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4/ [[underlined in red]] Karpen why he did not [[/underlined in red]] buy wheat, or cotton or rubber but he did not answer. Even [[underlined in red]] Halowax is $5000 [[/underlined in red]] in red ink this month. Then [[underlined in red]] Karpen let the cat out [[/underlined in red]] of the bag by proposing [[underlined in red]] Sanford Brown as ^[[vice-]] president. [[/underlined in red]] Told them could not support this unless bye laws will changed to curtail power of vice presidents. At present I carried the moral and real responsibilities of our corporation without having the necessary authorities. [[underlined in red]] Vice presidents [[/underlined]] had repeatedly, not by evil intentions, but by simple lack of realising my responsibilities, acted and [[underlined in red]] signed important papers without advising me. One of the most regrettable incidents was the notorious Surcouf agreement [[/underlined in red]] signed without consulting me on June 24 - 1929, and several other instances. Therefore before [[end page]] [[start page]] 5/ acquiescing with Karpens motion wanted to have the Bye-laws changed accordingly. - This was done. Afterwards [[underlined in red]] Sanford Brown [[/underlined in red]] came to see me thanking me for having appointed him vice-president and telling me: "I did not expect it and Mr. Karpen proposed me without having even spoken about it to me beforehand." !?!?... Just [[underlined in red]] like S.B! [[/underlined in red]] [[strikethrough]] Sit [[/strikethrough]] Situation at present is for Nov. 1931 Bakelite Del. Halowax, Painesville Total - 1813 -5110 -2180 = -9103 Total 11 months 1931 is = + 311,951$ as compar 11 " 1930 = + 1,084,340$ To morrow further discussion [[underline]] Dec. 18. [[/underline]] Showed them estimated results in each dept for total 1931 From which results that [[underlined in red]] Halowax [[/underlined in red]] will have made about [[underlined in red]] 85000$ but several of our departments [[/underlined in red]] in Bakelite (laminated varnish & grindstone resins) have each [[underlined in red]] made decidedly more, [[/underlined in red]] while the largest loser is molding materials