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factured by two different companies
3/ Another arrangement might consist in exchanging Condensite stock for Bakelite stock and vice versa so that stockholders of one co should be also stockholders of the other.
As to the method of establishing ratio I thought that value of assets and value of earnings should be made the base for finding a ratio after we had agreed upon the method of defining assets and earnings. As to the latter point it would have to be left open for further discussion.
Told him I had talked matter over with [[red underline]] Townsend with Hamman [[/red underline]] and with Schleussner but that nothing definite could be done before I had a chance to 
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submit situation to Williams who now was in Europe. Told [[red underline]] Kirk [[/red underline]] Brown my intention was to [[red underline]] have him at the [[/red underline]] head of the joint enterprise as president but that I might remain as a director. That the [[strikethrough]] main [[/strikethrough]] only [[red underline]] loser in the whole [[/red underline]] transaction was I because in this way I would lose my control in my company. That in the new company no single stockholder would be able to control.  
But that the [[red underline]] reason [[/red underline]] for this change emanates from me as I very reluctantly have been carrying the charges and responsibilities of the presidency. That I have [[red underline]] no taste [[/red underline]] nor enthusiasm to continue the endless commercial problems of this enterprise altho' this does not mean to say that I shall refuse to jump in once in a while

Transcription Notes:
Illegible red marks in left margin.