![Transcription Center logo](/themes/custom/tc_theme/assets/image/logo.png)
This transcription has been completed. Contact us with corrections.
150 the [[underline]] Karpen group a larger percentage than at present when they have only about 30 or 33% [[/underline]] of the total stock. So [[underline]] Karpen should not kick. [[/underline]] The question is then what to do with the stock, sell it to present stockholders to the highest bidder, or pro-rata or offer it to our employesͯ [[vertical annotation in left margin]] ͯ or distribute it as a stock dividend [[/vertical annotation]] [[underline]] I should hesitate to offer it at this high price unless after the affairs [[/underline]] of the company show without doubt that we have been able to [[underline]] go ahead not withstanding the new competition which has [[/underline]] arisen [[strikethrough]] [[underline]] March 21 [[/underline]] [[/strikethrough]] I received this afternoon (after my telegram to George asking his advice about [[underline]] my personally buying all [[/underline]] [[end page]] [[start page]] 151 the [[underline]] R&H stock [[/underline]] had gone) a letter from [[underline]] Hays offering R&H stock for sale and giving me very friendly advice. [[/underline]] I wrote him an answer which I sent to George. Also the letter of [[underline]] Geo Roll [[/underline]] giving me financial statements book values average earnings in 5 years since 1922.- [[strikethrough]] 1923 [[/strikethrough]] when the merger took place showing our net earnings, for 1922 $ 1,855 974 net Book values 1923 [[strikethrough]] 108.60 [[/strikethrough]] 2 086 084 " 1924 [[strikethrough]] 132.92 [[/strikethrough]] 2,850 739 " 1925 [[strikethrough]] 194.71 [[/strikethrough]] 3,116 441 " 1926 2 000 000 " [[strikethrough]] Average [[/strikethrough]] ^[[Total]] for 5 years $11,909,240 [[underline]] Average for 5 years. 2400,000 (about) [[/underline]] Book values 1922 - 108.60 1923 132.92 1924 194.71 1925 245.74 1926 [[overwritten]] 224.88 [[/overwritten]] 274.88 corrected to 268$ [[strikethrough]] 1927 [[/strikethrough]] so as to face contingency reserve for doubtful accounts