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to minor discrepancies in adjusting the accounts, and accepting their agreements as to these adjustments. Karpen is willing enough but Kirk Brown again is laborious, uncompromising fault finding and generally exasperating. Am told that our ratio of earnings is about 70 to theirs about 30. Condensite notwithstanding all the tricks and recriminations of Kirk Brown and his cheating of $15000 royalties amount to about [[red underlined]] 10 or 11% [[/red underlined]] of our average earnings while that of Redmanol is about [[red underlined]] 1/3 [[/red underlined]] of our earnings or even less, which puts their earnings at a lower ratio than we estimated our relative assets. 
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This is undoubdetly an unpleasant surprise for Kirk Brown, if not for the Redmanol group who always imagined that their showings for earnings were relatively speaking better than ours as far as their relation to invested capital is concerned. And all this notwithstanding our leniency to several unjustified claims which we allowed on their part. Took Griffith, George Roll and Rossi to Columbia University Club for lunch. Griffith has no high opinion of Brown. 
Afterwards met Celine on Fifth Avenue and we traveled back together to Yonkers. Radiophone and reviving motor car industry is jumping up our order. Redman says he has almost reached maximum capacity as far as molding
[[vertical annotation in left margin in red]] Merger [[/annotation]]