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As far as I can see this will have depleted our liquid reserves by this amount and removed so much from income of these reserves, say 2600,000$ @ 5% = 
130,000, loss on income of 2,600,000 @ 5%
260 000  ^[[Total]] Amortisation at 10%
 50 000  Estimated taxes
 12 500  Continuatn of taxes ^[[etc]] in Perth Amboy for idle factory
  3 500  Amortisation Perth Amboy
_______
456,000$. from which to deduct rent for 
 62,000           Chicago     = 31000
_______           Perth Amboy = 31000
414,000$                        _____
                                62000

Leaving us to make up a difference of [[red underline]] 414000$ [[/red underline]] annually by [[underline]] decreased [[/underline]] expenses! At a time when our earnings are reduced to nil! - All [[red underline]] this makes [[strikethrough]] O [[/strikethrough]] me feel very uncomfortable [[/red underline]] and [[red underline]] when I make these remarks everyone, [[red vertical line in left margin]] including George Baekeland seems to resent it and protests [[/red underline]] optimistically as to the [[underline]] future [[/underline]] benefits! - [[strikethrough]] All [[/strikethrough]] [[red underline]] ^[[None]] of these young men have not been thru young men have been thru my [[/red underline]] [[/red vertical line]]
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43
[[left margin]] Research Laboratory [[/left margin]]
[[red vertical line in left margin]] [[red underline]] experiences in life and their whole training and experience has been a succession of prosperous years for Bakelite. [[/red underline]] [[red vertical line]]
[[underline]] Aug 12. [[/underline]]  Promptly at 9 A.M. Redman, Weith, Lowe, Gordon Brown, Sanford Brown, George Baekeland and myself. Swan and Rossi are away. - Went over the question of program of work for Research division, in relation to needs of mfg department and sales department. [[red underline]] Apparent tendency of belittling Research Dept [[/red underline]] work on one side and [[red underline]] from the part of Redman [[/red underline]] of [[red underline]] exaggerating it. [[/red underline]] Decided differences of opinion as to value of the men. [[red underline]] All except Redman (and Weith less) [[/red underline]] are [[red underline]] against Nash [[/red underline]] and say he is [[red underline]] n.g. [[/red underline]] - Similar attitude as to [[red underline]] Morey. [[/red underline]]  After a strenuous all day session made them agree ^[[and vote]] to a program for the research dept which I shall prepare in details to be submitted for execution to Redman & Weith. Tiring day for me