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146 but [[underline]] Townsend and Hamman were much late [[/underline]] altho' I had arranged meeting for giving [[underline]] Hamman opportunity to present his views as to a distribution of surplus [[/underline]] cash reserves above what we have now. I went ahead with the minor and routine matters and finally [[underline]] Hamman, who had [[/underline]] been to the barbershop, which was [[underline]] the excuse of his delay [[/underline]] showed up. Several [[underline]] interruptions [[/underline]] of the meeting due to [[underline]] Karpen [[/underline]] being called at the phone. [[strikethrough]] wha [[/strikethrough]] This is maddening. I [[underline]] shall pass a resolution forbidding interrupting meetings for private matters [[/underline]] I read my report on the present financial needs of the Corporation whereby [[end page [[start page]] 147 I [[underline]] showed that if we were to carry out our program of building [[/underline]] as [[strikethrough]] propose [[/strikethrough]] urged by Rossi & Redman & all and if we wanted to provide for pending emergencies [[underline]] instead of having too much cash [[/underline]] in reserve [[underline]] we shall have to borrow money. [[/underline]] Everybody seemed to be of my opinion I was [[underline]] glad to see Rossi and Townsend come out openly and reinforce my arguments Then Karpen did likewise. Hamman and Schleussner and Hays presented the other side. [[/underline]] but rather weekly [[underline]] Hays [[/underline]] spoke about present how makes it possible to have to pay 50% taxes on undistributed profits a law evidently intended for trick-companies organized specially to evade the tax-law