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and right is not exercised during such period, the picture shall remain and be the property of the institution to which it was first given. The words "America" and "American" as used above shall be construed as equivalent to "North America" and "North American" respectively." Those who have been connected intimately with the administration of this splendid bequest have not failed to realize the wide scope of Mr. Ranger's intention; but it is perhaps natural that a few persons who have known only vaguely of the Ranger trust have not appreciated the significance and potentialities of his plan. At the outset, it should be noted that in no sense is this gift for charity; nor is it a fund provided to purchase pictures in order to assist either old or young artists. While such objects are commendable, they are not the objects which Mr. Ranger had in mind when he made this will. His purpose was to help art, not to help individual artists, although indirectly artists benefit greatly. I may be indulged, perhaps, in a personal word which will explain my interest in the administration of the Ranger trust by the National Academy of Design and the reasons why I am led to speak with some confidence as to the meaning of Mr. Ranger's will. I had various conferences with Mr. Ranger prior to the execution of the will and drew the same under his direction. He had prepared a careful draft of the paragraph just Four quoted and later I learned that he had incorporated in two previous wills substantially the same plan, the minor differences in phraseology being merely to make his purpose under this last will more certain. This shows the persistence of his intent. Mr. Ranger named Mr. William Macbeth and myself as executors, Mr. Macbeth being one of the most prominent dealers in American pictures, and, after the regrettable death of Mr. Macbeth, I served as sole executor during the remainder of the administration of the estate. From these conferences with Mr. Ranger and from the experience gained in such administration, I became impressed with the wide scope and the great possibilities of the plan which Mr. Ranger had so long cherished and which friends who talked with him before his death confirm. Now, what is the plan outlined in this will? The language seems plain; but, in order to realize all its fine implications, it is worth while to consider the same with care. The classic example of the Luxembourg and Louvre springs to the mind at even a casual reading of the words. As everyone knows, out of many pictures of great merit a few of the best are carefully selected from time to time and placed in the gallery of the Luxembourg, where they await a long examination by artists, by critics and by the discriminating public. After about ten years of this exacting trial, dating from the death of the artist, if a picture finally emerges into such complete recognition that it is deemed worthy Five