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holding Co. This will insure personal initiative and prevent mistakes due to hasty reorganization and have beneficial psychological influence. Schleussner and Hays had arrived at same conclusion 
On presenting matter to Karpen he fully agrees except that selling end must be concentrated in [[strikethrough]] one tran [[/strikethrough]] holding company which seems self-evident to all of us. [[red underline]] Karpen [[/red underline]] is the dominant personality in his group. Every one of us are convinced of his broader and wider [[strikethrough]] guan [[/strikethrough]] intelligence. He outranks considerably every one of his associates including Kirk Brown who has the tendency of playing shy-and-sly and frequently
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reverts to small side considerations. There is no doubt in my mind that Karpens success in his business career has been due to his broad mindedness, good judgement and intelligence. I consider him the greatest asset in the Redmanol Company, and he seems to me a man very desirable as a guide and a counselor in any business.
Discussion opens rather animated on different points. Schleussner Hays and myself deliberate. I want to [[take?]] in 1916 to 1920 but leave out 1921 because the latter year is not yet on record [[strikethrough]] and [[/strikethrough]] on the books and might tempt any of us to try to increase earnings by leaving out necessary expenses; further-