2. Real Estate on Hand. Mr. Koons reported that Joseph P.
Day, Inc. was proceeding with its efforts to dispose of the
113 acre West Tract, consisting of the Wheeler and Rogers
parcels, by private sale. They have had a number of
inquiries but no offers to purchase. Because of the rough
and wooded terrain, the use to which this property can be
put is limited. While Joseph P. Day, Inc. is still asking
$30,000.00 for the West Tract, they feel that they will be
fortunate if they are able to obtain the authorized upset
price of $15,000.00.
 
           Mr. Hackett reported that E. I. Hatfield of Poughkeepsie was
endeavoring to find a purchaser for the Washington Hollow
property held in trust by John E. Mack for the Estate and
Henry Morgenthau, Jr.
 
           The reminder interest in the James R. Roosevelt property was
discussed  in view of the death on July 19 of Mrs. James R.
Roosevelt, one of the two life tenants. Under the terms of
James R. Roosevelt's Will, his daughter, Mrs. Helen
Robinson, now has a life estate in the property. On her
death or failure to use or occupy the premises, the
property passes outright to the Franklin D. Roosevelt
Estate. Mrs. Robinson indicated to James Roosevelt that she
intends at least for the time being to retain the property
for her personal use. Mrs. Robinson, who is now 67 years of
age, was born on September 26, 1881. Her life expectancy
under the American Experience Mortality Table is 10 years.
Mr. Hackett stated that he would keep in close touch with
the situation and advise of any developments.
 
            Mr. Koons reported that he had been advised by Joseph P.
Day, Ins. that it was its considered opinion that the
remainder
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