Viewing page 40 of 77

This transcription has been completed. Contact us with corrections.

74
importance offering to buy our stock [[strikethrough]] at [[/strikethrough]] for cash the sum to be determined by adding
A. Replacement value of plant equipment & materials
B. Liquid assets, bills & accounts receivable minus debts and obligations
C. Earnings of last five years after deducting amortization and taxes.
The sum A + B + C. to be paid in cash. This would mean for me at least [[red underline]] $1200000. [[/red underline]] Both Kirk Brown and Karpen seemed to urge to me the [[nicety?]] of the offer, and to desire to know how I felt about it. [[overwritten]] I [[/overwritten]] and wanted my answer. I suspect that this is an indirect way from Karpen of ascertaining whether I would be disposed
[[end page]]
[[start page]]
75
to sell out to him and thus put him in control of the Company 
I told them I had no answer to give as this was a matter which requires some reflexion. Immediately after they left I told the whole story to Hays.
Jan 25. Bought $10000 of 4th 4¼% Liberty Bonds thru Guarantee Trust Co.
This evening [[red underline]] Doremus came again [[/red underline]] to borrow money as he did this at the Club. I told him that he struck me at a very wrong moment, and left him. He is a tactless bore.
Jan 26. [[strikethrough]] At [[/strikethrough]] Went to see Hays in his office to discuss pending matters with him. Then was guest of Elon H. Hooker at annual meeting of Research