Seventy Years Of The Worcester Polytechnic Institute: Page 177

of Albert Curtis, Worcester manufacturer, who had been a member of the original Boynton Hall building-fund committee. The Federal war inheritance tax consumed ten per cent of this amount, but a subsequent ruling of the Supreme Court restored the $1,000 to the Institute. All of this bequest was allocated to various departments for the purchase of equipment. In 1899 the will of Mrs. John W. Wetherell, also of Worcester, disclosed a bequest to the Institute of $5,000 and her estate on Court Street. The residue of the estate was left in the hands of executors for the benefit of the Institute and other institutions named in the will.

Alice M. Rice, widow of William W. Rice, former Institute trustee, died in 1900. In her will $5,000 was set aside for the Institute, the income to be paid to Mrs. Ruth A. Hoar during her lifetime. It was also disclosed that Mrs. Hoar would bequeath an additional $5,000, the combined amounts to be used as an endowed scholarship named for their father, Henry W. Miller, one of the Institute's early benefactors. One-half the residue of Mrs. Rice's estate was also left to the Institute without restrictions.

Other gifts prior to the end of the 1901 college year included a Boston University Club bond of $1,000 from Elmer P. Howe, '71, and a maintenance contribution of $5,000 from Mr. Salisbury. At the end of 1901 the par value of investments was $544,450, and the annual income from this source was $26,361, both less than for the year ending in 1894. A substantial appreciation in values and a large over-investment brought the market value of investments up to $650,000. These securities had been appraised in 1893 by New York and Boston bankers. Over 86 per cent were pronounced good, less than 4 per cent of doubtful value. In 1901 Mr. Washburn was authorized to consolidate the funds and to divide among them a proportional amount of the net income each year.

The commercial feature of the Shop, which had been built from Ichabod Washburn's design by Milton P. Higgins,

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Last Modified: Fri Jul 30 11:15:25 EDT 1999