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30) 
The Yale graduates had all assembled at the long table in the Westerly alcove 
Back home at 6 P.M.
[[underline]] Jan 2 [[/underline]] Very busy all day wrote [[red underline]] confidential letter to Karpen analyzing our situation [[/red underline]], and different departments, and showing conclusively that [[red underline]] Sanford Brown should not crow so much about [[/red underline]] the 83000$ net of Halowax while other paying departments of Bakelite showed [[red underline]] net profits of $673000. [[/red underline]] - while the losses had [[red underline]] occured [[/red underline]] mainly by a [[red underline]] drastic reduction in sales prices of molding [[/red underline]] mixtures. which puts a hitherto well paying department in loss to the tune of $230000. and that this with the experimental departments where various developments are underway produce a total loss of $508000 leaving a net from operations of only. 165000 which if 85000$ is added for Halowax profits
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31)
and $200.000 from bonus elimination [[red underline]] shows for this year: [[/red underline]]
   673
  -508
  ----
  $165
  + 85
  ----
   250
   200
  ----
   450.000
Which is not enough for the 6% paid on common + 6 1/2% on preferred.
Even 4% on common + 6 1/2 on preferred would have required $499.200. - So [[red underline]] for the first time in our history we have paid more than we earned. Not to count our losses in Italy, Canada and the fearful drop in the value of our securities [[/red underline]] which has happened within the last few weeks and which has put many concerns and individual fortunes out of joint.
[[vertical annotation in left margin in red]] Wines [[/left margin]]
Yesterday afternoon drew off most of my wines made this fall - (in capped bottles). All this [[red underline]] wine [[/red underline]] has settled in remarkable quick time. - The Delaware is more pale pink and somewhat drier and not so flavored at the same grapes of 1930 - Same applies to Concord. - On to [[underline]] Niagara [[/underline]]