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Some investors weight book value heavily in their stock-buying decisions. And some economists and academicians believe replacement values are of considerable importance in calculating an appropriate price level for the stock market as a whole. Both persuasions would have received an education at the auction we held in early 1986 to dispose of our textile machinery.

The equipment sold took up about 750,000 square feet of factory space. It originally cost us about $13 million, including $2 million spent in 1980-84, and had a current book value of $866,000 (after accelerated depreciation).