In the trust deed providing for the endowment and organization of the University, the nature, objects and purposes of the endowment are very generally stated. We deem it appropriate, however, to enlarge somewhat upon what is therein set forth.

The reasons hat impelled us to select the Palo Alto estate as the location for the University, are its personal associations, which are most dear to us, the excellence of its climate, and its accessibility.

The deed of trust conveys, and at once irrevocably vests in you the title to all the real property described therein.

The endowment of lands is made because they are in themselves of great value, and their proper management will insure to the University an income much greater than would be realized were their value to be invested in any reliable, interest-bearing security; again, they can never be alienated, and will, therefore, be an page 29 unfailing support to the institution which they are designated to benefit.

As a further assurance that the endowment will be ample to establish and maintain a University of the highest grade, we have, by last will and testament, devised to you and your successors additional property. We have done this as a security against the uncertainties of life, and in the hope that during our lives the full endowment may go to you. With this in view, we have provided in this grant that you may take such other property as we may give to more fully carry out the objects of this trust.

The Palo Alto farm furnishes a sufficiently diversified soil, with a topography which admirably fits it as a place for agricultural education. In time, also, a handsome income will be derived from the rental of desirable residences to parents and others who will choose the place as a residence on account of its social, intellectual and climatic advantages. Of course, the Trustees will see to it that no objectionable people are allowed to reside upon the estate, and that no drinking saloons shall be opened upon any part of the premises.