was authorized to communicate with Mrs. Roosevelt and obtain
her written approval and authorization.
 
        The investment portfolio of the trust was reviewed and the
recommendations of investment counsel with respect to the
sales and purchases outlined in the accounting were
approved. Colonel Roosevelt was instrusted to consult with
investment counsel for their recommendations with respect
to the investment of the cash proceeds of the pending sale
of Hyde Park real estate. It was determined that of the
$115,000.00 cash anticipated from the contract of sale with
Elliott Roosevelt, $100,000.00 be made available for
investment and that the balance be used to defray the
expenses of sale and other administration expenses. The
statement as of the close of business on May 18, 1948 of
securities held in the custody account by City Bank Farmers
Trust Company was examined, found to be correct and signed
by the Trustees.
 
                         V. BANK ACCOUNTS.
 
         The opening of two trust checking accounts in the name of
the Trustees entitled respectively "principal account" and
"incone account" was unanimously ratified and approved. The
following letter to City Bank Farmers Trust Company was
approved and signed by the three Trustees:
 
             "This will supplement the instructions previously given to
         you with reguard to the disposition of interest and
         dividends collected by you on the securities held in
         custodian account (C. 709). Will you kindly remit the
         balance of interest and dividends in the amount of
         $8,003.42 as shown by your statement for the month of May,
         1948 by check to our order mailed to the above address.
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