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58 Told them we [[red underline]] might better [[/red underline]] cease our enormous expenses in our research and patent department if [[red underline]] we use both departments in such an absurd way. D.D. Jackson [[/red underline]] here tells me [[red underline]] Redman [[/red underline]] had given [[red underline]] to understand to Columbia University that 2 scholarships were to continue between 1931-32 [[/red underline]] and [[red underline]] therefore had been awarded by the [[/red underline]] University authorities. [[left margin in red]] !!! [[/left margin]] [[red underline]] Redman denies [[/red underline]] this. [[strikethrough]] but [[/strikethrough]] We have no other ^[[decent]] alternative than to pay them: for the term [[underline]] Sept 17. [[/underline]] Directors meeting. [[red underline]] A. Karpen [[/red underline]] arrived from Chicago, [[red underline]] advises [[/red underline]] to [[red underline]] declare quarterly 2% common [[/red underline]] dividend [[red underline]] altho' not earned.[[/red underline]] [[left margin in red]] !! [[/left margin]] Gave him such overwhelming reasons why we should not deplete further our reserves that he had no longer an argument to stand on [[end page]] [[start page]] 59 My proposition to [[strikethrough]] reduce [[/strikethrough]] amend byelaws so as to [[red underline]] limit directors [[/red underline]] to [[red underline]] 8 [[/red underline]] instead of [[red underline]] 10 [[/red underline]] and to abolish the rules relating to Chicago and New York group directors was [[red underline]] unanimously adopted. [[/red underline]] - This amendment was due to the death of Townsend as I know of nobody to replace him. In view of these amendments [[red underline]] Berliss ceased to be a director [[/red underline]] A very busy session of two successive meetings kept same day. [[red underline]] Detailed discussion of financial situation [[/red underline]] and money obligations and other business details. [[red underline]] George had proposed to engage a firm of investment advisers to whom we would pay $5000 ^[[yearly]] retainer for every million involved.[[\red underline]] After [[red underline]] Hays [[/red underline]] had read his [[red underline]] letter to Karpen [[/red underline]] on the subject and after he had submitted a record of [[red underline]] the relatively small losses which we had made on [[/red underline]]