Viewing page 41 of 65

77/ 
[[vertical notation in left margin in red]] George wants Young to sell or buy stocks for us [[/left margin in red]]
conservative lines, i.e. [[strikethrough]] no [[/strikethrough]] called [[red underlined]] legalised investments [[/red underlined]] as approved in the past.  Therefore before having the latitude of following advice of Young and investing as much money in common stocks, we must first be authorised by a meeting of the stockholders to decide on this effect.  [[red underlined]] As I am the only director who is financially responsible, the whole blame and possible claim for damages might be directed against me. [[/red underlined]]This puts me in an awkward position.  [[red underlined]] I am not a man who ever followed the trend of following the market and buying and selling my stocks and bonds, following fluctuations.  Nor have I, ever bought securities on margin.  But when it comes to the funds of the Corporation I may be blamed for not having followed or invoked counsel of financial advisers [[/red underlined]] so this places me in an awkward situation.  If I were the only stockholder in Bakelite Corporation, I would let matters stand as they are now until more decisive situations arrive where I could act
[[end page]]
[[start page]]
78
[[vertical notation in left margin in red]] Financiers !!? [[/left margin in red]]
less on a guess.  Hays made some statements contrary to the opinion of Young. I tried to bring out readjustment between extreme opinions [[red underlined]] George [[/red underlined]] B as in the past [[red underlined]] pins his frill on Young and seems impatient [[/red underlined]] to others who are not so much of Young's opinion.  The latter seems sure and speaks as a man who sees in the future while using logic on unestablished or insufficiently established finances.  I told them all that while I was never slow in giving opinions on matters on which I was competent I hated to do so here on a subject where I felt very much in doubt [[red underlined]] that I was not a "financier" [[/red underlined]] and had come to the conclusion [[strikethrough]] of [[/strikethrough]] during the past 3 years that [[/red underlined]] those who claimed to be [[red underlined]] "financiers" [[/red underlined]] were mere guesses.  I could apply the same remark to the men of our financial committee of Bakelite Corporation and that I had come to regard them that [[strikethrough]] no [[/strikethrough]] their financial judgement was as limited as mine.  I should mention however that [[red underlined]] since 1931, George had consistently urged, sale of our [[strikethrough]] bonds and purchase [[/strikethrough]] securities and purchase of [[red underlined]] common stocks so as to prepare against inflation [[/red underlined]]








Please note that the language and terminology used in this collection reflects the context and culture of the time of its creation, and may include culturally sensitive information. As an historical document, its contents may be at odds with contemporary views and terminology. The information within this collection does not reflect the views of the Smithsonian Institution, but is available in its original form to facilitate research. For questions or comments regarding sensitive content, access, and use related to this collection, please contact transcribe@si.edu.