... are selling at 12 to 15 times earnings compared with 19 times for the Dow Jones Industrial Average shows the decline in investor favor in recent years. I believe, nevertheless, that you represent an investment group which offers the same outstanding values and opportunities today as it has in the past...

.... (W~bster says that the word diversify comes from two Lat in words meaning to make different. In this broad sense oil companies are continuing the trend which led to the birth of the first major unit in the industry. Prior to comparatively recent years)~his process of diversification was frequently...