"Mr. Rockefeller was not a man to be hurried into precipitate action. Careful study and long deliberation were for him invariably prerequisite to any move in an unknown field. It was two years before the idea was sufficiently matured in his mind to enable him to go forward, and during this period there were many conferences between him and Mr. Gates. On June 29, 1909, he signed a deed of trust, turning over to three trustees—his son; Harold McCormick; and Mr. Gates—72,569 shares of the Standard Oil Company of New Jersey, valued at $50,000,000, the trust to be known as the "Rockefeller Foundation.""