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[[strikethrough]] D = dividends [[/strikethrough]]

now becomes D and as such or divided by 3 still exists in the formula for calculating good will. This shows the danger of giving too large an importance to good will or of diminishing the divider 3 in our formula. In this formula 
P = present physical assets including cash, securities, bills and accounts receivable - ^[[minus]][[strikethrough]] debts, [[/strikethrough]], accounts and bills payable and bad debts.
D = Dividends paid since existence [[strikethrough]] of Company [[/strikethrough]] of each company  
T = All federal taxes paid by each company since its existence
[[underline]] Dec 1, [[/underline]] 1921. Meeting of directors of G.B. Co. [[strikethrough]] was [[/strikethrough]] held in R & H. office. Was there at 9 AM and explained to Townsend to Hays & Schleussner my findings about danger or advantage of withdrawing
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funds from General Bakelite Co and how it might benefit under our present formula. any one of the two groups who were already in the minority and therefore would not jeopardize their controlling interest by still further reducing their cash or assets, and thereby might gain 1/3 of the value of money withdrawn which 1/3 would still figure D/3 in computing the good will according to which they would find representation in the board 
At the meeting everybody being present Schleussner proposed and Hamman endorsed him that we should again distribute as "fees" to the directors the sum of $48000 as last year. I cautioned them against