MINUTES xxi 



The following resolution was presented and unanimousl}' adopted; 



" In addition to the personal and individual expressions extended 

 to Mr. Carnegie for what he has done for the world today : 



" Resolved, That the chairman of this meetmg be requested to draft 

 a letter addressed to Mr. Carnegie expressing the view-s of the Tru;-t- 

 ees concerning this magnificent gift and the purposes for which it 

 is to be applied as set forth in the letter and other documents which 

 have just been read." 



The Secretary then read the following letter from the Home Trust 

 Company- : 



Jant-ary 2oTn, T902. 

 DeA-R Sir : I have been instructed by Mr. Carnegie to transfer 

 $10,000,000.00 of United vStates Steel Corporation 5 per cent bonds 

 to the Trustees of the Carnegie Institution. These bonds will prob- 

 ably be ready for delivery the early part of February, and as .soon 

 as they are received from the Transfer Agents I will keep them in a 

 special box in the vaults of the Hudson Trust Company, Hoboken, 

 N. J., subject to the order of the Trustees. Kindl}- advise if this 

 will be entirely satisfactory to you. 



Very truh- j'ours, 



R. A. Fkank.s. 

 President^ 



Trustees of Carnegie Institution, 

 IVashifigton, D. C. 



Attention was called to the vacancy on the Board caused by the 

 declination of Hon. Grover Cleveland, who had not found it ix».ssible 

 to accept a place on the Board on account of his health. 



An extract from the letter of ex-President Cleveland to Mr. Car- 

 negie Vi'as ordered inserted in the niinntes as follows : 



Westland, Princeton-, N. }.,Jan. ?, ir)02. 



Mv Dear Mr, Carnegie : I have received your letter, tendering 

 me the great honor of a place among the trustees who are to admin- 

 ister your noble benefaction in the canse of the highest education. 



After careful consideration 1 have deterniined to ask you to allow 

 me to decline your exceedingly flattering proffer. 



I hope it is unnecessary for me to assure you that in reaching this 

 conclusion, I have duly weighed every element that enters into the 

 subject; atid have thoroughly convinced myself tliat I ought not to 

 undertake the important duty involved in your invitation. 

 Yours very sincerely, 



Grover Cleveland. 



The Board then balloted for a trustee to fill the vacancy thus aris- 

 ing, and Mr. William K. Dodge, of New York, was unanimously 

 elected . 



