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directors so that they may explain the ways and opinion of Young & Otley 
One of them whose name is Skinner addressed us and answered all our questions in a manner which made a very good impression to all and made us consider that we were dealing with the right form. 
The other Cavanaugh was a much younger man had very much the appearance and ways of talking as a so called "customers man" as are met in stock brokers offices. 
I calculate that after deducting all our obligations present and future as [[strikethrough]] contracte [[/strikethrough]] will needed for Boundbrook and deducting the sum [[underlined in red]] pledged to cover the loan of Bakelite Ltd in England [[/underlined in red]] the present depreciated market value of our securities [[strikethrough]] and [[/strikethrough]] is about [[underlined in red]] $2,800.000 which [[/underlined in red]] is not so
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bad in these [[underlined in red]] extraordinarily depressed times. [[/underlined in red]] Unfortunately our [[underlined in red]] sales keep on declining [[/underlined in red]] from month to month and November is again [[underlined in red]] worse than any month since Bakelite Corporation was founded. [[/underlined in red]] The talk of Skinner was very depressing and took into consideration any approaching calamity. Banks bursting, further deficits of U.S. treasury. - [[underlined in red]] abandonment of Gold Standard and what not! [[/underlined in red]]
[[underlined in red]] Karpen tells [[/underlined in red]] us that this attitude of pessimism does [[underlined]] not [[/underlined]] exist in Chicago. His advice is that anybody [[underlined in red]] who has money or [[/underlined in red]] can borrow [[underlined in red]] should buy anything which is now offered below actual values [[/underlined in red]] i.e too low priced bonds, or other securities, raw materials like copper etc. - At this point [[underlined in red]] Geo B [[strikethrough]] tol [[/strikethrough]] corrected him by telling more copper was being produced and increased [[/underlined in red]] the already reserves while consumption steadily kept decreasing. - I asked