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to [[underlined]] minimize the blunder committed by Barns under him and Townsend; [[/underlined]] still unable to see the real issue [[underlined]] Renewed conference with Potter [[/underlined]] & Redman & myself. He [[underlined]] shows me German Contract of Damard which looks acceptable [[/underlined]] and fair to me. But when he explains to me the present of portion of [[underlined]] Pinchon & Johnson [[/underlined]] who have a right to about 50% of all their [[strikethrough]] earnings [[/strikethrough]] profits and who are not willing to cancel this burden except for 1/3 of their stock and with the stipulation that they [[underlined]] must have permanently 2 directors on the board [[/underlined]] as long as they are their stockholders. I see the danger of such an arrangement So much the more as P&J
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are [[underlined]] controlled by the Anglo American Oil Company and the latter is controlled by Standard Oil Company [[/underlined]] P&J are engaged in the manufacture of [[underlined]] paints varnishes & lacquers and what not. Their directors are merely executive "dummies" [[/underlined]] for executing orders [[underlined]] dictated by Anglo-American Oil Co or Standard Oil. [[/underlined]] They represent mainly [[underlined]] money [[/underlined]] interest, [[underlined]] have no will of their own, merely act as salesmen - a very expensive salesman - This is [[underlined]] directly contrary to the [[strikethrough]] specific [[/strikethrough]] stipulation submitted in our abstract [[/underlined]] that we do not want to be [[underlined]] burdened with men who only represent money - that we want men who are [[/underlined]]

Transcription Notes:
I use past tense 'underlined' with a 'd' because that is my understanding from the instructions. It seems a waste of time to edit just to remove the 'd' in 'underlined'. If I review and the transcriber just uses 'underline' I do not add the 'd'