1913 - Philanthropy

Philanthropy

The Rockefeller Foundation chartered by Standard Oil's John D. Rockefeller, Sr., will be a major force in improving world health, world agriculture, and education and will work toward world peace (see 1914). Rockefeller has acted on the advice of his confidant Frederick Taylor Gates, now 60, formerly head of the American Baptist Education Society; his lawyers obtain a state charter from Albany that insulates much of the Rockefeller fortune from income taxes, and the foundation's nine trustees hold their first meeting May 19 at 26 Broadway, New York, where they elect John D. Rockefeller, Jr. president.