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[[red underlined]] whole impression is excellent.  This has really become an imposing enterprise [[/red underlined]] seen by its work instead of by our our office where only paper - work is done. I [[red underlined]] felt a real thrill [[/red underlined]] in seeing before me what dimensions my modest beginnings had grown into. All the men laborers, chemists, and staff make a very good impression.
[[left margin vertical in red]] Molinari [[\left margin vertical in red]]
The department of [[red underlined]] Molinari [[/red underlined]] which was at its beginnings last year has enormously developed into a regular running mfg plant where our raw materials, cresol etc. are extracted from the raw tar oil of the steel industry. At present we use all the crude tar oil obtainable from the steel works. [[red underlined]] Molinari like all seems very happy in his work. [[/red underlined]]
at noon went with [[red underlined]] Shannon [[/red underlined]] for lunch at the Bound Brook Inn which gave us an occasion for a chat. He also has grown much in importance by his work. He is a graduate of [[red underlined]] Cornell, [[/red underlined]] is married and has a boy at school. All these younger men growing in age as well as the much older make it very [[red underlined]] desirable [[/red underlined]] that we establish the [[red underlined]] pension fund [[/red underlined]] system which we had to postpone during the former years of depression when we were losing money heavily.
[[underlined]] July 13. [[/underlined]] Further discussion with [[red underlined]] George B. [[/red underlined]] about U.C & C., he has had further conferences with [[red underlined]] Davidson [[/red underlined]]
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[[left margin vertical in red]] Union Carbide [[\left margin vertical in red]]
and [[red underlined]] White, [[/red underlined]] relating a method for [[red underlined]] equitable amalgamation. [[/red underlined]] We decided not to repeat the unnecessary complication of calling in all our directors for the preliminaries, but to [[red underlined]] disclose situation to Rossi [[/red underlined]] so as to have the benefit of his opinion. So George spoke to Rossi and we [[red underlined]] had a joint council [[/red underlined]] in which we made him acquainte with subject and situation, pledging him to secrecy.  He also is in favor provided we can obtain equitable terms.
Went to U.C. for supper, where I met [[red underlined]] Goodwin [[/red underlined]] of London. Rachel writes she has found new and better boarding quarters in Brussels at Avenue Louise by very desirable people where she is the only boarder.
[[left margin vertical in red]] Italian situation [[\left margin vertical in red]]
[[underlined]] July 14. [[/underlined]] All morning studying at Snug Rock the [[red underlined]] Italian situation [[/red underlined]] and preparing draft of letter on this subject for Bakelite Subject, refusing to accept the modifications of my proposed contract where [[red underlined]] I try to forestall possibility of Italian Bakelite falling in hands of inimical interests. [[/red underlined]]
[[left margin vertical in red]] Union Carbide at 44. [[\left margin vertical in red]]
Afternoon [[red underlined]] George [[/red underlined]] came here to discuss further proposal of [[red underlined]] U.C&C.[[/red underlined]] and to find base for exchange. I am willing to have exchange based on exchange of present market value of their stock, now quoted [[red underlined]] "44" [[/red underlined]] against value of our net assets provided present dividends of U.CC stock thus received in exchange bring in yearly a minimum of [[red underlined]] $347,685. [[/red underlined]] which is the [[red underlined]] 6 1/2% dividend [[/red underlined]]
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