5 per cent of net assets) regardless of the size of the fund. Although the cost of sales is generally proportionate to the size of the sales that have been made, it is obvious that the cost of research and other management expenses does not rise in a ratio equal to the increase in net assets. For example, management costs do not differ substantially when the assets of a fund have risen from $100 to $300 million. It has been suggested that ". . .

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That stock is headed down! The foregoing technique is customarily related not only to the performance of individual stocks, but, more panoramically, to the Dow Jones Average of thirty selected industrial stocks. The stocks that determine this composite average are the common stocks of the following renowned companies: Lest the trend of this Industrial Average contain by chance some warp or basis, the direction, or indicated trend, of the Industrial Average must be confirmed (correspond to) by similar action in the Dow-Jones Railroad Average. This, in oversimplified form, will give you some idea about the Dow Theory. Many seasoned investors take little stock in it. They say that this theory gives the buy or sell signal too late”often months after the up or down trend has been visibly established; and they further say that the rail list has not, since the thirties, been at all representative of basic trends in the stock market.

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One of these, the investment in Houston Oil Company, representing an average investment of slightly more than $3 million, resulted in a capital gain aggregating $12.6 million. In 1948, approximately 80 per cent of the company's assets consisted of securities of railroads and related properties. By 1954, investments in special situations slightly exceeded Madison Fund's railroad holdings. With the sale of the investment in Houston Oil in 1956, the trend toward special situations was reversed, and a program of broad diversification was effected. The largest investment for a long period was in the Canton Company, which owns, through the Canton Railroad, extensive real estate and waterfront facilities in and around Baltimore.

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