– …, ' —— !/ – OI StO'1 Hoffll1011 ..- Goodwl nV,,',!,,;'cw'Oi/!t,Jt!.'i;.-\!.-'-,-;'.'–''''''-'-.'-''''''-''''','l'rc, lIW1W1T4 ,'-..–!'''''–f';,;,b-'–,', ,,'-;.,'-',,,c,l,i'-,'-'0,',-,-;.0.1''';.'. &.t46;u-;z (!/;Men&ed l NEW YORK 5, N, Y PHILADELPHIA 2, PA LOS ANGELES 13, CALIF, SAN FRANCISCO 4, CALIF 1,,1; 35 Wall Street 1420 W.alnlJt Street 550 South Spring Strent 265 Montgomery Stroet l'; DIGBY 44141 PENNYPACKER 55977 MADISON '132 SUnER 12700 i I ,, , TABELL'S MARKET LEnER II I ltirh!Or;sebelieve ii oso ;ein !i;lan area bounded roug11y by 265 and 242 in the Dow industrials. Further time ,,may be spent in this area because a .great many individual issues have not ,'( ;;;;yet built up sufficient tops. However, the action of t1e market over the ;, w;next few weeks is not entirely clear. Ability of the industrials at the i ;'5weekts low of 244.91 to hold above the May 24th low of 241.89, is construct.;,' ;',live, and it is possible that we may witness a firm market for the next E !Jseveral weeks with ;;of 245-242. Would the use average periods moving between of strength to a high of liquidate 255-257 and unfavorable a low groups. S Zc i',l;ould employ periods of weakness to purchase iSSUeS with favorable patterns i ;,,,!such as those noted below. -' ;,;j BURROUGHS ADDING MACHINE is currently selling at 17 1/4. At the '0; i;'; indicated dividend rate of 90, the stock appears to 0 ifer excellent growth ,,' t,;1)OSSibilities. It has built up a very strong technical pattern. It has held j ,c'in the 13-17 range for over four years and the recent upside penetration in- tdicates much higher levels over the, longer term. Would add stock to ;3 trecommended list if available in the 16-15 price range. The company .;,s in 7fi. FHa position to benefit from either a war or peace economy. Burroughs' prin- -''; fi,;';(;ipal defense assignment is to make ilstruments fOl mUitary aircraft. It ;'' \,I,is also turning out precision parts for jet airra't engines. Among other ' tiitems in tooling stage is a computing mechanis, for radar-controllS!d anti- f'i,\aircraft defense equipment. The new management is 2xtremely progressive i1iacnOdUlid,t s rese over arch the depart longer ment term, i s o workng ffer 3ta on rtli ele ng ctronic possj'J i developme lities. In nts t adci hat ition to \)its growth potential, company has good defensive q.lalities. It has paid ;f'7;,(dyievairdlaelngodts' since 189'1. March 1951 quarter net expanded to 44! vs. 2! Our rteseartchh partner, Mr H i J SOhie1rb'lhas recleinttl'Y issue'd 6. an ;ljiexce en repor on i s company whi c h s ava a e t 0 c en s. ;i- ,c, 'B –e 1,;1), GRAY ;,'IANU.ACTURING, now Delling at 12 1/4 on the 'ew York Curo, ,,' ;V!is, in my opinion, an excellent vehicle for sizable percentage appreciation i fit'over the longer term. Earnir.gs for 1950 were 1.83 a share. rofit for fir'st; ,!q'.larter of 195I rose to 53! a share vs. 311 in similar 1950 period. Tte c(mi ;!;pany was incorporated in 1891 and until the erl;y 1;40s manufactured tele- iff (',; phone coin boxes. he company now ranks as one of the largest manufacturers '!!' i,!of dictating machines. The product is called udograph and is an elec trolic t' ,/i/ J1achine that is gaining wide favor in the business world. All of this gr011tt(' ;\;lhansatiboeneanl accomplished in 'the distribution. It is past four years 't1hen the company started now the second largest company in the fielC. ;; till fmraaryk has etwi a se t . least 5,COO,000 of defense orders. The stock has done It has held in the 7-14 rarge for over three years but little appears ;. ;/; i,ito be building a stronE; potential base pattern with a long-teLa pctential ot\ i25 to 30. Also, the stock appear's to Le in a good defensive r.Jsition and 1,,,iShOUld be bought. Although not on an actual quarterly dividenu basis, the ' /,)istock has paid 25 cen';s for the last three qU3.rters. On the basis Glf 1.)(' , !iidividend yearly, the stocl' would yield 8.1 at present prices. 'fhere are !U';ijonly 217,002 shares. BUCYRUS ERIE returns a generous yield of l' 6 based on the 1950 iidividend of 2.00 and the present price of 22. Becar,seof a strike froln ';' 'March to September in two plants, earnings dropped to 2. 80 i lS50 from , 1-'i4.07 in 1949, 3.54 in 1948, and 4.16 in 1947. The company s the weddls'j; !;,,; largest manufacturer of E.iCcavating machinery- and related equipment. It i ' 1',,, in a position to benefit from both a defense or a peace econc ,1Y and its ,I FfiPost-war plant expansion should enable it to avoU the sub-cntractin dcne ,, ), in World liar II. From a long term viewpoin';;, its foreign busO-ness, VlhlCh ,' ;';;!\jhas ranged as high as 38\, should offer laJ'ge profit possibilities. ,951 !;i earnings should approach 1949 levels as evidenced by the 99! earned L' the ; 1;1 first quarter. The stock has a favorable ';;echnical pattern. 't has he'd irt f!' l;,l a long tradinfS range between 14 and 24. A;, upside penetration I'Tould indi- 1 Il cate 30 followed by 36. There is gvod downSide support at 2(, -19. VlouU a d f I') to recommended list if that level is reached. ,,, Ijbune 8, 1951 EDf,ill';D ,J, TABELL i,o/I Dow-Jones Ind.Closing 250.39 WALS'l'ON, HOFFMAN '' GOODWIN ' I',; 0ow-Jones Rail Closing 80.03 ,'' II,! r , f)J Thi. m.mor.ndum i. lIot to b. constr\Md .I .In oHr or lohclf.tlon of off.,. 10 bur or HII IIInr Hcuriti.. from tim. to tim. Walston, Hoffmllln .. Goodwin mill, h….. u In'',,st in 10m. or l1li11 of Ih. McurHi.. m.ntlon,d h,r,ln, Th. for'90in9 mlllt,rial h.. b..n prepatlld b, UI al a matt of information onl, It II blllHd '0 i;;;;;;;;;R;!;;;;;;;;;i;;;u;,;;;;; ;i;;;;;7;-

;,rr.\'; \'1'tJ7.'tf/'!f\-'t.j, WolStOll.Hoff111011 Goodwin t;.Zt.Pf.'Qp!.i'7f.R7!),,.o.f'!f;f;ttfJ.Jq' i /N-ed ck( lil!'Z NEW YORK 5. N. Y. 7it,ffi 35 Well Street f/l' DIGBY 44141 PHILADELPHIA 2. PA, 1420 Walnut Street PENNYPACKER 55977 LOS ANGELES 13. CALIF. SAN FRANCISCO 4. CALIF. 550 South Spring Street 265 Montgomery Street MADISON ')232 SUnER 12700 b70t!l/ifi!4,kr. ,t 1-Mr;,.-L!!1 bl;;i;Y!.f, TABELL'S MARKET LETTER jliI t&After reaching a high of 255.23 last Monday, the industrial average de- iP' t1.f fjlII!,' I\!clined sharply for the balance of the week to reach a low of 246066 on ti, i!l!;liFriday. The decline was to be expected because (1) the market had refftraced about 60 of its May decline of twenty pOints. 'This is about the utnormal rallying Rower in a downtrend. (2) The 255-260 range in the dus – Jtrial average is an area of heavy supply. (3) The rally ..as ,weak 0 Whlle t1l1! 2 'i;lJ.l ll (tI,the strength in the oils and a few other groups gave the' market abuoyant t;i'appearance, more stocks were declining than ad,,,andng th new, s , , I r !)l!the !lhl year greatly-outnumbered the, new highs. – . . – … . '-. However, the market appears temporarily oversold 'and, after so-me-;!p;1 ;Possible further weakness early ,Monday, would expect another attempt to t( Wjreach the 255-260 range .After a week or two of, firmness, I believe the May '0 ),llow of 241.89 will again be tested with the probabilities favoring ,a down- 'ti i'iside penetration later in J u l y . rWil,apply to While this pattern applies to the general averages, it ioes not individual issues. As always, the market will not move as a \Ihole. '';-7'' i.h iF!IThiS is particularly true today. The graphs of individual issues show quite l,!diverse patterns. Some issues, like the averages, appear to be forming dis-l !),,;tributional tops and indicate lower levels 0 Other issues. show very strong i' K410ng term patterns and indicate only relatively minor declines. Other t;. Ij!groups indicate that they have already reached their low.s. and might eve jmove moderately against the trend. C '.1 . Itf;!; iv'1 Such a group is the utility issues. It is the only group that ; ti) is below the pre-Korean highs of 1950. '! d )i!Cl',/ trials 2ii2f g Pre-Korean Hgih r anFiyd Close t1'i!!- !ji Dow-Jones Utilities 44.26 42.62 If&I ')'9 The technical patterns of most utility issues indicate that they I.A !;are slowly building up long term accumulation areas. The fuhdamental reason W.!are not hard to find. The utilities are receiving much better tax treatment..ii, ;iunder the present emergency taxes than they did in Wold War II. In addi- .. i WI! tion, they have no conversion problems and no inventory problems. Sales are \, Itl1running about 15 above a year ago and, with an intensification of' the de- ;4 j fense program, the spread could widen further. . , ll Listed below are a number of utility issues with' favorable tech- '!;. fiinical patterns. Issues of this type combine defenSive qualities and good !l i';f,yields with moderate long term appreciation possibilities. I am also list- M11;M! ing their longer term upside Approx. objectives Indicated a,s outlined by my technical work. 1950 Long Term g'l Price Div.Rate Yield Earnings Price Indic. carolina Pr.& Lt. 32 2.00 6.1 3.40 .38 Ii;.. Idaho Power i;Illinois Power 35 35 1.80 2.20 5.1 2079 6.3 ,.2.B4 16 46. ;,1.,.1 ,..1, t ,. ,;; if1powa Power & Lt. 20 1.40 6.8. 1.86 27 /.i Northern States Pro 10 .70 7.0 '1.94 13,-15 hl 1.1iPacific Gas & EL 32 2.00.' 6.1, ,2.51 42 i', f0PUbliC Serv.E1. 22 1.60 7.3 2.06. 30 fJ f;;lRochester Gas & El 32 2.24 6.2 2.84 38 1' Southern Cal.Edison 32 2.00 6.1; 3.18 . lf2 7\'j West Penn Elec. 28 2.00 7.0 3.49 37 F ,f'!!1t1( P rospectus '11 .. '…. t;'.,77/ f;l1!iii, ceii.t11stiTngh,erethearree other 'is not astturarrcl'ctinvnetftse'csluieisilbcault-ai.natasom01'e). 'cwahsiecnst,o-dbu-ae-'stoe-lr-eQ-ng! – term objectives. In other cases,. the issues are lID.listed and no technical -;l lli work is available. Nevertheless, research into these companies can unc.over t;''! il undervalued issues. .,' i. lYj,;Il June 22, 1951 EDMUND 'W. TABELI WALSTON, HOFFMAN' & GOODWIN 4t1f t4 Thll m.morandum I, no' to b. construed as an off.u or foliclt.tlon of offen to buy or .,11 any .,cur,tI,. Ftom tim. to tim. Waillon, Hoffman Goodwin may tan. an lnt.rut 'n lome or all of the Curltle. mentioned herein. The foregoing m.terl.l has b..n prepared by u. 411 m.tter 01 Information only. It Is baud Je-!;, upon information belle.,ed ,..lIable but not neullarily complete, II not ;uarant..d 411 aecUTale or final, and Is not Intended to for.clo.e Independent Inquiry. 'i 'ir!IJJIfl'll!li!Wf!j1.Yb;ifYZ(,!!97;ti7ft.;!ffiZ!. '/;JJ7!,,JMe.i(Ii,''7 ;d ,1',1,14,7;7'l/1 17 I!-';- -, ';;;!IJ;fI(J,/) ;;/I-; i !;'/!i,ri;.f7hli;7,fI', sf't;r.;7/1,!t71!1!/R!lN!/!I!!!P/.;'yi;/t57tfl;f,'IJt/.11!l!!i4Wlf,'!I;.fJ

———————————————————————-, '' ,,';'111/ 3SWall Street 1420 Walnut Street .j,'ti,Jl DIGBY 4411 PENNYPACKER 55911 TABELL'S MARKET LETTER 550 South Spring Street MADISON 9-3232 2bS Montgomerv Street SUTTU 127OQ &,'!,q m'if. l If! '1 !I!i Both averages trial average sold on Friday down to a reached new lows for the move. The induslow of 240.72 while the rails reac ted to an ,'WI 1)1ii(1! i n t ra- d ay 1ow 0 As readers f 71 78 of this letter know, I have been cautious about the li'\i'iI;/'l !10! market for a long time and have consistently advised taking profits on 121 stocks whose purchase was recommended at the 1949 lows and at the Korean I ilj 1 break of last July. I have advocated a While advising retention of a few recommended issues, 75 liquid position in intermediate term trading ac- ,J t. w\! counts. I still believe the market, as measured by the Dow Jones Industrialt,i );'6 Average, will work moderately lower, It is possible that, later in the !i;! year, the average may react to the 225-215 level. However, all stocks do ti not reach their lows or highs at the same time, For the balance of the V,'Id year, the action of individual stocks could the averages, I believe it advisable during be much periods more important than of further weakness ; /ill 'I! I!',\t\j g to use a portion of liquid funds, say about one-third, to purchase issues ,1'2 ;l/,, with attractive long term patterns, This would gradually bring invested 'III j7;11 ff 'l h o s i t ion In su my p l to ette a r b o o u f t 50 May 0 1 5 t h , I presented a list of issues with strong ,!,, long term patterns, The buying range was also indicated, Some of these iW,I! fi issues have reached or about reached these buying levels. They are listed t 1;,\ below together with the low of Thursday or Friday 1,4 I' 11d,(, i', 1,1 BETTER GRADE Recent Low Buying Range f 1 t!Ii./I'!It, tji 1, Masonite /7'1''11' Mon t gomery Ward 31 30-28 !,f;!. 67 66 – 64 j'fill'l;l;' iwi,l,Owens-Illinois t;!Western Auto-Supply -78 1/4 45 3/8 77-75 45-43 IiI,;;) \Westinghouse Electric f MEDIUM GRADE llil/Bucyrus-Erie I!,M', Carrie Corp, I' Elliot Co. 1;' Hall Printing ; National Supply 34 7/8 19 3//44 20 3/ 22 I 2 16 1/2 23 5/8 36-34 2Cl-19 21-19 23-21 17-16 25-23 fij (; 1fF'J!,lI,'1,iI', f ! i';;Pacific Mills 'i)-ijI,/'! Paramount Shamrock OJ 1 37 1/2 21 1/2 29 3/4 39-37 22 – 20 30-29 1; l1r;itlil '!I',,', Smith , A.0, ffiMU! SPECULATIVE 33 5/8 36- 34 11)1'.i1i tW, F\ American Airlines I')! Columbia Gas t) Columbia Pictures 14 1/4 13 11 11//42 15-14 13-12 11-9 i; ;Ii;( U'! Eastern Airlines 19 1/8 20-18 l\L' ' Gray Manufacturing 12 12-11 !; I; Gulf, Mobile & Ohio 23 1/,4 23-21 !U;'I' ;/;1 Int 'I. Tel, & Tel, 14 3/.4 15-14 '11,1 Uni ted Airlines li(l',;I'Ii' W e s t ern Th e Maryl rail a nd av e r a g e , at Fridays 215B 5/8 low, had declined 26-24 20- 18 about 22 from the ;7l;f1 I'i'' )'i I,ti years high as compared with only 9 on the industrial average, In my i,iiloPinion, the rails will not decline much below 70, They should be bought ; I; on further weakness for the long term holding; of course considerable J.time will be needed to build a base pattern prior to an upward move, so 'i;'! r;! IWi some considerable patience may be required. I'A;Ii June 29, 1951 B 'Closing Averages EDMUND W, TABELL '!!i u17.'.1' fJ iU'! Dow-Jones Ind. 242,64 WALSTON,HOFFMAN & GOODWINllj;;1 ill Dow-Jones Rails 72 39';1 jI.'!l I , 4;l!I,Jl\ This memorandum I. not to b. con.trued a. an 0' or loUeilallon of offln to buy or .111 any ,.curitl.. From tim. to tim. Wallton, Hoffman Goodwin may have .n 1I1t.,,,t In loml or aU of the sicurities mentioned h.r.ln Th. fotl;olnq mat.rial has bun prepared by UI as a matt.r of Information only. It 1. bd upon informltlon b.n…..d reliable but not ecearil, complete, Is not ;uatat..d u accurate or final, and II ot inteded to forecloll Independent IlIqul. lJj!Yi;lc',/L\1 7!!/1!l,1f.,72.rts..!f.,rjlrt.;f.ftil';;7J…5t.1'ft,;;..;r,'-;Et..,; 5Yj ';j,;r.''-;.-; .,,,-;L77;;f)-;-;;.t;.;,'l!,;iI7.;';5 !ltf1,1,-;.rJ!;!F.,,9i1;l!lrf1l.ll3\7tL;,1 ;, If, .,

,i,T1'''–',-''J;g,;;a'-';r,;, WoIston. Hoffn1on &Goodwin 7–';''Cii.'ii',,-q'!i.7rt1';1;)1; Qkht;,'j' W'4M;um ec, 1;' 117 /)) NEW YORK 5, N, y, 35 Wo!IlI Sheet I'1l.\J DIGBY 4-4141 PHILADELPHIA 2, PA 1420 Walnut Street PENNYPACKER 55971 LOS ANGELES 13, CALIF, SAN FRANCISCO 4, CALIF, 550 South Spring Street 265 Montgomery Street MADISON 93232 SUTTER 12700 fill IiINl,I' ,M TABELL'S MARKET LmER II,IM, 1it I,.I, ;/ IllI;I/ '1,/17 f/I iY,,,I o Ir, , L.,.J 'i I,l; I),; 1,,7' ',i! Both averag'es recovedre s harp 1y f rom the June 29th lows of 240.72 I1U(j1.i'1l WH and 71. 'r8 to reach intra-days highsdf 251. 30 and 76 ;27 This rapid re- ,i k,1 covery on small'volume has' again weakened the near term techhical pattern 1;1/11. ',';,','1 and the short term indIcator has' agaTn enteredoverbbught territory. ;(;1 This,' plus' the 'fac't that there is heavy overhead supply at 250-255 and at f!,'li (t! 76-78, leads to the probability that therewiiH; be ano.ther tes Ging oL the June 29th lows. The next support point in the industrial average is at filii, 235-232 followed by 225-220, The rail average should meet strong support ),,; at 70. j As mentioned last week, all stocks will' not make their lows at the' ift;'tl !i; f,'q, tH, sam sho e u l ti d e be . Ther purch e a s are ed o is n sues mino with r wea stron kness g d ,long' espite t erm the technical fact that patterns 'ch,at the avera;es 1'1; and numerous individual issues with weak technical patterns iildicate lv1'Jh,r,,,,t'; !'; lower levels. I');; ;1, There seldom has been a time when various segments of the marke c .have 1M t)!,,'1. moved as independently of each other as they are doing Goday. The' three, lists below illustrates this poInt. The yields are based on June 29th ;;1 \;!, li f' prices and the total dividen.ds paid in 1950. , I, ,'d Superior Oil LOO 1ucyrus Erie 10.00 fi',lTexas & Pac.Land 1082 P'i-ramount 1 ' 8.30 i'IMinnesota Mining 2.26 Commercial, Credit 914 ,-, Hudson Motor Cont. Steel Chrysler r1r6.'.5862r,',4JI) -11 4 '2886 f4 Merck&Co. 2.35 Hall Printing 8.89 Pat1noMines.. . iillr i;Pfizer,(Chas.) 2.40 Nat'lo Supply 8.38 South P.R.Sugar 1301 l I;-'Corning Glass 3.01 Fruehauf 7.92, Amer;'.Wpolen ,' 1300b it j'Amerada Pete. 3003 Armstrong 6.94 Gen'l,Motors, 12.94 r,; ;; n 'IU11i, Mo n s anto The Chem. stocks 3.36 in the Sylvania 6.72 Motor first classification' are th'growth Wheel 12.60 sit'atios. '\li,l 'i o/,; Immediate yield is of minor importance' t-o- the long term investor who is 'i t'L;li purchasing have shown growth in excellent a company over a period of years. Stocks of this type market action and have been the favorites of insti- (;i 11', tutional buyers and weal thy investors. The important question is ',whether, !I,,, 1.8 at resent levels, they have not too liberally discounted their favorable f, II,I grmtn pattern. , (,j1,' The shade or second list comprises companies that, in the main, are so below the higher grade investment, category. Even if just a business ;i; f,! ;,;,' should decline moderately, present dividends .on these issues appear rel- ,1,/,talve1Y,secure. , 1- .,1' I' I.;!\ The companies in the third claSSification are mainly in cyclical J,' IJ' 1)\'; i industries. The high yield indicates that there is considerable doubt as ;3,,( i! to maintanence of 1950 dividend payments. \ t It would appear that the issues in opportunity for the individual investor. the second group Yields are good present the best and, while these i issues might react moderately, a decline of more than minor importance 1J1 b' t; i.i lilt would seemingly place them on the bargain counter. It is issues ,of this ),f(,,1 Fi! type that have the strongest long term patterns on my technical work. As i;; i;;! iSSCles of the first type reach price levels that fully discount favorable gp, Vi long term prospects, buying might 'edge down into issues of slightly lower I'!' i,'! investment calibre. ig I,,1',,1I1 l'/jlI'r,!l/. Ii July 6, 1951. ' , tl', f!!i\- 'C'-l' .. –. A',', -p, ..' '..,., ,-, , , -EDMB'ND HTOllliF'FEMATiTJ & 'GOODW''I'N'i;–',,(,',,! r;)1 oSl.ng verages . WALSTON, N I 'I, ;il1!,,)'./j!' Dow-Jones Ind c 50.01 Dow-Jones 'Rails 75. 72 i,i ) 111\ 1'-)''i''', f ','I x;, i1. '. ' . 'z't' /.fi/II',!!171i !.ll Ttlh memorandum Is not to be contru.d a. an off'lr or solicitation of ofhrs to buy or II any securitl.s. From tIm. to time Wahloll, Hoffman I Goodwin may hllv. an Interut In 10m. or all of the securiti.s mentioned her.ln. Th. for.goln9 material has been prepared by u. a. a matter of Informatloll only. Jt Is based upon information b.II….d r.llable but not neCluarily complete, I. not ;uaranteed oil accurat. or final, and Is IIOt Intended to foreclose Independent Inquiry. M' ft-trl;yt 1VN!!.;;ft,'Ci.(-t1rr;!!'lZ;;;;–7!ylJ;;'i.!,–0.'-'(IJ;–/ –', – 'f'/; ;'-l.;.J; -!;s;,''fi!!Fi(l7,-jjt'5'i!j!jY1if!J,ff!!Jt!;-.J.;(,rl'Y.17ff!1'Lb/J

fjJ(1;''-' ,k!&C;,,'7!;trp'lr/r'!J!Jr'J WoIsto11.Hoffm 0 11 &- Goodwin ;(f;t.tJ'2',,t'f';;;i'S.;'iJ'1'Jif,Ji'fJ. ir;; NEW YORK 5, N, y, w.u/t-6d Cfoce PHILADELPHIA 2. PA LOS ANGELES 13, CALIF SAN FRANCISCO 4, CALIF, l1i' r.f, 35 Wall Street 1420 Walnut Street 550 South Spring Street 265 Montgomery Street ! '1'1/41. DIGBY 44141 PENNYPACKER 5-5917 MADISON '232 SUTTER 12700 J., l TABELL'S MARKET LETTER &f The market has staged a rally from the June 29th lows. At 'fi! IJi the week I s highs of 255.36 and 76. industrials have .recovered approx !(1'Ji mately fourteen pOints The rally has occurred and the on very rail average has advanced roughly six small volume, averaging little better point( than ! l;o/i million shares daily. The important test will be met shortly when the in- ti jt!, dustrial average attempts to penetrate the heavy 255-258 overhead supply. !i A summary of technical patterns of some of the more important !!Ji3i i.'( groups is given below 1;'; AIRLINES continue in a long term uptrend with ultimate objectives 1 iYi! considerably above the year I s highs. They appear to be in a consolidating ;1., 'ili;;1 phase at the moment but should be held and purchased on minor setbacks. AUTOMOBILE issues look lower. Long term upside objectives were i; reached late in 1950 and fairly sizable tops have been formed. General i';'i 17 rJ l,'' Motors, which this letter recommended in the 25-30 area and advised sale at.;; r; 52-54, has formed what appears to be a distributional top and indicates a ; e; probable decline to 40-37. There is no technical reason to buy this group )-;, Ei,.,' except for trading rallies. i';;, rii term BUILDING MATERIAL stocks on the other hand have technical patterns. The potential upside objectives very stlrong long are 50, to 100 ;-,i,i 'i. above present levels. There is no indication when this move will take place it; but there is also no indication of a decline of importance. This group t7 ;1 ii.i iJ should be purchased on minor declines. CHEMICALS have been one of the best acting favorable growth potentialities. However, they are groups because now selling at t; hoifghthei\ff) price-to-earnings ratios and yields are small. Technically, the majority iiii lv1, of these issues have reached their long term price objectives and appear t A i,l offer only limited possibilities for further advance. They have ,not, as yet!. dil built up important distributional tops. 'ti ii COPPER AND METAL issues have not reached long term upside object- tt;;; ives, but appear to have formed intermediate tops that indicate moderately Ii;; lower levels. Kennecott, for example, indicates a higher long term objectf,!;' !, ive, but may decline to 60 first. !i I;Ii of the ELECTRONIC AND TELEVISION stocks have television companies with less emphasis good long term on electronics pat may t erns work .Sloomw )l! first because of poor second and third quarter earnings. Issues of this tY' 9,' like Motorola and Philco, should be bought on weakness. Issues strong in ; electronics like Sylvania and Radio show indications of only minor price fii! dips and should be bought for much higher long term potentials.' r1;i1;1 bought MOTION PICTURES are for sizable long'term forming strong appreciation. base patterns and should Patience may be required be but i't ,q';i; i; Ii, yields are good'. ;17 ic' OFFICE EQUIPMENTS have favorable long term patterns and have good tt ;f'h defensive qualities. F(,,' t;;,W, OILS have diversified patterns. The majority have reached their ,); long term upside objectives and appear high enough. A few individual issu!f ii\';, may still offer profit possibilities. Only minor tops have been formed but ;;; the group appears in need of consolidation. l t PAPER stocks have similar patterns to coppers and metals. (Y ;'/' \i. much RAILS have been in lower than 70 but some a downtrend time may be from requ i 90 red to 70. They do to consolidate not an d indicatEf,' form I H base patterns. Selection is iinportant in this group. f- /; STEELS 'look 'lower but a obd part of the dec line has already b, !,, occurred. U, S, Steel reached its long term upside objective at 47; The ul ti-';, 11;;mate downside objective is 35-32. Recent low was 37 5/8. After lows are \;'; reached, considerable time will be needed to form bases. The group is not !!''ii, ! attractive for other than trading rallies. lfi ff.,;7i appreciatUioTnILpIToIsEsSibciolmitbiiense . good defens Appears to ive qu offer alites, above fair yields and average safety.. modest f,, ir The diverse patterns of the groups mentioned above indicate that i 11;1, the policy advocated by this letter should be continued. There is no need \1 Wii,to disturb long ii/Ii funds should be term inve invested s i tment n defe accou nsive nts whe issues re o r incom kept e l is paramount, iquid. Interm ebduiat tenew11;; r';iiterm capital appreciation accounts should be 50 invested in favorable grouJlj . .i1!and 50 liquid awaiting buying opportunities. EDMUND W TABELL V ,'.F llJThyh 13,1951 memorandum h not to b. construed al an off'!t or solicitation of Off.fS to bu, or lell any 1.curliI.A 'ih'rScm'l'OtlmN tolItiOmFe;WrapWnl..t.fo&'ffmGaOaQool'WctWTTnI! may Ii F ,Y! have In In'',.,' In 10m. or .11 of the .ecuritie. mentioned her.ln. Th. 101.;019 mat.rial hu been prepared by U5 a5 a mitt., of InformatIon only. It Is buad IJ' 1 upon Information ballav!td rallabla blrl not n.c.lIrlly compld., I, not ua,antd u accurat. or fInal, and 11 not lnt.ndad to 10faclo,. tnd.padant ,,,qu1ry. '!f! Yi'iJO/i)'!J!,r'tii(),,''\7\1,1P' S,,,,f!,,'II.J'l;'j1.4f1jJ./ll!lylI,NlI!f!lJllI,(Zl'!I!Ifllf(,I'Zif!/'f!lf//P'-fftJ,'!Ik;'',,,,/,.1,) ! I, ,',-/',1Y,'lf',l!,l fl , , ,- ', ! ,, , – ' , ' , l' ',I'If,f, I I' , ', ' ,- — t ,,I, '. 'II ,', I j -JI'J/ ,,' i ,,; ,' , , ' ,J,;t',,',,'1f'.-/,PI\flItJ'!ll ,y1r,1'!0!I,I/,I,Ir'-/10 ,'I,,!',!',r'VVIJ',,1h,l,/'I('n(,'\,'dI/II,f'I,,IIi',\''i1i.\1

u,'r,r,,,';',7'1, '' Wolston.Hoffnl0n Goodwin f ,, , ,;f;;';;';'!'';;1i1iI (-Y–/PPi.r'4Mn.enC (-J. et;cenUed Ifq ,/! , , NEW YORK 5, N, y, 35 Wall Street DIGBY 44141 PHILADELPHIA 2, PA 10420 Walnut Sheet PENNYPACKER S 5'17 TABEll'S MARKET LETTER .t , , LOS ANGELES 13, CALIF, SAN FRANCISCO 4, CALIF. 550 South Spring Street 265 Montgomery Street MADISON ')132 sunER 12700 'I,,-'I i \' ;( 'C ,1, 'J IlJi,'t'J,..7' ,;-.' , ,i/ii'l 'f!.,, ,.1 F\.1 ' U The market spent the entire week in a narrow trading range just a shade;i; te,below the heavy upside resistance at 255-257. The potentially dangerous ;pead and shoulders top formation still rema1ns intact in the industrial ,average. The rail average rallied to a new high for the move at 77.53 on ';; \1; t 1,,;J;;'riday and is approaching the 78-80 supply. k! \ t Because of the uncertain technical pattern of the general market, this t .-.letter has adopted a rather cautious attitude. As I have mentioned many 'ft.; ;tlmes before, individual issues and groups have extremely diverse patterns ;;With different issues in different stages of technical development .For this t .-reason, while suggesting no change in long term investment accounts where ;';j ,,return is paramount, I have suggested a partially liquid position in capitalt;- ppreciation accounts with 50 invested in issues with favorable long term ; technical patterns and 50 liquid awaiting buying opportunities. !;; ,l Perhaps a short explanation of what I mean by favorable and unfavorablei,;; ,technical patterns is in order. Stocks very seldom move very far in either r;,'\ 'direction without first gOing through a period of accumulation or distribu- ;; ;n ';tion. The reason for this is obvious. For example, if a stock has declined because of poor earnings or unfavorable outlook, the reasons that caused ,r7' ,the decline seldom disappear overnight. There is usually a period of uncer- t'r ,tainty during which time the stock ceases to decline but consolidates and f;;l V;backs and fills in a narrow trading range as sufficient buyers come into ;,the market to take care of the discouraged sellers. This is the slow tire- H .,' s , om e period of accumulation or formation of a base for an advance. It \1; /, usually is the first or preliminary requirement before a worthwhile move. )(' kThe second stage ot technical development is when the stock breaks out of ; its base pattern and starts to advance. The third stage is when the stock ;',;!, ' reaches its upside objective or high. The ,fourth stage of technical develop-I;;, ment is the formation of a top or the period of distribution. It is the ;,;;;, ,'opposite of the first phase of development. It is usually accompanied by 1-;; 'extreme optimism and consumes a shorter period of time than the accumulationt,i , phase. The fifth phase is the declining period as the stock breaks out of 1,,'',1 its top formation. The sixth and final stage is when the stock reaches its V,, ',downside objective or low prior to the long tedious period of re-accumula- i i. tion. Of course, the pattern is not usually as Simple as that outlined above .f!.;;',,.,'; ,various short term moves often confuse the situation and sometimes make it 'f'z; ,- difficult to be certain at just what stage of technical development each stock may be. nIi'; c , In the present market we find groups and individual issues in all the kV ',various stages of technical development which explains the diverse action ', ;,oionfutttlhhineeepfoiarfsst sto,smisxeecomonfodntthahensdmansodirxetthhime spvtoaargrteiaesndthgoavruoetulopfoaskvofofrolalbrolweth.GeteecmnheornnaitLhclsaylasphpeeaaattdke.irnnAgs, basrtniodecfki'tl;)i those in the third, fourth and fifth stages have unfavorable patterns. , The industrial average appears to be in the fourth stage while the rail,/ 'average appears to be in the last stages of the fifth phase and approaching C, the sixth, and the utility average appears to be in the first phase. ;, ;' AIRLINES are in the second stage. AUTOMOBILES are in the fifth.BUILDING;,, ;'MATERIAL stocks are mainly in the first and second stages. CHEMICALS are ;scattered among two, three and four. COPPER and METALS are mainly in the ;, ifourth stage. ELECTRONICS and TELEVISION are ma1nly 1n the first phase with;;',' –B. few in six and the last stages of five. MOTION PICTURES are almost all in'c ,the first phase, as are OFFICE EQUIPMENTS. OILS have very diversified pat- 1,, 'terns within their own group with individual issues to be found in the second, third and fourth phases. PAPERS seem to be mainly in the fourth .'stage. STEELS are in the fifth phase. ;;'j' F .-July 20, 1951 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN ;;'1;' ,f)' , ' Closing Averages f,' , Dow-Jones Industrials 253.73 Dow-Jones Rails 76.83 ;' ,-,,'/ , I \I This memorandum II not to b. construed a. an off.., Of IOlicltotion of offer. to buy or lell any 'tUflties From tim. to tim. Walilon, Hoffman & Goodwin may , have an lnte,nt ill some or ,II of the ,.curltiu mentIoned hr,l The for'90ing matenal hu been prepared by u, II m5ttu of Information only. It i. baMid , , upon information b,II…d ,..1I,bl, but not neelnarll.,. compl,te, I. not ;uarantaed as accurate Of final, and is 1\0' intended 10 foredo Independent inqulfY. ;', I , , ,,;– ,;' ' '1' 1',;V!;fi,I';PrX!2i''/Zl;,'i.,nf,'Y,', /) 2'/''F 7; , 7/ ' ', ';, 1 'I ,. !;;' \- .' , – , ,- ' — ''-'' –'–1, -)-',I';,, -t(,'f , ;'ir'-',J)…, 1

Wolsfon.Hoffnl0n &- Goodwin lEW YORK 5, N. Y ',7 35 Wall Street DIGBY 44141 PHILADELPHIA 2, PA. 1420 Wlnut Street PENNYPACKER SS977 rADEll'S MARKET lETTER LOS ANGELES 13, CALIF. SAN FRANCISCO 4, CALIF 550 South Spring Street 265 Mont90mery Sired MADISON '13211 SUTTER 12700 ,' The Dow-Jones industrial average in the past week has pushed through ;-the overhead resistance at 255-257 to reach a high of 260.79. This tradi- 'tional summer rally has now carried twenty points above the June low of ('240.72. Thus investors have the fourth opportunity since the first of the ;0 ;. year to again examine their holdings and weed out undesirable or fully ,-. 'Valued situations. Other opportunities were offered at the February high , ',of 257.06, the early May high of 264.44 and the June high of 255.23. After , .each of these highs the market declined to the 242-240 support level. –.' Regardless of the fact that the diverse action of individual issues ;,seemingly makes the fluctuations of the market averages unimportant, the re;; .latively narrow trading range of the industrial average since the first of . the year between 240 and 265 (a range of 10) must have some significance. ;c. Either this six months area is a period of accumulation prior to a further .; .- rise or it is a period of distribution prior to a decline to new lows. ;';' ,- If the trading range has been accumulation; it seems quite evident ;.. , that new leadership must come into the market. While many issues have been . ..,declining or marking time, other groups have moved consistently higher since– .the first of the year. Chemicals, Oils, ethical drugs and rubber have been among the market leaders. The favorable action of these groups has held the average in trading range and has offset the unfavorable action of other '. ; groups. It is illogical to expect these same groups to continue to lead the-' ,.market. Many of these issues are in the growth category and are now selling' ,at yields of 4 1/2 to 3 or less. A further moderate rise of 5 or 10 may.-.- occur but anything beyond that would result in over-exploitation of their ; ,favorable prospects and place them in an over-valued category. On the other hand, there are many secondary issues with excellent long term prospects that have done little marketwise over the past six months. Technically, ,these issues appear to have been under accumulation and could rise 25 to . 50 even though the market average advanced only 10 from present levels. Many of these issues are yielding 7 to 9 after paying out 50 or less of -,prospective earnings. In the event of a further market rise, they could .. show substantial market appreCiation. Should some of the deflationary signals that have been appearing prov ,to be more important than is now apparent and the six months trading range . ,turns out to be a period of distribution, the most vulnerable issues would '. ;,be those that have had sharp price advances. Demand for these growth issues'' '. has been persistent and largely from institutional and long terin growth in-'. '. vestors. If this demand should cease there might be a considerable prlce ;.' ,,-,vacuum before it would again re-assert itself. On the other hand, the In- ..' 'exploited issues should show favorable defenive action in the event of a ' general market decline. The worst one could expect would be a moderate dip . ,-,to ;,; of the lower part of their trading their base pattern and a higher ranges resulting in a long term objective. further broadening .. . Thus, it would appearthat regardless of an advance or decline in the' ,general market, the secondary issues with good prospects, high yields and .-; ;.;favorable long term technical patterns, offer the best opportunities. Issues' ,of this type have consistently been mentioned in this letter and are part '.-', ' .. of my recommended list. ;' The recent action of the market does not change the policy advocated , ;.by this letter. I have advised a fully invested position in investment 'accounts where income is paramount and where a possible decline .of 20 .would not be important because of tax reasons. I have advocated holding ' , new funds liquid awaiting a more favorable buying opportunity. Would conti';',. .. nue this advice except that I would re-appraise holdings and switch out of ; both fully valued and undesirable situations into the type of issues men- . 'tioned above. . , In intermediate trading accounts mainly concerned with capital appre-' ' . ,ciation of six months, I have refommended a partially liquid position. Un-. til recently, I had advised investment of only 25 of available funds. At , the June lows I advised raising invested position to 50. Would continue this action provided funds are invested in the unexploited situations men- tioned previously. July 27, 1951 Dow-Jones Industrils 259.23 Dow-Joll.elil Bails, ; ; 81 69' EDMUND W. TABELL WALSTON, HOFFMAN & GOODWI.,N ' Thu mem.orandll II not to be construed as an offlr or IOlieltati,on of offen to buy or ell any ulcurities From time to time Wahton, Hoffman & Goodwin rntl) have a.n Intere!t In some or fiJI, of th ncurltlU mentioned herein, Th. foregOing material h.u been prepared b)' us as a matter of information onl)'. It IS based up-on information behe….d rerlabe J.but not nec;,euarily compl,te, It not ;uaranteed as flccurat. or finfll, nd is not int.nd.d t foreclose lndependent inqulrv. ,. ''''; I !7,tL,',,,';!,';',', ',' ' . , ' . ' ,– ';,;. '. T', , '1 . . ,rf– ,. . -;J . ,. .

f.' -', , !( 1;'1 1, t,/,' ,,, , ' , I I,',',f, NEW YORK 5, N Y ), ' 5 WU Street PHILADELPHIA 2, PA 1420 Walnut Street LOS ANGELES 13, CALIF, SAN FRANCISCO 4, CALIF 550 South Spring Street 265 Montgomery Street t' ,1' 1l/1l', /I, DIGBY 44141 PENNYPACKER 5 5977 t.,i' ;'l , '; TABELL'S MARKET LETTER f;' MADISON' 3232 SUTTER I 2700 1', ;',11 hl,'i,II,'' til The Dow-Jones industrial average slightly topped the May peak of ',' ;)264.44 at the week's high of 264.78. The rail high of 82.18 was still a -;; I'considerable distance from the February high of 90.82. ,I 0 ,It is still uncertain whether the long trading range in which the ,,' v,' imarket has held since the first of the year will turn out to be a broad top (, r!.resulting in a steep decline later in the year, or whether it will turn out ,-,', \;-,to be a period of re-accumulation prior to a continued advance. The answer ,, i!,/iShould be given before very long. ,, ;,;,; Under the present Circumstances, I see no reason to change the ,,',' investment policy advocated by this letter recently. If the advance is to ;'( , 'continue to much higher levels, new stocks must take over the leadership. i., i','That is why I have advised that 50 of available funds be invested in se- , i,/lected secondary issues that have good prospects, high yields and favorable' ')long term patterns. Stocks of this type could advance 25 or 50 in the ',' Vevent of a further rise in the averages. If the market declines, it is ;;'1 ('probable that these unexploited issues will meet support in an area not , ;'much below present levels. Would continue to keep 50 of' speculative funds, ',1 iI)liquid until the uncertain pattern clarifies. , ;',;, I consider the moving picture s,tocks as an outstanding opportunity, ; 'for substantial capital appreciation. The unpopularity of these issues sinc' l,1946 has been justified by a series of adverse happenings that resulted in a i)sharp decline of over 60 in the general price average of the group. The i;, imajor part of the decline occurred in 1946 and 1947. Since 1948, most moving'; ,picture issues have been holding in a narrow trading range. f',i Today, they are selling at close to their eight-year lows in a ;, ' (,,market that has advanced almost 100 since that time. The motion picture '; 1d'.iICOmpanies are a major segment of the amusement industry. If' we consider I ,, ,this industry as a whole, it would appear that the outlook is extremely;,' ,'favorable. People today have more time, money and desire f'or amusement than ; 'ever before. The pattern is distorted by the advent of a new form of amuse–. i ment – television. The fear of television may be greatly exaggerated. It is II , possible that the moving picture industry will ultimately turn out to be ',- cthe dominating factor through control or alliance with TV. Radio did not ,–J !i',kill moving pictures in the 1920' s and there is no reason to believe that ,,;television will do so. The amusement field know-how is still largely con- Lcentrated in the moving pic ture companies. ;;,- i' As of' today, the moving picture stocks appear to be sharply over- 'I, ft,tshorlede. Technically, they have years. I recommend the been under long following seven term accumulation f'or the past , stocks as candidates for sub- ' ;;';,stantial term price appreciation in speculative accounts. 1, , I;' ' Est. 1951 Estimated '1, Price Earnings Dividends Columbia Pictures 12 7/8 2.05 -A .75 -A Loew's 16 3/4 1.65 -B 1.50 -B Paramount Pictures 24 3.00 2.00 Twentieth Century-Fox 20 5/8 2.75 2.00 United Paramount 20 4.25 2.00 Universal Pictures 10 1/4 1.65 -C .50 -C Warner Bros. 13 3/4 1.35 -B 1.00 -B A – Fiscal year ending June 30, 1951 B Fiscal year ending August 31, 1951 C – Fiscal year ending October 31, 1951 Previously on recommended list. , / 1 August 3, 1951 EDMUND W. TABELL WALSTON; HOFFMAN & GOODWIN Dow-Jones Ind. 262.98 Dow-Jones Rails 81.47 7- 'I , ,I This memorendum is not to b. construed 115 an off'!r or solicitation of offen to buy or sell Iny secl/nties From time to time Walton, Hoffman & Goodwin mollV have an tnt.!ut in \(11'1. (I! all ai h.. t..C\,Ifm.S menianed ….,..In The ofeqolnq materiat has been prep4red bv \,IS 4S 4 metter of In'o,maon only It II based upon information b.li.y.d r.liebl. but not n.Clnuity compl.t., b not ;uaranteed as accurat. or final, and is not intended to for.clole independent inqUirY ',,' I'll , , ,-, , ' -'/lI' , , ,'. .'1' , I , . ', ,

————————————————— f,'i.; . . .s, ;-;;'f;';,'1,C WoIston.Hoffl1101l &- Goodwin ;;,f'l'jc;;-;c'';.'c-; –r; 1- t!ji- ,p6;t.e-nc (/j'/ec ,– ft'1 .',-' f; ; .i', NEW YORK 5, N. Y. PHILADELPHIA 2. PA f,b,/\,'1 3S Wall Street DIGBY 44141 ,'; 1420 Walnut Street PENNYPACKER 5 5917 ,,-'7,Cr TABEll'S MARKET lETTER 1 Ij LOS ANGELES 13, CALIF. SAN FRANCISCO 4, CALIF 550 South Spring Street 265 Montgomery Street MADISON ,)232 SUTTER 12700 ; 1,'' t',.!, ,,-,lcY; I' I P;', ; i t;; I am reprinting below the letter I wrote on May 11th because the r;, 1,',i',(;' I,odpuinstiroinasl expressed then a average declined ptpoly24e1q.u8a9llyinwlealtle t oday. May, Since rallied that to time 255.23 the in eianrl-y;iii1… k,June, dec lined to the June low of 240.72 and rallied to a new high last ,.nweek at 266.52 while the rails reac hed a high of 83.38. -. I!hil. It t,,, '-'f- ;,1 For the longer term my thoughts have changed but little from my ,'- ;.,;forecast of 1948. At that time, I stated that the stock market appeared to kibe in a long uptrend similar to the war and post-war period of 1914 to 1929,.\ r/;'The present uptrend started in 1942 and, if the same time span were used, Ui eWOUld continue to 1957. Such long term moves obviously have their interruPt11 lcions. Usually they consist of five phases – three of advance and two of de- !,;; f,icline. The first phase f;in June 1942 to 213 in was May the advance from 95 in the Dow-Jones 1946. The next phase was the decline industrials from 213 to ,;; t;; b160. This low point was tested each year from 1946 to 1949. In my 1948 fore,,' rlicast I expressed the opinion that the next advancing phase would carry from ;.;;1 (I;a low of 160 to about the 250 level with 5 leeway either side. The advance ;1. ',would be followed by a decline to about the 200 level. After that, there ;, i' ;would be the final dynamic advance phase that would carry the average well '1, ;above the 1929 high of 386 to probably 450 or higher. I see no reason to i); r'change Fi; the broad outline of this pattern. The present advance is, in my opinion, nearing its end. Whether , ;the industrials will rally somewhat above last week I s top of 264.44, or (iy, p)whether the rails will rally somewhat above the February high of 90.82 is l, , (Vt1 iiu,cnopnrceedrincdet.a bIl e n and of minor significance my opinion, the market is as far as the long term only in the early stages trend is of forming ,C)'.;'t tt;(Ia distributional top. It may require considerable time and wide fluctua- ptions in a broad twenty-five point range in the industrial average before ;hhe top is completed. The downSide implications of such a pattern are not fi'e-l) fpredictable until the formation is more complete but, in my opinion, the de' ilUcline will be relatively mild as compared with the 1946 or 1937 deCline, Nt' i!;both as to price and as to time. The 1942-1946 advance lasted four years 1 ;',and was 123. The 1949-1951 market has advanced 67 in a two-year period. 1- i, The next decline will most likely be about in the same ratio when compared V nto the 1946 decline of 25. That would mean a decline of about 15 or 20, f1 l.l0r about forty or fifty pOints to approximately 225-215. Of course, a broad; ,,;lening of the top may occur later but that appears to be all that is indica- r ;;-1;ted at the moment. The duration of such a move is guesswork but, as a !-;; ;'guess, I would say it would occupy a time period of six months to a year. I; 1 'r.',I'i'i;stocks This have had does not mean that all securities Will decline little price advance during the past two years 15. Many and are not !,'; ;,,'-, (J;overbought'- Their decline would be comparatively moderate. There are other V );issues that could even advance moderately ;;'ment. The most vulnerable issues would be during such a period of those that have advanced res-haadrjpuslyt-\,';;i;,; r(from the 1949 lows and are in need of consolidation and re-accumulation at to;, ';;lower levels. 1 111!1,'/1 (I To the longer term investor such a decline as envisaged should '- j,\.be of no great signif'icance and hardly warrants disturbing sound holdings. ,/New funds, however, should be invested only in defensive-type issues. For i' '' i those interested in intermediate term capital gains of six months or so, f. rithe pattern has much greater significance. While some issues may work tem- ;; ;-';porarily higher, it would appear that most will be lower six months from no; L;,.(,and, therefore, the greater part of funds should be liquid awaiting buying l!opportunities. For the short term trader, it would appear that the market ;''. il,iS no longer a one-way street and a great deal more caution is necessary. V.,j f,,l H rl A!t!s 261.92 EDMUND W0 TABELL WALSTON, HOFFMAN & GOODWIN tr;;; ii Dow-Jones Rails – 81.00 fl''\ Pfr) ' /' ny 'fThh memorandum it not to b. confruld .11 an offltr or ,olicltation of Off'fS to bur or 'ell SltUfltlt15 From t1ml to tim. Wablon, Hoffman& Goodwin may l1 have ,an Int.,.11 In some or 01111 of the 'Ieurlt! mentioned h,r,in. Th, f01.qoin1;1 maler,11 has been prepared by UI as II mattn of InformatIon only It is based 1\0' 1 upon Informflhon b,II .,.d r.nable but not nlclnarily omple'., Is ;ua,ant..d oIlS accurate or final, and b not intended 10 foreclose Independent inquiry 1;,' 'IJ /''-' ..k;. ';;,…2.7;.'!t.;D!j.-!ii.',tl,-T!!,;.j.,,;.–' -7'-'.,. –. .-;'!..!….,J'Z–.,….l'i-'EJ..'.(.IJi(;'j;,;\;.-,;J!,iv L..,