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While I was away [[underlined]] Karpen [[/underlined]] and [[underlined]] Schleussner [[/underlined]] and [[underlined]] Hamman [[/underlined]] and [[underlined]] even Hays have again agitated question of distributing part of surplus and have submitted a 10% dividend payable beginning of Jan 1927. I repeat to them all my former arguments showing how we shall require probably more money than our present surplus invested money [[/underlined]] ($6,000,000) if [[underlined]] we are to face the expiration of our patents, building new plant, standing competition and price cutting and carry out our European programs. [[/underlined]] (See minutes of [[underlined]] Executive Com. my report) [[/underlined]] I [[underlined]] finished by saying that nevertheless I was not opposed to a [[/underlined]] 10% [[underlined]] dividend, provided it was not considered as a precedent and as a measure of increasing [[/underlined]] the 1927 dividends. - [[underlined]] They used [[/underlined]] the old [[underlined]] stale arguments [[/underlined]] as to [[underlined]] possible Government [[/underlined]]
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[[underlined]] taxation of undivided [[/underlined]] surplus [[underlined]] which I have successfully answered in every instance.
Had we followed their [[/underlined]] advice since [[underlined]] 1922 [[/underlined]] we [[underlined]] would at present [[/underlined]] be [[underlined]] in an awkward position instead [[/underlined]] of [[underlined]] in a marvelously strong financial position where we can face competition and extend our field without loosing our nerve at a critical point when a firm decision has to be taken.
Dec 28. [[/underlined]] Another very busy day. [[underlined]] Executive meeting. Rossi [[/underlined]] ill at home [[underlined]] again. Redman absent funeral of his father. Sanford Brown [[/underlined]] had asked in a non insisting way thru George B that if any directorship vacancy should occur his [[underlined]] name should be considered. As this matter regards A. Karpen's group of 4 and [[/underlined]] as [[underlined]] Karpen has now his brother Leo Karpen [[/underlined]] as [[underlined]] straw director [[/underlined]] and is [[underlined]] not entitled to 4 directors [[/underlined]]

Transcription Notes:
I use past tense 'underlined' with a 'd' because that is my understanding from the instructions. It seems a waste of time to edit just to remove the 'd' in 'underlined'. If I review and the transcriber just uses 'underline' I do not add the 'd'