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become the Condensite Co. That in fact the present arrangement favored the Condensite Co and therefore as a stockholder of the Condensite Co he ought to feel glad unless his ownership in Redmanol were enormously more important to him which I could not know. That at present in the formation of the new company matters appeared simple enough. Three parties were going to underwrite the stock of the new company but instead of paying in cash were going to pay with assets and good will valued as assets and in a ratio equivalent to the respective values of assets and good will of each company. That after
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this was terminated there could be every opportunity for either issuing more stock or if not trying to purchase more stock from individual stock holders but the whole matter had to be carried out on its merits, exactly as he had proceeded in acquiring the stock of the Condensite Co. and this was as far as we would go. [[strikethrough]] Tol [[/strikethrough]] 
Adjourned about 1 P.M. I went with Townsend to Columbia University Club for lunch and I returned to Yonkers with 3 P.M train and found Celine on same train. I find that May is absent from office and left day before Thanksgiving and is only expected back to morrow. He takes matters easy with the amount of vacations alloted to him!