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:aiT~~ic;',~ "~e" ~.~'~r:ec;~ail~;'~~~~~.~~~:~O~i>li1~t "',1"1(111" ,ii~6oftd":'fheiDe:':of" :fbi'-if' :j;<iont:ij'fien~"'e"1;J'!;,tfl~:,-po~er.' ')O~, -,c6rporat1on~i~:"; ... , " • .', '-'" .•. '. '. ~". '.' t' ".' ':"','.j!".-:.:."':~ ' .... ,;~.~'( ··-:;·~:/,.1:' !~'~,:,,,,(--~~.::-::.{~\"~-/:;:~::.~:'" -'. . :;!At.,:d:;l"e"~'sailie~::tlli11e ,,, .,;; '1' "1' ""'if" '(,01 ., ''''''-''·nd,,·:tti''' , '.'"t;,k··t ,) t"'-"'hl'W" t"h' ", ' ,,:",~" ,w;,\;,' ":,Aep.;:.\;n:1IU , ..... ,' eex>~~; '<, ~':~;'}~"';;" e

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1':,·;,.:;;~t~q~:Ve~ dete~~ed'bY ·the ~~V~;i~1.~~i~ic~:;:~b~:l,,;~!'ig~;';~.;:,::1:::: .'.:,": ;:':'{!~::;;:1 -.. "" ," " .,' ' .... ~ , ..... ,' ~'" ~'. - .!.' ":.. '~I;"" '.'!.."" '1- .' "'"~:'r,~,,!

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",' .':~" ;<'~ ,.;; -:r~~ket;'systal "not' 'on~'1'.t:e~d,ed·,to':d'ireet·.<~e~~bu'r¢e~;~:!~tr) ':'OP~/f~U~';iU~~~.~',iii~,the ~._: ~ " .. ~.:: •••. \,' • , " • • ',"', ' • • • ~: .:. J , .... ·1.· .," •• <" ~ :'. ' •• \ •• ' ": •

,;' '.' :," '.>·:~~~$"'~uri ,but t more ,1mportant~iro~,preae~t,~u~,PO'St!~.·,i·'1~)pr,o'~1:de,~'::.~".~U~~'t1C ' "i' ",:,::",::; ,,~. "':.:~:,,iri~~han1~iD :,~tend1.ng· ,to :ma1ntaj:'n :~ruli.': ;e~pl~~'nt; fthr~~~h:,~:the' 'fl~~1:b'ie, . '

~{: ";,:,,.':':::':,~t,f~:'~~;~stmerlt ':Of';: prices ~ If", :general'"C!ezb;jnd,::terl '~a~d"'th.~;.:¥otai,.,liIo~e;',:;st'9~k li1;;:~:'. ' '(:~~~.Jco~.ta~t., a filiI' l"tlie i>rl~'; l~1iel ' iioll111' "~t""'tl~"~d:Ylhcre~.

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t:::~.:: : :~:,/: '::·'·"': .. ~.~~>~l; buying power,ot:,t,~e; ,ai~!l~~ ·,~,~p.~~:;: .. t~~;'e~y'.-~,~'t;i'aidi~~1,"g':~r~'ii"'C!~~~'" ", . . n"'~~;::';":j.;~:'~<: -~ ,:, '~.,: .' "'" -.,' :'" "J'" ~" " , ,'. ,;. ,,<::~'.'::.:'~~;: :,:' '. ',':;.:' ,~, ?, h::. ,:'" '<:.r':,::;' ':, f: '::",' '. '.," '-;,-~~:·~~~r~~ . .'~~.1:;:~~P.19~~P~' ~~, :a:,,~C?,w~r,:"le~el,;~tiprlc,es~,;.,~:,;, '~""-~~'~ .,t.',,'; J';',,-,, ,;"c:";-'::'" :'~: "

;,}t':'C:'-~',,'>;':, ',:'.;,:';,:'" "',:,." .:' '" :,'" ",.': .. ' , .': ._. ',.:',:,',", /~"":':>:"'.':"' .. >':-: ·'":<,>j::\~~~::-}..f.l~?.'Ct,,,:,: ;; I'''': ~~~~':::," .," ;,~;:':'."/':'~ l:<' ~~~,; 't~e' I~dustr,1al' :,,~~,',.,~orpora ~e '''Re~olut'1oris~ '~~~d~~'lty:' .~l:,~~rl,e~.,;~~ti~':'t~ll:~'·f~;~~D;; ~}",~ ::;;;: ",' \>,~.,:;: ';', , ':'~l, :.', '.- :', ,/ .. ', : -: I ':':"\ ;:'.<' ',: : ' .' ", ,.":,, " ,'" ',:.'; ":, :.,1 :::: ';';"" ':,:/,;:: ;:~}:;},:,,\·f,i;;!~\,~~~~\ti;~~~;:~~;';~;;;)~.:.r.' ::, .. :,:: ':':,., . ~",.:~ ,.(~(st~~ur.e ~~Of"t;the::)fr.ee ·'marrke~ ,:sys~"m:'~y ~,trans.r,~rring,:" mUQii. "of,:,\t.~e ,:::iask:~ot~:~~1~''''!.''~'~:':;!.~'':::·'-t'?i''':,., ", t(\':;':\ '/ ''''('\~< !:,. ': :;:\: :;,:.: / ': ;:" ': .... , , , .~ .. ' :~'.> :~'::'i ,'.r/',:, ';:: '<,' ,"': ,<,!'." ,<"" .. :: .... ,' ,." ~~>/ ': .. : ~L~> ,~:,\~~);,,~;~'(::~7':,~l:::~<~'~~1\'~:~: 'J:J'/ ,~. , ,~'"~''' ; • •• J _ 0:' ;:; cooi"diriatfnif productive':.,a~tiV1 tY!,:f1rom:.';the jliarke~Place' ~to :~ttie: "admlnlistr~t'£ve';J':.' ':':', """, ' :~:,~:.'::' ~:<>/,.:;.~,: /:">:~?7"> ~.';"'" ;~,~ ':':;:;',:.:\ :'\:,,< . "":"i',:'·,:'.!" ;':;>.-: '.>',"; .i,:'~"'~ :':~~"~ ',,:>,,' ~ ::;':, ":'-'<~~;~",;~": ;'~>~,)~!':,,~;S::, )~\<';!X~:~ii{~t~~.' -"-':~, :,' ; _ , ' ;','" "-.',1; /""actiOlls· r of <the' '.managers,;, or-':"corporatl'ons,.' :~!'.::, .;:;;;., \ .. f~l.;t.7':;'~'~'i\J !:.\,:, .. ~. '~("", '\;>.t~d';'-'~~~,,'.!~(,~~·: ";'fj,:' .. ". ' , ,

f:';·::~":':: }):j·S>::- ':,{:~:',{:',;,i;::':":;'·.~;<:;::";:,'" '~', ,:>~;;i;\:" . .'<.:c.,~ ~:l'",;:"::~~:~:,~~:.\.~:~".' ':,.:';'~:.:,'" ,:");:; ;':",:" :~.:: ';-::'::?',r< ~:,,;:,,<:~t'::\i:~:F':~,)~{~~{?~f~{~ ~':\': .. '}" e,

r', ' :i;:" ,':.7:';' ',,_i::~';j·;': .. ~"';'~ 'Tbls~" ~a(!ual :;sh'i:'f\t':',t$om~.c'.iiarket',~,to)adm!n1:strl:i Uve'J:.eoordfnattoii'Z h8CS':",tWo:' l,i ;', ·~::~:':i t ,,/:;;' :. ":'((',,:~ ... ~. '.;: :~:\ ';~" ~'f:.', '~;'" "'" ~: ':",<.i, .,;, ':,;~:':' >;,:~'~>' ',::: I'~:~ :::~~:.,::.:.:'~ ",,-:,,:.::,, :~;,;" \ :~ "':'!.' /:":',: \'~ ,>' };· .. ::,:/;,;:.~:r~;::< ~t pt,':};~·::;:~;;,~, " )/:'/'-<::.< ,~,' <i '}~toWi;L~f.t ct~~>l.'~Fi:~19t~¥~ 11i{~,~~"',idbalii:'·1'lh:aW~~~a~.i~~\' ~~~d'uc't'I~1t ~'l'J)f;';::b~th~'~ ", ,," :. ,:', : :~:', .""'~,,:;, :"':"\:'~." > :,,1'. -:. ;,-':,'" .",: .': ", " ,::1 )\r'~~ ':.:":'/'~~~;;'~':': ,',;;/t·''::,'''~:/''.'.i:, ""~':'.;;"':,,,,: ... {".~ -, '-" "(;':~::;:'" <':J'f;~ :,;:,':;;;-:"1i.~~~ .", ~':'" :

h\~:.'::\·~</f~r·~;:~~~c,'~a \,~~. "1~~i ::'~~' 'i~t~~'~~~~~¥~;l::'~{~i~1tr:'~J~~~i~;rri'~;}~~~~~~!~ff:,:~4:J~~t~~ .::, :'

~.~~ ~(.:~: :;' .. ,:~;," ,:.,., >;', '.:.Seccmd ': it' 'UJldermtned';the'!;abin;,ty~of~~ttie,~.rr.ee\' 'mar,ke;t",\'systeJ!l~"~o '.In:.o ":',',f" 'if· .. ·' ,: 'J • • ,

.. , J)%- .. , , ', •• ~~ .... ' , <'!' .... :so"' ... ~ •• ,-") .... , ..... f ... r>~ij/.· .... ~~J~/;P. ~1i~~~'t ...... ' .... 1\.r ... s'\~·.~· ... ~ .... ~\;(r.'.t ... ~J~:l.-';:-;"J,\~~~ "~rl;.~,"!;a;. '".:._~.'J,.. .~" " 1} .... 3":" •. <::. ':':, ~"-~ ',;' ;-~;. >:' .< :', ',,' :'": .. \" . ~', !..;i: .,:' ~,f ":"M,~ '·tI1 ...... : _' r;~~i'~l'~~'Jit·t~~. {~;-.~.,: ~I'~~·~~~,:~·t-;:!~ il,_ ~:':\, .. , :~-t:.;~~~~.::~~<~.~.~~;f/~ ~~~.~, .~ ;f~~ :'"~:; ;'", .~~~ .. : . ,

{,: .~: . , ", "~,,, .. , ~tafft; eeOA~C" .tab1U.t:f.> \" it:';graaual'1'j;,~~ub'~ti tuted"':a>:r,:ad'tca.i.:lY ,;ci~t.t,r,ep'(' \:, "<, :.'. :" .. ' ,', : .,.'" J"~ 't. ' J.,,,' :; . ' ...... { .... .>J"''b.",~ •• I.· ::-" , .. \~, .. t\~'~;'-t~l:~ (:.,~':i"t;°~1':':"~:)..("·'';''''-'''':i·I·;\~''·~ ..• u.-;, . .,..\, .• "~~ 't.~,,:J~IN'~:i~"v,t ",' ~"~.'.,

•. : ,.r _ ".. ;- ., :' .. \ ,f ..... ,' ," ~ "," :: / 'I , ; .f: I I~ ',:~ .. ~., ... ':, .. ~ ;i;! ':~;,.">. <:"'b..: ~l/;~ t; .. ,,3. ;:0\ 7:~tl; _ j~;"~.r~~~' • ',:r~;~ p- .}-..... '1~!;:"< .......... :,..~, \A"'\";:';~'''' t .~:' .'~;.~ .. ':.i. ; ". 1 ~?"i ,~:' ~ • "i •.

, .. ; ". '.' " :k1ad ' 0(' ,;.petlt.lon~ fO;'~ that': ;~~ll~d :~~~J!.bY>Ad'di ~~.sml·t,h;~:: "::~{;i~p~";,'4s~~',pr)q)8'~"/ i::; ':.;,;~~~:~~ ,,~'~. ;;~'! l

" . .. ... ··t .:: ~. . ."'" .,,f ~.. .."'.... .' ~ 1~\. ~ ~ 5t - r: ~. r(' ,.tt·\~,~ r:~ t." ~~./~ ,,~i'~~~$ ~~f~::.>!:\~ .. ' .~I'1}.::~: t :~:(.~< \ ",,~ ~'~t.<f~f:~)' :'(~:'l'!'~" ~;>:O"'''';,('~~':~~.? :·~EI·'w~."~".~'~ii

. ver~ , aet' . tti tbe m;"~~~'t" ,:tft.~·\i~~~ ;'\bl~J:y(:::t,i~~i61~ts1~~.~~~,1l~J~~~;~i~~~~~~~~'·1~~.c o~<:,~~~~,r;7;~::j , ' ,; .. ~'. ,~; \' ~.~ '. ~ '::~. ) f~~_; .~4 '~:' ~~: ~ ,~~(;.: • ~;."~:i~:·,:;" ,s ~~ .. ~~~) ~~:~ •. ~~ : 1t./~·~!~£~~·~:~~~: "¢~J,~ " ~t.-,~~" ~(:. 4t~}~\~:1 :.th-~:!·q ~;,,:~f~i~.:~ ~ ! ~,~~~~>~~ ~:,~.j

co\d.d exPect' 'to lfttl1Je'n~.:~· i. ~ke'tr j)~i~'ri~1'~~~J).i~·~he,~,';~·'haa·tl'~~9f~:~\;~PlY:';~i~~,~Fr'ti/ ~;"1J " '; : " ',:.. ' :~ :;:' .,:<.~~: ~ \ ~~':'.:~';""':~f:)<'" ~'~~~:;:?~~;.' :"~:i;J~t:'.~{;.~::f,;·~~~;>~ ~~~i:'. ::;::;, ~~]':::3I~j~t:~%';'~;;:~~.};~~J~~t{:.;~):::':~tll

and deaanct.', OUt' as C4)rPor3~ tprq!Suo~*q,p': ,~~~~~a"'~:::tyt~'~:'iM~i~'/~t!'~e~~~l,:~:'i.:S:~ ~:~ i~;;,', :;;~::~$":l ,'" .' '''.':, >< ':, : , ':,' ""':~:~~~':;ff~;t ;~:i.t,l''''~~ 1i.;~:t~:}r~f?~~~~~"~::~\i:·~t"j: "«~~},,~;~,\~',:b:~i:;~'J~;:;,:< ., ~~f~!~'0~;,::;:;) and les1ttate ettect of" lnc~s-'nS~~"~~:.~,r!"~J",~,)ot~~:.rk~~a'~,l~;"i~~:~~{', .:/~~;",j;.:,~.- I',:'~,:,/ •. ;:",:;::,,:t·:'

, . ~, ',,'~ ",~ ~'~i~·~t' .. ~·t~',~\ .. a~·~:."~~·~~~~}·:"'<::-'/;Pj,,,:,·;;r;,.":l, l:~t."::"t"~'~':':(/~':''''.~·.:.:·»;~.~/;~~':~(·~:··f.:'J ~~"'r~l':'~

ca.petttloft was betve~1J a j_';'1~d.~n4~*,~:' ~p~i~~~i-~' ~q::'£h,~reb,) ~" ~·~t~1i~~:~~ "~:/.';::;>.;'i\~'; " : ~ ii, : ... ;, ~.;: "",; '?;"-~ •• 1>.J"\o~~:~ <Irs ~I'" \.'t:,~~'~ 'n" .. ,: ": .... ~, '.; • -: '~r!"' ,';'. \::'~:"J~:'1.~~ ': ..... ". ". ~ ~

SOlIe degree or Prleuts <uS'cretion~ ~ .. ,.ibis" v~,4ual . iilan~8em;.rtt., C~Q~·d. ... ,e~ti¥i tEt:-.' ":::.:\ ~'<':~ ': . ~:: • v ,~." ' "" "-';' '.~.'.:.,:'. ~"',." •• ", •• :,~~l.~ .. :o;-.r.:t'>" .. ,'-..td~~

ita coat. and the probable dellUUJd 'tor ea~b 4r' its: 'sj,e~it1~'~ p~~~u¢'t~ 'a:ril' :", ?~::,:,?·t";!(' . '- ~ ~ .....!', . ~

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...... 'I'~"' •. :, ..•• u~,:I';fi~:'~g~~g~.:;~;;:~,~~~~'~fift~~~~j;':;~" ..' ... ' ..... :,',' ... "'~c""'" "seller so,that'i,twould, tend' to .be "'held ,con'stant : for .... c~~r,~od::Of ' ".' ~. - ",. • " ". • • •••• , ',. ,.'::" > ~ •• : ;" , '; •••• ::,',.. " " ~ ,

, • ( ,"" '".. • :, '. " '.1', . '" ~,,' .. :. (. 1 • '! ", ,'"'. : •. ,",:; :' . .'. .

....... ~ .. -.-:;; oti.i:':trlinsa~~'i~riti i: 'f:rU:nder'~:'~~1~'~ "di'ttefent:~~ti1rfd;' .Qt.'·:com-p~ ... · ';Y,:; '~':~"~:':~"";''' ., .... ~ ':.(:~':',\ . ,'. ' .. ,' ',>',l,:, ,'i;(:,' " :,.,', ,"',,".

harids' .of competing ,'managements 'and,

lGr.l'1ljj~:'~i:fer·t'(Jirm'· .:' ~li~\:·~nction\"Of.' dtf,~~~'iri,g',;'a,~~aiio~;~!~~;ie,:~~;il~~et~'~' 'Of'" la~or': ,r

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. totDP~tlt1on h~$' '~~~~" ;':t ,ft;,:'cha,rac'tej~,> applieable . t~ Ju"elJeht~~:.vi II,e 't141~:LOrJ!S.";,a", thOse wh1eh a-pply, ,~~

:·,rti l1l. :·)~libf~jm~ri~;~",coti:ld ;;be.,:: . ~'.:, f :0;.' ".

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"0 ~ ~ '~:: :;;·J::~~t.;~;i;;tr·~.~~ ~i;:X ~;..t{ ~f~~:Z~:f)I~~~~;~~:,:~f,~}L~~;J,:~f( '. ·B,~.:\:i$:~.j. I ;~~ ,.~; "', ' }',}' :.:~? ~: f',o"'4 ":'~: o."'~"\~ 1 ........ ;.,'., •• 1; ,..'<\1 'i"'\r.J':''''/~;-'':t,:;r 'i'!-~.''' .. /'t'l' .tN ........ "it'~~;.,~ !)l.'l.~ .. ' t .... 1:'~).''t~ • :-,':.L,J.)., lJi':Jh~:J. :.). ... ."...~.j (;"'!\,'~ •

" · ·~1~WtfJ~;i';ftf'S:}:;~:;~\ht,; ;;~;ff:~;"~~f~f;~(,~~{J.~~~~~!j~{;:!,r;~;g{f:;;jr;i~t~[l~~§(i::;: .lfAdtdnist<f!redr.',P.rHH~_'?,:and;;··,the: .boh'cepf·:hr-·: "iaih:~H,"':'r'~ ;'h' <"~~:···C:hF!.~ ",;':" 'i;~" ':;. i'.' . . ' ... , ..... ,': .:.c' ~i'~,~;(,f)~:~; ';;"1

'. .,::;S;:l~~t~i~~f ~~t~~~,~~~:,;· •. ;~~~:',:et ~~~~i;;;.~1~i~:;,~!,;.;~,fl~~~~,~:::.:f';· .•.. "'::">~,rff;~2l '.~', . ,:;;,,;:~,~:~,:r~~s~~~f'e~~I·'''''·':~~\ .s~cop~f<,,~~. a, ,non-c1ass1.c~r ':foi-m··of~:,coiDp~·t;·i·tlon: .:111' 'lihi~h' "":':~ u' :.::~; :;"~;~'\'( :i:,;':;::,\···, .. ::':-.' ~ .. '. '::, :' -:.\ .~: .. ' ,.~'W' ,'. ,:. ~; ~'··".l~:': .. i:,: :~\;t;::J:\:.\ ,·:,~;:;;>C:.'V: \';,;~~'.:;.~~~;~:'j:' i ~:; ·;.,L::, "':""

"":' .·.··:b~:;~t:h~r,e. ~are .;;so:·,'tev. 1ndependent cOiDPeii:torf; tha't .';,In·d'lviiGtti~;l··C!d~~~ti:tb~s' hav~ a. ; .. :~. :,t .. ·:Y~::::.k>~~t;;~:::.)"~: ::~~; :~? :.~': ... :<'~ . ~:~ .>:' :'.~' :.< (;', ~, :' ,~.,,,,,. '.,:;' ':, ";:':'\;:;'::::,,:.;:/'.:". ~,':r·:·.~,·y,:, ~"<::;"';:';:~'}i ~<~ .. :'::';:.", ~ " .. " : /.,~:, .. \., ,', ~~~~~~~~ . .. ,~~p-~,~, .9r: pr.tc~ng. discretion' so' that'setting .:;pr.i~es . beco~e~. an

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