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dispose of Damard Co and Redmanol or Bakelite Corporation according to the attitude of Bakelite Gesellschaft when the latter straightens up its obligations towards me or its understandings with Gen. Bakelite Co. Cooper is not inclined to favor holding company and proposes to meet the Germans and come first to a new understanding with them. I foretell him that this will lead to long drawn out bickerings and furthermore nobody should trust Germans at present when their whole nation is demoralized and strains every effort to dodge obligations, political and financial. Therefore it would be better to make a holding company and arrange it so elastically that it can adapt
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itself to any new conditions which may arise after the situation in Germany clears up. 
May 24. Another meeting with Cooper where he gives me some details as to the situation of Damard Co. See separate sheet and his notes. 
Phenol sells to day 33 c per lb in England and [[strikethrough]] there [[/strikethrough]] is sold at this price to Germany. 
Cooper thinks English Company could find 25% of the market we are having now, in other words, these sales could [[?]] made to be 1/4 of ours. Swinburne thinks so too. 
This year he figures on ₤15000 sales ($75000) which will give them 30% profit or about $25000.  Taxes are as follows: 2 1/2% corporation tax
+22 1/2% on net profits
after corporation tax is paid, making