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.

Technical Market Action Interlake Iron was originally recommended for purchase in the 12-10 buying range in our letter of September 11th. The stock reached a low of 10 1/8 in October and rallied back to 13 5/8 in February. The May decline carried Interlake down to 9 1/2. Since that time the stock has been quite active and has penetrated the February high. Last weeks high Was 15 1/8. Subsequently it sold ex-diividend a sixty cents payment. Fridays close was 13 3/8. The stock appears to be in an intermediate uptrend and indicates a price objective around the 1946 high of 20 1/4. Stock appears attractive at present levels. International Minerals ana Chemical was recommended for pur- chase in the 26-24 buying range in our letter of September 11th. A sizeable poten- tial base pattern has been built up in the 31-23 area. An upside penetration would be of considerable bullish significance. Fridays close was 28 3/4. The 1946 high was 45. \ Jones & Laughlin was recommended for purchase at 31 5/8 in our letter of April 30th. Jones & Laughlin reacted from the 1946 high of 53 7/8 to a low of 31 5/8 in October. The spring rally carried back to 39. The October low was penetrated in May when the stock reacted to 27 3/8. Last weeks high was 34 7/8. Fridays close was 33 7/8. Hold committments. Stock appears to be headed higher over the near term. Libby-Dwens-Ford Glass was recommended for purchase in the 50-47 buying range in our letter of September 11th. At last weeks high of 58 1/8, the stock was close to the February high of 59 1/8. Fridays close was 55 1/8. Stock appears attractive around present levels. Murray Corp. was recommended for purchase in the 12-10 buying range in our letter of September 11th. The October low was 9 3/4. The February rally carried back the stock to 15 1/2. The low in the May decline was 9 7/8. A sizable potential base pattern has been built up in the 10-15 range. Fridays close was at 12 3/4 and was about midway in this range. Murray appears to be behind the market. In four trading days, from an intra-day high of 187.66 on Friday, July 25th to the intra-day low of 179.77 on Wednesday, July 30th, the industrial average reacted 7.89. This is almost a one-third correction of the 26 point advance from the May low. The rail average reacted 3.39 in the same time period. This also is almost a one-third correction of the 12 point advance from the May lows. This letter has been advising caution over the past two weeks in anticipation of a technical correction. Our anticipated reaction level Was 181 to 177. Now that it has happened, believe the way is clear tor a resumption of the intermediate uptrend. Believe the rails will penetrte tl. 'ebruary high of 53.65 r,and reach the 61-64 level and that the industrials will r6 196-201. Whether this rise will take place immediately or after a further dip to nearer the 177 level and a complete one third reaction, is open to question. However, from the action of various technical indications, favor the possibility of an upswing over the very near term. EDMUND W. TABELL '\U.lst 1, 1947 SHIELDS & COMPANY CLOSING Dow-Jones Industrials 183.81

Technical Market Action National supply was recommended for purchase in our letter of June 11 at 14 3/8. At Tuesdays close of 19, 5/8 the stock was near the years high of 20 1/4 reached last week. Earnings for ,the six months ended June 30 were 2.83 per common share. The 20-25 zone, the area of the 1946 high, may furnish some temporary resistance, but the issue appears headed for a price objective of 27 followed by an eventual 35. Retain commitments and add to holdings during periods of market irregularity. Ohio Oil was originally recommended for purchase in the 21-23 buying range in our letter of September ll., It was again recommended for purchase at 23 on April 24. The recent high was 27,3/8 and Tuesdays close was 26. The stock has definitely broken out of a nine months 20-24 accumulation range and appears headed for an eventual objective in the 38-41 area. Retain commitments and add to holdings during periods of market irregularity, Oliver Corporatiog WaS recommended for purchase in the 21-23 ' buying range in our letter of September II. Tuesdays close was 20 3/4. This farm machinery issues appears to be behind not only the general market, but also the farm equipment group as well. The years range is 25 5/8 high and 17 3/4 low. A substantial potential base pattern has been built up in the 18-25 range and an upside penetration would indicate a price level above the 1946 high of 36. Retain commitments and add to holdings at around presen' prices. Pepsi-Cola was recommended for purchase in our letter of May 19 at 26 1/4. The stock made a new high of 34 1/8. Tuesdays close was 31 7/8. Stock continues to present an extremely attractive technical pattern and the longer term price objective,based on that approach is 55. We mentioned a month or so ago that the first resistance level was around 34. The stock reacted from that point to a low of 31 last week. After some possible further irregularity would expect the advance in this issue to be resumed. Retain holdings and add to commitments during periods of market irregularity. The price swings in the last eight trading sessions have been rather wide and erractic. From a high of 187.66'on Friday July 25, the industrial average declined 7.89 in four days to 179.77 on Wednesday July 30. In two trading sessions the averages regained 4.51 of the loss to reach 184.38 on Friday August 1. On Monday August 4 the average declined to a low of 182.01 down 2.37 from Fridays high. Tuesdays high carried it back to 184.05. The movement of the rail averages have been equally volatile. To our way of thinking, las' weeks decline to our anticipated 181-177 correctionlevel strengthened the technical condtion of the market and paved the way for the resumption of the advance to the 196-201 level. Believe the rail average will, also, attempt a penetration of the February high of 53.65. The July high was 51.92. Ability of both averages to penetrate last Fridays highs of 184.38 and 50.03 would indicate the probability of an immediate resumption of the rise rather than a further testing of last Wednesdays lows. EDMUND W. TABELL August 5, 1947 SHIELDS & COMPANY CLOING Dow-Jones Industrials 183.08 Dow-Jones Rails 49.15 ThilJiiPllesQ6 ;Slioclitt.r or. th J/a .;J;7….teo 01 che' by t-Ar. Edmund W. Tab and ar. not prl,.ented al the opinion. of Shield, & eom.,.ny.

Technical Market Action fpelDodg was recommended for purchase at 38 1/4 in our letter of June 18. Thursdays close was 42 3/4. As we stated at that time, believe Phelps Dodge has the most attractive technical pattern of the major copper companies. This has been born out by recent market action when Phelps Dodge made a new high at 44 1/8, while both Anaconda nd Kennecott failed to reach their former 1947 highs by several points. The technical Pattern on Phelps Dodge indicates much higher levels. Some minor resistance may be encountered at 47, the 1946 high, but the next objective is around 55-60. Eventual price level for the longer term is the 85-90 level. Pure Oil was recommended for purchase at 23 7/8 in our letter of April 24th. Thursdays close was 267;8. At its recent high of 28 3/4, Pure Oil had not only definitely penetrated the February high of 25 3/4 but had nearly equaled the 1946 high of 28 7/8. The stock, from a technical approach, appears headed higher for both the near term and the longer term. First price objective is 32 and the longer term level is indicated as 42. Rayonier was first recommended for purchase at 19 5/8 in our letter of November 1st. It was again recommended at 21 in our letter of May 8th. Rayonier made a new high for the year on Thursday at 26 1/2. The close was 26 3/8. Earnings for the first six months of 1947 were released earlier in the week and totalled 3.24 a common share. Rayonier has been in a trading range between roughly 26 and 18 for approximately ten months. Ability to reach 27 would indicate a priee objective in the 1iJ-45 range. Revere Copper &Brass was originally recommended for purchase in the 21-19 buying range in our letter of September 11th. Thursdays close was 19 7/8. Market action in this issue has been below average but it appears to be building up a rather favorable pattern that may take a little more time to complete. Earnings for the first six months of 1947 were 3.51 a share. he market has, so far, been unable to penetrate last Fridays intraday highs of 184.38 and 50.03. However, action of individual issues has been good wih a number reaching new highs for the year. It is possible that the industrials may further test the July 30th low of 179.77 or even dip a little deeper into our 181-177 buying range before resuming the uptrend. However, see no indications of other than a minor technical correction at this time. Advise purchase on price dips or on penetration of the July highS EDMUND W. TABELL August 7, 1947 SHIELDS & COMANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 Stock 182.11 49.13 64.96 \;) Th. opinlOftS expressed in this l6tter are the penonat Interpretation of ch.rts by Mr. Edmund W. Tabell and are not presented al the opinions of Sht.td. I Company.

Technical Market Action Seaboard-Air Line R. R. was recommended for purchase at 23 1/2 in our letter of February 21st. The upside penetration out of the 17-22 trading range proved to be a false move and the stock declined abruptly in the May decline to penetrate the previous trading range on the downside. However, the stock has worked back to the lower part of the range with a recent high of 19. fridays close was 16 1/2. The stock may build up a right shoulder in the 17-22 area. In such an event, the issue could have dynamic upside possibilities. Seaboard Oil was recommended for purchase in the 25-23 buying range in our letter of September 12th. The stock reached a low of 23 in both September and October and held again at the same figure in March. The 23-28 trading range was penetrated on the upside in April and the rally carried to 30. The stock held at 26 in the May decline. A new high was reached in July at 33 1/2. Fridays close was 30 S. The stock appears to be in a definite uptrend with a first indication of around 39 followed by 50. Shamrock Oil & Gas waS recommended at 24 in our letter of June 9th. The stock recently penetrated the long ten months 18-25 trading range on the upside to reach a high pf 27 3/4. Fridays close was 25 1/2 The technical action of the stock indicates that it is in an uptrend with a first objective of 32 followed by an eventual 48. Sharon Steel was recommended for purchase at 31 in our letter of May 8th. Fridays close was 32. Since September, this stock has been fluctuating in a wide range between approximately 24 and 36. An upside penetration would indicate sharply higher prices and the stock appears to be a very interesting speculatio Weakness in the moving picture group brought some selling into the general market on Friday and the averages again dipped into the upper part of our indicated 181-177 buying'range to reach intra-day lows of 179.77 on the industrials and 48.15 on the rails. The lowson Wednesday July 30 were 179.77 and 48.53. Believe present softness should be welcomed as an opportunity to add to holdings before the advance to the 196-201 objective is resumed. Believe present decline is nothing more than our anticipated technical correction of the sharp 26 point advance from the May lows. Buy on weakness into the 181-177 area. EDHUND W. TABELL August 8, 1947 SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 Stock 180.13 48.21 64.18 Th. opinions erpressed in this letter ere the p.nonal interpretation of ch.rta by Mr. Eclmund W. feb.n end .r. not pre.enhd 0lil1 the opinion. of Shitlld, & Compilny.