We continue to believe that the greatest future of your company lies in using a substantial but varying portion of the capital in special situation such as reorganizations and the financing of new capital issues, rather than in keeping all capital invested in a wide list of securities dealt in on the leading stock exchanges. While we carefully investigated many such opportunities during 1934, prudence dictated extreme caution in placing large amounts of capital into any immobile form of investment until an upward trend could be seen with greater clarity.
Such was President...
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