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this and suggested postponement of action until we had further progressed with our negociations with Karpen and to let this matter together with action on dividends rest till towards last day of month when we could better ascertain our position.
I also outlined my new method of calculating bonus by [[strikethrough]] divide [[/strikethrough]] taking the yearly average of gains of each concern over the same period 1915-1921 and add to our result and that of Condensite a [[strikethrough]] bonus [[/strikethrough]] ^[[good will]] as we possessed in 1914 or 1915 which could easily be ascertained on our books and which would be a compensation for our pioneer
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work. This would eliminate their plea that Redmanol is too heavily penalized and that our method of computing [[strikethrough]] bonus [[/strikethrough]] 
^[[good will]] extend over too many years.
We should bear in mind however that present assets are our great advantage, not merely a shadow of past [[strikethrough]] imp [[/strikethrough]] performance or a hope for the future and the greater importance we gave to good-will the less important becomes just that on which we are strongest namely real assets.
After meeting spent some time with Townsend and Hays to adjust our views on all these matters. Went with Hays for lunch at Columbia University club and gave