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33 Ferry Avenue East,
Detroit, Michigan,
February, 24th, 1908.

DEAR WATSON-
I was delayed in New York longer than expected, and only to-day have an opportunity to reply to your favor of
February 20th. I have read the agreement proposed by Will and Maurice Deyo. So far as I can see, the agreement holds Will's time only; that is, he risks nothing beyond it. If the business is a success, he will quite properly get his share of the profits; if it is a failure, he will lose only his time along with perhaps some other engagement which under the terms of the agreement he is debarred from making. This condition, however, is not important.

As I am unfamiliar with the New York Laws concerning Co-partnership, I deem it much wiser to ask you to refer the agreement to Mr. Van Wagonen and ask his advice. I don't want Will to enter into any business at present in which he will become guarantor in any way beyond that of his own time. The
arrangement for division of profits is all right, and so far as I can see the contract does not implicate him upon this point. However, Mr. Van Wagonen can tell you accurately, and if the document needs changing, have him do so before it is executed. Let Will see this letter,and if you deem wise, show it also to Mr. Deyo. In any event, let it go to Mr. Van Wagonen.

Of course, I am much pleased with what you have written concerning My. Deyo. He is evidently altogether the right sort of person, and one with whom I should be very glad to have Will associated under an agreement such as I have above outlined.

Most sincerely yours,
Charles

WATSON M. FREER, Esquire
Kingston,
Ulster County,
New York.