Seventy Years Of The Worcester Polytechnic Institute: Page 317

February, 1925, when Moses B. Kaven was elected to life membership. In June of that year, Charles F. Bailey, '88, was elected to complete Mr. Kaven's term membership. Charles L. Allen, Paul B. Morgan, '90, and Clifton H. Dwinnell, '94, first of the original group to serve full five-year terms, were all reelected in 1925. Only change among ex-officto members was the one caused by one of Worcester's periodic political oscillations. Michael J. O'Hara replaced Peter F. Sullivan as mayor in 1924.

Although the Corporation was reluctant to realize that the $50,000 payment received from the State of Massachusetts in September, 1921, was the last aid that would be received from that once benevolent source - total state grants to the Institute since 1865 had been $819,000 - the Trustees could face the future with more assurance than in 1917, when the anti-aid amendment was adopted. Their efforts and those of alumni in the two preceding years had provided more than enough income to replace the subsidy. To begin the year 1922-23, the first without State aid, the Institute had an invested endowment of $2,074,000, exclusive of a partial payment still due from the General Education Board, and the large bequest of Elmer P. Howe, '71, only annual income on which had thus far been received. A 1922 appraisal of land, buildings, and equipment had established their value at $2,217,866.

Although the Trustees were in agreement that the 1920 campaign for endowment had not produced adequate funds for Institute operations, they developed no aggressive plan for securing additional amounts. Most of the acquisitions during the next few years consisted of payments made on donations previously promised. The largest of these was the Elmer P. Howe bequest, amounting to $193,879, which was turned over to the treasurer in 1924. About $200,000 in pledges to the new endowment, including $81,000 from the General Education Board, was also received between 1922 and 1925, as well as $25,000 in industrial scholarships.

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