Most spendthrift of U. S. foundations has been the General Education Board, which John Davison Rockefeller established in 1902 for "the promotion of education within the U. S. without distinction of race, sex or creed." By last December it had spent $255,334,670. Since 1920 its trustees, believing the future "will find means to provide for itself," have been giving away the principal as well as the income of this fund.* Last week President Raymond Elaine Fosdick reported that the General Education Board has only $8,700,000 still unpledged, will soon be liquidated....
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