TRUST UNDER WILL OF RANKLIN D. ROOSEVELT. DECEASED.
                       MINUTES OF MEETING OF TRUSTEES
                           TUESDAY, JULY 20, 1948
 
               A regularly scheduled meeting of the Trustees was held at
the offices of O'Conner & Farber at l0:30 A. M. on July 20,
1948. There were present at the meeting Basil O'Connor,
Henry T. Hackett and Earle R. Koons. James Roosevelt, who
was called to Hyde Park because of the death of Mrs. James
R. Roosevelt, was reached on the telephone at Hyde Park
after the meeting and confirmed the action taken at the
meeting.
 
                The following matters were considered and action taken:
 
                                   I. REAL ESTATE
 
                1. Sale of East Tract. Mr. Koons reported that the sale to
Val-Kill Co., Inc. of the 258.54 acres and buildings on the
east side of the Albany Post Road was consummated on July
6, 1948. The sale was made pursuant to and in accordance
with the written contract with Elliott Roosevelt, dated May
17, 19&8 and assigned by him by endorsement on the
contract, dated May 21, 1948 to Val-Kill Co., Inc., a New
York corporation organized, owned and controlled by
Elliott. The sum of S105,000.00, representing the balance
of the agreed purchase price of $115,000.00, was received
and deposited in the trustees' Principal Account at Fulton
Trust Company. The sun of $291.31 received from the
purchaser on the apportionment of fire insurance premiums
and general real estate taxes was deposited in the
Trustees' Income Account at Fulton Trust Company.
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