The proposition was accepted by the Board and later by the Association, and was issued in a circular of which a copy is printed below. “ENDOWMENT FUND “TO THE FRIENDS OF THE PHILADELPHIA ORCHESTRA: “A friend of the Philadelphia Orchestra Association, who desires to remain unknown, has offered to meet any deficit of the Orchestra for each of five years, beginning with the season of 1916-1917. “The conditions under which this gift will become available are as follows: “1. That an Endowment Fund of $100,000 yearly for five years shall be created by the Orchestra Association, so that the total Fund may be $500,000 at the end of this period. “2. That the contract of the present conductor, Leopold Stokowski, shall be extended to cover this period of five years. “3. It is earnestly desired that each friend of the Philadelphia Orchestra will pledge a generous amount in order to create this Endowment Fund. Heretofore, all subscriptions to the Philadelphia Orchestra have been spent year by year, to meet the annual deficit. Under this offer the money now contributed will not be so spent, but will be invested to insure the permanency of the Orchestra as an institution of Philadelphia. “The Orchestra is a civic asset. If it is to fulfill its destiny and place Philadelphia in the front rank among the musical cities of the world, it must be endowed. In order to do this, the Orchestra Association must depend upon the generosity of its friends. We ask that the enclosed blank be signed and returned to us at your earliest opportunity. While it is hoped that all gifts may be for a period of five years, yearly contributions will be gratefully accepted. Payment of subscriptions will be on November 1st and March 1st of each year, beginning with November, 1916. “ALEXANDER VAN RENSSELAER FRANCES A. WISTER EDWARD W. BOK _Endowment Committee_” The way out was found—at least the beginning of the solution was in sight. The proposal was widely circulated and everybody connected with the Association began to work to raise the amount, which was to reach $500,000 in five years. This was later extended to seven years and now bears the name of “Seven Year Endowment Fund.” All persons connected with the Association threw themselves enthusiastically into the work of fulfilling the agreement with the Unknown Donor.