Harvard Benefactor and Friend John Loeb Dies at 94

John Langeloth Loeb '24, LLD '71 (hon.), died on Sunday, Dec. 8, at age of 94. An investment banker and philanthropist, Loeb was one of Harvard's most loyal and active alumni.

"Harvard University has lost the friend of a lifetime," said President Neil L. Rudenstine. "John Loeb was a man who combined in rare measure deep humility and natural dignity. His achievements spanned our entire century and, to the very end, he was open to new ideas and experiences -- to new people and new reflections. He knew how to live, and he also understood how to bring life to a natural and harmonious close, with a constant grace and even solicitousness that touched all who were privileged to visit him in his final weeks."

Rudenstine continued: "John, together with his remarkable wife, Peter [Frances Lehman Loeb], believed, above all, in the power of education, and he will be remembered always for an unsurpassed generosity that gave strength and support in times of turmoil no less than in tranquillity. We have suffered a great loss, but how fortunate we have been to have lived, decade after decade, with his sustaining vision and his deep friendship."

Frances "Peter" Lehman Loeb, who actively shared her husband's devotion to furthering higher education, died on May 17 of this year.

Interest and involvement spanned the University

Loeb was deeply devoted to the University -- his interests spanned several of the Schools and he committed a significant portion of his long life to strengthening and preserving Harvard's academic reputation and quality.

An Overseer from 1962 to 1968, Loeb served on more than a dozen visiting committees. He later recalled, "Six of my most rewarding years were as Overseer." In addition to his participation in the governance of Harvard, Loeb was a fundraiser for many parts of the University. A member of the Committee on University Resources (COUR) since 1965, he was vice chair of The Program for Harvard College (1956-1960), general chair of the Graduate School of Design (GSD) Campaign (1965-1968), chair of To Finish A Job for Harvard (1971), executive committee member for The Harvard Campaign (1979-1984), honorary chair of the GSD Campaign (1984-1989), member of the COUR campaign executive committee, and honorary chair of The University Campaign, which officially began in 1994.

Over four decades Loeb funded many faculty positions, numerous scholarships for undergraduate and graduate students, and a variety of academic programs in different parts of Harvard, including the Faculty of Arts and Sciences (FAS), the GSD, and the Harvard School of Public Health (HSPH), among others.

Cited as a "paragon among alumni -- able, thoughtful, generous, devoted -- a credit to both country and college," John Loeb was awarded an honorary doctor of laws (LL.D.) degree in 1971. At Commencement 1985, he was presented the Harvard Alumni Association Medal, the only University-wide award honoring extraordinary service to Harvard.

Seventeen Quincy Street was renamed the John Langeloth and Frances Lehman Loeb House in 1994 in honor of the couple's longtime service and devotion to the University. The former home of Harvard presidents Lowell, Conant, and Pusey, it now houses the offices of the Harvard Corporation and the Board of Overseers.

As an alumnus of the College, Loeb was always particularly interested in the FAS.

Dean of the Faculty of Arts and Sciences Jeremy R. Knowles, commented: "John Loeb said that he and Peter 'wanted to make a difference not only to a great University, but to our country.' And they did. As alumnus, Overseer, and friend, John saw further than most, he knew better what was important, and his generosity so often made it happen. He wore his wisdom lightly, he offered his understanding gently, and he improved Harvard with unmatched munificence and grace. John Loeb was a wonderful friend and guide: of individuals, and of the institutions that he loved."

Notable among his many gifts to the FAS are an endowed scholarship fund created in 1951, which has provided financial aid to more than 400 undergraduates, and an endowment fund to support associate professorships, established in 1981, which currently funds 15 junior faculty positions designed to enhance Harvard's ability to attract the best young scholars. A gift from the Loebs made possible the creation of the Loeb Drama Center, which houses the American Repertory Theatre.

Also, the Loebs were involved with initiatives and programs at Harvard's other Schools. They established a professorship at Harvard Medical School, and made significant gifts to Harvard Business School. Long involved at the GSD, Loeb in the 1960s served as general chair of the School's first campaign.

Responding to the loss, Dean of the Faculty of Design Peter G. Rowe said: "Without question, John Loeb, along with his late wife, Frances, was the School's most extraordinary benefactor. Their generous contributions have gone a long way toward securing the GSD's academic prominence well into the future. The Frances Loeb Library and the Loeb Fellowship Program are two significant components of the Design School's intellectual life; John's leadership and support over more than 30 years will enable both to continue to serve the ever-expanding needs of students and scholars of the design disciplines. John Loeb was above all a person who cared to make the world better."

William A. Doebele, curator of the Loeb Fellowship for 27 years, added: "John Loeb had a lifelong concern with the quality of the American environment. He endowed a unique fellowship program at the GSD and then took a personal interest in the careers of the Fellows. The Fellowship stands as a permanent and living memorial to his generosity and commitment to the GSD and to the nation."

Loeb's strong personal interest in health and nutrition focused his attention on the School of Public Health, where he served on the visiting committee from 1949 to 1954.

"The School of Public Health benefited immeasurably from John Loeb's contributions as an adviser and friend over the past half century," said Dean of the School of Public Health Harvey V. Fineberg. "His wise counsel, broad vision, and generous philanthropy were deeply appreciated by several deans and faculty members, and the School is today a stronger institution for his involvement. We deeply regret the death of an individual who so flawlessly embodied the virtues of leadership, beneficence, and friendship."

Generosity to Harvard

Frequent contributors to many cultural, medical, and educational institutions, the Loebs in 1994 decided to set aside a substantial portion of their estate in the form of a deferred gift to Harvard.
Their commitment, the largest Harvard has ever received from a living donor and, at that time, one of the 10 largest private gifts ever made to American higher education, was then estimated to have a present value of $70.5 million.

More than half of the deferred gift is designated for the FAS to provide financial aid for undergraduates, endow six Harvard College Professorships, and further underpin the endowment for associate professorships.

The GSD is to receive support for modernizing of the Frances Loeb Library and funding activities of the Loeb Fellowship Program for Advanced Environmental Studies. With its part of the gift, the School of Public Health will be able to add professorships and associate professorships.

Portions of the 1994 gift were also designated for undergraduate activities at the Loeb Drama Center and to establish a humanist chaplaincy at the Memorial Church.

"The Loebs' gift is extraordinary and of course we appreciate their generosity," said William H. Boardman Jr., director of capital giving. "But we loved John and Peter because they were warm, wonderful, intelligent people, full of curiosity and enthusiasm. I will always cherish their memory."

Banker, philanthropist

John Loeb was born in 1902 in St. Louis, Mo. In 1924, he earned his bachelor of science degree cum laude from Harvard and later, with his father, founded the New York banking and brokerage firm Carl M. Loeb and Company in 1931. The firm was subsequently known as Loeb, Rhoades and Company, and from 1955 to 1977 John Loeb served as its senior partner. He was widely regarded as a leader in the investment community.

For decades, the Loebs were a force in New York City. They were active in many charitable enterprises, served on the boards of schools, museums, and hospitals, and were also engaged in public affairs. The couple had a lifelong interest in the arts and were avid collectors of French Impressionist paintings.

John and Peter Loeb had two sons, John L. Loeb Jr. '52, MBA '54, and Arthur L. Loeb '54, AM '57, and three daughters, Judith Loeb Chiara, Ann Loeb Bronfman, and Deborah Loeb Brice.