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[[strikethrough]] 146 [[/strikethrough]]
156 
[[entry in left margin in red]] 
Simmons [[/entry in left margin]]
after awhile [[underlined in red]] told us he did not feel well and went home. Splendid man, self-made modest. [[/underlined in red]] He is a philosopher with the sense of humor and much common sense and loves his work.
Received an [[underlined in red]] excellent letter of George [[/underlined in red]] in which he [[underlined in red]] reviews the present situation [[/underlined in red]] of Bakelite in a manly way and surveys origin and future of bad times, citing my former views. [[underlined in red]] Wired him my congratulations
Sanford Brown [[/underlined in red]] announces 
[[vertical black line in left margin]]
that he sold Societa Italiana Bakelite for a million Lire. [[underlined in red]] Too good to be true! [[/underlined in red]]
[[/vertical black line in left margin]]
May 1-1931. Busy all day with belated letters. At 8:15 P.M. George phones that [[underlined in red]] Barrett goes back on his former proposition [[/underlined in red]] of last Fall and does  [[underlined in red]] not want to garantee Bakelite preferred [[/underlined in red]]
Wants to pay off "preferred"

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[[strikethrough]] 147 [[/strikethrough]]
157
and exchange our common stock for Union carbide [35658sh.] for 270000. Union Carbide. George says earnings of U.C. 1930 were 3.12$ per share common but earnings first quarter are only 51c. per share equivalent to 51 x 4 = $2.04 yearly per share Barret wants to take prompt decision. U.C. is quoted now [[underlined in red]] 46-50. [[/underlined in red]] This would mean total value [[/underlined in red]] $13.500000 [[/underlined in red]] at present prices or [[underlined in red]] scarcely the value of [[/underlined in red]] our net assets and [[underlined in red]] nothing for good will. Told George [[/underlined in red]] I [[underlined in red]] do not want cash refunds for Pfd [[/underlined in red]] and [[underlined in red]] want exchange [[/underlined in red]] per ratio of 2 companies net earnings for last 3 or 4 years. [[underlined in red]] minus a penalty for us of 15% [[/underlined in red]] - or at utmost 20%. George will telephone again tomorrow about 5 P.M. He says U.C. will have to reduce their present dividend rate.
[[underlined]] May 2. [[/underlined]] Good rain! Am 

Transcription Notes:
Words between < and > are underlined in red. Changed text to remove < > and to add underline format per instructions.