Xli CARNEGIE INSTITUTION 



Elihu Root, New York 



John C. Spooner, Wisconsin 



Andrew D. White, New York 



Edward D. White, Louisiana 



Charees D. Walcott, .... District of Columbia 



Carroll D. Wright, District of Cohnnbia 



The said gift is to be held in trust for the purposes hei'einafter 

 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 admin- 

 istration of the Trust by the Tru.stees, including in said expenses 

 the personal expenses which the Trustees may incur in attending 

 meetings or otherv^ise in carrying out the business of the Trust : 

 AND SECOND; for paying the sums required bj- the said Trustees to 

 enable them to carry out the purposes hereafter expressed. I hereby 

 confer on the Tra.stees all the powers and immunities conferred 

 upon Trustees under the law. and w-ithout prejudice to this gener- 

 ality the following powers and immunities, viz. : Power to receive 

 and realize the said Bonds, and the principal sums therein contained 

 and the interest thereof, to grant discharges or receipts therefor, to 

 sell the said Bonds, either by public sale or private bargain, at 

 such prices and on such terms as they may deem reasonable, to 

 assign or transfer the same, to sue for payment of the principal sums 

 or interest, to invest; the sums which from time to tim.e may be re- 

 ceived from the said Bonds on such securities as Tru.stees are 

 authorized by the law of the State of New York, Pennsylvania, or 

 Massachusetts, to invest Trust Funds, — and also on such other se- 

 curities as they in the exercise of their ov/ii discretion may select, 

 and to alter or \i\ry the investments from time to time as they may 

 think proper ; 



And I hereby expressly provide and declare that the Trustees shall 

 to no extent and in no way be responsible for the safety of the said 

 Bonds, or for the sums tlierein contained, or for the securities upon 

 which the proceeds of the said Bonds may be invested, or for anj'' 

 depreciation in the value of the said Bonds or securities, or for the 

 honesty or solvency of those to whom the sanse may be entrusted, 

 relying, as I do, solely on the belief that the Trustees herein ap- 

 pointed and their successors, shall act honorably ; 



