II.    RECEIPT UNDER DECREE.
 
          A formal receipt for filing in the Surrogate's Court,
Dutchess County, covering the principal assets of the
Estate heretofore received by the Trustees, pursuant to the
accounting decree of September 11, 1947, was examined,
approved and executed by the three Trustees. Mr. Koons was
authorized to file said receipt along with all the other
receipts under decree in the Surrogate's Court to complete
the file showing compliance in full with the accounting
decree.
 
                 III. REAL ESTATE.
 
          1. Contract of Sale with Elliott Roosevelt.
 
          The contract of sale with Elliott Roosevelt covering the
Albany Post Road property at Hyde Park known as the "East
Tract" and consisting of 258.54 acres was discussed. It was
unanimously agreed that the contract price of $115,000.00
for that property was a fair price and in accordance with
the recommendations of Joseph P. Day, Inc. probably the
best price that could be realized for the property. The
bargain and sale deed provided for in the contract of sale
was executed by the three Trustees and Mr. Koons was
authorized to proceed with the title closing in accordance
with the contract. Check No. 472 on the Bankers Trust
Company checking account to the order of Empire Trust
Company for the sum of $126.50 for the purchase of the
necessary Federal documentary stamps to be placed on the
deed was signed by the Trustees.
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