KINDLY MILLIONAIRES

Taranaki Daily News, 14 December 1926, Page 15

KINDLY MILLIONAIRES

SURPLUS WEALTH FOR PUBLIC. NEW SAN FRANCISCO "COMBINE." New York, Nov. 20. Fourteen of the richest men in Sait Francisco, whose combined wealth ’s estimated at £20,000,000, met in that eity recently to devise the best means of spending their surplus wealth for the benefit of the general public. The call for the first meeting of the "combine” was issued by Charles W. Merrill, metallurgical engineer; William H. Crocker, banker; Mortimer Fleischhaeker, banker and member of the Board of Regents of the University of California; Paul Shoup, railway executive and member of the Board of Trustees of Stanford University; and ClayMiller, merchant and former president of the San Francisco Chamber of Commerce. The general object in view is the giving of the surplus wealth of the city’s richer families for the future benefit of the whole community. Each of the members of the new organisation will make specific gifts for charitable, educational and other purposes,and'a. selfperpetuating board of trustees will bz formed to handle bequests by members. The fourteen millionaires who met it answer to the first call appointed Mr. Merrill chairman, with instructions to make careful study of the Rockefeller and Russell Sage foundations and al! other leading community funds operating in American cities. Details of the organisation will be perfected at a meeting this month.