Technical Market Action Although our list of recommended issuea is quite complete, we are taking advantal!J!of the current reaction to add five additional iasues to the list. All five have excellent technical patterns and their purchase is advised in the 181-177 ba7ing range. Elliott CompanY is listed on the New York Curb and manufactures gas and stem turbines and allied pructs. The 1946 high was 39 1/2 and the low 14 1/2. This 788S's range is 23 and IS 3/4. The stock has built up a sillable base pattern in the 1'-23 range and an upside penetration would indioate substantially higher levels. Mondays olose was 19 1/2. I'ansteel Metallurgical Corp. is also listed on the New York Curb and is engaged in-the devel9plllent, r(lfinement and lIanufacture of rarer I16talS and alloys. The stock reaohed a high of 53 in 1945 on the basis of the present 2-1 split stock. The 1946 range was 42 high and 13 3/4 low. This years range 22 3/4 and 12 5/8. Monciaya close was IS 578. The stock appears to be building up a favorable technical pattern. JOX Manuraoturing produoes mechanioal loaders and conveyors and other products used principally in the ooal industr,y. Stook recently penetrated not. only its early 1947 high but also the 1946 high of 34. This years range is 38 1/2 high and 25 1/2 low. Earnings for nine months ended June 30th were 6.99 a shsre. Technical pattern indicates an eventual price objective above 60. Mondays close was 37 1/4. Mullins Mfg. l18nu1'aotures metal parts and stl\mpings for the automotive, washing machine, refrigerator and plumbing fields. The 1946 range VBS 22 1/4 – 14 1/4 and this years range is 21 3/8 – 14 3/4. Mondays close was 19 3/4. Recent penetration of February high indicatea higher prices with an eventusl objective of 35-37. Earnings for six months ended June 30th were 4.07 a share, Worthington Pump and Maghine17 has been in a wide trading- range between roughly 74 and 47 since early 1945 or approximately 2 1/2 years. The 1947 range is 68 1/2 high and 48 1/4 lov. Mondays close waa 55 1/4. An upside penetration of this large trading area would indicate substantially higher levels. The stock has extreme leverage with a bank loan, preferred stook and a relatively small mount (280,082 shares) of common stock. Earnings for first six months of 1947 were 9.28 a common share Mondays market worked frectionally lower with intra-day lows of 178.21 and 47.55. There is no change in opinion that the 181-177 area is a buying range prior to resumption of the advance. Current softness or irregularity may continue for a short while but such periods should be used to acquire recommended issues. EDMUND w. TABELL Augwlt 11, 1947 SIlIEIDS & CClCPANY Closing Dov-/ones Industrials Dov-Joneil Bails Dov-Jones 65 stock Ayg. 118.98 41.91 63.78 The oplnions pr.lled in this letter re the persona. interpretation of cham by Mr. Edmund W. Tabell and are not pranted .1 th opinlonl of Shitlld, & Compeny

Technical Market Action Simmons Co. was recommended for purchase at 37 1/2 in our letter of November 1st. For the last ten months, the stock has been in a wide trading range in roughly the 41-28 area. The stock appears to be building up a favorble technical pattern and ability to penetrate the February high of 41 would be a constructive development. Retention is advised. Tuesdays close was 36 5/8. Standard Oil of. New Jersey was recommended for purchase at 66 5/8 in our letter of April 24th. The stock has broken out of the long 62-70 accumulation range and indicates an eventual objective of 92-100 for the intermediate term. The recent high was 80 and Tuesdays close was 77 5/8. Retain comitments and add to holdings during periods of market irregularity. Standard Gas & Electric 4 Pfd. was originally recommended for purchase in our letter of December 16th ar-32 5/8, Although this volatile market performer has had a number of extremely wide price swings in the past ten months, the basic technical pattern appears constructive. For the near term, support should be met in the 26-24 area and there is a supply of stock at 30-32. The stock is an excellent trading medium. Tuesdays close was 25 1/2. Texas Pacific Coal & Oil was recommended for purchase at 29 in our letter of April 24th. Tuesdays close was 34. The stock appears to be in a definIte uptrend andI at its recent high of 35 3/4, had not only penetrated the February high, but also the 1946 high of 32 5/8. The first price objective on this issues appears to be the 38-41 area to be followed by eventually higher levels. Retention is advised and additional purchases should be made on price dips. The market rallied on Tuesday to reach intra-day highs of 180.76 and 48.62 compared with Mondays intra-day lows of 178.21 and 47.55. Prices eased slightly at the close and Tuesdays gains of 96 on the industrials and 41 on the rails just about offset Mondays losses of 1.15 and 30. Volume was small on both days and some further time may be spent around present levels. However, consider the 181-177 range a buying area to be followed by a resumption of the intermediate term advance. EDMUND W. TABELL August 12, 1947 SHIEWS & COMPANY .Q1Ql!1 Dow-Jones Industrials 179.94 Dow-Jones Rails 48.32 Dow-Jones 65 stock Avg. 64.15 n. oplniOftl .zp……d in thi, 'eHer .,. the penon.1 fnterpmaffon of cherts by '-'Ir. Edmund W. T.beR end .re not pres.med el the opinions of Shl.ld. & eom,.ny.

Technical Market Action Qnion Bag & Paper was originally recommended for purchase at 28 5/8 in our letter of November 1st. ' Thursdays close was 34. Union Bag recently penetrated the February high and indicates an intermediate term objective of above 50. Earnings for first six months of 1947 were 4.52 a share. The stock appears attractive at current levels. U, S. &Foreign Securitie was originally recommended for purChase in the 16-18 buying range in our letter of September 12th. The October low was 15 1/2. The February high was 21 1/2 and the May low held at 15 5/8. Thursdays close was 19 3/4. The stock has built up a strong potential base area in the 16-21 range. An upside penetration would indicate a price level above the 1946 high of 32 1/2. The stock appears to be an attractive purchase around current levels. for participation in a general market rise. U. S. Pipe and Foundry was recommended for purchase in the 38-35 buying range in our letter of September 12th. The low, both in October and May was 35. Thursdays close was 41. The stock has held in the rather narrow 35-44 trading range for over ten months. An upside penetration would be distinctly encouraging from a technical viewpoint and indicate a first objective of 55 to be followed by eventually higher levels. Favor purchases at present levels. U. S. Steel was recommended for purchase in the 67-64 buying range in our letter of September 19th. The October low Was 65 1/8. The February rally carried to 79 3/8. The May low was 61 5/8. Believe Steel is building a substantial accumulation pattern in the 62-79 range. An upside penetration would indicate an eventual level above 100. Thursdays close was 72. After selling off in the early hours of Thursdays trading, the market staged a moderate rally and closed fractionally higher on the day. Believe the low volume of the past few days near the lower part of the 181-177 range indicates a completion of anticipated correction of the sharp 26 point advance from the May lows. Believe the market will resume the uptrend shortly and new highs will be witnessed in both averages. Believe that the industrials will reach 210-215. This is an upward revision of our former 196-201 objective. EDMUND W. TABELL August 14, 1947 SHIELDS & COHPANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 Stock 179.87 48.79 64.31 .r.n.. opinlOM npreaed in this l.tter ar. the personal interpretation of cherts by Mr. EclmuMi W. r.bell enG not presented ., the opinions of Shield, & Compny.

Technical Market Action Westinghouse Airbrake was recommended for purchase in the 27-25 buying range in our letter of September 12th. The October low was 26 1/2. Since that time, the stock has built up a broad accumulation area in the 27-35 range which was recently penetrated on the upside. Fridays close was 36 1/4. The stocks technical pattern suggests a rise to the 52-56 area. Purchase is advised. Westinghouse Electric was recommended for purchase in the 23-21 buying range in our letter of September 19th. The October low was 21 1/8. Westinghouse was again recommended at 25 5/8 in our letter of May 28th. The stock has penetrated the long 22-28 accumulation range and an objective of 40–45 is indicated. At Fridays close of 28 5/8, the stock is almost two points below the recent high af 30 1/2 and appears to be an attractive purchase. Wheeling Steel was recommended for purchase at 43 3/8 in our letter of February 21st. Fridays close was 42 1/4. This issue has been a volatile market performer with wide swings in both directions. A penetration of the February high of 44 1/2 would indicate, a return to the 1946 high of 62 1/2, followed by evenigher levels. A recent report showed earnings of 8.57 a common share for the first six months of 1947. Purchase is advised for possible wide price appreciation. Youggstown Sheet & Tube was advised for purchase in the 62-60 buying range in our letter of September 12th. The October low was 57 1/2. Yongstown rallied back to 72 1/2 in the February high. The recent high was 70 and Fridays close was 68 7/8. Youngstown. has one of the better technical patterns in the higher priced steel group with a tremendous potential base area in the 54-72 ran9. An upside penetration would indicate a level well above 100. Earnings for the first six months of 1947 were 8.14 a common share. Purchase is advised. Would also suggest switching out of Bethlehem Steel into Youngstown. The action of Fridays market appears to confirm the opinion expressed in Thursdays letter that the technical correction was completed and the uptrend would shortly be resumed, The averages closed up 1.17 and 62 on Friday with an increaseof volume to 880,000 shares. Expect a continuation of the uptrend to an objective of 210-215 for the intermediate term. Such an advance will of course be punctuated by minor technical corrections. EDMUND W..TABELL August 15, 1947 SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 stock Avg. 181.04 49.41 64.82 Th. opinions preaed in this letter are the personal interpretation of cham by ,. Edmund W. Tabell and .r. not preseMed .1 the opinion. of Shield. & ComlNny.

TEchnical Market Action The majority of earnings for the first half of 1947 have now been released. We are listing below the earnings on some of our recommended issues. It would seem that from a statistical as well as a technical viewpoint, these issues are currently undervalued and could move substantially higher. (Al earnings for six months unless otherwise noted) 21Js American Water Works Barnsdall Bliss (E. W.) Bbrg Warner Chrysler Colorado Fuel Doehler Jarvis Eagle Picher Elliot Co. Evans Products Flintkote Co. General Cable General Motors Gulf Oil Houdaille Hershey Illinois Central Interlake Iron Jones &Laughlin J'ri.Cl!! Earnings 163/4 1.71 2B 1/2 1.74 29 4.40 501/4 4.13 5B 7/B 4.15 15 liB 2.B7 35 1/2 4.0B 24 3/4 2.47 21 2.09 21 5/B 3.27 34 3.49 11 5/B 1.4B 59 l/B 3.20 71 1/2 4.66e 17l/B 1.95 26 1/B 5.70 12 3/4 1.12 32 7/B 4.43 Joy Mfg, Mullins Mfg. National Supply Ohio Oil Pure Oil Rayonier Revere Copper Seaboard Oil Sharon Steel Simmons Co. S. O. of New Jersey Union Bag & Paper U. S, Pipe U. S. Steel Westinghouse Air Brake Westinghouse Electric Wheeling Steel Worthington Pump Youngstown Sheet & Tube l.!lli Jl!ll1ling 3B 1/4 6.69 21 l/B 4.07 19 1/2 2.B3 26 3/B 2.02 261/2 1.77 26 1/4 3.24 20 1/4 3.51 29 1/2 1.97 34 3/B 5.4B 37 1/2 3.79 77 5.l2e 34 liB 4.52 42 2.Bl 71 3/B 6.43 36 2.07 2B 1. 59 41 3/4 B.57 58 9.2B 6B 1/2 8.14 tor nine months E Estimated le repeat, these earnings are not for a full year but only six months. ,I The market failed to follow through on Fridays strength and has sold fractionally lower on each of three days of the week. Volume has been exceedingly small however. This action is disappointing, inasmuch as it seems to indicate no immediate resumption of the advance. It was our opinion last week that the technical correction was completed at the August 11th lows of 178.22 and 47.55r At Wednesdays intra-day lows of 17B.76 and 4B.62, the averages seemed to be in the process of retesting these points. An indication of the minor trend, which now seems to be neutral, would be given, if the averages penetrate either the August 11th lows noted above or the August lBth highs of IBl.43 and 49.62. A downside penetration would indicate a possible further down drift to l77-175.;lAn upside penetration would indicate a testing of the July high of IB7.66 on the industrials and the February high of 53.65 on the rails. I am inclinto favor the possibility of an upside penetration, but, regardless of the minor trend, continue to believe the intermediate term advance will be resumed to reach an ultimate 210-215. Continue to advise purchases of recommended issues in the 181-177 buying area. August 20, 1947 EDMUND \1. TABELL SHlEIDS & COMPANY glosing Dow-Jones Industrials Dow-Jones Rails 179.01 48.69 Dow-Jones 65 Stock Avg. 64.13 Th. opinion' expreued In this lette, ere the pen.onal inhtfpretation of cha….. by Mr. Edmund W. T.bell and ere not presented liS the opinions of Shi.ld. & Company.

Technical Market Action A number of issues in our recommended list have recently shown better technical action than the general market. Quite often the stocks that show the most strength during a general market sell-off, are the leaders when the advance is resumed. Believe the following issues should be watched carefully and purchased during periods of weakness. Phelps Dodg earnings for the first six months of 1947 totalled 4.66 a common share. At Mondays high of 43 1/4, the stock was less than a.,a point below the 1947 high of 44 liS after being ex-dividend an SO quarterly dividend last week. This issue has excellent pattern and would use any further period of market irregularity to add to holdings, Has the most favorable technical pattern of all the major copper issues. Mondays close was 42 1/4 .,;' MUllins Mfg. Has moved ahead rather nicely since it was recommended week, at 22 for purchase 3/4, reached at 19 a new 3hi/g4hinfoor ubrolteht1te94r6vofandAug1u9s4t7. 11th. The stock last Believe Mullins should be bought on any further price irregularity, Mondays close was 21. nsteel Metallurgical, recommended at 15 S/S in our letter of August 11th, moved up to lS 1/4 last week. Mondays close was 17 1/4. The stock is approximately in the middle of its 1947 range of 22 3/4 and 12 5/S. The issue appes to be building up an excellent technical pattern end purchase is advised on price dips. The market sold off on Monday end the industrials penetrated the August 11th low of l7S.22 to reach an intra-day low of 177.33. The rails, at' an intra-day low of 4S.04, held above the comparable August 11th low of 47.55. As noted in our last letter, failure of the market to follow through on the previous weeks strength was temporarily discouraging and indicated a possibility of a further downdrift to 177-175 if the August lows were penetrated on the downside. However, believe the present decline is merely a technical correction of the sharp 26 point advance from the May lows and that, at around present levels, the market is slOWly building up a re-accumulatiog bing area in the l75-1S1 range. While there may be some further irregularity over the next few days, consider the above area a buying range prior to a testing of the 1947 highS EDMUND W. TABELL August 2.5, 1947 SHIELDS &COMPANY .Q!osing Dow-Jones Industrials Dow-Jones Rails Dow-Jones 65 Stock Avg. 177.57 48.09 63.57 Th. opiiOftS 8Ip…ssed In thiS lette, fir., the perso,,1 Interpretation of cham by Mr. Edmund W. T.b.1I end ar. not presented as the opinions of Shitlld. & Company. 7,– -!

Technical Market Action Elliot Co. continues to show better than average market action, This issue, which was recommended at 19 1/2 in our letter of August 11th, has met excellent support during the current decline and should move ahead when the market turns, Wednesdays close was 21. Earnings for the first six months of 1947 were 2.09 a common share. Cities Service Was recommended for purchase at 28 1/4 in our letter of May 21st. In subsequent letters, e noted that minor resistance ould be met in the 36-39 area. The stock reached a high of 39 3/4 and at Wednesdays close as 36. Believe Cities Service has most likely had an adequate correction of the sharp advance from May, and it should be purch8ed during periods of market irregularity. l'heeligg Steel has also met excellent support during recent market irregularity and, at Wednesdays closing of 41 7/8, as close to the recent high and the February high of 44 1/2, At the rate of the 8.57 earned for the first six months of this year, the stock is selling at less than three times indicated earnings. It appears to be an extremely interesting purchase during periods of market irregularity. Incidentally, there are a number of issues in our recommended list that are selling at less than five times inaicated 194'; earnings, based on reports for the first six months. Included in this classification are E. W. Bliss, Chicago and Northestern, Colorado Fuel & Iron, Doehler Jarvis, Elliot Co. Flinkote, Illinois Central, Jones & Laughlin, Joy Mfg., Murray Corp., Mullins Mfg., National Supply, Rayonier, Revere Copper, Seaboard Air Line, Sharon Steel, Union Bag, Wheeling Steel, Worthington Pump and Youngstown Sheet & Tube. The market is still holding in a trading range ith exceedingly 10 volume. Transactions on Wednesday totalled only 480,000 shares. The industrial averages penetrated the August 11th 10 of 178.22 to reach 176.54 on Tuesday. On the other hpd the rails, at Tuesdays low of 47.66, held above the August 11th 10 of 47.55. Such divergence of action in the to averages often indicates a change of trend. Although no immediate indication of such action as evidenced in Wednesdays msket, we continue to favor a near term resumption of the advance and continue to advocate purchases in the 175-181 buying range. EDMUND W. TABELL August 27, 1947 SHIELDS & COMPANY Closing Do,,-Jones Industrials Dow-Jones Rails Dow-Jones 65 Stock Avg. 177.88 48.28 63.69 n.. opb.ions .,….ed in this letter ..,. the person interpretation of cham by a.,. Edmund w. r.bell and .r. not presented the opinion, of Shi.td Company.

Technical Market Action Many individual issues have, in the past tHO months, succeeded in reaching new high terri tory for the year and a rare few, such as Mullins Manufacturing on Tuesday,have even bettered the 1946 highs. However, many individual n.il issues are still quite a bit below their 191,7 highs and considerably below their 1946 highs, as witness the list below High 1 High 1947 Last Sale Atchison, Topeka &Santa Fe R.R. 121 Atlantic Coast Line Chicago,Milwaukee & St.Paul, common Chicago & Northwestern Erie R. R. Great Northern, pfd. Gulf, Mobile & Ohio 83 38 49 1/2 23 1/8 65 3/4 30 1/4 Illinois Central Kansas Ci Southern 45 1/2 401/4 New York Central Northern PacifiC Pennsylvania R. R. 35 3/4 36 47 1/2 Seaboard Air Line Southern Pacific Southern RailViay Union PaCific 37 3/4 70 65 168 1/2 Reached High in late 1945. 99 59 14 5/8 27 5/8 12 1/2 49 5/ 14 7/8 30 28 1/2 22 3/8 22 7/8 26 7/8 24 5/8 47 1/4 50 1/2 147 83 5/8 51 1/4 9 1/8 19 3/4 9 3/4 40 1/4 12 1/2 26 5/8 22 1/2 15 1/4 20 1/2 19 167/8 44 38 1/4 139 5/8 The individual technical patterns of the rail issues are quite different Vlith some showing favorable patterns and others indic.ting that more backing and fillingund present levels is needed before much of a move is indicated. We have used only three issues in our recommended list. They are Chicago & North- western, Illinois Central and Seaboard Air Line. All three of these issues have favorable technical patterns. On the other hand, Nen York Central and Pennsylvania appear relatively unattractive and, as far 8.S price appreciation is concerned, prefe the three issues above and Northern PacifiC. The market on Tuesday continued Friday's pre-holiday rally but the volume continued small. The railS, at Tuesday's high of 45.53, were within a small fraction of the 49.62 high of August 18th Vlhich was the high after the August 11th 101V of 47.55. Ability to decisively penetrate 49.62 would be a favorable indication. The comparable figure on the industrials is 181.58. Tuesday's high was 180.56. Continue to advise purchases in 181-175 buying range. September 2, 1947 EDMUND i'f. TABELL SHIELDS & COMPANY ClOSings Dow-Jones Industrials Dow-Jones ReUs DOrl-Jones 65-Stock 179.81 49.32 64.54 n.. opinions eKpreued in Mlil I.tter ar. the peonal ,nterpretanotl of eharh by Mr. EJmuttd W. Tabell and are not presented as the opinions of Shield, & Company.

Technical Market Action . United Aircraft has been one of the better acting issues during the current unsettlement. The stock is one of tho few aircraft issues that have succeeded in building up a good base pattern over the past year. Most air- craft issues reacted below their 1946 lows during the May decline but United Aircraft reached a low of 16 1/4 in late 1946 and held at 16 7/8 in May. A fairly substantial base pattern has been built up in the 17-21 range, 'J,n upe'iae penetrD'Hon would indicate an advance to the 27-30 area. The 1946 higi, las 37 3/8. The issue appears to be an intresting shorter term speculation during current, market irregularity. Thursdays close was 20 1/8. Pepsi-Cola Vias recommended for purchase in our letter of May 19th at 26 1/4. We mentioned susequently that the first resistance level wus 34. The high ras 34 1/8 and since that time it has built a minor distribution Ilrea that indicated a decline to the 29-30 area. At Thursdays ow of 29 1/2 and closing price of 29 5/8, the stock had just about reached that level. Technical indications point to higher prices for Pepsi-Cola over the intermediate term and believe it ohould be purchased on current weakness /The market sold sharply 10Vier on Thursday on slightly increased voluli1e. The 10\'15 Vlere reached in the noon hour but the market failed to rally substantially during the remainder of the days trading and the closing prices Vlere .just a fraction above the days 10.ls. HO;i8ver, at the intra-day 10Vis of 176.57 and 47.85, the averages held above last \7eeks low of 176.54 on the industrials and the August 11th low of 47.55 on the rails. Ability to hold above these points followed by an upside penetration of this weeks highs of 180.56 and 49.67 ..ould indicate a reversal of the dOlmtrend. Honever, increased volume on the dOllIlside and inability of the market to rally in the final hours of Tuesd.ys session, could possibly indie!'.te a dip to the loner part of the recently suggested 177-175 buying range before tbe marLet turns. In any event believe the market shovld be purchased during current weakness into the 177-175 area. Believe the reaction is a continuation of the correction of the 26 point advance from the May lo;,s and that the intermediate uptrmd should soon be resumed! EDMUND VI, TABELL September 4, 1947 SHIELDS & COMPANY ClOSing Dow-Jones Industrials DOll-Jones Rails Dow-Jones 65 Avg. 177 .27 48.18 63.58 The opinion. ellp,….d In hi. letter ere the pet50nol int.rp……tion of cham by Mr. Edmund W. Tab.n and are not pre,ented as the opinions of Sht.fd. , Company.

Technical Market Action The current market weakness has brought a number of issues back into buying ranges. A few of these are noted below. Phelps Dodge was recommended for purchase at 38 1/4 in our letter of June 18th. The July-August high was 44 1/8. At Monday's close of 39 3/8, the stock is in the strong 40-37 support level. Earnings for the first six months of 1947 totalled 4.66 a common share. Believe the stock is in a. buying range. Mullins Manufacturing was recommended at 19 3/4 in our letter of ' fAUgust 11th. The stock reached 23 1/4 last week which was a new high for both 1946 and 1947. Earnings for the first six months of 1947 totalled 4.07 a common share. Monday's close'was 21 1/4. There is good support slightly below present levels. The technical pattern is attractive. Wheeling Steel reached a high of 43 3/4 last week. This level Vias just a shade below the February high of 44 1/2. Monday's close was 40. Earnings for the first six months of 1947 Vlere 8.57 a common share. The stock has an excellent technical pattern and should be bought on current weakness. Elliott Company was recommended at 19 1/2 in our letter of August 11th. IThe stock reached a new high of 24 1/4 last week. Would watch this issue carefully. Should meet good support in the 22-20 area. Other issues at or near support levels include Colorado Fuel & Iron, Fansteel Metallurgical, Flintkote, National Supply, Ohio Oil, Pepsi-Cola, Westinghouse Electric and Youngstovm Sheet & Tube. J'Both a.erages on Monday reached new low territory since the July highs of 187.66 and 51.92. The intra-day lows were 174.79 and 46.98. The close was slightly above the lows at 175.14 and 47.14. Volume continued relatively small at 830,000 shares. The industrial average has noVi reached the lower part of our suggested 177-175 buying range. Climactic selling may teke the averages somewhat lOVier but believe the market is near an important buying point. A close perusal of the technical patterns indiCates that the worst pattern at the moment would indicate 171 and 44. Believe the low will be between last nights close and the figures mentioned above. Would replace commitments sold on the July and August strength on current Vleakness. EDMUND W. TABELL SHIELDS & COMPANY September 8, 1947 Closing Dow-Jones Industrials Dow-Jones Rails DOVi-Jones 65-Stock 175.14 47.14 62.69 ch.,.. 'n.. opiniOnt presMd In thi' lettM .re the personal interpretetion of trwt,. Echnund W. T.b.U and .r. not presantad al the opinions of Shi.ld, I Company.