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was a corporation for which I [[red underline]] had great respect, [[/red underline]] but I wanted it well understood that none of us of Bakelite had taken any initiative in this matter nor expressed any desire for coming together with G.E. That the first step before I could go any further was to have evidence that [[red underline]] any one of authority in G.E. had expressed a wish for such action, [[/red underline]] at which [[red underline]] Dillon answered that Young and Swope [[/red underline]] who are his friends [[red underline]] had expressed such a wish [[/red underline]] and that he would bring us together. All this was said in presence of Geo. B. - I then added that altho our sales had fallen off considerably in the year 1931 that [[red underline]] we were in a better financial condition [[/red underline]] than many concerns and had [[strikethrough]] a [[/strikethrough]] [[red underline]] comfortable liquid reserves. [[/red underline]] That first I should like
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[[vertical annotation in left margin in red]] Dillon & General Electric Co [[/left margin]]
to state, that whatever was done must be done [[red underline]] not for my benefit alone but for all interested in Bakelite Corporation [[/red underline]] That a [[red underline]] sale of my stock for cash was excluded. [[/red underline]] if anything were done it would have to be on the basis of an equitable exchange of shares. The exchange to be based on ^[[relative]] average profits and relative assets. I also said that it would be necessary to stipulate first [[red underline]] how much Dillon & Reid would ask [[/red underline]] for their services in this matter and in what proportion each company would have to pay its part of the commission. A very pleasant conversation terminated about 6:30 P.M
[[underline]] Jan 7 [[/underline]] & 8. Busy days. - [[red underline]] Redman [[/red underline]] wrote me a letter describing exactly the services [[red underline]] Sanford Brown & [[Mauritho?]] received from Research department [[/red underline]]