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21 Smith Block,
Framingham, Mass., 
March 25th, 1920.

Dear Brooks;
   
Brooks, Banks & Smith had a meeting last night in the office of Attorney Luby. We gave all the dope possible to the latter, and he is working up the articles of organization, charter, and by laws. He is to submit a plan or awarding us enought stock to control the outstanding. For instance- if we figure on selling ten thousand, each one of us should have at least five thousand in stock for our services, or possibly ten thousand. If we take more than that it is felt that the people putting up the money will object, because when dividends are declared, the investors will not get as much as they would otherwise. However, nothing is to be done, definitely, until he submits a program to us, and it is, in turn, submitted to you for approval. All stock not issued, of course, will be treasury stock, and subject to control by the Board of Directors. We decided- subject to your approval- to make all stock, Common, and should we decide later to create Preferred that can be done by the directors, for which we will provide in the By - Laws. About declaring dividends- instead of declaring any dividends the first year, we might simply reinvest the money to build up the business and a cash surplus.
   
Nothing further has developed since the Dennison coupe' but we are going right ahead on the incorporation and get what money has already been promised, and then sell shares