One of these, the investment in Houston Oil Company, representing an average investment of slightly more than $3 million, resulted in a capital gain aggregating $12.6 million. In 1948, approximately 80 per cent of the company's assets consisted of securities of railroads and related properties. By 1954, investments in special situations slightly exceeded Madison Fund's railroad holdings. With the sale of the investment in Houston Oil in 1956, the trend toward special situations was reversed, and a program of broad diversification was effected. The largest investment for a long period was in the Canton Company, which owns, through the Canton Railroad, extensive real estate and waterfront facilities in and around Baltimore.


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