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fact that we are unlisted and smaller at a [[strikethrough]] ratio [[/strikethrough]] of 50%. [[strikethrough]] So that if for instan [[/strikethrough]]
U.C.C.                               3.62 $ average earnings 1930-29-28
[[strikethrough]] B [[/strikethrough]] 1.81 (50%) 
                                     ____
                                     5.43 $
$5.43 being the equivalent of B.C share to draw 1 share (rated at 80$) of U.C&C. 
[[red underline]] Average net earnings 3 years Bakelite [[/red underline]] = 1.946000/5.43 
= 358360 shares [[red underline]] C.C at 80$ [[/red underline]] 
= 28.668.800$ estimated value at 80 
As compared to [[red underline]] $20.323.850$ [[/red underline]] best offer] by U.C&C
It is interesting to note that this means about [[red underline]] a ratio [[/red underline]] of [[red underline]] 10 shares of U. C&C for end share B.C. (carrying with it 1 1/2 sh. Pfd A.) [[/red underline]]
 35658 B.C 
   x 10
______
356580 shares U.C.&C.
Altho' our ratio for earning for last 3 years is 15, or a reduction of 1/3 as penalty. Hays [[strikethrough]] seem [[/sstrikethrough]] agrees my proposition fair Want to submit it jointly to Redman Rossi and Sanford Brown but [[red underline]] Redman has had slight heart trouble day before yesterday and is taking 2 weeks rest in Toronto [[/red underline]] Took Hays for luncheon to University Club. Then later on 
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took Bridges - who broke his arm last week - to Yonkers in my motor car, whence he returned by train. - Have given up my room at the club and am home with Celine.
[[underline]] Sept 21 [[/underline]] (Sunday) All morning calculating matters relating to pending negotiations. 
Afternoon at Larchmont Club Col. Weller informs me our Bakelite varnish peels off and has proved considerable disappointment to four yacht owners at the Club. - Shall investigate tomorrow at office
[[underline]] Sept 22. [[/underline]] Took up the matter of scaling varnish a very threatening proposition. Changed my calculations as to ratio I am going to [[red underline]] submit [[/red underline]] to [[strikethrough]] than [[/strikethrough]] [[red underline]] Barret instead of penalising us 50% I think that 20% is enough, namely: [[/red underline]]
3.62
0.724 (20%) 
_____
4.344 per share
$ 1.946.000 3 years average net earnings 
___________
4.344        = 445833 shares Union C&C for 35658 shares Bakelite Common including preferred or about 12.5 sh. Bakelite for 1 of U.C&C