President Conant yesterday announced a gift of $250,000 for the establishment of the John Langeloth Loeb Scholarships. The money was given by Mr. and Mrs. John L. Loeb of New York City and will provide assistance for about 20 students each year.
Dean Bender stated that the "magnificent gift establishing the John Lange loth Loeb Scholarships--our largest single gift for scholarships since 1938 helps to meet one of the most critical needs of the College."
Inflation has increased the cost of a college education by more than 50 percent since the end of World War II, Dean Bender added, "and it is essential that we increase our scholarship funds by at least as much if Harvard is to remain a democratic national educational institution open to talent wherever found. I hope that awareness of this need shown so forcefully by Mr. and Mrs. Loeb will stimulate similar generous gifts from other benefactors."
Bender estimates that the University will need $5,000,000 in endowments to keep up the current level. The present rate of interest on endowments is about four and one-half percent.
Loebs Make Statement
In making the gift, Mr. and Mrs. Loeb said: "We believe the worth of a college is essentially the quality of its student body and, of course, its teaching staff The economic situation in the world today is presenting increasing barriers for young people and it must be difficult for Harvard to maintain its high standard for students unless the College is able to offer monetary aid to more of its deserving applicants."
Last fall, Dean Bender warned that scholarships for students might be severely reduced unless new sources of income could be found. He pointed out that the College is presently drawing on a surplus fund accumulated during the war years. Scholarship expenditures are presently exceeding the fund supply, and Bender saw little hope that this money could last for more than two years.
Other Gifts Announced
Other gifts for immediate use announced yesterday were: American Cancer Society, to support research in medicine and dental medicine and the program of "research in action," $40,185.82; Associates of the Harvard Business School, $50,000; George F. Baker Trust, for Business School Scholarships, $50,000; Carnegie Corporation of New York, for research in social relations, $30,000; Commonwealth Fund, for research in medicine and public health, $33,313.56; Grant Foundation, Inc., for business research $25,000; Harvard Business School Fund, $21,953.77; W.K. Kellogg Foundation, for cooperative program in educational administration, $24,000; Rockefeller Foundation for research in chemistry, economics, social relations, Slavic, and education $63,393.83.
Mr. Loeb is a member of the Class of 1924.