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[[left margin in red]] French Bakelite [[/left margin]]
[[underline]] May 16. [[/underline]] Wrote long letter to [[red underline]] La Roche explaining La Bakelite Bethune situation [[/red underline]] and why I think only plan possible is [[red underline]] partnership as with Germany and not the English plan [[/red underline]] - Sent a copy of letter to [[red underline]] Surcouf [[/red underline]]
Spent all morning with Hays discussing various Bakelite matters
[[underline]] May 17. [[/underline]] At office all morning. Afternoon to National Industrial Conference at Astoria Hotel.
Evening stayed at University Club, so as to go to Bloomfield tomorrow - Rain
May 18. - More Rain. Went to [[red underline]] Bloomfield [[/red underline]] by train 
Spent all day studying work and discussing results with our men and [[red underline]] Redman and suggesting [[/red underline]]
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[[left margin in red]] Research [[/left margin]]
further lines of action. See my [[red underline]] letter to Redman. Am very favorably impressed with everything and our men. Earnest and intelligent endeavor, of all and [[/red underline]] many subject seems to hold an important future, specially [[red underline]] flexible films of Bender and varnishes of Turkington 
Our competitors spread the rumor that our overhead costs are so much higher than theirs because we spent so much money on research. I tell to Redman and our directors. We have no overhead ^[[research]] costs, because what we spent on research is the income of a 6 million Dollar fund which [[overwritten]] we [[/overwritten]] I set aside [[strikethrough]] from our [[/strikethrough]] for this purpose when our profits were very high and in order to face the present [[/red underline]] situation of keen competition