Technical Market Action Cltles Service has shown excellent market action since it was recommended for purchase in our ietter of May 21st at 28 1/4. Tuesdays high and closing price was 39 3/8. The stock has now reached a minor resistance area and since the pace of the advance has been rapid, a short termrorrection might be expected from around these levels. However, the eventual technical indication is a price objective in the 50-60 area. Would buy on minor diPS Adams Express, recommended in our letter of June 11, at 14 7/8, has moved ahead slowly in line with the market averages. Tuesdays close was 16. Adams has made a double bottom pattern with lows of 13 1/8 for both the October and May decline. A substantial base pattern has been built up in the 14-18 area, and an upside penetration would indicae an ultimate level above the 1946 high of 24 3/4. Would buy in periods of market irregularity. Since the expiration of the rights last week, American CYanamid has rallied from around 40 to 45 3/4. Tuesdays close was 45 1/2. After American Cyanamid reached its downside objective of around 41 in October and formed a sizeable base pattern, purchase of the stock was recommended on Novem- ber 1st st 47. Subsequently the stock reached a high of 55 in December. The stock held in the 45-50 range during most of 1947 until the recent issuance of rights caused a dip to a new low of 40. A tremendous potential base pattern has been built up in 40-55 area. Over the nearer term, temporary resistance will be met in the 46-49 area, but consider American Cyanamid an attractive pur- chase in periods of market irregularity. Tuesdays market was strong and active and the industrial average gained 3.03 to close at 180.33, a new high since February. The rails gained 1.11 at 46.99. The action of the market is extremely impressive and bears out our opinion that the intermediate term rally will eventually carry above the 185 high of February to the 196-201 level. HoWever, for the nearer term, would be cautious about new buying at this level. The market, at Tuesdays high of 180.42, had slightly surpassed our short term rally objective of 177-180. However, the territory between here and 185 may be temporarily difficult to penetrate. Even though intermediate term objective is much higher, would await a technical correction before adding to holdings purchased in our long term 170-160 buying area. Any corrective reaction at the moment should halt in the 175-172 area. EDMUND W. TABEIl. July I, 1947 SHIEWS & COMPANY CLOSING Dow-Jones Industrials Dow Jones Rails Dow-Jones 65-Stook 180.33 46.99 63.66 Th. opinions expressed 1n this letter are the personal interpretation of cham by Mr Edmund W. T.b.n and ere not presented 811 the opinions of Shi.ld, l Company.

Technical Market Action Continuing our alphabetical review of recommended issues brings us to American Metal Co. which was recommended in our letter of September 9th for purchase in the 26-23 area. This zone was reached in the October decline with a low of 23 3/8. The stock rallied to reach a high of 32 in the February rally. The May decline carried back to 25 3/4. Mondaya close was 29 1/8. A sizeable base pattern has been built up in the 24-32 area. The upside penetration of this area would indicate an eventual price objective above the 1946 high of 43 5/8. Purchase is recommended during periods of market weakness. American Power & Light was recommended for purchase, on soft spots, in our letter of April 30th. The closing price on that date was 12 5/8. The May decline carried the issue down to 9 1/8 and it has slowly recovered to 12. Mondays close was 11 7/8. While the May low \olas below the October low of 10 1/8, the stock appears to have built up an irregular base pattern. The validity of the pattern would be confirmed by a penetration of the 1947 high of 16 3/4. In that event a level above the 1946 high of 22 1/2 would be indicated. Would add to committments on minor weakness. Atlas CO!E. was recommended in our letter of June 11th at 23 1/2. This special situation investment trust closed at 26 1/8 on Monday, a new high for the year. The warrants, listed on the N. Y. Curb also, reached a new high at 6 1/4. Ability of Atlas to successfully penetrate the up- side of the long 23-25 base area is extremely constructive marketwise and indi- cates the possibility, technically, of an ultimate price objective of around the 40 level. Obviously this will take time. The 1946 highs of the common and warrants were 34 318 an 13. Add to committments on botk issues on minor price weakness. ' Barnsdall Oil was recommended in our letter of September 9th in the 21-19 range. The low was 20 3/4. A large base pattern was subsequenly formed in the 25-21 area. This base pattern was penetrated on the upside recently and the ultimate indication is the 41-45 area. Barnsdall made a new high on Monday at 28 3/8 and closed at 28 1/8. Add to committments during periods of technical correction. The market reached new high territory for the move on Monday, At the intra-day high of 182.61 for the industrials, the average was only 2.35 below the February high of 184.96. The rails, at 48.70, were 4.95 below the comparable high of 53.65. Believe the February high in the industrials will be penetrated and the average will reach 196-201 over the intermediate term. The rail pattern is more irregular and would hesitate to mention a technical price objective in this average, other than to say the average looks higher over the intermediate term. However, the pace of the advance has been extremely rapid. From the May 19th lows of 161.38 and 40.43, the averages have rallied 21.23 and 8.27 respectively, without any worthwhile correction. In fact, the first leg of the advance has carried further than we anticipated. Our objective was 180177. Would expect a minor dip before the industrial average penetrates the February high. However, fue market shows excellent basic strength and would expect such a correction to be relatively unimportant with possibly 177-175 as a correctional objective. Would await a dip before adding to committments. EDMUND W. TABELL July 7, 1947 SHIELDS & COMPANY DOW-JONES Industrials DOHJONES Rails DOW-JONES 65 STOCK 182.04 48.25 64.62 The opiaions eap,…ed 1n this lett.r are the personal interpretation of ciMm by Mr. Edmund W. T.bell end are not presented .1 the opinions of Shi.ld, I Company.

Technical Market Action American Water Works reached a high of 28 3/4 in 1946 and reacted to a low of 13 5/8 in the October decline. The February rally carried back to 18 7/8. The stock was mentioned in our letter of March 18th as having a favorable technical pattern when it was selling at 17 1/2. The May decline carried American Water Iorks down to 12 and it has recently rallied back to the 16 level. The chart pattern is still favorable and would add to holdings on a dip back to around 14. range. Wednesdays close was 15 1/2. E. W. Bliss has been recommended for purchase several times. The original recommendation was in our letter of September 9th when we advised buying in the 20-18 range. The low was 18 1/4. Purchase was again recommended on May 12th at 20 1/4 and again on June 16th at 24. The low for 1947 was 18 1/2 and Bliss has built up a sizeable accumulation area in the 19-26 range. This area was penetrated on the upside on Tuesday when 27 was reached. Wednesdays close was 26 1/8. The ultimate upside objective for Bliss is now indicated as 54-57. The stock is paying dividends at the rate of 50 quarterly. Earnings for the first quarter of 1947 were 2.01 a share. Purchase is advisedon soft spots. Borg Warner was advised for purchase in our letter of June 16th at 44. Wednesdays close was 46. The stock appears to be in an accumulation area and ability to reach 50 would be an extremely constructive development. Purchase is advised on soft spots. The market seems to be running into a little resistance at the 182-184 level. After reaching a high of 183.74 on Tuesday, the industrials reacted moderately on Wednesday to close 94 lower at 181.72. Several of the technical indicators turned temporarily bearish on Wednesday and would expect the market to work somewhat lower at this stage. Would expect the 177-175 area to furnish effective support. The intermediate term trend still indicates 196201 after a correctionary decline or consolidation. Would withhold buying orders for the time being. EDMUND W. TABELL July 9, 1947 SHIEIDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 stock Avg. 181.72 47.92 64.42 The oplnloM expreaed In thla letter .,. the person Interpretation of chart. by a.Mr. edMUnd W. r.beU end …. not presenMd the opinions of Shields' Complny.

Technical Market Action Campbell WYant &Cannon was recommended for purchase 1n the 24- 22 range in our letter of September 9th. The subsequent 1946 low for this auto equipment issue was 20 3/8. -The 1947 high, reached in February, was 30 3/4. In the May decline, Campbell Wyant and Cannon held above the 1946 low with a bottom at 21 1/2. Mondays closing price was 26 1/2. Ability to penetrate the February high would indioate an eventual prioe level above the 1946 high of 40 3/8. Hold and add to committments on periods of technioa1 correotion. Chioago &North Western Ry. after reaohing a high of 49 1/2 in 1945, reacted to a low of 15 3/8 in October. The rally in early 1947 carried it back to 27 5/8. In our letter of March 18th, when NW was selling at 23 1/4, purchase was advised on weskness. The stook declined to l4 1/4 in May, slightly below the 1946 low. A substantial potential base pattern has been built up and a substsntial price advanoe is indioated if the stock penetrates the trading range on the upside. Mondays close was 21 3/8. Hold and buy during periods of technical oorreotion. Chrysler1s 2 for 1 split up stock appeared for the first time on Monday. The close was 59 1/8, equivalent to 118 1/4 on the old stock. Chrysler was recommended for purchase in the SO-S4 range for the old stock in our letter of September 19th. The subsequent low was 75 1/4 in October. On each suocessive market reaction since then, the stock has held above previous lows. The pattern is very strong technically and indica\es an eventual price close to 90 for the new stoQk. Hold purohases made in the 40-42 range and add to oommittments on technical corrections. Cities Service was recommended for purohase on May 21st at 28 1/4. The technioal action of this issue has beeD thoroughly analyzed in recen' letters. On July 1st, when the stook hit a high of 3S 3/8, it was noted that the stock bed reached a minor resistacelevel. CtieB Service h8s done little since then. Mondays olose was 38 7/8. The eventual-indioation on Cities Service is the 50-60 range, but a short term correotion might oocur- from around present levels. Add to committments on weakness. Good support at around 35 level. After reaching an intra-day high of 187.15 on the Dow-Jones Industrials, the market reacted in the last hour and the closing level was 185.60. At the days high, the industrials were 2,19 above the February high of 184.96. The rails, at the days high of 50.18, were still 3.47 below the comparable February high of 53.65. The action of the market is excellent and continue to expect the 196-201 level to be the first important stopping point for the intermediate term advanoe. However, the pace of the advance has been rapid and would expect a technical correction from around present levels. Intermediate term purohases made in our oft-repeated 170-160 long term buying area should be held. However, would await a correction before adding to committments. EDMUND W. TABELL J'uly 14, 1947 SHIELDS & COMPANY CLOSING Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 Stook Avg. 185.60 49.83 65.98 TIte ophdorw e.preaed in thls letter .,. the fMrsonai Interpretation of dI…. by Mr. Echl'lUM W. T,b.lI,nef …. not p…..nted I' the opinioM of Shield, Company.

Technical Market Action Colorado Fuel & Iron was originally recommended for purchase in the 12-10 buying range in our letter of September 9. The October low was 10 1/4. Colorado Fuel & Iron rallied to a high of 16 3/4 in March 1947. The May low of 12 held above the October low. The stock was again recommended for purchase at 14 1/4.in our letter of June 23. Sizable potential base pattern has been built up and the penetration of the March high would indicate an eventual price level considerably above the 1946 high of 23 3/4. Wednesday's close was 15. Add to commitments during periods of technical correction. Earnings for the nine months period ending March 30 was 2.87 a share. Qr& Companx Was originally recommended for purchase in the 35-30 buying range in our letter of September 9. The October low was 31 and the subsequent rally carried Crane back to a February high of 40 1/2. The stock during the general market decline in May reached a new low of 26 1/4. Wednesday's close h/ was 33 1/2. While the penetration of the October low distroyed the regularity of the technical pattern, the possibility exists that a long term head and shoulders base is being built up. Retain original holdings and add to commitments if the stock declines to the 32-30 range. Crown Cork &Sea1 has built up a very favorable tehnical pat- tern. Purchase was advised in the 35-33 buying range in our letter of September 9. The October low was 32 and by January the stock had rallied to 43 3/4. In the May decline Crown Cork at 31 3/4 held at approximately the old low. Wednesdays close was 40. Retain original h61dings and add to commitments during periods of technical correction. he market has shown very impressive action. Leadership has been of the best and at this weeks high the Industrial Average had rallied approximately 26 points from the May lows. This rally took place in only eight weeks without an important technical correction. The industrial average has reached a new high since the start of the 53 point decline from the 1946 high, and the market awaits only a confirmation by the rail average to confirm the fact that the lows of the bear market were reached in October at slightly above 160, and tested againm May ,at approximately the same level. If this confirmation occurs it would vindicate our theory, repeated with monotonous reu1arity, since September, that the 170160 area was a long term buying range. However, before the confirmation by the rail average, would expect a minor technical correction. In fact the market has shown surprising strength and normally such a correction should have occurred before now. Due to the excellent action of the market would not expect a decline to carry much further than the 181-177 area./ Such a correction should be followed by a continuation of the advance to the intermediate term objective of 196-201. ED!UND W. TABELL July 16, 1947 SHIELDS & COMPANY CLOSING Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 Stock Avg. 185.46 49.69 65.84 The opinlo. 8wpressod In this letter IIro the personei intorpretatlon of ella,… by Mr. Edmund W. labell end are not presented as the opinions of Shields & Comp.lllny.

Technical Market Action Deere & company rea.ebed a high of 42 3/4 last week and broke, out of the long accumulation range between 31 and 41 in which it has held since the September-October decline. This is a significantly bullish technical development and indicates that the issue is in both an intermediate and long term uptrend. Intermediate term indicatons point to a price objective of 56 and a longer term possibility of above 80. Advise purchase on dips. The stock was recommended in our letter of March 25th at 38. Mondays close was 41 1/2. lli2!illlearvis was recommended for purchase at 24 to 2l j.l'l our letter of September lOth. The subsequent low was 23 3/4. The February 1947 high was 37 1/2, just a fraction below the 37 7/8 high of 1946. The May decline held at 28 3/4. The stock is again near the double top of 1946 and 1947. An excellent potential base pattern has been built up and ability to penetrate the old highs would be extremely important technically. Advise holding committments and additional purchases on price dips. Mondays close waS 36. Earnings for 1946 were 4.83 a share, The 1947 first quarter earnings were 2.07. Eagle picher WaS first advised for purchase in our letter of September 10th in the 19-16 buying range. The subsequent low was 19. The stock has built up a strong base pattern in the 19-24 area, This area was penetrated on the upside last week when a new 1947 high of 25 1/4 was reached. , Technical indications point to a price objective of 37-39. The 1946 high was 30 J,8 Hold committments and add to holdings on technical corrections. Mondays close was 24 5/S. , The market appears to be a bit tired and in need of a little further correction before the intermediate term advance to the 196-201 level is resumed. The rails were strong on Monday and reached a new high for. the move at 50.64. This is still 3.01 below the February high of 53.65. The industrials, after reaching a new high at 187.15 early last week, reacted to a low of 182.51 in the later part of the week. Mondays low was 183.02. Can still see the possiibility of a further dip to the 181-177 level followed by new highs. EDMUND W. TABELL July 21, 1947 SHIELDS &COMPANY f!QlNQ Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 stock Avg. 183.52 50.24 65.57 The opinions e.p,.oued1ft mi.&.L' l I.. re he personeA 'Interpretation of dlerts by Mr. Edmund W TbeJl end .I,. not prented a- the opinion. of Shitl'd, Company. 1

Technical Market Action Eastern Air Lines was recommended for purchase in our letter of June 4th at 18 1/4. This financially strong airline has a very favorable technical'pattern, A large potential base pattern has been built up between the Octo- ber low of 16 1/8 and the April high of 24 1/4. An upside penetration would indi- cate a return to the 1946 high of 33. Hold and add to commitments during periods of technical correction. Wednesdays close was 20, !lectric Autolit was recommended for purchase in the 54-55 range in our letter of January 13th. Electric Autolite reached a high of 80 1/2 in early 1946. The distributional area built up around that level indicated a declme to the 54-46 range. The October low was 50 1/2. The rally in February reached a high of 65 3/4. The stock again met support around the old low in the May decline when 50 1/8 was reached. Wednesdays close was 57 1/2. This auto eqUipment issue has built up a sizable potential base pattern between roughly 50 and 65. The stock has done little in the recent upswing and would seem to be in a position to move ahead on the next phase of the advance. Hold committments and buy additional stock during periods of price weakness. E1eQ1r1c Power & L1gb! was recommended for purchase in our letter of February 20th at 19 1/8. At that time it appeared that the stock had broken out of an accumulation area but the penetration turned out to be a false move. Since that time, however, the bDse area has been lengthened and an upside breakout would indicate an eventual level above the 1946 high of 29 1/2. Wednesdays close was 17 1/2. Hold and add to commttments during perios of minor weakness . … 1. I ,. Evans Products was originally recommended for purchase in 18-16 range in our letter of September 10th, The October low was 15 1/4. The February rally brought the stock back to a high of 24 1/2. The May decline held at 18, almost three points above the October low. The stock was mentioned again in our letter of June 11th at 21 5/8. The stock has had no appreciable advance and would appear to be behind the market. The company manufactures loading devices, heating eqUipment and a diversified line of products. Earnings for the first quarter were 2,58 a share, vlednesdays close was 21 1/2. Hold and buy on minor weakness. Both averages advanced on Wednesday with the rails at a new intra-day high for the move at 51,09. The February high was 53.65. Gains were shaded somewhat at the close, The industrials reached an intra-day high of 185.59 The high of July 14th was 187.15. While the intermediate term trend is indicated as up with an ultimate price objective of 196-201, the minor trend is in doubt. The important points to watch appear to be 187.15 and 182.51. A penetration of the first figure would seemingly indicate a nearby confirmation of the bull market by the rail average and a resumption of the uptrend. A downside penetration of 182.51, on the other hand, would seemingly indicate a dip to the 181-178 level before the February high on the rails is penetrated and the uptrend to the 196-201 area is resumed. Inclined to favor the latter possibility at tQe moment. EDMUND W. TABELL JULY 23, 1947 SHIELDS & COMPANY CLOSING Dow-Jones Industrials 184.95 Dow-Jones Rails 50.83 DoJones 65 ,stck Avg. 66,13 Th. opinIOn. expreued In thIS letter are the penonal interpretation of ch….. hy M,. Ecfmund W. TaIMIl .nd ere not pre.ented a. th. opinion. of Sht.'d. , eon..,.ny.

Technical Market Action Fliote was originally recommended for purchase in the 32-30 buying range in our letter of September 10th. The stock broke below its indicated support and reached a low of 25 1/2 in October. The subsequent rally carried it back to 37 3/4 in January. A distributional area was formed in th 37-35 area early this year that indicated a dip to 27-23. The May 101 aB4. Mondays close was 32 3/4. A sizable potential base pattern has been built up and a penetration '. of the 1947 high would indicate substanvially higher levels. Bu' dtring periods of technical correction. Gel1!rr.!!1.Jtal.l.El was recoended for purchase in our letter of November 1st at 11. The I'ange since tla, date has been 14 3/8 nigh and 8 low. The longer term patte-n is excellent ald the stock is an excllm-c. lower priced trading medium. Hold committments and purchase on dips. 140ndays close was 11 5/8. Qal Motors was recommended for purchase in the 53-50 buying range in our letter of September 10th. The low was 47 3/4 and the subsequent rally carried General Motors back to a high of 65 7/8 in January 1947. The May decline held at 51 7/8 and the stock sppars to be in an uptr8nd, Mondays close was 60 3/4. Would add to holdings on rer,ct'ons. A possible temporary top area has been built up in the 61-60 range indicating a chance of a ip to 57-56. Q..2!l.t!lLRai1wa 3i1'…1. .11 was recommended for purchase in the 27- 23 buying area in our Jecer of Sepvabec lOth. The October ow wao 24 5/8. The stock rallied back to 31 ./2 in Fei)ruc.ry, bolt declined sha.-pl' in May to reach a low of 19. The comeback since that tirr,9 has been extremely apid and has caried it back to the early yea high of 31 l/, Mond&ys close was 31. Tne iS8ues appear to be building up a possible head and shoulders pattern ar.d should be bought on weakness into the 30-27 area. lf Oil was recommended for purchase at 60 in our letter of April 24th. Mondays dcse was 72 3/1 The stock has buil' up a large base area between 67 and 57 which has been penetrated upside. The intermedate term indication is 86 to 89. Buy during market setbacks. The market declined in the last hour of Mondays session on fairly heavy vo1'me. Last week high of 187,66 on the indust-ria).s was juct a f,,,-;tion above the ,Tul,' 14th high of 18'100) and the I'ai1 h5ph of 51.92 was still b6low the February high of 53.6;, This woui oe a logical spt to xpect a technical ccrrEOction of the ..6 point advace 'rcm lay. Jou'.d cxprot 18-177 t.o be a heay support 8ea. IntermBdi9.e ';,e'l'l ind''catj.cns st.ill pint ;0 che 196-201 area as the first impcI'tant upside resictance. 10u1d buy recoIlh-1ended iS3ues during periods of technical correction. EDMUND VI. TABELL July 28, 1947 SHIEIDS & COMPANY Closin,.g vC'1'l-Jones I!ldl'strials DO'd-Joncs FdiJ s Dow-Jones 65 stock 185.30 50.72 66.22 n.. opinlont exprened in this I…., ar. the pel'lOnai hrhrp,at.tion of chll' by Mr. Edmund W. T.bell and ar. not presented at the opinlom of Shl.ld, eo….pany.

Technical Market Action aille Hershel was recommended for purchase at 14 3/4 in our letter of June 11th. This automobile accessory issue reached 17 5i8.1ast week. Wednesdays close was 16 1/8. The stock has built up a potentially strong pattern and ability to cross the February high of 19 7/8 would be constructive. Hold purchases and buy in periods of market irregularity. Hou.ston Oil wqs recommended for purcha'se in the 17-15 buying range in our letter of September loth, The October low was 14 1/8. The stock was again recommended at 20 1/2 in our letter of April 24th. A new high for)the year was reached last week at 26 1/4. Wednesdays close was 24 1/2. The issue has an excellent technical pattern and indicates an intermediate term uptrend to the 40 level. Recommend retention of holdings and purchase during periods of market irregularity. Howe Sound was recommended for purchase at 36 in our letter of April 7th. The range for the year has been 38 3/4 high and 31 1/2 low. Wednesdays close was 35 1/2. A large potential base area has been built up and indica tions point to an eventual upside penetration. Hold committments and add to hold- ings during periods of market irregularity. Illinois Central haS one of the most favorable rail patterns. It is one of the few rail issues whose May low held at or above the October low. Illinois Central reached a low of 18 1/8 in both October and May. The stock was recommended for purchase in the 22-20 buying range in our letter of September 11th. The February high was 30 and last weeks high was 28 3/4. Wednesdays close was 26 3/8. A large potential base area has been built up in the 19-30 range and an upside penetration would indicate substantially higher levels. At Wednesdays intra-day low of 179.77, the industrial average had reached the upper part of our downside objective of the 181-177 area. We have advised caution in our recent letters due to the rapid rise from the 'May low of 161.38 to last weeks high of 187.66, Whether the averages have reached their actual low at 179.77 ()r work a little bit closer to 177 is unimportant, Consider u-. 181-177 as a buyir.g 1'9.n;e. Believe after some poscible further irregularity, both the 187.66 high (,f last week in the industrials and the 53.65 February high in the rails will ue penetrated on the upside. The intermediate term objective continues to be the 196-201 level. EDMUND W. TABELL July 30, 1947 SHIELDS & COMPANY CLO.';I!lG .-J;;;;;,jones Industrials low-Jones Rails Cow-Jones 65 Stock 180.91 4',0!,. 640 60 Th. opinions exprelMd in this I.tter are the pet50nal interpmation of ch….. by Mr. Edmund W. Tahel1 end at. not prnt.d .. the opinion' of Sh..ld. & Compeny.