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THE STEPS THAT SHOULD BE TAKEN

This proposed course of action is based on our belief that the great majority of all security transactions are motivated by recommendations of brokers and dealers. We recognize that they constantly are seeking new information and new ideas that will stimulate their business. We also are aware that they are deluged with printed matter of all kinds about thousands of different companies. The problem, therefore, is one of getting through to the right individual in the investment firm a continuing story about a company's progress in a way which will do him and the company the most good.

We have found no way to accomplish this effectively except through continued personal contacts with the investment dealers. We prepare our own progress reports about our client companies (sample copies attached) and distribute annual and interim reports as well as issuing financial press releases and other material. No matter how well done, all of these would lose a great deal of their value if they were not activated through the continuing calls of members of our staff on brokers in all important cities in the United States. This is a function that is difficult, if not impossible, for the company to perform itself and where our long experience and close contacts and knowledge of the dealers is of greatest value.

For specific action over the next twelve months, we propose for New York Airways, Inc. the following steps:

1. The preparation and distribution of two or three of our reports on the company. We suggest that the first report be published immediately and that it should cover the company's history, background

de witt conklin Organization
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