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136 [[underline]] Dec. 21 [[/underline]] Sunday Very cold weather. quiet morning at University Club Drove home at Noon. Lunch at home. Very busy all afternoon and evening [[underline]] tax matters [[/underline]] etc. Dec. 22. All day at office attending to belated matters Dec. 23. [[underline]] Young ^[[son of]] Dr. Effront [[/underline]] came to see me at office Took him for lunch at University Club. Dec. 24. All morning with [[underline]] Hays discussing various matters [[/underline]] relating to [[underline]] Bakelite [[/underline]] Corporation and myself. He agrees with me that we [[underline]] should not continue to [[/underline]] pay [[underline]] such high dividends [[/underline]] as last year and that 20% for 1925 is sufficient and we should husband our means and now [[underline]] increase our reserves [[/underline]] for the very difficult years [[end page]] [[start page]] 137 [[underline]] which we have to face [[/underline]] [[strikethrough]] from [[/strikethrough]] from now on until we get over the crisis [[underline]] when our most important patents lapse [[/underline]] which will attract [[strikethrough]] competit [[/strikethrough]] [[underline]] strenuous competition here and abroad. [[/underline]] I suggested to him that if Schleussner and Karpen say that the money they get is not for them but has to be distributed then it would be simply logical that we do not countenance this but pay them a fixed sum [[underline]] for them alone [[/underline]] and not for others in the group and we should call this a salary and [[underline]] put them under contract [[/underline]] as our other salaried employees This will dispose of that general [[underline]] grabbing [[/underline]] under the pretext that they have to distribute it. [[underline]] Hays [[/underline]] agrees with me that this would be