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been suggested that the possible long range interests of the citizens of Massachusetts could be satisfied by a simple statement that, at the end of the stated term, the Regents would consider the whole matter--without any commitment to extend the period.

In the light of these conversations, we now believe that it should be possible to arrive at an agreement that would accommodate the concerns and interests of all parties--the Smithsonian, the Athenaeum and the Museum of Fine Arts (speaking for Massachusetts)--and would be approved by the appropriate legal authorities in Massachusetts. We therefore recommend that the Board of Regents authorize the Secretary to continue with negotiations aimed at reaching an agreement that will include provisions for [[underlined]]limited[[/underlined]] loans of the portraits to an institution or institutions in Massachusetts. It is understood that the entire cost of such loans, including shipping and insurance, will be borne by the borrowers. 

On the matter of price, the Athenaeum's last asking price was $5 million, whereas the Smithsonian had offered $3 million. It is recommended that the Secretary be authorized to continue negotiations in this matter as well.

These recommendations were accepted by the Board of Regents, and the Secretary will report to the Board the results of further negotiations and fund raising efforts; no commitments will be made without the prior consent of the Board of Regents.