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Framingham, Massachusettes, 
March 30th, 1920. 

Dear Brooks;

We conducted our first organization meeting last night in the office of Attorney Luby. We are sorry to state that your letter regarding the Malden lawyer came too late, but we may be able to use him later on.

Luby decided that your brother would have to be one of the incorporators, and that all that he could account for as paid up stock is $12,000, which divided will be four thousand dollars each. Just as soon as we incorporate, which should not take more than three or four days more, we shall issue the stock. When your stock is issued we shall elect you President and a Director. If ten thousand dollars worth of stock is sold, twelve thousand in our hands will give us the controlling interest, but should we sell more than that, means may be devised whereby we may acquire more stock, as we go along, either by taking stock as part payment for services, or otherwise. We believe it is best that we take the above amount to begin with, as that will no doubt appeal more to the investers, than if we took fifty per cent or more of the entire capitalization. If we followed the latter plan we would also be confronted with a large tax, at the end of the year, but of course we would be willing to do this if the income were large. 

If this is not understood by you, Mr. Luby said he would be glad to write and explain it to you, fully. 

We called on Mr. Fitts this morning and told him we would like to explain our plans to him at some convenient time. He said "Alright", which is rather ambiguous.