property to the Hudson River.
 
         The merits and disadvantages of the foregoing offers were
considered at length. Colonel Roosevelt stated that with
respect to the Nisonger-Boos and Frederic A. Smith
proposals he felt that it would be bad policy for the
Executors to deal with groups who intended to incorporate
and raise money for their venture after an offer had been
accepted. In his opinion this would place the Executors in
an unfavorable position and might very well result in
undesirable exploitation of the property. As for the
Frederic A. Smith offer it was concluded that the proposal
outlined in his letter was too general for the Executors to
take any definate action with respect to it. On motion of
Mr. O'Connor it was unanimously decided to reject the
forefoing offers and Mr.Koons was authorized and directed
to obtain a definate proposal from Joseph P. Day Inc. for
sale of the said property at public auction. The Mary
Newbold Morgan offer was unanimously rejected for the
reason that the price offered was in the judgement of the
Executors too low. It was further unanimously decided on
motion of Mr. O'Connor that no further private offeres to
purchase any of the land at Hyde Park would be entertained
unless the price offered was unusually good and the parties
were prepared to submit a certified check for the purchase
price or a substantial part thereof with the offer.
 
IV. Letter of Secretary of Interior Krug to Mr. O'Connor
    dated March 8,1947.
 
    In Mr. Krug's letter to Mr. O'Connor dated March 8, 1947
which was submitted to and considered by each of the
Executors prior to the meeting, he requests that the
Executors place restrictions as to use on the land adjacent
to the Historic Site at Hyde Park in order to prevent and
commercial
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