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[[underlined]]Gilbert Stuart Portraits of George and Martha Washington[[/underlined]]

Following the Board of Regents September 25 meeting, the National Portrait Gallery Commission concurred in the consensus of the board that a counter-offer to the Boston Athenaeum, consonant with the views expressed at that meeting, was in order. Consequently, the attached letter was sent to Mr. Augustus Loring, Treasurer of the Athenaeum, offering a sum of $3 million for the outright and unconditional purchase of these historic portraits.

The letter from Howard W. Johnson, President of the Boston Museum of Fine Arts, (also attached) expressing that Museum's views, was received on December 15.

Mr. Ripley reported that through conversations with officials of the Athenaeum and the Boston Museum of Fine Arts, it has become clear that both institutions are willing to modify their earlier position that the Athenaeum Portraits, if acquired by the National Portrait Gallery, would have to be displayed periodically in Massachusetts forever. Although both institutions continue, and in our judgment will continue, to insist on [[underlined]]some[[/underlined]] binding condition for display in Massachusetts, both the duration of this condition and the frequency of the required display in Massachusetts are negotiable.

It has been suggested, for example that the duration of the condition might be limited to 99 years, or 50 years, or 30 years. Again, it has been suggested that the portraits might be displayed in Massachusetts one year out of six rather than one year out of three. It has also