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82 our objectives and means and considerations do not agree. [[red underline]] Schleussner does not look well, [[/red underline]] seems preoccupied The fact that [[red underline]] Dr. Carveth has been appointed president of R&H over his head and that Carveth is treating both Schleussner and Hamman without gloves [[/red underline]] may have much to do with his discouragement. [[red underline]] Hays says R&H has made last year at the rate of $27.00 [[/red underline]] per share (on their old shares which are now being exchanged for new) If [[red underline]] this is the case the stockholders will see very little of it thru the grasping hands of a coterie of directors who hold the voting trust and do what they please Hays says Carveth [[/red underline]] [[strikethrough]] wants [[/strikethrough]] [[end page]] [[start page]] 83 [[red underline]] Hays R&H want to sell out Bakelite at 500$ which is preposterous. [[/red underline]] [[strikethrough]] Afterwards [[/strikethrough]] [[red underline]] Karpen [[/red underline]] [[strikethrough]] who came to consult me said [[/strikethrough]] [[red underline]] had said stock is worth $400 [[/red underline]] but at how much less would they sell. Our [[red underline]] book value at present is 279$ [[/red underline]] of which $100 for plant, equipment etc. I figure 50% ought to be deducted from this because plant and equipment could not be sold at their book value. So conservative book value would be nearer [[red underline]] 229$ say 230$ per share. [[/red underline]] The remainder is speculative. [[vertical red line in left margin highlights remainder of the page]] United States Steel Corporation and Canadian Pacific RR both well seasoned and prosperous corporations have their stock quoted decidedly less than the conservative book value [[/vertical red line in left margin]]