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[[left margin in red]] consolidation [[/left margin]]
given to the fact that the company which had spent most for research or development for the future or which had incurred greatest expense in maintaining or defending the patents would be at a disadvantage. Same remark holds good for company which tried to secure its position by carrying a large surplus and this would work to the [[strikethrough]] detriment [[/strikethrough]] advantage of a company like Redmanol which only had nominal capital and nominal assets, relying on sliding financial backing furnished by a flexible backer. There is also an anomaly in the fact that Redmanol started just in with the boom years and therefore had an immense
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advantage of a rapidly extending market, while Bakelite and Condensite had had to work [[strikethrough]] not o [[/strikethrough]] several years in a less favorable market, and even then had to make the education of the public and create a market of which Redmanol had immediately benefitted by the time the latter entered the field. Had only to copy the methods established by Bakelite and Condensite. Townsend pointed out that patents of Redmanol were all dependent on our patents while the reverse was not the case that therefore a different ratio would have to be established (in calculating good will) for