ABSTRACT
The establishment of the very large American foundations, which began in the late nineteenth century, represented the beginning of a whole new phase in the American tradition of charity and altruism. The notion was that successful citizens owed a dual obligation of both time and money to the communities in which they had prospered. Examination of the dates when the various foundations were established, the industries on which the donors' fortunes were based, and the geographical location of their headquarters provides a recapitulation of American economic history. The earliest ones were based on Eastern fortunes gained from basic industries and natural resources: oil, steel, and coal. Foundations at the start mirror their donors and are a composite of their strengths and weaknesses as philanthropists. The rate at which the influence of the donor and his family declines and that of individuals unrelated to him and his company becomes predominant varies greatly.
