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[[left margin]] Union Carbide stock compared to Bakelite [[\left margin]]
on our [[red underlined]] 53490 Pfd cumulative [[/red underlined]] 6 1/2% stock. [[red underlined]] Our net assets are about $11,000,000.[[/red underlined]]
11000,000
---------
44 = 250000 shares of U.C & C.
representing today a market value at present quotation of $11000000. This at $1.40 present rate of interest of U.C.C. stock is 250000 x 1.40 = $350,000 which corresponds closely to 53490 Pfd at 6.5 = 347685
Of course several [[red underlined]] side considerations [[/red underlined]] come up here, [[red underlined]] which George brought [[/red underlined]] up as to objections already [[red underlined]] raised by White of U.C & C.[[/red underlined]]
[[left margin]] [[red underlined]] George B. [[/red underlined]] [[left margin]]
Each one we discussed the pro and con, and [[red underlined]] I was pleased to see the intelligent and equitable way in which he analysed [[/red underlined]] the whole situation. [[red underlined]] It is a pleasure to have such a son discussing such matters in an unbiased equitable and intelligent way. [[/red underlined]] An egotist or greedy person would look at it from a very different way. - After all [[red underlined]] the main purpose is to stablise and render more liquid the family possessions. [[/red underlined]] The U.C.C is not only more marketable than my present large holdings of Bakelite stock in case of death taxes, but the [[red underlined]] U.C. & C[[/red underlined]] company instead of being restricted to one speciality as we do, covers a [[red underlined]] multitude [[/red underlined]] of [[red underlined]] industries [[/red underlined]] all well conducted and in diversified fields. Hence during the depression to kept on earning
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[[left margin]] Advantage with [[red underlined]] Union Carbide [[/red underlined]] protection of our family [[\left margin]]
enough to keep on paying dividends, while we depending more narrowly on some few consuming industries were badly in the red. An important consideration is that we know that [[red underlined]] U.C & C. has a well deserved [[/red underlined]] reputation for fair dealing with its users and staff and [[red underlined]] has shown every evidence of technical progressiveness based on applied science [[/red underlined]] and has [[red underlined]] treated its chemists and engineers very much the way we do. - I do not desire to become richer nor to have a larger income, [[/red underlined]] on the contrary. - [[red underlined]] Nor do I think it advantageous for our children or grandchildren. George thinks the same way [[/red underlined]] and I am glad of it. Tomorrow George, undisturbed in his house, while everybody is away will concentrate on the different arguments we discussed and on Monday afternoon will discuss them further with Rossi.
The intention is to carry on between us three until we arrive at an acceptable proposition from U.CC and then only take it up with Hays, Redman & Sanford Brown thus avoiding all the complications and discussions we had on a similar proposition a few years ago.
As usually I had let Frieda the cook go after luncheon, and was alone in the house. This evening in rearranging some papers I struck a bunch of old love letters of [[red underlined]] Celine [[/red underlined]] [[strikethrough]] when we were [[\strikethrough]]
