Technical Market Action The rail average reached a new bull market high on Thursday with a gain of 1.21 for the day. The closing price of 68 .31 was 8 cents above the February high of 68.2.3 and the intra-day high of 68.47 was 5 cents- above the previous intra-day high of 68.42 reached both in February and May. The industrial average also closed higher at 210.56, up 1.60 on the day. Volume showed a slight at 1,150,000 shares. While the penetration of the rail average wap only fractional, it is a distinctly encouraging indication. 1JzIder the Dow -theory, the rail average has now confirmed the previous penetration of the industrial average in indicating a continuation of the major uptrend. To the writer, it does not necessarily mean on immediate sharp upswing but it does mean that special situations can be bought on minor price recessions. Advise continued retention of recommended issues and adding to list as the opportunity offers. Prefer the rails and heavy industry shares along with special situations. Would add to the list, two low priced rails that seem behind the market. They are Delaware. Lackawanna &Western Erie Railroad. D. L. & VI. closed at 13 5/8. The high for the year is 16 1/2, while Erie closed at 18 7/8 against a high of 2.3 1/8. neither issue has as yet reached the point that, technically, would indicate a resumption of their individual uptrends, action of the averages and other rail issues indicates that these bullish points of 14 for D. L. & Wand 21 for Erie will be reached. Ability to reach these figures would indicate higher levels. Purchase of both issues is recommended. June 13, 1946 EDMUND W.- TABELL SHIELDS & Closing Dow-Jones Industrials Dow…Jones Rails 65-Stock Composite 210.56 68 .31 78. The opinions expressed in this letter are the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.

Technical Market Action , After early firmness, the market turned irregular in later trading on Monday and the closing was mixed with the industrial average showing a loss of 23 cents at 210.13 while the rails closed 20 cents higher at 68,22. During the course of the day, the average reached 68.77, a new bull high. Trading continued restricted at 1,020,000. . The lack of follow through by the rail average after penetrating the old highs by only 0. slight fraction, is rather discouraging. At Monday's intra-day high of 68.77, the average was only slightly above the old 68.42 high of February. On the basis of closing prices, last week's closing high of 68.31 was only 8 cents above the February high of 68.2). Some Vow theory followers require a fuller penetration and do not believe that a new bull Signal will be given until a more decisive penetration Personally, believe that the action of individual rail issues portends an eventual larger penetration of the previous high and a confirmation of the bull market. However, believe such action may be delayed momentarily while the market consolidates around present levels or slightly lower.. Do not believe that any reaction, at' this stage, will be other than relatively minor. On Such a reaction would purchase rails, heavy industries, and other special-situations previously recommended.. Do not look for a broad upswing from this level but rather a very selective rise with many groups failing to participate to any great extent. Believe selection at this point,. will be of greater importance than heretofore. Hesitate to name a price objective on the Dow-Jones industrials for the intermediate move. The New York Times average, now at approximately 147, indicates an eventual 155-157 with support at 144-147. Comparable prices on the Dow-Jones average would most likely be around 220 on the industrials and 73-75 on the rails with support at 206-20 and 67. June 17, 1946 EDMUND w. TABELL SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-J ones Rails 65-Stock Composite 210.13 68.22 78.79 The opinions expressed in this letter are the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.

Technical Market Action The market sold off in the final hours of trading on Thursday on increased volume. The industrial average was down 5.22 and closed at practically the days low. Eastman Kodak which was dol'1Il 19 1/2 points, and duPont which was down 8 points were mainly responsible in causing such a steep decline in the average. The rails were down but acted relatively better than the industrials. Transactions totaled 1,310,000 shares, with more than half of the total turnover (670,000 shares) occurring in the final hours sell-off. Thursdays close of 200.52the market had decisively penetrated the 206 support level. If the reaction is nothing more than a correction, it should hold in the 200-197 area. Failure to hold in this support area, would be a rather ominous development, and would cast considerable doubt on the validity of the recent fractional confirmation of the rail As stated in the last letter, the fact that the rail penetration was not more is in it- self a disturbing note. However, several point to the possibility that the decline may be halted in the 200-197 support area. First, the shelf formation formed during the past two weeks and penetrated on the downside on Wednesday, indicates a reaction to points not much below present levels.' This is true for example of the New York Times average, which indicates 140-142. It is also true of a number of individual stocks, notably the steel group, which have just about reached the indicated reaction level, and also are near or at support points. Also, the market has now declined for five successive days, and the steepness of the decline of 9.61 in the last three days suggests the possibility of the approach of a selling climax. Would venture trading purchases on further \1eakness into the 200-197 area, Favor' the rails and heavy industry group together with selected specialties. Believe the possibilities good the decline will hold in the above mentioned area. However, a break below this level would be an unfavorable development. Suggest issues recently mentioned plus Wheeling steel (close 53 1/2) Rayonier (close 27 5/8) and Revere Copper (close 26 3/4). All these issues show bullish long term patterns. . June 20, EDMUND W. TABELL SHIELDS & COMPANY DO\'J-Jones Industrials Don-Jones Rails 65-Composite Stocks ,200.52 '66.05 75.63 The opinions expressed in this letter are the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.

Technical Market Action After Friday's recovery the market turned dull and irregular on Monday with the industrials showing n gain of 47 cents at the close while the rail average lost 17 cents. Volume fell below the million share mark at 990,000 shares. Last week's reaction low was 198.98 which was Within the 200-197 support range. An long as this area holds, would not be concerned about the nearby trend. Breaking out of this range, however, would be 11 cautionary signal and indicD.t a possible testing of February low of 185. Regardless of the uncertainty of the term outlook, the longer term technical patterns in certain and individual issues indicate consider- ably higher prices over a period of In most cases, the issues that fall into this category are in the heavy industry or durable goods group end include steels, railroad equipment, machine and equipment, metals, building and ailied lines and office equipment. For long term these issues would seem to offer much better profit possibilities than those in the consumers goods group. The latter type issues have already advanced sharply and in most cases are already selling at or close to their long term technical objectives. also, in most cases, are selling considerably above their 1937 highs while the durable goods issues, in most instances are below their comparative highs. Below are listed a number of heavy industry issues whose technical patterns warrant consideration for long term appreciation. Purchase is recommended for patient holding regardless of minor fluctuation, rather than for intermediate term trading, although of the issues have also been recommended recently in the trading list. The issues are listed below. The balance will follow shortly. EDMUND W. TABELL SHIELDS & COMPANY Closing Dow-Jones Industrials 203.56 Dow-Jones Rails 66.33 Dow-Jones 65-stock 76. The opinions expressed in this letter are the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.

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Technical Market Action Monday's' market opened sharply higher but, after the first hour and II half, the pace subsided and by the close most of the gains had been substantially reduced. Volume of trading in first hour was 570,000 shares which was over one-third of entire day's transactions. At the high of the day, the industrial average reached 208.59, up 2.97 over Friday's close, while the rails at 66.90 were up 1.09. At the close, the industrials, at 206.47, had retained only 85 cents of the gain while the rails, at 65.78, retraced the day's gains and closed 3 cents lower. The last hour action was rather discouraging but, at the day's high, the industrials had reached the early June distributional area of 208-212. The market stayed within this range for fifteen trading days prior to the recent sharp sell-off and overhead resistance is to be expected as the market approaches this area. The of the rail average to rally more strongly was also a rather discouraging factor. Most favorable action over the near term would be a Sidewise movement for the next few days, followed by a above Monday's highs. The only thing that would change the writer's constructive attitude toward the intermediate trend would be a decline that carried below the May and June lows. consider a closing below 199 as a bearish signal.;! Still favor the heavy industry group over the consumer group. Advise retention of recommended issues in both intermediate and long term list. July 1, 1946 EDMUND W. TABELL SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock 206.47 65.78 77.03 The opinions expressed in this letter are the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.

Technical Market Action In a dull session, the averages closed fractionally lower on Monday with the industrial average down 10 cents and the rails 19 cents lower Volume distinctly below average at 680,000 Monday's was meaningless as far as giving any, clue the near term trend of the market. The market is in between the near term overhead supply at 208-210 and the support level at 203-205. Patience may be required before either area is penetrated. For the intermediate term, the market continues to fluctuate within the 213-200 area in which trading range it has held for over three months. Technically, it would appear, that this range is a consolidating phase prior to an up- side penetration and a rally to the 220-225 area. The only technical happening that would cast any doubt on this hypothesis would be a reaction to below the support level. However, unless that event occurs, would continue to assume a constructive attitude marketwise. Listed below are issues recommended for lntermediate term appreciation. All of these, issues have attractive near term technical patterns. Purcho.se is advised around recommended leve11! and during periods of market weakness. Alleghany Corp pfd, American Metal, American Water Works, Atchison Topeka & S.F, Baltimore & Ohio, Bliss EW, Bridgeport Brass, Burroughs Adding Machine, Continental Can, Davison Chemical, Delaware & Hudson, Delaware Lack & West, Erie R. R. General Railway Signal, Hercules Motors, Inspiration Copper, Jones & Laughlin, Lima Locomotive, Miami Copper, Missouri Kan Texas, Natl. Walleable Steel, NY Chic & St. Louis, Northern Pacific, Rayonier, Revere Copper & Brass, Southern Pacific, Western Pacific Wheeling Steel. Also continue to advise retention of long term heavy industry recently published. EDMUND W. TABELL July 8, 1946 Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65-Stock SHIELDS & COMPANY The opinions expressed in this letter are the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.

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Technical Market Action Has the market, reached its bull market high is a question asked quite frequently these days by investors who ere worried by the uncertain action of the market. Of course, ll11ything can happen, but if the bull market has ended it has ended in a manner strangely different from other bull market endings. Most bull markets end in a tremendous wave of enthusiasm in which the vast majority of investors and traders are serenely optimistic about the future. These periods are usually marked by heavy volu.me of trading. The traditional tail-enders – the steels and other durable goods issues – have sharp price advances . To be transcribed later