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[[note in left margin in red]]
Investments [[/note in left margin]]
[[underline]] Dec. 15. [[/underline]] U.S.S. [[red underline]] Steel preferred [[/red underline]] which for some years, has been considered as a [[underline]] premier [[/underline]] investment is being sold [[red underline]] at 95! - U.S.S. Common, [[/red underline]] which has a conservative book value of 200 is being offered at [[red underline]] 41 [[/red underline]].
Lately there has been a drastic drop in all bonds including Liberty Bonds so the [[red underline]] depression [[/red underline]] is reaching the most [[red underline]] conservative investors. [[/red underline]] Bakelite invested securities have lost [[red underline]] about 1/2 million [[/red underline]] in market value, during the latter half of the year. The [[red underline]] last "drop" [[/red underline]] of about 250,000 occurred within the [[red underline]] last 2 weeks. [[/red underline]] 
[[left margin in red]] !! [[/left margin]]
At our meeting of June, when our securities were discussed [[red underline]] Karpen complimented Hays at the excellent showing our list of securities made, [[/red underline]] the market value of our bonds was scarcely 4% below the price we paid for them years ago. - [[red underline]] What a difference now! [[/red underline]]
[[note in left margin in red]]
Drop of [[/note in left margin]]
[[underline]] Dec. 16. [[/underline]] Busy - busy - busy! - all. Sanford Brown left here a few days ago unknown destination. I guessed he had gone to see [[red underline]] Karpen [[/red underline]] in Chicago, as in former years so as [[red underline]] to tell his side of the story [[/red underline]] and to look out for "Sandford Brown first
Today my guess was confirmed: He returned to the office, and then somewhat later Karpen himself. - I wonder what their scheme is. - [[red underline]] Expect SB to bring up tomorrow his election as vice-president. [[/red underline]]
Have arranged Hays and George to meet Karpen Rossi and Sandford Brown to have preliminary talk about our financial problem and conversion of our securities. Pleasant discussion except for [[strikethrough]] a [[/strikethrough]] [[red underline]] criticizing attitude of S.B. [[/red underline]] which lately has [[red underline]] marked his whole behavior [[/red underline]] 
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