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Updated: May 29, 2025
In this way, the various directors of the many Douglas-Lacey Companies explained, it was impossible for the investors to lose. But they did lose. The reorganization, intended to save some of the better properties, wiped out more than seventy per cent. of the small stockholders widows, schoolteachers, stenographers, washwomen, scrubwomen all who once had a dollar in the stocking.
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