the andrew w.mellon foundation report 1970 · theandreww.mellonfoundation report fromjanuary i, 970...

The Andrew W. Mellon Foundation

Report 1970

Manufactured in the United States of America'97'


Reportfrom January I, 970through December 3I, 1970

140 East 62nd Street, New York, New York o002 I

I.*:

ANDREW W. MELLON

1855-1937

zf:A.'-k-

P.'

TrusteesWilliam 0. BakerLauder GreenwayCharles S. Hamilton, Jr.

Paul MellonNathan M. PuseyStoddard M. Stevens

OficersCharles S. Hamilton, Jr. PresidentAlbert O'B. Andrews Vice President and SecretaryKenneth J. Herr Treasurer and Assistant Secretary

General Counsel Sullivan & Cromwell

ON June 30, I969 Old Dominion Foundation was merged into AvalonFoundation and the name of the latter changed to The Andrew W.

Mellon Foundation. Avalon Foundation had been founded by Ailsa Mel-lon Bruce on December 26, I940 as a common law charitable trust. InI954 it was incorporated under the Membership Corporations Law of theState of New York. Old Dominion Foundation had been established inI94I by Paul Mellon under the laws of the Commonwealth of Virginia.The two individuals were the children of Andrew W. Mellon, Secretaryof the Treasury from I92I to I932, and later Ambassador to the Court ofSt. James's.

Total assets of The AndrewW. Mellon Foundation at December 31,I970 approximated $697,8I8,000 at market value and $60I,257,000 atbook value. During I970, the Foundation received substantial distribu-tions from certain trusts established by Ailsa Mellon Bruce who died onAugust 25, I969. It is possible that there may be further distributions inthe future of a relatively more minor nature from such trusts and alsofrom Mrs. Bruce's estate, of which the Foundation is the residuary lega-tee. Any such amounts are, of course, not now determinable.

Grants paid by the Foundation in I970 amounted to $29,993,577.Net income for the year amounted to $40,834,043, reflecting, in part, re-ceipt in I970 of income from the above-mentioned trusts attributable toI969. The net income figure is before provision for the four per cent. ex-cise tax on net investment income for I970 imposed by the Tax ReformAct of I969 and payable in I97I. Since the formation of the Foundationin I940 as the Avalon Foundation, it and Old Dominion Foundation haveappropriated a total of $I9I,936,882 for philanthropic purposes, ofwhich $I89,I32,426 had been paid as of the end of I970.

8

The Foundation does not make grants to individuals. It has no pre-scribed forms of application for grants, and usually a reasonably descrip-tive letter is sufficient to determine whether further investigation seemswarranted. Both the status of the applicant and the status of any possiblegrant which may be made by the Foundation will necessarily involve con-sideration of the provisions of the Tax Reform Act of I969 as it relatesto foundations.

It has been announced that Charles S. Hamilton, Jr. will retire inI97I as president of the Foundation, and that he will be succeeded aspresident by Nathan M. Pusey, following the latter's retirement as presi-dent of Harvard University. It is expected that this change will occur onOctober i, I971.

There follows a brief summary of certain selected grants made dur-ing the year under review. There is appended to this Report a detailed listof all appropriations made and grants paid during the year, together withthe relevant financial statements.

9

Summaries of Certain Selected Grants

EDUCATION

Bryn Mawr College, Bryn Mawr, Pa.- $500,000 to endow "TheAndrew W. Mellon Foundation Chair in the Humanities."

Carleton College, Northfield, Minn.- $5oo,ooo to endow "TheAndrew W. Mellon Foundation Chair in the Humanities."

Connecticut College, New London, Conn.- $250,000 to assist inthe construction of an addition to the College's library.

Cornell University, Ithaca, N. Y.- $300,000 for the general sup-port of the University's Society for the Humanities, which encouragescreative research and imaginative teaching in this discipline.

Hampton Institute, Hampton, Va. - $400,000 to endow "The An-drew W. Mellon Foundation Chair" in the humanities or social sciences.

Harvard University, Cambridge, Mass.- $500,000 toward con-struction of an underground addition to the Harvard College Library.

Institute of International Education, New York, N. Y.- $250,000toward the retirement of the indebtedness on the headquarters buildingof the Institute which promotes the interchange of students and culturalprograms between the United States and other countries.

Interdenominational Theological Center, Atlanta, Ga.- $200,000toward the ten-year development program of the Center, which is seekingto increase its capacity to train black ministers.

The Johns Hopkins University School of Advanced InternationalStudies, Washington, D. C. - $750,000 to endow "The Andrew W.Mellon Foundation Chair in International Studies."

Lexington School for the Deaf, Queens, N. Y.- $200,000 towardreducing the indebtedness on the School's new facility in Queens, N. Y.

IO

Liberal Arts Colleges- $3,000,000 to fifteen private, independentliberal arts colleges, distributed $200,000 to each, for faculty support,primarily in the humanities, as follows: Agnes Scott College, Bates Col-lege, Bucknell University, Drew University, Grinnell College, Knox Col-lege, Lafayette College, Mills College, Oberlin College, Randolph-Ma-con Woman's College, Scripps College, Trinity College, Wabash College,Wake Forest University and Wheaton College.

Massachusetts Institute of Technology, Cambridge, Mass.$300,000 to assist in the construction of a new electrical engineering andelectronics teaching complex.

Navajo Community College, Many Farms, Ariz.-$250,000 towardthe capital construction needs of the College, the nation's first institutionof higher learning controlled by Indians.

New York University, Institute of Fine Arts, New York, N. Y.$750,000 to endow a professorship to be designated as the "Ailsa MellonBruce Chair in Fine Arts."

Polytechnic Institute of Brooklyn, Brooklyn, N. Y.- $200,000 insupport of the Institute's Center for Urban Environmental Studies whichsponsors research and teaching activities covering a wide scope of prob-lems.

Princeton University, Princeton, N. J.- $i,ooo,ooo toward thephysical expansion of the University's Library Program in the SocialSciences.

Secondary Schools- $750,000 to ten private, independent sec-ondary schools, distributed $75,000 to each, for faculty support to thefollowing institutions: Abbot Academy, Emma Willard School, HebronAcademy, Lenox School, Masters School, Protestant Episcopal HighSchool, Shipley School, South Kent School, Taft School and WoosterSchool.

Tulane University, New Orleans, La.- $500,000 toward the sup-port of the University's library development programs, to include bookacquisitions, additions to staff, increased shelving, and extension of ser-vices to other local colleges.

II

University of Chicago, Chicago, 111. - $500,000 to assist in the con-version and renovation of the Harper Memorial Library building andadjacent buildings to house an undergraduate library, dassrooms andfaculty office space.

Vassar College, Poughkeepsie, N. Y.- $750,000 to endow "TheAndrew W. Mellon Professorship in the Humanities."

Virginia Polytechnic Institute Educational Foundation, Inc., Blacks-burg, Va.- $200,000 toward the purchase of equipment and the repairand modernization of facilities at the Virginia Forage Research Station,an agency of the Institute which conducts research on pastures and foragecrops to improve the feeding and breeding of cattle.

Washington and Lee University, Lexington, Va. -$300,000 to as-sist in the construction of a new undergraduate library.

HEALTH AND MEDICINE

Associoation of American Medical Colleges, Washington, D. C.-$I 50,000 to the Association, which promotes and guides the developmentof medical education, to assist in defraying the costs of moving its head-quarters from Evanston, Illinois, to Washington, D. C.

Children's Hospital Medical Center, Boston, Mass.- $250,000 toaid in the purchase of laboratory and scientific equipment for its newBasic Sciences Building.

Georgetown University School of Medicine, Washington, D. C.$300,000 toward the support of the School's program to expand its en-rollment substantially.

Peter Bent Brigham Hospital, Boston, Mass. -$i,ooo,ooo to aid inthe construction of a proposed new unified hospital and medical center,adjacent to Harvard Medical School, to house the Peter Bent BrighamHospital, the Boston Hospital for Women and the Robert B. BrighamHospital.

I2

Planned Parenthood of New York City, Inc., New York, N. Y.-$I 50,000 for the support of the increased workload of the organization'sFamily Planning Information Service.

Presbyterian Hospital in the City of New York (Columbia-Presby-terian Medical Center), New York, N. Y.- $i,ooo,ooo toward the con-struction phases of its development and modernization program.

Skidmore College, Saoratoga Springs, N. Y.- $I50,000 to aid in therenovation and equipping of its Nurses' Education and Residence Build-ing which houses its nursing program at New York University MedicalCenter.

Vanderbilt University School of Medicine, Nashville, Tenn.-$500,000 to aid in the construction of a new classroom and teachinglaboratory building to provide for increased enrollment.

Washington University School of Medicine, St. Louis, Mo.$500,000 to aid in the renovation of existing hospital facilities to housea new Perinatal Center and to provide offices and laboratory space for theSchool's Department of Obstetrics and Gynecology.

World Rehabilitation Fund, Inc., New York, N. Y.- $ioo,ooo ingeneral support of the Fund which makes available to people of othercountries the knowledge and techniques in physical rehabilitation of theInstitute of Physical Medicine and Rehabilitation at New York Uni-versity Medical Center.

CULTURAL PROJECTS

Brooklyn Institute of Arts and Sciences, Brooklyn, N. Y.-$26o,ooofor use of The Brooklyn Museum to establish and support a CuratorialApprentice Training Program to provide on-the-job experience for thetraining of museum curators and conservators.

National Gallery of Art, Washington, D. C.- $200,000 for sup-port of the Gallery's library acquisition program for its proposed Centerfor Advanced Study in the Visual Arts.

I3

New England Aquarium, Boston, Mass.- $ioo,ooo toward theAquarium's capital fund to provide for construction and to establishresearch and educational programs.

New Jersey Historical Society, Newark, N. J. $200,000 to assistin the renovation of the Society's Newark headquarters to provide addi-tional facilities for its increasing programs.

Richmondtown Restoration, Inc., Staten Island, N. Y.- $ioo,oootoward completion of this major restoration project which is planned asan authentic reproduction of a "working" American village spanning theperiod i69o to I890.

Robert E. Lee Memorial Foundation, Stratford, Va.- $200,000toward the acquisition of land bordering Stratford Hall, the ancestralhome of the Lee family and the birthplace of Robert E. Lee, now pre-served for public use and benefit.

CONSERVATION

National Audubon Society, New York, N. Y.- $200,000 to aidin the acquisition by the Society of acreage on Sanibel Island, Florida, toprotect the existing Darling National Wildlife Refuge operated by theFish and Wildlife Service of the United States Department of the In-terior.

National Park Foundation, Washington, D. C.- $5,500,000 to-ward the purchase of a major part of Cumberland Island (the largest ofthe so-called "Golden Isles" off the coast of Georgia), to be established asa National Seashore under the jurisdiction of the National Park Service.

Smithsonian Institution, Wlashington, D. C.- $I50,000 toward theland acquisition program of the Chesapeake Bay Center for Environ-mental Studies, an ecological research and training facility operated bythe Institution in collaboration with Johns Hopkins University and theUniversity of Maryland.

14

CIVIC PROGRAMS AND COMMUNITY SERVICES

Bedford-Stuyvesant D and S Corporation, Brooklyn, N. Y.-$ioo,ooo toward the construction of an outdoor recreational area, in-duding a skating rink, adjacent to the Sheffield Center, a communitycenter development in the Bedford-Stuyvesant area of Brooklyn.

Henry Street Settlement, New York, N. Y.- $ioo,ooo toward theconstruction of an arts center to be located among the Settlement's otherfacilities on the Lower East Side of New York City.

Madison Square Boys' Club, New York, N. Y.- $75,000 towardthe construction of a new Boys' Club facility to serve disadvantaged youthin the Bronx.

New York City Mission Society, New York, N. Y.- $150,000 toassist in the acquisition of land for a new multipurpose Cadet Corpsheadquarters in the Bronx.

New York Urban Coalition Inc., New York, N. Y. -$ioo,ooo forsupport of the Coalition's programs which involve the private sector inan effort to cope with the problems of black, Puerto Rican and otherminority peoples of the New York metropolitan area.

Police Athletic League, Inc., New York, N. Y.- $75,000 to assistin the construction of a youth center in Harlem.

Statistical Tables and Financial Statements

Included in this report are tables as follows:

I Summary of grants, I970

II Statement of grants, I970

III Financial statements for the year I970

i6


Table I

Summary ofGrants 1970

UnpaidJan. I,I970

Civic Programs andCommunity Services. $ 8o,ooo

Cultural Projects:Performing Arts . . $ i6o,oooMuseums and Libraries 779,834Conservation . . . 200,000Other Cultural Projects__-o-

$1,3139,834

Education.$I,855,699

Health and Medicine:Education in theHealth Sciences . . $I,I50,000Other Grants forHealth and Medicine 1,950,000

$3,100,000

Youth Programs. . . $ 75,000

Totals $6,250,533

Appro-priated Paid

UnpaidDec. 31,I970

$ 580,0o0 $ 630,000 $ 30,000

$ 365,0001,202,5005,850,000205,000

$ 7,622,500

$ 440,000

1,925,6665,503,700I45,000

$ 8,01o4,366

$ 85,00056,668

546,3006o,ooo

$ 747,968

$13,284,000 $I4, I79,2II $ 960,488

$ 1,841,000 $ 2,725,000 $ 266,ooo

2,777,500 3,952,500 775,000

$ 4,6I8,500 $ 6,677,500 $I,04I,000

$ 442,500 $ 492,500 $ 25,000

$26,547,500 $29,993,577 $2,804,456

.1

I7


Table IIStatement of Grants 1970 *

CIVIC PROGRAMS ANDCOMMUNITY SERVICES

American Council for Emigr6sin the Professions, Inc., New York:

Support of its program for thejob placement oftrained refugees .

American Law Institute,Philadelphia, Pa.:To aid in a study of federal

regulatory statutesadministered by theSecurities andExchange Commission.

American Red Cross in GreaterNew York

Bedford-Stuyvesant D and SCorporation, Brooklyn, N.Y.:Toward construction of a

recreational center at theSheffield Center inBrooklyn.

Community Council of GreaterNew York:

Support of this central resourcecoordinating the work ofNew York's voluntary healthand welfare agencies .

UnpaidJan. 1,Z970

Appro-priated Paid

UnpaidDec. 31,Z970

$ I 0,000 $ I0,000 $ -

65,000 35,000 30,000

- I0,000 10,000

I00,000 I00,000

10,000 I0,000 -

*Unless otherwise noted, grants are for general purposes of recipient.

i8

CIVIC PROGRAMS AND

COMMUNITY SERVICES(continued)

Community Service Society,New York:

Support of the Society'sprograms for needyfamilies in New York

Henry Street Settlement,New York:

Toward construction ofarts center

Industrial Home for the Blind,Brooklyn, N.Y.:

General support of a multi-service program forthe blind .

International Center inNew York, Inc.:

General support of its servicesfor foreign visitors studyingor training in the UnitedStates.

James Weldon Johnson CommunityCenter, Inc., New York:

Support of its communityservice programs in EastHarlem.

Legal Aid Society, New York:Support of program of legal

advisory service and repre-sentation for those unableto pay .

Lenox Hill NeighborhoodAssociation, Inc., New York:

For general support of itscommunity service programsin the Upper East Side areaof New York .

National Aid to Visually Handi-capped, Inc.,San Francisco, Calif.

UnpaidJan. z,Z970

Appfo-priated Paid

UnpaidDec. 3r,I970

$5,000 $5,000 $ -

100,000 I00,000

7,500

5,000

I 5,000

7,500

5,000

I 5,000 -

25,000 25,000

5,000 5,000o

I0,000 I0,000

CIVIC PROGRAMS ANDCOMMUNITY SERVICES

(continued)

UnpaidJan. z, Appro-z970 priated

New York Association for the Blind:For general support of its

program of socio-recreativeservices for the blind . . $

New York Urban Coalition Inc.:For support of its programs

involving the private sectorto deal with the problems ofminority peoples in NewYork City

Recording for the Blind, Inc.,New York:

Toward acquisition of certainduplicating systems toincrease output of tape-recorded booksfor the blind .

General support

Salvation Army, New York:Support of its programs of

social welfare to thehomeless and needy.

Sciciety of the Third StreetMusic School Settlement, Inc.,New York:

Support of developmentprogram.

$5,000 $5,000 $ -

100,000 I00,000 -

35,000 35,000

- 7,500 7,500

5,000 5,000

50,000 50,000

Tolstoy Foundation, Inc.,New York:

Support of its program ofimmigration and resettlementof refugees.

Travelers Aid Society of New York:Support of the Society which

provides individualizedservices to travelers .

30,000 30,000

5,000 5,000o-

I9

Paid

UnpaidDec. 3I,1970

20

CIVIC PROGRAMS AND

COMMUNITY SERVICES(continued)

United Neighborhood Houses ofNew York, Inc.:

Support of Joint SupplementalFund shared with membersettlement houses

United Service Organizationsof New York City, Inc.:

Support of its program ofservices to members ofthe Armed Forces

Total- Civic Programsand Community Services

UnpaidJan. I,1970

Appro-priated Paid

UnpaidDec. 3r,I970

$ - $50,000 $50,000 $ -

5,000 5,000 -

$8o,ooo $58o,ooo $630,000 $30,000

CULTURAL PROJECTSPerforming Arts

American Shakespeare FestivalTheatre and Academy (Stratford,Conn.), New York:

Support of the Theatre'spresentations and educa-tional programs . . . . $50,000 $ -

Brooklyn Institute of Arts andSciences, Brooklyn, N.Y.:

For support of engagement ofRoyal Shakespeare Company'sproduction at BrooklynAcademy of Music at a

reduced ticket price scale

City Center of Music and Drama,Inc., New York:

Support of program of free ordiscount priced tickets forNew York City under-privileged children, andstudents

Metropolitan Opera Association,Inc., New York

Music Associates of Aspen, Inc.(Aspen, Colo. ), New York:For support of Aspen Music

School in Aspen, Colo. .

National Endowment for the Arts,Washington, D.C.:

For support of Theatre, Inc.(Phoenix Theatre),NewYork.

New York Pro Musica:Support of its activities in

the retrieval and performanceof medieval and renaissancemusic.

$50,000 $

I0,000 I0,000

50,000 25,000 25,000

50,000 50,000o

45,000 I 5,000 30,000

50,000 50,000 -

20,000 I0,000 I0,000

2I

UnpaidJan. I,1970

Appro-priated Paid

UnpaidDec. 31,1970

22

CULTURAL PROJECTSPerforming Arts (continued)Opera Association of New Mexico,Santa Fe, N.M.:

Support of its ApprenticeProgram

General support .

Philharmonic-Symphony Societyof New York, Inc.

St. Louis Symphony Society,St. Louis, Mo.:

Support of the Institute ofOrchestral Conducting.

School of The PennsylvaniaBallet Company, Philadelphia, Pa.:

Support of The PennsylvaniaBallet Company .

Subtotal

UnpaidJan. z,Z970

Appro-priated

$30,00030,000

Paid

UnpaidDec. 3r,I970

$20,000 $ I0,000

20,000 I0,000

50,000 50,000

40,000 40,000

I00,000 I00,000 -

$ i6o,ooo $365,000 $440,000 $8s,ooo

Museums and LibrariesAmerican Museum of NaturalHistory, New York:

Toward capital funds drive . $500,000 $ -General support . . . . 5,000

Brooklyn Institute of Artsand Sciences, Brooklyn, N.Y.:

For the benefit of The BrooklynMuseum:

Support of audio-visualprogram in connectionwith Museum's exhibitionon African Sculpture 7,500

For establishment andsupport of a CuratorialApprentice TrainingProgram . . . . - 260,000

$500,000 $-5,000

7,500

260,000

CULTURAL PROJECTSMuseums and Libraries

(continued)

National Gallery of Art,Washington, D.C.:

Support of library acquisitionprogram in connection withestablishment of the Centerfor Advanced Study in theVisualArts.

Support of its project at theCarnegie-Mellon Universityrelative to the preservationof paintings .

A. W. Mellon Lectures in theFine Arts .

New England Aquarium,Boston, Mass.:

For capital funds to providefor construction, and toestablish research andeducational programs

UnpaidJan. I,Z970

Iog,834

20,000

Appro-priated Paid

UnpaidDec. 31,1970

$200,000 $200,000 $ 81-

- 73,166 36,668

20,000

I 00,000 I00,000

New Jersey Historical Society,Newark, N.J.:To assist in the renovation

of its Newarkheadquarters .

New York Public Library

New York Zoological Society:Toward current capital projects

at the Bronx Zoo .

Richmondtown Restoration, Inc.,Staten Island, N.Y.:To assist in the development

of the RichmondtownRestoration.

200,000 200,000 - '

- 25,000 25,000 -

150,000 150,000

100,000 I00,000

Robert E. Lee Memorial Foundation,Inc., Stratford, Va.:Toward acquisition of land

bordering Stratford Hall . 200,000 200,000

24

CULTURAL PROJECTSMuseums and Libraries

(continued)

Shaker Community, Inc.,Hancock, Mass.:To assist in the restoration

of the water system atShaker Village . . . . $

Whitney Museum of American Art,New York:

$95,000 $95,000 $ -

Toward support of the Museulm'sArt Resources Center . . 10,000 I0,000

Subtotal $779,834 $I,202,500 $1,925,666 $56,668

Conservation

Conservation Foundation,Washington, D.C:

Support of the Foundationwhich conducts researchand education in thenatural resources field .

National Audubon Society,New York:

$200,000 $ $I00,000 $I00,000

Toward acquisition by theSociety of acreage onSanibel Island, Florida,for protection of the DarlingNational Wildlife Refuge - 200,000 200,000

National Park Foundation,Washington, D.C.:

Toward the purchase of amajor part of CumberlandIsland, Georgia, to beestablished as a NationalSeashore.-.. . . . 5,500,000 5,053,700 446,300

Smithsonian Institution,Washington, D.C.:

Toward cost of acquiring landfor its Chesapeake Bay Centerfor EnvironmentalStudies 150,000 I50,000 -

Subtotal $200,000 $5,85o,ooo $5,503,700 $546,300

UnpaidJan. r,Z970

Appro-priated Paid

UnpaidDec. 31,I970

25

CULTURAL PROJECTSOther Cultural Projects

Atlantic Council of the UnitedStates, Inc., Washington, D.C.:Toward support of the library

programs of The AtlanticInstitute, Paris, France.

California Institute ofTechnology, Pasadena, Calif.:To continue support of its

art workshop program.English-Speaking Union of theUnited States, New York

International ExhibitionsFoundation, Washington, D.C.:To assist in its program of

providing traveling artexhibitions

UnpaidJan. I,I970

Appro-priated Paid

UnpaidDec. 3z,1970

$90,000 $30,000 $6o,ooo \b '

25,000 25,000

5,000 5,000

10,000 10,000

San Francisco Art Institute,San Francisco, Calif.:To assist in the construction

of the Institute's newstudio building .

Spanish Institute, Inc., New York:For operating support of its

program to promote interestin the Spanish world . .

Subtotal $ -o-Total-Cultural Projects $1,139,834

50,000 50,000

25,000

$ 205,000

$7,622,500

25,000

$ I45,000

$8,oI4,366$ 6o,ooo$747,968

26

UnpaidJan. z,

EDUCATION Z970Abbot Academy, Andover, Mass.:

For faculty support . . .

Agnes Scott College,Decatur, Ga.:

For faculty support

American Association ofTheological Schools in theUnited States and Canada,Dayton, Ohio:

Support of the Associationwhich acts as the officialaccrediting agency forgraduate and professionaltheological education

American Council on Education,Washington, D.C.:

Support of its seminar programfor college presidents andother college officers

Association of American Colleges,Washington, D.C.:

Support of its Commission onLiberal Education

Bates College, Lewiston, Me.:For faculty support

Bryn Mawr College,Bryn Mawr, Pa.:To endow a Chair in the

Humanities

Bucmnell University, Lewisburg, Pa.:For faculty support

Carleton College, Northfield, Minn.:To endow a Chair in theHumanities.

$75,000 $75,000 $ -

- 200,000 200,000 -

300,000 150,000 150,000

75,000 25,000 50,000

- I15,000 I5,000

200,000 200,000

500,000 500,000

- 200,000 200,000

500,000 500,000

Apo-p7iated Paid

UnpaidDec. 3z,I970

EDUCATION (continued)

Center for Information onAmerica, Inc., Washington, Conn.:

For development of high schoolinstructional materials inpopulation studies and in theproblems of conservationand environment . . .

Connecticut College,New London, Conn.:To aid in construction of an

addition to its library

Cornell University, Ithaca, N.Y.:For support of its Society

for the Humanities.

Council for Basic Education,Washington, D.C..

Dartmouth College, Hanover, N.H.:To endow a Chair in the

Humanities

UnpaidJan. I,I970

Appro-priated Paid

$ I5$,000 $ I 5,000 $

- 250,000 250,000

300,000 300,000

I 0,000 I0,000

300,000 300,000

Drew University, Madison, N.J.:For faculty support .

Emma Willard School, Troy, N.Y.:For faculty support

Grinnell College, Grinnell, Iowa:For faculty support

Hampton Institute, Hampton, Va.:To endow a Chair in theHumanities.

Harvard University,Cambridge, Mass.:To assist in construction of an

addition to the HarvardCollege Library.

To assist in construction of anunderground addition toWidener Library

200,000 200,000 -

75,000 75,000

- 200,000 200,000

- 400,000 400,000

- 500,000 500,000

I 50,000

27

UnpaidDec. 3z,I970

I 50,000

28


Harvard University, Cambridge,Mass.: (continued )

For fellowship and librarysupport at the HarvardUniversity Center forItalian Renaissance Culture atI Tatti, Florence, Italy . . $

Hebron Academy, Hebron, Me.:For faculty support

Hollins College,Hollins College, Va.:

For support of graduate programin Liberal Arts Studies

Institute of InternationalEducation, New York:

Toward retirement ofindebtedness on head-quarters building inNew York City .

General support .

Interdenominational TheologicalCenter, Atlanta, Ga.:Toward support of its ten-

year development program

Johns Hopkins University, Schoolof Advanced International Studies,Washington, D.C.:To endow a Chair in

International Studies

Knox College, Galesburg, Ill.:For faculty support .

Lafayette College, Easton, Pa.:For faculty support .

Lenox School, Lenox, Mass.:For faculty support .

UnpaidJan. I,Z970

Appro-priated Paid

UnpaidDec. 31,1970

$75,000 $5,000 $70,000

75,000 75,000

- 20,000 20,000

250,000 250,000

25,000 25,000

200,000 200,000

.1750,000 750,000

200,000 200,000 -

- 200,000 200,000

75,000 75,000

29


Lexington School for the Deaf,Queens, N.Y.:

Toward reduction of indebtednesson School's new facilityin Queens . . . . . I

Lincoln Hall, New York:Toward construction of

auditorium for this residen-tial training school fordelinquent boys.

Mary Baldwin College,Staunton, Va.:

For support of bookselection programs inhistory, German literatureand drama

Massachusetts Institute ofTechnology, Cambridge, Mass.:

Toward construction of anelectrical engineeringand electronics teachingcomplex.

For support of NeurosciencesResearch Programpublication.

Masters School, Dobbs Ferry, N.Y.:For faculty support

Mills College, Oakland, Calif.:For faculty support

National Endowment for theHumanities, Washington, D.C.:

For use of the AmericanAcademy in Rome towardsupport of its Fototecaproject

For use of The AssociatedColleges of the Midwest, TheNewberry Library, to supportthe Newberry LibrarySeminar in the Humanities

UnpaidJan. I,Z970

App7o-priated Paid

UnpaidDec. 31,1970

$200,000 $200,000 $- )

75,000 75,000

5,000 5,000

300,000 300,000

5,000 5,000

75,000 75,000o

200,000 200,000 -

4,500 4,500

I7,500 35,000

(3..

, cl

52,500


National Endowment for theHumanities, Washington, D.C.:

(continued)\;S R For use of United Chapters of

Phi Beta Kappa in theoperation of the NationalHumanities Faculty

For use of United Chapters ofPhi Beta Kappa for sponsor-ship of certain books to bepublished in connectionwith its BicentennialProgram

National Gallery of Art,Washington, D.C.:

Fellowships for training ofmuseum curators

Navajo Community College,Many Farms, Ariz.:

Toward its capital con-struction needs .

New York University:Toward expenses of archaeo-

logical work at Aphrodisiasin Caria, Turkey .

Institute of Fine Arts:To endow a professorship

to be designated asthe "Ailsa Mellon BruceChair in Fine Arts" .

Oberlin College, Oberlin, Ohio:For faculty support .

Polytechnic Institute of Brooklyn,Brooklyn, N.Y.:

For support of its Center forUrban EnvironmentalStudies

UnpaidJan. I,Z970

Appro-priated Paid

UnpaidDec. 3I,Z970

$50,000 $50,000 $ -

C,25,000 25,000

36,ooo i8,ooo i8,ooo

- 250,000 250,000

- 20,000 20,000

750,000 750,000

200,000 200,000

200,000 67,000 I 33,000

I

3I


Princeton Theological Seminary,Princeton, N.J.:To continue support of Center

for Continuing Education forMinisters .

Princeton University,Princeton, N.J.:

Toward the physical expansionof the University's LibraryProgram in the SocialSciences.

Protestant Episcopal High School,Alexandria, Va.:

For faculty support

Randolph-Macon Woman'sCollege, Lynchburg, Va.:

For faculty support

St. John's College,Annapolis, Md.:

Endowment Fund: matchinggrant.

Saint Paul's College,Lawrenceville, Va.:To assist in the renovation

of its library facilities .

Salzburg Seminar in AmericanStudies (Cambridge, Mass.),New York:

General support of the Seminarwhich provides opportunityfor Europeans to learn aboutAmerican institutions .

Scripps College, Claremont, Calif.:For faculty support .

Shipley School, Bryn Mawr, Pa.:For faculty support .

Unpaid UnpaidJan. i, Appfo- Dec. 31,Z970 priated Paid Z970

- $I00,000 $34,000 $66,ooo

I,000,0000 I,000,000

75,000 75,000

- 200,000 200,000 -

I67,034 47,046 II9,988

I 50,000 I 5 0,000

N7\'40,000 20,000 20,000

- 200,000 200,000

75,000 75,000

32


Skowhegan School of Painting andSculpture (Skowhegan, Me.),New York:

Toward reduction of School'sindebtedness .

Smith College,Northampton, Mass.:

Toward cost of construction ofa new building to providefacilities for the Departmentof Art and the Museum ofthe College.

South Kent School,South Kent, Conn.:

For faculty support .

Stevens Institute of Technology,Hoboken, N.J.:

Support of the Stevens TechnicalEnrichment Program

Taft School, Watertown, Conn.:For faculty support

Tougaloo College,Tougaloo, Miss.:To aid in construction ofnew library .

Trinity College, Hartford, Conn.:For faculty support

Tulane University,New Orleans, La.:

Toward support of University'slibrary developmentprograms

UnpaidJan. z,1970

Appro-priated Paid

UnpaidDec. 3z,I970

$75,000 $75,000 $ -

250,000 250,000

75,000 75,000

7,500 7,500 -

75,000 75,000

200,000 200,000 -

- 200,000 200,000

500,000 500,000 - \;,v


Union Theological Seminary,New York:To continue support of the

Seminary's program inreligion and psychiatry. . $

University of Chicago,Chicago, Ill.:Toward renovation and con-

version of Harper MemorialLibrary building and adjacentbuildings to house an under-graduate library andrelated facilities. .

Vassar College,Poughkeepsie, N.Y.:To endow a Chair in

the Humanities. .

Virginia Fellowship Programin the Humanities:

Fellowships for selectedteachers and administratorsfrom Virginia public highschools for study in thehumanities at the Universityof Virginia and YaleUniversityTo University of

Virginia . .

To Yale University .

Virginia Foundation forIndependent Colleges,Lynchburg, Va.:To support program for de-

velopment of financial aidfrom the business communityfor its member colleges . 2

$40,000 $40,000 $ -

500,000 500,000

750,000 750,000

75,000

41,250

33,750

83,500 I66,5oo

33

UnpaidJan. I,I970

Appro-priated Paid

UnpaidDec. 31,1970

1'V

34


Virginia Polytechnic Institute,Blacksburg, Va.:

Toward purchase of equipmentand the repair and moderni-zation of facilities at theVirginia Forage ResearchStation

Wabash College,Crawfordsville, Ind.:

For faculty support

Walke Forest University,Winston-Salem, N.C.:

For faculty support

Washington and Lee University,Lexington, Va.:To assist in the construction

of an undergraduatelibrary

Wheaton College, Norton, Mass.:For faculty support . .

Wooster School, Danbury, Conn.:For faculty support

Yale University,New Haven, Conn.:

Exchange Fellowships withClare College, Cambridge,Engand . . . . .

UnpaidJan. I,Z970

Appro-priated Paid

- $200,000 $200,000 $

- 200,000 200,000

200,000 200,000

300,000 300,000 -

200,000 200,000

75,000 75,000 -

45,I65 132,000 45,I65

Total-Education $I,855,699 $13,284,000 $I4,179,21I

132,000

$960,488

UnpaidDec. 31,Z970

35

HEALTH AND MEDICINEEducation in the Health SciencesAmerican Fund for DentalEducation, Chicago, Ill.:

For support of scholarshipprogram for black dentalstudents.

Association of American MedicalColleges, Washington, D.C.:To assist in defraying cost of

moving headquarters toWashington, D.C. .

Boston University School ofMedicine, Boston, Mass.:

Support of program tostrengthen faculty .

Duke University Medical Center,School of Nursing, Durham, N.C.:Toward cost of construction

of new classroom facilityfor its School of Nursing

Georgetown University School ofMedicine, Washington, D.C.:

For support of program toexpand its enrollment .

Harvard University, School ofPublic Health, Boston, Mass.:To aid in construction of educa-

tional facilities building .

UnpaidJan. I,1970

Appro-p7rated Paid

UnpaidDec. 31,1970

- Ioo,ooo $34,000 $66,ooo

I50,000 I50,000 -

I00,000 50,000 50,000

200,000 200,000

300,000 300,000

250,000 250,000

Meharry Medical College,Nashville, Tenn.:

Support of program tostrengthen faculty . 100,000 50,000 50,000

Mount Sinai College of Medicine,New York:

Toward construction of newfour-year medical school . 200,000 200,000

HEALTH AND MEDICINEEducation in the Health Sciences

(continued)

New York Institute for theEducation of the Blind:

Toward construction of aDiagnostic Clinic and Educa-tional Treatment Center

Niagara University, New York:To assist in the construction

of a nursing educationbuilding for its Collegeof Nursing

Skidmore College,Saratoga Springs, N.Y.:To aid in the renovation

and equipping of itsNurses' Education andResidence Building in NewYork City to house theSkidmore College nursingprogram at New YorkUniversity Medical Center

Syracuse University,Syracuse, N.Y.:

Toward construction of newSchool of Nursing .

Vanderbilt University School ofMedicine, Nashville, Tenn.:

Toward construction of newclassroom and teachinglaboratory building.

Washington University School ofMedicine, St. Louis, Mo.:

Toward renovation of existinghospital facilities to housethe Perinatal Center andto provide offices andlaboratory space for itsDepartment of Obstetricsand Gynecology. .

UnpaidJan. x,1970

Appro-priated Paid

$200,000 $- $200,000

- 775,000 75,000

-150,000 150,000

100,000 -

- 500,000 500,000

- 500,000 500,000

UnpaidDec. 31,1970

I00,000

S-

37

HEALTH AND MEDICINEEducation in the Health Sciences a. z,

(continued) 1970Washington University School ofMedicine, St. Louis, Mo.: (continued)

Appro-priated Paid

UnpaidDec. 3I,1970

Support of research programsponsored by the NationalMultiple Sderosis Societyin studies on proteins uniqueto the nervous system . . $ $ 66,ooo $ 66,ooo $

Subtotal $I,I50,000 $1,841,000 $2,725,000 $266,ooo

Other Grants for Health and MedicineAffiliated Hospitals Center, Inc.,Boston, Mass.:To aid in the construction

of a proposed new unifiedhospital and medicalfacility ... . . . $500,000

Cancer Care, Inc., New York .

Children's Hospital Medical Center,Boston, Mass.:To aid in the purchase of

laboratory and scientificequipment for its newBasic Sciences Building

Elwyn Institute, Elwyn, Pa.:To assist in the construction

of three residential rehabili-tation facilities .

Frontier Nursing Service,Hyden, Ky.:To assist in the construction

of a new hospital .

Health Research, Inc.,Buffalo, N.Y.:

For the benefit of RoswellPark Memorial Institute, acancer research center, toaid in the construction of achemotherapy-pharmacologybuilding.

5,000

$ - $500,000

5,000 -

250,000 250,000

100,000 I00,000

8o,ooo 8o,ooo

200,000 -200,000

38

HEALTH AND MEDICINEOther Grants for Health andMedicine (continued)

Knickerbocker Hospital,New York:To meet emergency financialneeds.

UnpaidJan. I,1970

Appro-pfiated

$ I00,000 $

Paid

$ I00,000 $

Manhattan Eye, Ear and ThroatHospital, New York:

Toward construction of a newhospital building

Margaret Sanger ResearchBureau, Inc., New York:

Support of Bureau whichprovides training,research and patientservice in the birthcontrol field .

Memorial Sloan-KetteringCancer Center, New York:

Building Fund .

For needy patient care

Menninger Foundation,Topeka, Kan.:To aid in the construction of

the children's clinicbuilding adjacent to itsChildren's Hospital

National Council on Alcoholism,Inc., New York:

Toward establishment of a

program informationservices department

New York HeartAssociation, Inc.

New York University MedicalCenter, Institute of Rehabilita-tion Medicine:

For support of researchactivities in hypertensionand stroke

I 50,000 - I150,000

25,000 25,000

250,000 - 250,000

10,000 10,000

250,000 250,000

25,000 25,000

7,500 7,500

50,000 50,000

UnpaidDec. 3z,Z970

I00,000

39

HEALTH AND MEDICINEOther Grants for Health andMedicine (continued)Peter Bent Brigham Hospital,Boston, Mass.:To aid in the construction

of a proposed new unifiedhospital and medical center

Planned Parenthood ofNew York City, Inc.:

For support of its FamilyPlanning InformationService

Population Council, New York:In support of the Council

which serves as a clearinghouse for information inthe field of populationstudies

Presbyterian Hospital in theCity of New York:Toward construction phases

of its current developmentand modernizationprogram.

Roosevelt Hospital, New York:Medical treatment for needypersons.

St. Luke's Hospital CenterWoman's Hospital, New York

St. Vincent's Hospital andMedical Center, New York:

Toward construction of newfacility for its Schoolof Nursing.

UnpaidJan. I,Z970

Appro-priated Paid

UnpaidDec. 3I,Z970

$ I,000,000 $I,000,000 $ -

- 150,000 75,000 75,000

I 50,000 150,000

I ,000,000 1,000,000

- 20,000 20,000

5,000

200,000

United Hospital Fund, New York:Support of program of aid

to its member hospitals

5,000

200,000

10,000 I0,000

40

HEALTH AND MEDICINEOther Grants for Health andMedicine (continued)Visiting Nurse Service ofNew York:

Support of program to providenursing care and health aidin the home . .

UnpaidJan. I,I970

Appfo-priated Paid

$ I 5,000 $ I 5,000 $ -

World Rehabilitation Fund, Inc.,New York:

Support of training programsand other activities inphysical rehabilitation . 25,000 I00,000 I 25,000

Subtotal $I,950,000 $2,777,500 $3,952,500 $ 775,000

Total-HealthandMedicine $3,100,000 $4,6I8,500 $6,677,500 $I,04I,000

UnpaidDec. 31,1970

YOUTH PROGRAMSBig Brothers, Inc. ofNew York City:To assist in the operation

of a residential center inNew York City .

UnpaidJan. I,I970

Appro-priated

$I5,000 $

Paid

SI5,000 $

Big Sisters, Inc., New York .

Boy Scouts of America,Greater New York Councils

Boys Brotherhood Republicof New York, Inc.:

Support of the programs ofBoys Brotherhood, a LowerEast Side boys' club .

Boys Harbor, Inc., New York:For support of its

educational programs

Children's Aid Society, New York:For support of its

Family Service Center inEastHarlem.

Child Adoption Service

Fresh Air Fund, New York:Support of Fund's vacation

program for New York Citychildren.

Girl Scout Council of GreaterNew York, Inc..

Girls Clubs of America, Inc.,New York:

Support of the organization'sexpanding activities in thedevelopment oflocal clubs

50,000 50,000

40,000

5,000

5,000

5,000

40,0005,000

5,000

5,000

25,000 25,000

4I

UnpaidDec. 31,I970

7,500

5,000

7,500

5,000 -

7,500

5 0,000

42

YOUTH PROGRAMS(continued)

Madison Square Boys' Club,New York:To assist in the completion

of a new Boys' Club facilityin the Bronx .

New York City Mission Society:Toward acquisition of land

for a new Cadet Corpsheadquarters building to belocated in the Bronx

General support .

Police Athletic League, Inc.,New York:To assist in the construction

of a youth centerin Harlem

Vocational Foundation, Inc.,New York:

Support of its job placementservice for young people withcorrectional background .

UnpaidJan. I,1970

Appro-priated

-,I 50,000

7,500

Paid

I 5 0,000

7,500

75,000 75,000

5,000 5,000

Wiltwyck School for Boys,Incorporated (Yorktown Heights,N.Y.), New York:

Toward support of itsout-patient clinic I0,000 10,000

Young Life Campaign (ColoradoSprings, Colo.), New York:

For support of its summer campprogram for boys from theLower East Side of New York - 5,000 5,000 -

Total-Youth Programs $ 75,000 $ 442,500 $ 492,500 $ 25,000

Grand Totals $6,250,533 $26,547,500 $29,993,577 $2,804,456

UnpaidDec. 31,1970

$75,000 $75,000 $ -

Table IIIFinancial Statements

45

OPINION OF INDEPENDENT PUBLIC ACCOUNTANTS

PRICE WATERHOUSE & CO.

6o Broad StreetNew York I0004April 7, I971

To the Board of Trustees ofThe Andrew W. Mellon Foundation

In our opinion, the accompanying statements of assets and principal and invest-ment securities resulting from cash transactions and contributions received and the re-lated statements of income collected and expenses disbursed and changes in principalpresent fairly the assets and principal of The Andrew W. Mellon Foundation at De-cember 3I, I970 resulting from cash transactions and contributions received, and theincome collected and expenses disbursed and changes in principal for the year, and arepresented on a basis consistent with that of the preceding year. Our examination ofthese statements was made in accordance with generally accepted auditing standardsand accordingly included such tests of the accounting records and such other auditingprocedures as we considered necessary in the circumstances, including confirmationof cash and securities owned at December 3I, I970 by correspondence with thedepository.

PRICE WATERHOUSE & CO.

46


Statement of Assets and Principal Resulting fromCash Transactions and Contributions ReceivedDecember 31, 1970

Assets

Investments, at fair market value at dates ofacquisition or at cost (see schedule ):Bonds and notes, less premium amortization . . . . . . . . $I3i,409,608Stocks. 466,769,472

Total investment securities (approximatemarket value of $694,740,000)...... . 598,I79,080

Interest in West Virginia coal properties . . . . . . . . . I,379,731Total investments . . . . . . . . . . . . . 599,558,8II

Cash .................... . 506,630Interest purchased . . . . . . . . . . . . . . . . . 13I,58oOffice building, furniture and equipment, at cost,

less accumulated depreciation of $33,422........ . 748,478Land, Washington, D.C., at cost . . . . . ... . . . . . 3I1,952

$6oi,257,4531

PrincipalAppropriated for unpaid grants, payable in later years .

Unappropriated balance .

* $2,804,456* 598,452,995

$60I,257,451

47


Statement of Income Collected and Expenses DisbursedCalendar Year 1970

Income collected:Income received from trusts (Note 2)Dividends.Interest on bonds and notes, less amortization

of premiums of $6,723 .Net income from West Virginia coal properties

Total income collected .

Expenses disbursed:Salaries and provision for employees' pensions .Professional, consulting and other fees.Other administrative and office expenses including

maintenance and depreciation of office buildingTotal expenses disbursed .Excess of income collected over expenses di

. . . . 020,259,149I4,I02,001

. . . . 6,846,i96406,928

.. . . . 4I,614,274

. . . . 379,06I277,353

I23,817

780,231isbursed. . . $40,834,043

48


Statement of Changes in PrincipalCalendar Year 1970

Balance at beginning of year . . . . . . . . . . . . . $220,3I4,I9IDistribution from trusts- cash and securities at

fair market value at dates of acquisition (Note2 ) . . . . . . 376,12I,670Excess of income over expenses, per statement . . . . . . . . 40,834,043Gift of cash . . . . . . . . . . . . . . . . . . 50,000Grants paid . . . . . . . . . . . . . . . . . . (29,993,577)Net loss on sales of securities . . . . . . . . . . . . . (6,o68,876)Balance at end of year . . . . . . . . . . . . . . . $60I,257,451

NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1970

NOTE 1:The accounts of the Foundation are maintained on the basis of cash receipts and

disbursements except that depreciation expense is recorded in the accounts. Accrued in-vestment income and accrued excise tax not recorded totaled approximately $2,632,000and $820,000, respectively, at December 31, 1970. Other items of income and expense notincluded in the statements are not significant.

NOTE 2:The Foundation has remainder interests in certain trusts established by the late

Ailsa Mellon Bruce during her lifetime and is residuary legatee under her will. Pursuantto these instruments distributions of cash and securities totaling $396,380,819, including$20,259j,49 of income received by the trusts subsequent to date of death, were received bythe Foundation during 1970. Additional distributions may be received in the future.

49


Investment SecuritiesDecember 3'Z, 1970

Bonds and Notes:U.S. Treasury Bills:Due January 7, I97 IDue January I4, I971Due February i8, I97 IDue March Ii, I97IDue March i8, I97I

Other U.S. Government obligations:Federal Home Loan Banks

8.45%, June 25, I971.Federal National Mortgage Assn.4½%2 , September io, I97 I5 %, January I9, I972.

Treasury Bonds4%8%, November I 5, I9734½89%, February I5, I974 . .

Government National Mortgage Assn.6.20%, August 12, I988 .

Principal ApproximateAmount Book Valse Market Value

$ 250,000 $ 246,628 $ 247,000I,400,000 I,382,527 1,383,0002,200,000 2,I79,296 2,I79,0003,000,000 2,962,690 2,963,000I,900,000 I,877,33I 1,877,000

8,648,472 8,649,000

2,500,000 2,5 I7,490 2,534,000

I,000,000 I,002,267 990,0003,000,000 2,84I,563 2,974,000

2,500,000 2,483,984 2,39I,0003,000,000 2,988,228 2,846,ooo

3,000,000 2,585,550

14,4Ig,o82Total U.S. Government obligations

Commercial paper:C.I.T. Financial Corp.

5 ½2%, March 2, I971. . . . . I,500,000Ford Motor Credit Corp.7%, January I3, 197I. . . . . 1,000,0007%, January 20,197.I . 2,000,00053/8 %, February 24,197I . . . 2,700,0005 Y2%, March 30,I97I . . . . 900,000

General Electric Credit Corp.638A%, January 20, I971 . . . . 6oo,ooo53/4%, February 23,97I . . . I,200,00053/8 %, March I2,I97I . . . . 3,I00,0005 Y2%, March 22,I97I . . . . 2,000,000

23,o67,554

2,677,000

I4,4I2,000

23,06I,000

I479,I46 1,479,000

982,5002,000,0002,700,000887,625

6oo,oooI,I82,5 583,o66,675I,972,I94

982,0002,000,0002,700,000888,ooo

6oo,oooI,I83,0003,o67,0001,972,000

. . . .

. . . .

. . . .

. . . .

50

BONDS AND NOTES (continued)

Morgan Guaranty Trust Co.5Y20%, March I5, I97I5Y8%,MayI4,I97I .

New Jersey Bell Telephone Co.5 Y2 %, February 3, I197 1

J. C. Penney Credit Corp.5 2g%, February 3, I97 I

Sears Roebuck Acceptance Corp.63/4%,Januay 5, I971I5 V4%, Februar IO, I97 I

Westinghouse Credit Corp.65/8%, January 7, I97 I65/8 %g, January 27, I97 I .

Total commercial paper .

Corporate and other:Public utility:

Bell Telephone Co. of Canada4.8 5 %, September I, 1995 . .6.90%, September I7, 1998 . .

Chesapeake & Potomac Telephone Co.7V4%,MayI,2009 .....

Cincinnati Gas & Electric Co.8 ½8 %g, December I,2000 . .

PrincipalAmount

ApproximateBook Value Market Value

* . 2,000,000 2,000,000. I,300,000 1,300,000

. 1,000,000

*. 1,000,000

4.I400,000. I,900,000

. 2,000,000

. 2,800,000

2,000,000I,300,000

99 I,292 99 I,000

I,000,000 I,000,000

1,400,000 I,400,000I,900,000 I,900,000

2,000,0002,800,000

28,26I,990

2,000,0002,800,000

28,262,000

500,000 500,000 3 I4,000

250,000 250,000 207,000

1,000,000 878,530 963,000

2,000,000 2,0I 5,868 2,o85,oooCommonwealth Edison Co.

6¼4%,February I, I998Connecticut Light & Power Co.

67/8%, October I, I998Consumers Power Co.

578%,JulYI996iqq66A8%, October I,I998

Cook County School District3%,January , I97I . .

Detroit Edison Co.6.40% , October I, I998

Duke Power Co.8%, September I, I9997%,February I, I999 .63/8 %, February I, I998

Florida Power Corp.7%, November I, I998

2,000,000

. . 2,000,000

500,000. . 1,200,000

I,7I8,320 I,743,000

1,700,840 I,855,000

4 I I,8001,051,200

42 I,000i,o85,000

I00,000 96,8I6 I00,000

2,500,000

1,000,0002,000,0002,250,000

2,063,485

I,004,7501,775,680I,989,445

2,207,000

1,000,000I,872,000I,994,000

1,299,875 1,405,000. . 3I,500,000

5I


Georgia Power Co.65%8%, September I, I99887/8 %, September I, 2000

Illinois Bell Telephone Co.6%, July I, I998.

Michigan Bell Telephone Co.63/8 %, February 1, 2005 .

8 5/8 %, February I, 2X0 .0Mountain States Telephone &

Telegraph Co.6%, August I,2007.8%, October I, 2009.

New England Telephone & Telegraph Co.6V8 %, October 1, 2006 .

Northern Illinois Gas Co.6%, August I, I99 I

Northern States Power Co.8%, October i, I 999.

Ohio Edison Co.8%4%, September I, I999

Pacific Telephone & Telegraph Co.6½2%, JulyI, 20036%, November I, 2002 .

Philadelphia Electric Co.68g%, October I, 1997 . . . .

Public Service Electric & Gas Co.6 ,%,June I, 1997

San Diego Gas & Electric Co.7%, December I, I998 . . .

South Central Bell Telephone &Telegraph Co.8/4 %, December I, 2004 . .

PrincipalAmount

2,000,0002,000,000

I,400,000

1,500,0002,250,000

I,000,0002,000,000

1,000,000

I,000,000

I,000,000

I,900,000

1,000,000I,000,000

ApproximaeBook Vale Market Value

I,709,425 i,8o8,ooo2,0I5,478 2,I05,000

1,I54,7I0 I,I93,000

I,367,I00 I,326,0002,28I,484 2,35 I,000

822,900I,920,I85

840,0002,010,000

768,775 857,000

765,I I 5 835,000

96I,680 I,OOO,OOO

I,886,627 I,938,000

834,x88 895,0009 I I,965 845,000

2,250,000 I,882,550 I,953,000

I,000,000 823,415 867,000

I,500,000 I,383,670 I,405,000

2,000,000 2,0I9,706 2,040,000

Southern Bell Telephone & Telegraph Co.6%, Ocober I, 2004 . . . . . 1,000,000

Southern California Edison Co.78 %,January 15, I994 . * * * 500,00057/8% May I5, 1992 . . . . . 500,000

Southwestern Bell Telephone &Telegraph Co.5 7/8 %, June I, 2003 . . . . . I,000,0008¼4%, September I, 2005 . . . 2,000,000

844,653 843,000

463,420 477,000501,070 423,000

784,000 829,0001,947,7 I9 2,040,000

52


Union Electric Co.7%,April I, I998 .

8¼4%,October I, I999

Wisconsin Telephone & Telegraph Co.6¼4%, August I,2004 .

Industrial and others:Atlantic Coast Line Railroad

43/8 %, August I, I977 .

43/8 %, August I, I 978Bethlehem Steel Corp.

67/8 %, March I, I999.

Caterpillar Tractor Co.5.30%, April I, 1992.

Deere & Co.5.40%, February I5, I992

Dow Chemical Co.6.70%, June I, I998

Federated Dept. Stores, Inc.83/8%, September I5, 1995

Ford Motor Co.8 %8%, January I 5, I990

General Aniline and Film Corp.57/8 %, December i, I99 I

General Motors Accept. Corp.78%, December i, I990

Household Finance Corp.7¼4%,JanuaryI,1990

Inland Steel Co.6½2%, December i, 1992

International Bank for Reconstructionand Development57/8 %, September I, 199363/8 %, October I, I994 .

8 58A%, August I, 199 5 .

International Nickel Co.6.8s%, April i, I993 .

Kimberly-Clark Corp.57/%, September I, i99 i

PrincipalAmount Book Valu

1,000,000 9II,370

I1,000,000 I,014,250

2,000,000

250,000250,000

3,000,000

I,500,000

500,000

470,000

I,000,000

1,500,000

500,000

I,000,000

500,000

I1,000,000

2,500,0001,000,0002,000,000

3,000,000

2,000,000

I,583,240

48,3I5,304

244,858244,540

2,646,800

I,238,0oo

500,000

470,000

987,500

I,463,125

500,988

889,290

442,385

862,500

1,950,000857,250

2,000,000

2,664,208

I,622,400

ApproximateMarket Vale

937,000I,OI 5,000

I,727,000

49,8 Io0oo

208,000203,000

2,89 I,OOO

I1,226,ooo

400,000

435,000

1,038,000

I,5 6o,ooo

423,000

950,000

453,000

920,000

2,o88,ooo882,000

2,095,000

2,790,000

1,7 I 3,000

53


Pittsburgh Plate Glass Co.s5/8%,August I, I99I

Province of Ontario7 Y8%, August I, i99883%8%, September I, I999

Sears Roebuck & Co.63/8o%,AprilI,I993

Standard Oil of California53/4%,August I, I992

Standard Oil Co. of Indiana6%, January 15, I998.

Texaco, Inc.5s¾4%, July I 5, I997

Union Bank (Los Angeles)45/Y8%,November 26, I988

Virginian Railway6%, August I, 2008

Western Electric Co.8 3/8 %, October i, I 995

Weyerhaeuser Co.5.20%, May I, I99I

Total industrials and others

Total corporate and other

Principal ApproximateAmount Book Value Market Value

2,000,000 I,672,050 I,650,000

I ,000,000 835,650 889,oooI,500,000 I,457,736 I,5 I 5,000

I ,000,000 927,332 9 I9,000

2,000,000 I,798,500 I,7 I8,000

2,250,000 I,972,208 I,972,000

I ,000,000 94I,250 847,000

500,000 500,000 364,000

I 00,000 88,590 72,000

1,000,000 987,500 1,040,000

1,000,000 I,000,000 8 I0,000

3I,764,760 32,07 I,000

.. . . . $80,o80,o64 $8 i,88i,oo

Corporate Stock:Abrasives:

Carborundum Co.Aluminum:Aluminum Co. of America

Automobile:Ford Motor Co.General Motors Corp.

Banks:BankAmerica Corp..Chase Manhattan Corp.Citizens and Southern

National BankMellon National Bank

and Trust Co. .

* . . I150,000 5,925,000

* * 635,I00 3I,649,I22

* . . 43,000 I,458,250* . . 73,424 3,069,4io

4,527,660

* . . 59,880 2,764,903* . . I 5,000 576,568

*.. 35,43I 53I,8Io

. . . 6i6,980

Building materials:National Gypsum Co.U.S. Gypsum Co.Jim Walter Corp.Jim Walter Corp. $ i.6o conv. pfd.

Chemicals:Allied Chemical Corp. .

E. I. duPont de Nemours Co. .

Koppers Co.Monsanto Co.Union Carbide Corp.

Drugs:Bristol Myers Co.Merck & Co.Schering Corp.Upjohn Co.Warner-Lambert Co.

Electrical and electronic:General Electric Co.Hewlett Packard Co.Honeywell, Inc.Motorola, Inc.Sperry Rand Corp.Texas Instruments, Inc.

24,73825,000

8o,000I 5,000

57,9I84,300

69,200

44,863

47,000

I0,000

30,10046,ooo40,000

8,ooo

47,5008o,ooo2 I,000

I 2,000

50,0006,300

32,005,838

35,879,I I9

54I,3581,854,624

2,297,434523,2IO

5,2i6,626

2,507,951

669,256I,560,200

2,274,550

2,568,775

9,580,732

774,35I2,643,122I,890,2291,798,I29298,295

7,404,I26

3,454,8I3I,705,23I

1,979,352674,079

I,9I2,575

583,300I0,309,350

54

ApfmoximateShbare Book Vale Market Value

7,331,000

36,359,000

2,419,0005,911,0008,330,000

3,982,000769,ooo

I,152,000

33,625,00039,528,000

6o6,oooI,569,ooo2,870,000594,000

5,639,000

I,397,000574,000

2,232,000

I,486,oooI,874,0007,563,000

640,0002,980,0002,886,oooI,935,000548,ooo

8,989,ooo

4,459,0002,400,000I,743,000648,ooo

I1,281,OO507,000

1 I,038,000

55

CORPORATE STOCK (continued)

Finance:C.I.T. Financial Corp.Standard Car Finance Corp.

Foods:CPC International, Inc.General Foods Corp.

Insurance:Capital Holding Corp..Connecticut General

Insurance Corp.General Reinsurance Corp.Travelers Corp.

Magnetic tape:Ampex Corp.

Office equipment:International Business

Machines Corp.Rank Org.Xerox Corp.

Oil:Gulf Oil Corp.

ApoximateShares Book Vale Market Value

6o,ooo 2,I07,I90 2,640,000I64 -0- 4,000

2,I07,190 2,644,000

.I8,ooo 836,606 6I2,00010,700 807,I02 936,ooo

I,643,7o8 I,548,ooo

27,500 564,350 797,000

82,5004,500

47,500

4,259,053698,549

I,550,958

7,072,9 I0

4,352,0002,0 I6,oooI,5 32,000

8,697,000

263,o84 4,143,573 4,834,000

25,722I 50,00062,973

. . I0,2I3,709

I,773,72I2,223,255

4,764,I008,761,076

8,I73,0002;869,ooo5,447,000

I6,489,ooo

265,I6I,392 330,669,ooo

Paper:International Paper Co.Kimberly-Clark Corp.Mead Corp.St. Regis Paper Co.Union Camp Corp. .

Weyerhaeuser Co.

Photography:Eastman Kodak Co. .

Polaroid Corp.

Railroads:Norfolk & Western Railway Co. .

Retail:Allied Stores Corp. .

Sears Roebuck & Co.

209,30084,60050,00035,00054,00035,000

7,o87,5992,869,69 I

I,I I7,900

I,I57,I87I,104,823977,569

14,3I4,769

72,800 4,I23,68029,000 2,1Og,889

6,233,569

10,000 1,1I8,231 666,ooo

27,450 86I,I998,ooo 5oi,6i6

1,362,8r5

7,378,ooo2,622,0008 I 9,000

1,304,000I,647,0002,004,000

I5,774,000

5,5o6,ooo2,233,000

7,739,000

74I,0006I,I,ooo

1,351,000

56

CORPORATE STOCK (continued)

Rubber:B.F. Goodrich Co.

ApproximateShares Book Valse Market Value

54,000 2,146,830 I,499,000

Steel:Armco Steel Corp.Hanna Mining Co.National Steel Corp.

Utilities:American Electric Power Co.American Telephone& Telegraph Co. .

Central and South West Corp.Commonwealth Edison Co.Delmarva Power & Light Co. .General Public Utilities Corp.Gulf States Utilities Co.Houston Lighting & Power Co.Middle South Utilities, Inc.Northern Illinois Gas Co.Northern Indiana

Public Service Co.Northern Natural Gas Co. .

Public Service Co. of ColoradoSouthern California Edison Co.Southern Co. .

Texas Gas Transmission Co.

Miscellaneous:American Hospital Supply Co.Caterpillar Tractor Co. .

Columbia Broadcasting System, Inc. .Corning Glass Works.Dun & Bradstreet, Inc. .

Lubrizol Corp.Minnesota Mining and

Manufacturing Co.National Lead Co.Owens Corning Fiberglas Corp.Sybron Corp.. . . . . . .

Total corporate stock .

Total investment securities .

53,600 I,472,o64 I,I32,000300,I82 I2,827,865 I5,68 ,00025,000 I,340,655 I,072,000

I 5,640,584 I7,889,000

38,I74 I,479,100 i,o88,ooo

50,000I0,000I 3,00056,2I4I 5,00054,0005,000

i o6,oooI4,250

45,60025,000

29,92527,03233,000I5,000

2 I,000I5,000

7,7466,500i8,oooI9,000

3,023,2 i8479,525692,879

I,487,997529,9I2

I,06o,6I 922,828

2,422,009543,367

I,486,497I,242,655837,235606,882825,3I7492,677

I7,422,7I7

3I4,18434i,658522,937

I,174,099744,3 I 2

786,524

2,444,000485,000499,000

I,I I7,000343,000

I,364,000229,000

2,822,0005 I 3,000

I,425,000I,284,000696,ooo868,ooo866,ooo578,ooo

I6,62I,000

738,ooo64I,000237,000

I,149,000943,000

1,432,000

25,000 1,448,029 2,475,00082,000 2,64i,084 I,5I7,000i8,ooo 670,839 78i,oooI 5,000 504,707 426,ooo

9,I48,373 10,339,000

* . . * 466,769,472 561,536,ooo. . .$598,179,080 $694,740,000

the andrew w.mellon foundation report 1970 · theandreww.mellonfoundation report fromjanuary i, 970...

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