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with his long bushy ill kept black moustaches, ill fitting black frock coat rather bent shoulders and rather shorter than average man, does not appear the powerful political figure he holds in the world. His light bluish intelligent eyes are the only indication which differentiate his appearance from an Italian or French [[strikethrough]] harde [[strikethrough]] "petit commercant" or small town lawyer.
[[underline]] Nov. 25. [[/underline]] Very busy on different pending matters. Afternoon in New York to meet Hays and Schleussner at R & H office. Wanted to write Townsend but he has left. Discussed typewritten contract amongst ourselves then further with Hays till nearly 6 P.M. [[strikethrough]] pr [[/strikethrough]] I suggested several changes on the text which were
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[[written in red in left margin]] Consolidation [[/in margin]]
accepted. Called attention to the first that it will be difficult to estimate earnings of each concern as besides dividends and declared surplus. The real earnings will be hidden in the assets accumulated above what was put in the concern. That our company which [[strikethrough]] are [[/strikethrough]] very probably has been managed more conservatively has written off more than Redmanol and probably Condensite, that therefore a rational way would be to establish present value of total physical assets - deduct $360000 cash put in originally and difference to which added the [[strikethrough]] declared [[/strikethrough]] paid dividends and federal taxes would give total earnings since beginning [[strikethrough]] from [[/strikethrough]] which divided by number of years of operation since creation of company would give average