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16 as a makeshift, misunderstood by many and totally ununderstood or treated with utmost indifference by nearly all. The vote is undoubtedly a vote for [[red underline]] a change of administration after the cumulative [[/red underline]] effect of eight years mistakes. Went to Director's meeting of [[red underline]] General Bakelite Co.[[/red underline]] Mr Williams absent. Rossi reports [[red underline]] considerable drop in orders. [[/red underline]] Many cancellations on the other hand [[red underline]] wood alcohol [[/red underline]] which was at $4.00 a gallon is selling at [[red underline]] $2.00 [[/red underline]] and [[red underline]] formaldehyde demand [[/red underline]] slackened [[red underline]] to the point [[/red underline]] that Schleussner report they have so much in stock that they ceased manufacturing. All these are evidence that an area of [[Vertical annotation in red in left margin]] Depression 1921 [[\left margin]] [[end page]] [[start page]] 17 [[red underline]] adjustment, [[/red underline]] and business [[red underline]] depression has set in. [[/red underline]] The arrogant attitude of [[red underline]] labor and extravagances of every kind have brought [[/red underline]] about high prices and chaos in industrial conditions. [[red underline]] I foretold this crisis to occur before the end of the year to May and all those connected with our works. [[/red underline]] [[two red exclamation marks in margin]] Afterwards conference with [[red underline]] Takamine [[/red underline]] and Wooyenaka to talk about [[red underline]] Japanese bakelite situation. [[/red underline]] Told them once more my reasons why a royalty arrangement does not interest us, as we are unwilling to communicate our manufacturing secrets to them. Perhaps we may do this for varnish and composite cardboard paper but I must have