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128 all this by forcing me to withdraw this sum of money from our surplus funds which are well invested in 4% paying Government securities [[strikethrough]] what [[/strikethrough]] and furthermore are a needed reserve for the critical years we are about to enter [[underlined]] when our patents expire and when we shall have tremendous competition [[/underlined]] and may have to run several years at a loss. Withdrawing this money subjects me to [[underlined]] 37% [[/underlined]] surtax and 6% normal tax = 43% loss in the whole transaction and I must then invest in 3 1/2% tax exempt Liberty Bonds. Or about a loss of [[strikethrough]] 4% [[/strikethrough]] 40% while I go on records as if I had received a large salary! In reality [[end page]] [[start page]] 129 [[underlined]] instead of receiving [[/underlined]] a salary [[underlined]] I lose money. In the four years [[/underlined]] this whole transaction was discussed between us three and railroaded thru the [[strikethrough]] board [[/strikethrough]] Executive committee and then the Board of Directors without even a chance of discussion. [[underlined]] This year at least I have notified that I want the matter discussed in all its details before the full executive committee with Townsend present. [[/underlined]] So the whole morning was devoted to this and I wanted to show that these [[underlined]] $60000 [[/underlined]] for me are [[underlined]] a real [[/underlined]] loss I [[underlined]] being 34.5% [[/underlined]] stockholder while [[Schleussner?]] is only a small individual stockholder of the 15% R & H represents and [[Karfen?]] only a 1/3 individual [[strikethrough]] stock [[/strikethrough]] stock of the 1/3 block represented by