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140/ with the result that a large number of competitors, who can start their industry with a few pots and pans or inexpensive outfit. [[red underline]] Celine [[/red underline]] this evening is at the [[red underline]] Wymans [[underline]] Dec. 8 [[/underline]] [[red underline]] Concannon [[/red underline]] at our office. took him for lunch at U.C. [[red underline]] The Herald - Tribune [[/red underline]] publishes [[red underline]] long article [[/red underline]] about Dr. [[red underline]] John Northrop [[/red underline]] as [[red underline]] Chandler medalist [[/red underline]] and [[red underline]] mentioning my name as one of the 3 members of the Chandler [[/red underline]] Medal Committee. Also that [[red underline]] our proposal [[/red underline]] of celebrating next year in Spring the [[red underline]] 100th anniversary of the birth of Professor Charles F. Chandler. [[vertical note in left margin in red]] [[red underline]] German Bakelite [[/red underline]] [[/vertical note in left margin]] [[red underline]] Low [[/red underline]] who has [[red underline]] been sent by us [[/red underline]] to [[red underline]] visit Bakelite Gesellschaft [[/red underline]] sent us a long letter in which he describes the [[red underline]] absurd, stupid [[strikethrough]] so [[/strikethrough]] situation [[/red underline]] of [[red underline]] the factory dept [[/red underline]] and [[red underline]] petty jealousies among [[/red underline]] the [[red underline]] employes. [[/red underline]] No wonder with all there blunders that they have made no little progress. [[vertical note in left margin in red]] Commodore of Biscayne Yacht Club! referral [[/vertical note in left margin in red]] [[strikethrough]] Matheson [[/strikethrough]] [[red underline]] Hugh Matheson, [[/red underline]] commodore of Bay Biscayne Yacht Club, telephoned me from Coconut Grove, urging me to [[red underline]] reconsider [[/red underline]] my referral to accept the [[red underline]] unanimous vote [[/red underline]] making me the his successor Told him had several good [[end page]] [[start page]] \141  141
reasons for having to decline this honor. Afterwards visit of [[red underline]] Douglas Scot [[/red underline]] of [[red underline]] Victoria British Columbia [[underline]] Dec. 9. [[/underline]] Mr. [[red underline]] Price [[/red underline]] of the N.Y Income Tax staff came to discuss my tax report of 1935 Had to make [[strikethrough]] a cut of [[/strikethrough]] about [[red underline]] 1700$ additional tax to pay plus interest. [[/red underline]] [[vertical note in left margin in red]] [[red underline]] Additional taxes [[/red underline]] [[/vertical note in left margin]] [[underline]] Dec. 10. [[/underline]] [[strikethrough]] Celine's Tax [[/strikethrough]] This is the [[red underline]] annual stockholders [[/red underline]] meeting. preceded by Director's meeting. All directors present. Main attention given to some necessary changes as to [[red underline]] participation of profits by [[black underline]] all [[/black underline]] [[/red underline]] [[strikethrough]] of or [[/strikethrough]] [[red underline]] persons in the service of Bakelite from the humblest employe [[/red underline]] to the [[red underline]] heads of our corporation. [[vertical note in left margin in red]] Participation of profits. [[/red underline]] Except that I voluntarily refuse to participate. This outlay [[red underline]] will cost us about $260.000.00. [[/red underline]] and I am glad of being able to do it. However the [[red underline]] stupid drastic [[/red underline]] [[strikethrough]] taxes I [[/strikethrough]] [[red underline]] additional taxes on undistributed earnings is a serious threat to all industries and will drain the cash or liquid reserves of [[strikethrough]] most [[/strikethrough]] many companies to a dangerous extent. [[/red underline]] In order to avoid additional taxes as high as 20% for undivided surplus we concluded to bring the dividends of 1936 to 6 1/2% for preferred and to 20% for the common stock, and hope that this stupid dangerous system of taxation will be 
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