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[[annotation in top margin in red]] Kirk Brown [[/annotation]] 
far he has been negociating with them behind [[strikethrough]] the [[/strikethrough]] our back. In fact I wonder whether he has not been selling his material to them which would account for our large decrease of orders in 1921 with Continental and Westinghouse was not due to this and this would explain also why Kirk Brown insisted to take in 1921 under the statement that 1921 was "a good normal year". 
If this is true then we are on the point of falling [[red underline]] in a trap [[/red underline]] where Condensite has gone back on us by [[red underline]] violating [[/red underline]] their agreement with us which prohibits them from making or selling material for composite cardboard.
I urged to make no contract with anybody for composite cardboard but to keep "our powder dry" in this line and be ready
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[[annotationin in top margin in red]] Merger [[/annotation]]
to start a mill of our own so that by the time our patents expire we should not be Rip Van Winckle's in this important branch of applications of bakelite
I perceive [[strikethrough]] that [[/strikethrough]] by what Karpen says that Kirk Brown is very much dependent on his holdings in Condensite Co and that these constitute his principal means of income and that his worries with Van Vleck have been that the latter withheld dividends so as to freeze Kirk Brown out. Karpen undoubdetly is the best asset of the whole group. [[red underline]] Berlitzheimer [[/red underline]] seems very small and rather crude. [[red underline]] Kirk Brown [[/red underline]] gives the impression of the "shy and sly" attitude. We shall have to watch this as this often may degenerate in "penny wise and pound foolish" attitude or may prove a