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174)
hence am puzzled at their peremptory cablegram.
[[vertical red line in left margin marks following text]]
[[red underline]] Sanford Brown [[/red underline]] writes from Detroit that [[red underline]] Motor Car Industry is in worse condition [[/red underline]] 
[[/vertical red line in left margin]]
than generally known and that Ford's plans for his new 8 cylinder car are delayed on account of technical unsuccesses on motor
The afternoon went out alone in my sloop to Cocoplum beach.
[[underline]] April 23 [[/underline]] Rossi objects to peremptory in that cable to Berlin. I left it in. - [[red underline]] I know better [[/red underline]] than R. how to [[red underline]] handle men like Surcouf and Sachs. [[/red underline]]
[[underline]] April 24. [[/underline]] (Sunday) Writing etc. Afternoon Mershon & Munroe came to visit 
[[underline]] April 25. [[/underline]] Many letters also [[red underline]] new contract with Johnson & Johnson surgical [[/red underline]] plastic & raincoats - sent here for approval. - Wired not to sign because wording in some paragraphs is very obscure. - Supplemented telegram by Air-Mail letter.
Finished long letter to Dr. Milton C. [[red underline]] Whitaker [[/red underline]] on the subject of my views on needed [[red underline]] patent reform. [[/red underline]]
Received to day annual accounting report and trial balance for 1931 made by [[red underline]] Rybrandt etc. [[/red underline]] - In view of fact that our first half of April sales are about one half of first half April 1931 which means that we are [[red underline]] still regressing, [[/red underline]] the report show that we must husband our liquid reserves to the [[red underline]] utmost. [[/red underline]] Everything
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175
[[left margin in red]] Business crisis [[/left margin in red]]
showing that the [[red underline]] business crisis shows no sign of better tendencies. [[/red underline]] More than ever must [[strikethrough]] be [[/strikethrough]] we husband our liquid resources. The [[red underline]] present [[/red underline]] [[underline]] market [[/underline]] value of our securities has shrunk to [[red underline]] 2,873,000 [[/red underline]] of which $500000 are pledged for the English loan of Bakelite limited
Total [[underline]] current assets [[/underline]] including marketable securities, cash and raw & mfd materials is $ [[underline]] $6,711,750. [[/underline]] comprising marketable securities [[underline]] 2,873000. [[/underline]] notes and accounts $1,110,000. Raw & mfd materials 1,600,000
[[strikethrough]] [[underline]] Liabilities [[/underline]] [[/strikethrough]] 
Current liabilities        $424000
Reserve for contingencies  $400000 
                          ---------
                            824000
Ratio of current assets to 
           cur. liabilities is = 14.03 to 1        
  "   of marketable securities 
                 to liabilities = 7.06 to 1
Dec 31-1932.
Book value on Dec 31-1932 of Common stock was $160.
Consolidated liabilities of all companies was  =   [[strikethrough]] [[11  8?]] [[/strikethrough]] 
^[[including capitalization = 8,913,400
Consolidated total assets = $11,881,742.
Value of our American plants, offices and equipment is about 5000000, of which Bound Brook figures for $3000000
There was a decrease since 1930 of $1,330,000 in net current assets
Outstanding capital stock 5 347,600 Pfd
                          3 505 800 Comm
                         -----------
                   Total  8,853,400.
Net loss for 1931 = 158390, including reduced market value of securities.
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Transcription Notes:
Not sure if commas or periods are separating digits in the numbers.