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that MacDonald has sent formal letter of resignation because better offers have been made to him in a tablet making concern which for a long time has tried to get him into partnership.  Low is proposed by Rossi to take his place. 

Nov. 28. Early talk to Rossi as to bonus adjustments for Perth Amboy.  This submitted to Redman and Karpen who approve.  Ditto Schleussner and Redman.
Then long discussion between Karpen and Schleussner about personal compensation for services.  They both are eager to get $30000 for each and me to accept $60000.  I told them as last year how reluctant I feel to put myself on record

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of accepting $60000, which seems quite a sum of money, while in reality instead of getting it I lose money by it.  As follows [[strikethrough]] I pay [[/strikethrough]] As 1/3 stockholder of Bakelite Company I pay 1/3 of the total $120000 involved (120000/3 = $40000  So that from the seeming $60000 only $20000 are left!  of this I have to pay about 60% in income taxes.  So this melts down further to about $8000 net.  But even this I do not get because I have to pay a salary to George Baekeland in my service and a supplementary compensation to Geo Roll in view of the high salary and bonus Berlitzheimer and Sanford Brown get altho' their work does not involve the same responsibilities and qualifications.  Furthermore I have never sent in a bill