46 
that crests always follow troughs or depressions—at least they 
always have. 
But if this economic depression, from which the crippled world 
is now trying to emerge, has emphasized one thing more than 
another for the administrators of scientific and educational insti- 
tutions it 1s the necessity for generous endowment funds con- 
servatively invested. It may seem logical that each generation 
should finance its own institutions, as a well known philanthropist 
recently urged, but when the economic structure of the civilized 
world is endangered, institutions that depend largely on the an- 
nual contributions of generous donors are not the least nor the last 
to suffer. nd so we must keep the need of an adequate endow- 
ment fund in mind as our most urgent as well as most funda- 
mental need. 
Increase tn Public Gifts 
According to an analysis published in 1934 philanthropic gifts 
“presumably made from current income”’ increased about 44 
per cent. for the first six months of the year over the correspond- 
ing period in 1933 in six large American cities. The amounts for 
the two years were $19,868,975 in 1934 vs. $13,747,320 in 1933. 
The totals for three major purposes were as follows: 
1933 1934 
ares Relief... 2... . 59,986,722 $8,248,956 
GOUCATION SG 044 ai ol es OE wees ek ears 1,004,252 5,588,944 
Fine fee sf artiste a ates dices Syste aes 354,988 1,792,730 
From these figures it is seen that the contributions for Relief 
fell off $1,737,766, while those for Education and Fine Arts in- 
creased by $4,584,092 and $1,437,742, respectively. It is 
interesting (and disappointing) to note that, in such an analysis, 
including health, play, reform, and religion, besides the three 
mentioned above, science education (e.g. museums) and scientific 
research are not even mentioned, although we are often said to 
be living in a preeminently scientific age. However, substantial 
gifts are being made to both scientific research and education, 
and the general increase in philanthropic giving for other objects 
than relief is some indication that we have made a start toward 
recovery from the depression. 
