Warm Springs, Ga.,
                  November 26, 1938.
   
Dear Henry:-
 
        I very much wonder if there is somebody in 
Poughkeepsie who would be willing to organize a company 
for the purchase and subdivision of the whole of the 
Hulyer place.
 
        The amount of cash necessary would be 
comparatively small. I think $20,000 would do the whole 
thing including surveys for subdivision and putting in a 
few access roads so that prospective buyers could at least 
see the property.
 
        Under the new Federal Housing Administration 
methods the actual cost of building homes is reduced to a 
low figure and it is my thought that no lot of less than 
two acres would be sold to anyone -- in other words, a 
restricted, high-class development with land selling at 
about an average of $250 an acre.
 
        It would be necessary before anything was put
through to make an agreement with the Town Board, including 
the assessors, that the unsold portion of the property would
be kept at its present assessed value for say ten years, and
that the town would put in the necessary highways through
the property.
 
         Possible Hatfield, who seems to be an energetic
sould,would be interested in a thing of this kind.