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[[left margin in red]] Luncheon with Barret [[/left margin]]
George B said that as to publication of earnings of Bakelite, the [[red underline]] public [[/red underline]] at large [[red underline]] had at present[[/red underline]] ^[[acquired]] an [[red underline]] absurdly exaggerated idea of our profits [[red underline]] and it would do well to awaken them to realities.  
I told him that anyway, the proposal as it stands is such that even if and for personal reasons would be willing to accept it I could not present it, and endorse it to my fellow stockholders without telling then that I thought it insufficient
[[red underline]] Townsend [[/red underline]] on the contrary is [[red underline]] much in favor and thinks it quite fair. [[/red underline]] - He is afraid that if we do not agree [[red underline]] C&C will enter our field and become competition. [[/red underline]]  Called up Hays from his office he arrived half an hour later. [[red underline]] Barret [[/red underline]] with deere, and [[strikethrough]] the rest of us [[\strikethrough]] Geo B, & Townsend and myself explained him situation and why I objected. Hays tells me the preferred gauranteed by C&C will undoubtedly 
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has a value of at least 110$ or even 120$, perhaps more but he endorses my standpoint is to [[red underline]] total remuneration being insufficient [[/red underline]] (20 million cash value) On my inquiry he tells that R&H made exchange of stock with Dupont on simply the ratio of earnings and that a similar exchange on such a ratio base here was entirely warranted on account of the great similarity of both contracting companies.  
[[left margin in red]] Barret advising George! [[/left margin]]
[[red underline]] Barret [[/red underline]] to my astonishment [[red underline]] tried to explain to George how we might borrow money on the preferred,[[/red underline]] thus saving on our income tax, [[red underline]] and use this money for purchasing common C&C whenever [[/red underline]] its quotations on the 'Change became low enough etc, which [[red underline]] brought forth from me the remark that I never had speculated on change nor never wanted to buy on margin [[/red underline]] etc. [[red underline]] which I saw he recanted. [[/red underline]] Asked me what counterproposal I would make, told him the same as I had made before

Transcription Notes:
**area between single quotation marks are underlined in red.**