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The F.H. SMITH COMPANY (INCORPORATED) FOUNDED 1873 INVESTMENT SECURITIES 285 MADISON AVE. (At 40th St.) New York City March 20, 1930. TO OUR INVESTORS: Sometime ago we advised you that hostile interests were circulating false and misleading information concerning this Company and its Officers for the purpose of inducing stockholders and bondholders to join with them in their efforts to destroy the Company. We have successfully resisted their efforts on your behalf, and will continue to do so. First an application was made to the Supreme Court of the District of Columbia for the appointment of a receiver for this Company. This petition was denied by Judge Alfred A. Wheat, who stated the appointment of a receiver would benefit no one but the receiver. Then a similar application for a receiver was filed in Wilmington, Delaware. (The F. H. Smith Company is a Delaware corporation.) The hearing of this case has been completed and Chancellor Wolcott in the Court of Chancery of Delaware declined to appoit a receiver. Another peition in the Delaware court for the renovation of the Company's charter was similarly denied. The F. H. Smith Company won all three of these cases, and for your information, we enclose reproduction of a news article which appeared in the Washington Herald. We appreciate the confidence and cooperation which the vast majority of our investors have steadfastly maintained, and shall be pleased to continue to serve you in the future as in the past. Faithfully yours, THE F. H. SMITH COMPANY, INC.