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, of New York, having retired from active business, and deeming it to be my duty and one of my highest privileges to administer the wealth which has come to me as a Trustee in behalf of others; and entertaining the confident belief that one of the best means of discharging that trust is by providing funds for improving and extending the opportunities for study and research in our country; and having full confidence in the gentlemen after named, who have at my request signified their willingness to carry out the trust which I have confided to them:

I have transferred to these, the Trustees of the Carnegie Institution of Washington, ten millions of registered five per cent. bonds of the United States Steel Corporation, the names of said Trustees being as follow:

The said gift is to be held in trust for the purposes hereinafter named or referred to, that is to say, for the purpose of applying the interest or annual income to be obtained from the said bonds or from any other securities which may be substituted for the same—for paying all the expenses which may be incurred in the administration of the trust by the Trustees, including in said expenses the personal expenses which the Trustees may incur in attending meetings or otherwise in carrying out the business of the trust; and, second, for paying the sums required