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Academy's offered $600 000 for its property upon which there is an incumbrance of only $68 000.     If the Academy can sell for the sum offered I think that, if shrewdly managed, a new site & new building can be secured for about $400,000.     Counting the mortgage & all expense of sale & moving, I think that there would be a balance of about $100 000 to invest for the benefit of the Academy which is now dependent upon the income from exhibitions to pay current expenses.     The schools are maintained by the income of trust funds amounting to more than $100 000 & by matriculation fees.

The present building is altogether inadequate & unsatisfactory - the galleries are badly lighted - the ventilation is horrible & the schools are so crowded for space that rooms have been hired outside.     All of these defects could be corrected in 

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a new building.     If I am authorized to make a contract of sale it can only be a provisional one, to be ratified after discussion at a meeting of the Academicians.

I hope that you will approve & affix your signature to the accompanying authorization.

Very truly yours
James D. Smillic

Since my accession to office I have been interested in the records of the Academy & in the library.     After reading your very interesting History of the M.A. of D. I have thought that you must have some documents and papers of rare interest, some probably pertaining to the early history of the Academy or its founders & I have wondered if you have formed any plans for their disposal.     I have a dream of a beautiful new Academy building, with noble galleries — ample school space — an Academy