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TLS, one page, 8.5 x 11, The Institute for Advanced Study letterhead, December 6, 1949. Letter to Oliver Spaulding, in full: "Thank you very much for your great courtesy and kindness in sending to me the analysis of Metal and Thermit Corporation. I appreciated your report, and may say that I agree with the comments that are made. The matter of growth is a complex one to assess because the company is small and good yield depends on the accidents of individual decisions and individual initiative." In fine condition.
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