

 the foundation, lies the continuous and unwearying support, 

 financial and moral, furnished since 1902 by the President of the 

 Board of Trustees, at first personally, and later, as concerns 

 financial support, through the Friendship Fund endowed by him. 

 One of the greatest of our satisfactions must be the justifying of 

 Mr. Crane's confidence in the future of our Institution. 



