Wolston.lIoffl110n & Goodwin , , 1,- NEW YORK 5, N Y PHILADELPHIA 2, PA 35 Willi Street 1420 Wlnut Street DIGBY 01\ 4141 PENNYPACKER 5-5917 ,' /, i; TABELL'S MARKET LETTER I lOS ANGELES 13, CALIF. 550 South Spring Street MADISON '3232 SAN FRANCISCO 4, CALIF 265 Montgomery Street SUTTER I 1700 .-' ,I -., 1'7 , ' ; '' The market, at Monday's low of 259.46, on the Dow-Jones industrials,., 1, reached the downside objective of 260-255 outlined by the 277-270 distri- ,; V butional top. The sharp eighteen point decline placed the market in an . ;-.' oversold condition. My short term technical indicator gave a buy signal on ;,; Tuesday. The market reached a high of 266.79 on Wednesday . I would not ' I' expect the advance to carry beyond the 268-270 area at this stage. There is overhead supply in the 270-277 area that will halt any immediate rise. ', 1; , /,', must Before the market moves very far be formed. The downside objective in of either direction, a new pattern 277-270 top has been approxi- ' mately reached and there 1s no other indication of importance at the mo- ,,, ment. I believe the market for the next area between roughly 270 and 255. After few the weeks may hold in a trading pattern is completed, some ';, c lew will be given as to the direc tion of the next move. -;; , I ',' The longer term pattern is also uncertain. Since January, the market' ; has held in the comparatively narrow (13) trading range between 240.72 i' and 277.51. Recently, the internal action of the market has been poor. . ', Unless this action improves, the possibility that the entire 277-240 area i;', is a distributional top must be taken into consideration. If such proves ,;' to be the case, a further substantial decline could occur. The downside (. implications of such a pattern are not certain because the pattern is not ,. yet complete. At the moment, there is a potential of 230-225, but this ;-,1 would be changed if the pattern broadens by further backing and filling ,' in the broad trading area. ; I )., ' It is not certain that this is the pattern. I mention it only as a ,! ; possibility. However, if the market over the next few weeks fails to pene- ' F,c,, trate the 277.51 high of September and then breaks below made on the current reaction (259.46 so far), a downward whatever low is trend would be 'I , signalled. f' 7. Because of this uncertain pattern, I continue to advise the invest- ment policy advocated by this letter in recent weeks. For accounts inte- ;,;, rested in capital appreciation of six months or longer, I recommend that ;,' 75 of funds be held liquid as a buying reserve. The remaining 25 should be invested in secondary stocks with good long term technical patterns. ;' I reprint below issues of this type that were mentioned in recent letters j – American News Hall Printing , , /,-, , til Blaw Knox o Bliss, E.W. o Hazel Atlas Glass Hewitt-Robins .,f' ' Bucyrus Erie Burroughs Lerner Stores I 0 Marshall Field , .C a r r i e r McGraw Electric ' & Certain-Teed National Supply City Stores f New York Air Brake I' ,, ' , Columbia Broadcasting olumbia Pictures It OtiS Elevat CD Poor & Co. \-I1IL ,\1' 1'- …,c; ctllieov1''ess Elliott Company Smith, A.O. Standard Steel Spring Fruehauf Trailer Twentieth Century-Fox Gray Manufacturing Western Auto Supply ., ;, Oc tober 26, 1951 , f Dow-Jones Industrials Dow-Jones Rails 262.27 80.83 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN ;7 , nUl memorillndum II not to b. condrued on jln off..r or solicitation of offers to buy or 5ell any lecuriliel From hm. to time Wllliiton, Hoffman & Goodwin may , , ,' '\ have an interest ,n lorn. or 11111 of the ltIcuritin mtlntioned herein The fore90lnq material hill bun prepIII,ed by us 41 III mBtlr of information only It 15 b41ed upon information believed r.llable but not n,cenarily compl,te, Is not ;u4tanteed III accurate or final, and is not intended to foredou independent Inquiry '/..;' -l–;;!–;.;;;.')..-;;r. – – -;.-1 ';.1 -// '.- – J;;'- '- – . /. 7 -.,.- '—-' ,- -.-'..'t- —.,. '– —- .-. –\

—- — -/1 , ' ' ,, ,' NEW YORK 5, N Y 35 Wall Street DIGBY 44141 PHILADELPHIA 2, PA 1420 Walnut Street PENNYPACKER S 5917 LOS ANGELES 13, CALIF 550 South Spring Street MADISON '22 SAN FRANCISCO 4, CALIF, 265 Montgo,ery Street sunER 1'2700 TABELL'S MARKET LETTER , I, – ,' l ,, ,- ,. ..' I', '' As expected, the market continues to hold in a trading area bounded ',– roughly by 267 and 256 in the Dow-Jones industrial average. The October ;;; r 22nd low of 259.46 was followed the October 30th low of 256.39. by a This rally to 266.79 and then a decline to week's rally carried back to 265.82 r;,, on Thursday where it temporarily entered overbought terri tory. The average ;' declined again to 261.01 on Friday. In my opinion, it is necessary for the market to undergo a further ,f consolidating movement in the 255-269 area in order to form a new technical,'; pattern. When this formation is completed, a clearer indication of the I; – near term trend of the market will be given. The direction of the next move'.—', is as yet uncertain. However, the weight of technical evidence at hand leans toward the side of lower prices. Would continue to maintain 75 rI,;,'' liquidity in intermediate term capital appreciation accounts. 'I,I,'', Since April, when most issues in the group reached their highs for ;,; the year, the airlines have done little marketwise. As older readers know, ,, this letter originally recommended the airlines in November, 1949. Since ,',,, that time they have advanced sharply in price. What is the outlook for the ' group now I,, I stated earlier in the year that the airlines would be one of the , few groups whose earnings would probably be substantially above 1950. It ;., now appears that many of the airline companies will show record earnings ;; for 1951 and the present outlook is that 1952 earnings will be even higher .' , – This, coupled with the favorable long term technical patterns, indicates ; that the selected airline stocks should continue to be held and purchased ,,; during periods of market weakness. In my opinion, at the April highs, the f airlines completed only about 50 of the indicated long term advance from ,; the 1949 lows. There is no indication of an immediate move and the airlines;-t might even work moderately lower in a general market decline. However, there; is good support not too far below present levels and the group appears to L,; be in good defens i ve position. r, Listed below is the list I originally recommended on November 25, -;; 1949, together with other pertinent data. It will be noted that most of I these issues are selling substantially below 1945-1946 highs Last , Sale 1 ' Alaska Airlines 7 1/2 Amer.Airlines,3 pfd. 84 1/4 American Airlines 14 7/8 Braniff Airways 13 Capital Airlines Eastern Air1ines 13 23 71//88 ' Northwest Air.pfd. 20 3/8 Northwest Airlines 12 1/2 Pan American Air 10 1/8 United Air.4 pfd. 118 3/8 United Airlines 27 1/2 Western Airlines 12 7/8 Price 11/25/49 4 3/4 65 1/4 9 1/8 8 1/4 8 1/4, 14 1/4 17 5/8 9 7/8 8 1/4 81 13 1/2 7 High 1951 10 5/8 88 16 7/8 16 17 1/4 26 1/4 24 1/4 15 3/4 13 1/8 131 31 16 High 1945-46 16 1/2 98 19 7/8 37 1/2 49 3/4 33 1/2 27 1/4 -A 63 1/2 29 120 7/8 62 1/2 40 1/2 , .'., L II' (c.. ,, ,; t, , '-.' I f'; I'; I .- . A 1948 High Believe American Airlines, Eastern Airlines, Northwest Airlines, pfd .i United Airlines and Western Airlines are the most attractive issues in the list and should be held and purchased on minor price dips. The long ,,/,,/ c Hterm price objectives on all these issues are considerably above present i', I' levels and this group offers excellent possibilities for further capital appreciation. '' , November 2, 1951 Dow-Jones Ind. 261.94 ', Dow-Jones Rails 79. 83 EDMUND W TABELL WALSTON, HOFFMAN & GOODWIN ,;,'', .- –,——–,—,———–,—-c– / Thi, mllmorllndum i5 not to b. condrued III an off..r or IOlidtafion of off,,. to buy or sell IIn'l' securitiu From time to time Walston, Hoffman &- Goodwin may h.we an interest in some or all of the s.curllles mentIoned hereIn The fore;olng matenal has been prepared by us a a maer of In'ormatlon only, It i, bued upon informatIon beneved reUable but not neceuartly complete, is not u/lrantud al accurate or fInal, and i1 not Infended to foreclose independent inquiry, ,'i, ;', ,-',' /- – , ;,' ,- '; — '-' ;,';;' -.,.' -,''' rt– O-f ' '-','; – -',;.' -' ,, -' -, ';;-r.,, '' ' 7r-;.'-..'' .- ' ''-,',,,.;;-f.,,-'-.,';.''

,, I ' ,- p' NEW YORK 5, N, Y Wolston.Hoff.uoll &- Goodwin q;PeJhN..e,d –'C.l'; -'''''.'- tfA1,,'1-';' ,/, … – ,!.,f,' ,.' ,-,,//1 , . !, CYN PHILADELPHIA Z, PA, (//C'- LOS ANGELES 13, CALIF SAN FRANCISCO 4, CALIF, 'V I, 't',,, /l \' – 35 Wall Street ,' DIGBY 44141 10420 Walnut Street PENNYPACKER 55977 pI''I- ,!,' TABELL'S MARKET LETTER – f,I,; r ,,1) 550 South Spring Street t.4ADISON '.1212 2605 Montgomery Street sunu 12700 / ,r;.r;' t,'-7.-/. (''1 '/ r,'. tAV; II The market continues the process of building a new technical pattern,;; r'The decline from the September high of 277.51 on the Dow-Jones industrials ', , reached a low of 254.91 this week as compared with last week's low of 256.39'', ,Between present levels and the June low of 240.72, there are several support',, tP.evels. The first is around 255 followed by 250 then by 245 and finally the !l ;,June low. It must be remembered that the general market, regardless of spec -'',; ,'tacular moves in individual issues, has held in comparatively narrow range I,;' 'since the first of the year. The low was reached the first day of the year \'' at around 236 but, with the exception of four or five trading days, the mar-; I,,ket has held in the 240-277 area for the entire year. This range of about liS h,- ;iS comparatively moderate and is one of the narrowest percentage trading ;,'I , ranges in the past fifty years. Only time will tell whether or not this com-o'i, 'paratively narrow trading area is a period of distribution or a period of ;;'1.; -re-accumulation prior to a further rise. The situation is uncertain enough h, to warrant a continued cautious attitude in intermediate term trading accoun;8 , concerned mainly with capital appreciation over a six-month period. I continue to ad,vise a 25 invested position and 75 of funds as a buying reserve. iF\' r From a nearer term point of view, the market appears to be wedged ir,';, ,between a support level at 255-240 ',overhead supply at 270-277. It may in the Dow-Jones industrials, take considerable time before and a eithe rheoafvy',' .' these levels are penetrated. The short term indicator became oversold this '; !week and gave a short term buy signal at the close on November 8th. The in- I,,' ;,termediate term indicator is entering oversold territory and could give a ,' jy;,buy signal in the next ten or twelve trading days. This might result in a (;;; ', rally to the overhead resistance at 270. The dec line from the September highs has resulted in bringing a 't;; num' 'ber of issues down to what appears to be interesting levels for long-term ,' 1;'-'!-;'m'ayp preciation. recommended Several o list and f these should issues are reviewed below. They are part of be purchased on weakness provided accounts ;,), t//'- ,',;still have a sufficient buying reserve after purchase. They are also inte- ;;, I,' resting switch possibilities from issues in vulnerable groups. F' \ CARRIER CORP. (22 1/4) is the largest independent manufac turer of rc',; 'air-conditioning equipment. 40 of volume is in smaller units and another V , 40 is large, heavy equipment for industrial plants. The company has a strong ,growth potential. Sales have increased from 4.8 million in 1930 to 13.0 i', 'million in 1940 and 62.4 million in 1950. The stock has a very strong tech- ;; \ nical pattern with a long term objective of more than double its present j, ,price. There is strong support not far below present levels. The low of the ;\\ cpas t eight years has been 12 1/8 and the high has been 34. Should be bought ' 'on all price dec lines for long term patient holding. ,i,,' . , PHILCO CORP. (24 1/2). This company also has tremendous growth possi; ,','billties as a participant in the electronics and television field. 1950 sali;l ' 'were more than six times the 1939-1940 level. Net worth has more than quad- '/; rupled in the same period. The company is one of the largest producers of ' ; television sets with a capacity of over a million annually. In addition, thE! , company manufactures radio receivers, radio-phonographs, refrigerators, I' ',' freezers, air-conditioning equipment, electric ranges, radio and television ,i, cf;;;'', tubes, micro-wave relays and computers. The technical pattern is good with ,long term potential of over 40. f)i ,,' SYLVANIA ELECTRIC (33) was originally recommended in the low twentiJ's. ;; A high of 39 was reached earlier this year and the stock appears to be an t,,; i','attractive purchase near current levels. There is very strong support at 30-' ;',28. Earnings, despite a dip in the third quarter, are expected to show up (!, ';well against the 1950 total of 5.37 a share. Company is one of the leaders r, in the electronics field and, as such, has excellent growth possibilities. ,Company is one of largest manufacturers of radio receiving tubes. In 1950 i', i',made 20 of fluorescent lamps and 10 of r..candescent lamps. Sales of tele- ';vision tubes were about one-sixth of the industry total. Dividends have been- i;, paid each year since 1931. The stock has an excellent long term technical ; ;' r;, pattern and should be bought ln the 32-28 area. EDMUND W. TABELL , November 9, 1951 WALSTON, HOFFMAN & GOODWIN ' / It This memorandu;i Is not to b. con,trued 4I1.an off., r 'olieil,'lon of off.,. t buy or II 01'1' …curiti., From ,jme to time Wb'on, HeU,,.,,,, ! G-();;;;Il-;';;- l ' , haYI upon .n Inrut In lome or Information b,U,nd .11 of the .ecurlhes mlntlonld h.ln Th, r.llabl. but not nluullrily compl,t., I, nfoort.t;oulnl.lJntmadt'r.lnll h.u bun pr.p,..d by u. In accur.t, or final, ,and i, not matter int.nd.d of 10 tnforrr'It'n ,,'Iy 11 bMd lotttiou incn,Pl'lohn! inqu1fr. . ..- – -'ir-,S'D,1-.!',L,',r..,'.,'….-.'.It'.J;i,',',-Z.-J,–….-.,.- -l.–,', ., '- .',. '.–.l,;;'-t, -. .','I''.,.,.' ….'.-,' ,– I .! – – –.- , – – ,', . , – – –. ,- – -. – …;… . ,-,,-..–.!-,-J,.-.,. ,t''–'-r-…'–'7..;,t..- .,,.7- .'/'-. –I..,. ,' ' — —

———–.,.————– – — rti;'''J, ';-,–,;,;,c,-;r,,'J1', WoIs tOil.HoffIn0 n &Good win 1';'1',-';f';'ri-;,,,','Z,;;'F,t';;'!'3i t',r I,; J HI,lie/ NEW YORK 5, N. Y 35 Wall Street h''''''fM'''C-n& U…/.,/eCl! PHILADELPHIA 2, PA 1420 Walnut Street LOS ANGELES 13, CALIF. SAN FRANCISCO 4, CALIF. 550 South Spring Street 2615 Montgomery Street f; i'it;; I,' r'Ii i'li DIGBY 4-4141 PENNYPACKER 50;'71 MADISON '322 SUTTER 12700 … L\ ;; TABELL'S MARKET LETTER n 17 ..,' i;!; the At first last week 1 S low of 254.91 the Dow-Jones industrials had support level of 255. The sharp decline resulted in an reached oversold ;;; f-' condition on my short-term technical indicator and a resultant buy signal ,; I, on November 8th. The rally carried to a high of 262.29 this week. However, i-'J' !)!\ the market seemed to encounter considerable resistance at 262 and a short ;-,J, f term sell !-; sentiment signal was given late Thursday. These quick shifts in trading could continue for some future time while the market is building i t;; .a new pattern in the 255-270 area. The direction of the next intermediate q';;' tnrmove is not yet clear. Further weakness over the next few days might result 0-Jz 1' in an oversold condition on the intermediate term indicator which gave a i' i;',i; sell signal in September near the year's high. At the present writing, this ; Isignal is still in effect. r,' fl I continue to advocate the policy of holding substantial cash reser- ;; !hes in accounts mainly interested in intermediate term capital appreciation ! i ,This, of course, does not apply to long term investment accounts whose main 1'1 k1concern is income and long term appreciation. There is nothing in the long -t f;term picture that necessitates disturbing sound investment holdings. ;, '''' However, for intermediate term accounts, the price pattern for the ,'; ;next six months is uncertain enough to warrant keeping 75 of funds liquid 'i;as a buying reserve to purchase undervalued issues at the proper time. The ''; \-'remaining 25 of available funds should be invested in situations that have -, C!sound long term patterns and have not been unduly exploited in the 117 point l.',lrise from the June, 1949 lows. There are a sizeable number of such situa- ; 1Itions available. They may not necessarily move higher against the general ' ;.;market trend but their patterns suggest that they are in a good defensive / !'IipoSition and should be the first to advance when the uptrend is resumed. Fi The following issues comprise my entire recommended list at the mo- l;ment. They should be bought during periods of market weakness ,i, f,'J BETTER GRADE Ci.American News (34) MEDIUM GRADE American Radiator (17) SPECULATIVE ,- American Air. (16) ; 1'(,Armstrong Cork (54) Associated Dr;y Goods (21) Central Foundry (9)',,'.; \'Endicott Johnson (27) 'Fairbanks Morse (44) Haxel Atlas (21) Iarshall Field (28) l.i,iasonite (37) 1'I;,1'1cGraw Electric 55 ) ;til,Montgomery Ward 70) Blaw Knox (18) Bliss (E. W.) 15) Bucyrus Erie 22) Burroughs (17 Carrier (22) Certain-teed (16) City Stores (19) Columbia Pictures (13) Cornell Dubilier (ItO Cuneo Press (12) Eastern Air. (26) , Gray Mfg. (15) ; Gulf,lloblle (29) Int. Te 1 & Tel. (16) ' iptis Elevator (3 ) Dwens Il1.Glass (81) Columbia Gas (15) Columbia Broad. (29) No.West Air.pfd.(22r Poor & COoB (19) ;' J''Western Auto Supply (48) Ellhiottfn(2i8) \ 19 RardioCno(rpH.)(22) ' '1(; Hewitt Robins 25 United Air. (32) ,' n Lerner Stores 24 Universal Pic. (12) ',! Lowenstein (30 Western Airlines (15,') . j National Supply (29) I N .Y. Air Brake (21) ; ; Pac Hic Mills (32) ;.. '1 Paramount (26) ' 1; , co 25I/'I/'',;/11I' Phil ( ) I,;', P'NI' Ii' Shamrock Oil (fl) Smith, A. O. (36 ,t j Std.Steel srPinf (23) i; !;l bag!t;c Fox32 ) nit! November 16, 1951 ' Dow-Jones Ind. -260.39 Dow-Jones Rails- 81.08 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN ' if !,' W,'''o'IHo''m'' m. 'r'' '0' 0'hI, m.m..dom h '0 b. ,o,,,.d .. ,, 0' ,.lid,.,;o, 01 o.n 1o bo, 0, ..11 ' ,Hi… om m. '0 ';m. ',Go;;dib have upon lin int.r.st in informatIon 10m. or b,n.,flt .11 of thl curitil5 mlntioned herein. r.liabl. but not nlulsarily compl,t Th. h lfIoort 'r;;Jouinaqranmtee!d!teriilallhc.alra,b,'e,n,prepn.aIr' edbyI.Su,lnItI,S;.8, ' ,m'a'ttu,to.ffInrocrmoat.olnn,o;n,;y,. ,i,I,;,aq;s., '' ,,J ;'f'i;T.'',';'5,;; '1-' ,'.,,,,/J- , ' '.,'\';-,''',''- , , –. — -.. , ,\ -..-

..- – . .–,– – –…. – . …a.. .. –….,. ……….. k-i ' ;.-'-'';' 07'-,!-'';;- Wols ton. Horfn-lOn &- Goodwin -;'–''';,;;'-'-';';;-;';-if;J,,Z. I.'i 7i. ;,;' – / I. –q;4thNA;'n& c;/oJ! (Y/e!1. ; , , NEW YORK 5, N. Y. PHILADELPHIA 2, PA LOS ANGELES 13, CALIF SAN FRANCISCO 4, CALIF. I' 3S Wall Street DIGBY 4-4141 1420 Walnut Street PENNYPACKER 55971 f, !, TABELL'S MARKET LETTER 550 South Spring Street MADISON 9232 265 Montgomery Stree-t sunER 12700 ',' , , – ;,1; – The market approached a testing of the lows of this move on Friday .; ;;- when the industrials reached a low of 255.93 and the rails declined to 78.41;. ', The previous lows reached earlier in the month were 254.91 and 78.02. There,' ; is fairly strong support in the industrial average at 255-250 and, despite; i,– my longer term bearishness, I believe there is a good chance that the market,; ;' will hold in that area. Tax switching may cause some further irregularity , I', but continued weakness would result in an oversold condition on the short ,; term indicator which gave a sell signal last week. The intermediate term ;;,'; i' indicator has not yet changed the sell signal given in September near the ,; ; year's high but further weakness would also result in this indicator reach-'; ing oversold territory. So far nothing has occurred to warrant a change ;!; ! in my recommended policy of 75 liquidity in capital appreciation accounts. t; , However, if the necessary technical indicators are given, I will advise increasing invested position to 50 on further weakness. ,,';, ;J C The rail pattern is not quite so clear. This is due primarily to the , fact that individual rail issues show extremely diverse technical patterns. ,c' ,; – This has been true for a long time. Over two years ago, I advised switch- ,ing out of New York Central and Pennsylvania into Seaboard Air Line R.R. ,,; ', when all three issues were selling around 18. This seemed a rather startling,; -, sritch at the time but it worked out very nicely. New York Central and ,-'. ,,' Pennsylvania are still selling at 18 while Seaboard is around 60. \,\ ,-, Both Pennsylvania and New York Central continue to have mediocre ; – technical patterns and I believe better appreciation possibilities are ,' i.; present in other rail situations. Holders of both of these issues would, 'J -' in my opinion, improve their longer term position by switching out of — these issues into Minneapolis, St. Paul and S.S. Marie (Soo Line) and 0\' Western Maryland. All four issues are selling at around the same price level. I am preparing a short analysis of these four roads which I will ' be glad to send you upon request. ,, I am repeating below my recommended list of individual issues -,,-',,.' , —..B;;E,T…ToE.R…..G..R.;AD.;E- MEDIUM GRADE SPECULATIVE ;;J , American News (33) Armstrong Cork (52) Endicott-Johnson (29) Fairbanks Morse (53) Hazel Atlas (21) ,- Marshall Field (28) . Masonite (36) lMcGraw Electric ( 53 Montgomery Ward (70 ' OtiS Elevator (35) Owens Ill.Glass (80) American Radiator (16) Associated Dr Goods (20) Blaw Knox (17) Bliss (EoW.) (15) Bucyrus Erie (24) Burroughs (17 ) Carrier (22) Certain-teed (16) City Stores (19) Columbia Gas (15) Columbia Broad. (28) FiAmerican Airlines (16 Central Foundry (9) ,;') Columbia Pict. (13) ;-,,'! Cornell-Dubilier (18) -'i Cuneo Prfss (12) Eastern Airlines i- (25) i Gray Mfg. (15) ,,;;, Gulf,Mobile & 0.(28) F, Int. Tel & Tel (16) ,ie' Minn.St.Paul SS (17) .,,,\ Northwest Air.pf.(21) ,;. Western Auto Supply (46) Elliott (26) Fruehauf (25) Hall Printing 19 Hewitt Robins 24 Poor & Co. B (18) Radio Corp. (22) Raytheon (101 Spiegel (11) ';, ,, , , Lerner Stores 23 Lowenstein (29) National Supply (29) N.Y. Air Brake((2Q) Pacific Mills 31) Paramount (25) United Airlines (30) ,\ Universal Pic t. (12) Western Air.(14) i Wes tern Maryland (19) ) \,b ,,; ',,'/'', Phllco (26) Shamrock Oil (30) Smith,A.O. (37) !, ' -, Std.Steel Sprin (23) Sylvania Elec. (32) 20th Century-Fox (20) November 23, 1951 Dow-Jones Ind. Dow-Jones Rails 256.95 78.65 EDMUND W. TABELL WALSTON,HOFFMAN & GOODWIN

– – – — -,————,—– –… -.– ift;J'r!lv'fJ;;,,'i'\,\1'\';fn;J' Wols ton. HoffIll on &- Goodwin ,-,;p,,''';;'''-'(''';''j;,;!;'of!l 'l!- 7;P1 ,P I; ',(r; NEW YORK 5, N. Y. 35 Wall Street PHILADELPHIA 2, PA 1420 Walnut Street )'.. 'i, D'G'Y 4.4' PENNYPACKER 5-5977 TABELL'S MARKET LETTER LOS ANGELES '3, CALIF. 550 South Spring Street MADISON '322 SAN FRANCISCO 4, CALIF. 265 Montgomery Street SUTTER 11700 \\, tI1k,fl E, hi.'., ,industTrhiealms arke for t t th he i s f week ourth tested the 255 support level in the Dow-Jones ,t1'-r time. It also broke the series of descending lowJ3 L;that has been in effect since October 22nd,. The table below outlines the ma ,moves of the industrials since the year's high reached 0,1 September 11th I) i;J fHigh Sept.ll 277.51 Oct.22 Oct.24 266.79 Oct.29 Nov.l Nov.8 265.82 Nov.15 262.29 Nov.26 i1 'Ill ,'I,Low t'l, i'.!, f,') 259.46 256.39 254.91 255.20 ;1,g1; It will be noted that the highs also have been in descending sequence.p (jAbility to break out of this downtrend channel would be an encouraging tech1 'I, lnical indication. Other technical gauges have also shown potential improving,, i'i;action and apparently substantiate my opinion expressed several weeks ago il1' ,ithat this phase of the decline would not carry much below the 260-255 supporjl', 1 ,.',level. lihli' .' An advance at this time would be in accordance with the usual traditio/);i- ial pattern. On many occasions in the past, the market has reached a low in l -November or December and then staged a sharp advance into January or Februa1j. ',''I'he present technial pattern suggests that such an advance is possible at ;;;thiS time. Just how far such an advance could carry in this particular inst-;, (',ance is extremely problematical. There is a very heavy supply area at 270-27'71,, ,,;.,;that will furnish strong overhead resistance. However, indications are prom-,',! !;ising enough to advise increasing invested positions, in accounts concerned 7,;'; t,,;'mainly with capital appreciation, from the 25 invested pOSition formerly i,;'iadvised to 50 invested and the balance held as a buying reserve. This in noli ;I';'I1way alters my longer term opinion that the market is in the process of buildi1'. t;dng a broad distributional top in an area bounded roughly by 240 and 280 in ; ''the industrial average and that the market in 1952 or 1953 will eventually ;' ,;decline to the i,,commitments in 220-200 level before the major advance is resumed. Increased the 255-260 area Should be considered only by those accounts , F 'interested in a speculative turn and willing to abandon such positions in ,. l;;,the event that technical indications again turn unfavorable. I,;, The individual issues showing the best technical action during the i;i let,l i;o tipeptember-November decline were the secondary issues of the type carried in vi (.my recommended list and in which I have advised continued holding up to 25 'r; ;pf available funds with the remaining 75 liquid as a buying reserve. The fj' ,-,efensive action of most of these issues has been above average and price l!' ''ideclines, in the main, were relatively moderate. On the other hand, many of k Jthe top grade If growth issues If that had advanced sharply over recent months bi f;'I,nd had overdiscounted their immediate prospects and which I advised avoicl.- J;ing, sUffered a sharp decline. The industrial average dropped 22 points or 1';; ,.pproximately 8 from the high of 277 to the recent low of 255. The follow- i' ;,;tng high grade issues declined more than double this percentage drop from , rthe year's high ili 1951 High Recent Low Percent .Decline t; ;c), American Cyanamid ,''' Corning Glass 131 78 102 63 22 ';l 19 ;; Dow Chemical I',,', duPont Freeport Sulphur ; Hooker Electro .Chem. Merck & Company .i Minnesota Mining 119 102 49 69 38 54 98 82 36 54 29 41 18 19 ' / 26 'i,1I;, 21 ; 23 24 .!,,' i'-' Pfizer 46 36 I SqUibb 29 22 ;i;!, Union Carbide 66 55 21 , 24 16 ''',, ;;) Even a prime investment issue can be a speculation if the price moves i,.!' 'r, too far ahead of near term potentials. At the recent lows, these issues l('t,' ,,; were undoubtedly selling on a more realistic basis. However, from a techni- \',i 1; cal viewpoint, these issues may have to spend more time in building new j; H1l1\ pat terns . t For price appreciation over the next few weeks would concentrate on 'i the elec tronic issues, airlines, se lec ted rails, building supplies, machine- t';l;i \1 ry issues, utili ties, office equipments and undervalued soft goods stocks. \i . . '. – , . ' ..-;Yt','.lhi,,',;l,'NIFrre.MOWzVt.bh,'l',tr,m.'f\IJ('r.IM1i'I!\7it.i,',fo-df,QSt\;.j!,.c,fjo.,nm,ovr,t6el.tQ1I!I9o)1J;,,j;d9fCQf;wMu'beu,d.tcOunorStilitnin.'eocfmflener.anr-to-iirolynseodclolchml'lo;rptl,lii.on',ne,,T'o.Ihf;seOnf,fo.of-t.rf-el;'tJoo-ulan.brgWuyHlAl.Po-I.rrtyl,.I.,ILIlJri,aJn\uyrab'lIl'JcnutOr1lrJt-.lIu1Jt.pPiFinr1'jodbm,-w'it;ilum.lenoattso..GntOtimm.(neateRtedWraJtloosftofoIn.r'efoer.mool,ae!t,i,aonn'n.opnnlyd.0I0tIlnb;iml'.la.dL,,,,,,–rI';J'ft,I;\;1''!/yJ

Wal ton Hoffma Goodw.-n ,- '–,- '-;r-r'/f',.1..!.i',i…I'l-,'e;;…'.'''ur.;f.'..'..-..'.,-'.–''.' .,.. 11 e.. ,0,—,,,,,,,,,- ,'-;'– ,-/1.'-. —-I..-,!,, ;'..'-;;… -. -J,.-;f- .4.J &;nCc t NEW YORK 5, N. Y. t 'j 3S Wall Street DIGBY 44141 PHilADELPHIA 2, PA. 1420 Walnut Street PENNYPACKER 5-5977 LOS ANGELES 13, CALIF. SAN FRANCISCO 4, CALIF. 550 South Sprig Street 265 MDn'gomery Street t.AADtSON 91212 SUnER 12700 t,; t..-,. ; TABELL'S MARKET LETTER -, rl1 /, I 1–., ', ',, ;''. 1,1, J, ;; The Dow-Jones industrials reached a high of 268.95 on Friday, but ;'-' ;;lost a portion ot the.day's gains to close at 266.99. At the day's high, L ;the market was near the heavy overhead supply at 270. For thirty-four (;1; !;!trading days in September-October, the industrials held in a range between '277 51 and 269.08 on a turnover ot approximately sixty million shares. The f'; market will most likely find it difficult to push through this upside re- ; ,';sistance and if it does, it may spend quite some time doing so. It would ''' be normal technical action to expect the market to back down moderately ', !;after the first attempt to approach this level particularly after the sharp ,rise from the November 26th low ot 255.20 to 268.95, a rise of 13.75 pointS ;oin eleven trading days. I would expect a further attempt to penetrate the C ,,,–, 270-277 resistance after a corrective phase. '-'. If holdings in longer term appreciation accounts are below the 50 – , -' ,- ;invested level recently recommended, would be inclined to purchase issues , ,'that have not yet participated in the recent rise. Two of the issues in my'-' ,;recommended list – one a better grade issue and the other a lower priced — ;' stock – are reviewed below. L-' BLAW-KNOX at present levels ot 17 7/8, appears to be reasonably priced. The company supplies industrial equipment to practically every z -''- ; L; '-alnadrgreubinbdeur.stTryheincocmlupdainnyghcahs emicals, steel, construc grown considerably over tion, the paper, utilities past fifteen years (-C .'c, 'lSales averaged 13 million in the 1936-1939 period and are estimated at ;'; ,.-'100 million for 1951, an increase of over 750. Financial iosition has ' (improved also from an average working capital ot less than 3 million in '1936-1939 to over 16 million as ot June 30, 1951. This last figure is ,; 'ieq',ivalent to approximately 11.50 a share. There are 1,411,468 common ,;-shares outstanding with no bonds or preferred stock. ,;; Earnings for 1951 are estimated at 2.50 a share against 1.99 in -'1950. On the regular rate ot 1.00, plus 251 extra, the yield is about 7. ;',- i'Some dividend has been paid each year since 1940. –, ;,- The stock has a very interesting technical pattern. It has held in -the 11-20 range for over tive years. The 1946 high was 30 7/8 and a high ; -;of 29 7/8 was reached in 1937. Ability to break out on the ups ide of the ;'lfuipv5ied-ey ear range penetrat would ion do indic es not ate a occur l ong in term the n obj ear ective future, of 33-39. Even the stock app if ears an to l ; ;i,\!be in a 00d25defenidsivde position. Thebre is good euEPporint inhthe b15-14 range ;'–;a2nda t he ,/,1. share di since v en 1945. seems reasona ly secure. arn gs ave een above , ,— -,',' '; OWENS-ILLINOIS GLASS closed at 79 1/2 on Friday. The year's high of ,89 1/2 was reached during the September-October rally. The technical , ,pattern of the stock is excellent. There is good support in the 80-74 area ;and the upside objective is above the recent high. '-' The company is the largest producer of glass and glass products in- -',-'cluding containers, glassware, insulating materials and other glass /Special,' -'ties. A 42 interest in Owens-Corning Fibreglas Corporation is held by — Owens-Illinois. Earnings for the twelve months ended September 30th total-c ';,led 7.09 a share. The indicated dividend rate is 4.00. The sales trend ,, iappears to be rising and improved sales are expected in the Kaylo build- 'ing and insulating products and Fibreglas yarn. Resurgence of demand L' for television picture tubes also is expected. 'i;,, . ; December 7, 1951 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN ' ;r Closing Averages '–' Dow-Jones Ind. 266.99 ,,,,;, -'f DOW-Jones RailS – 83.47 '. ' '' , '1 Thh memorandum 11 not to be con5trued as An offer or solleltetlon of offen to buy or sell any securitle, From time to time Wahton, Hoffman & GoodwIn mey 4' have An Interest In some or ell of the securities mentioned herein. The foregoing material has been prepe,.d by us es e maU of Information only. It Is bued ' upon information bel1eVld reliable but not naceuarily comptete, Is not ;UlIrllnt..d as accurat. or final, and Is not intended to foreclon indDendent inquiry ',J i, ;. , ..r..J';,'1.()'f!7.;7'I1i,'f;.g;LS';i!(J;;;;,'-'- '''-; ' ,—;i-.7''';.7'; -77/'I;'i;;'-f't;, 'f..-c;1!.t..i'5,i–;; rl,5''.!'''..t;'';f-,.)(/').' -,7 '- tV';'-. , ; -'

Wolston.lloffnl0n &- Goodwin. -'' — NEW YORK 5, N. Y 35 WII Street DIGBY 4-4141 PHILADELPHIA 2. PA 1420 Wlnl.lt Street PENNYPACKER 55977 LOS ANGELES Il, CALIF 550 South Spnng Street MADISON '3112 SAN FRANCISCO 4, CALIF. 265 Montgomery Sheet SUTTER '11DD !('!i TABEll'S MARKET lETTER ,,'I'th, ,- ;,,;i If the fourteen-point advance the Novel iber low of 254.91 in the – !' Dow-Jones industrials is merely a technical rally in a longer terr, downtrena I, ,about all of the upside potentials have been reached at last week I s high , .J of,- ),;'268.95. The advance has (1) retraced about two-thirds of the twenty-three ;,;,point decline fro, the September high of 277.51. This is the allowable I,laxi,;. U);um retracement of a preceding move without changing the trend. (2) The ad-c f)vance has closed the October 22nd downside opening gap between 267.00 and'- 1/265.90. Many technicians believe that gaps between the range of one day , 'and that of the previous day ,1USt be closed before the move in the direction of the gap is resumed. (3) The industrials have rallied to just below the ' ,heavy overhead supp ly between 269.04 and 277.51. – ;r/ The ability of the average to rally above 2,- n L.reasing volume '..,would, in my opinion, be a constructive sign and indicat;2 a possible chan'ge !'in trend and at least a testing of the September high and the possibility ,'(' ; of a new high not too far above 277.51. The inability to move much above ;i.'last week I s high of 268.75, followed by a downside penetration of the Novem- 'ber low of 254.91, would indicate a continued downtrend of at least inter- -mediate term proportions. Until more definite indications are given, would -, ,continue with my previous recommendation of only a 50 invested position in ;',cafiital appreciation accounts. ,,' For accounts less than 50 invested, or for switching purposes, the three stocks mentioned below offer interesting possibilities for longer terci- , appreciation. One of the three, Cornell-Dubilier, has been previously ad- ;',;vised. The other two are new additions to my recommended list. All three ',are in the speculative category. CORNELL DUBILIER ELECTRIC (18 3/8) is the largest manufacturer of –, ,', capaci tators. Its products are used by television, radio, utili ties, fluo- — ',rescent lighting, aircraft, communications and various other industries. ;Defense backlog is large. Earnings for the fiscal year ending September 30 ,are estimated at around 3.70 as compared with 3.96 in the fiscal year — '',' ended September 30, 1950. Sales will show an increase and lower net is main' ',,ly due to heavier taxes. Dividends are expected to continue at a 30 cent 'quarterly rate with the possibility of an extra dividend some time in 1952.- The stock sold at a high of 27 7/8 in 1946 and as low as 7 in 1949. – The recent upside penetration of the year and a half trading range between ' ',,17 and 12 indicates higher levels. There is good downside support at 17-15. ';, BELL & HOWELL (19) manufactures precision-made motion picture cameras, I')projector equipment, sound and picture reproducers and still cameras. It ,– ,';also manufactures microfilm equipment which is distributed by Burroughs – r,Adding Machine. There are distino'c growth possibil i ties in microfilm and idemand for projectors and equipm,'mt from SChools and institutions should also show continued growth. 1951 earnings are estimated at 2.50 as against- 3.52 in 1950. Third quarter earnings w;r.; cut by retroactive tax charges. vii th increased defense orders, 1952 pro spec ts are favorable. Dividends, which have been paid for thirty-two consecutive years, are conservative at ',';the indicated rate of 50 cents regular yearly, and 50 cents extra. ,,' The stock sold at 37 in 1946 and reacted to a low of 11 1/8 in 1949. i,lThis year I s high is 23 1/4. The stock appears to be building up a very 'strong technical pattern. Some further work may be needed in the 17-23 area- , -but the potential long term objective is considerably above present levels.' GEORGIA-PACIFIC-PLYWOOD (20 1/4) seemed very reasonably priced at the ,recent low of 17 5/8 and had reached the downside objective outlined by the v26-25 top. Some further backing and filling in the 18-23 area may be neces- sary, but the stock appears to be building up a strong potential base i,' pattern and should be bought during periods of moderate price declines. – Lower plywood prices have caused a dip in earnings of most plywood companies, but the situation appears to be showing signs of improvement. ,' The 1.50 dividend provides a yield of over 7 and seems secure. Earnings for the nine months ended September 30th were equal to 3.40 a common share, ; Our Research Department recently issued a very complete report on this 'i/, company giving a more detailed picture. December 14,1951 t Dow-Jones Ind. -265.71 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN I', This ;iD.QJ;Jan;;JmOlrliAo nbto;d a; an ro2Iidtatton of offen to boy or lell ally seconti From lim. to hme Walston, Hoffman & Goodwin may h,u', n int'fest in lome- or JI of fhe- 1e-(UfifIIlS mllnlIOe-d here-i The- foregoing mte-rl' no3s be-en pre-po3t.d by liS 031 03 maner of mformdHon 01'11'1. It il baled UpOI'! information b.Uev.d rellabl. but not neceuatlly complete, is not ,tuaranteed as accurat. or final, and h not intended to foreclose independent lnqulty f-.- ..– -', '-.-'–''–'—–',-;–'- -'—- – … -,' ,-,- –,,-;. ,-,'-.-,– -,-' —'–,–,';.' -,'P – -,—- -,

— f—,,–,,'t;''T,'-'(i'I;, . ,- Wulston.I-Ioffl1ton &- Goodwin \,''–';17fi''-;–t,,;;r;,T-V' J(,.i1, NEW YORK 5, N, Y ; ',/. 3S WJ) Street DIGBY 1.4141 P/'4/uU!-n okcrMM PHiLADELPHIA 2, PA '420 WInut Street PENNYPACKER 5-5977 LOS ANGELES 13, CALIF, SAN FRANCISCO 4, CALIF 550 5MOIhSO5r21freef 265 ;fJStreet tf i;. ;,';1., ,,'1, f'I!-.I !,.;'; '! t;', ;',; TABELL-'S MARKET LETTER ;; i,,' 7,i If'/! ,. . hif The Dow-Jones industrials lui, attempts to penetrate the Decembei;1; 1,)7th high of 268.95 but failed by a small amount at Wednesday I s high of 268. 9 i;and Thursday I s intra-day peak of 268.91. The rail average missed a new Decem';' i,,!/ber high by a wider amount at 83.09 as compared with early December high of,i;; 1'84.94. However, if the traditional pattern is followed, the market should r.' .turn stronger between Christmas and New Year I s and strength should carry 12';, N,hrough into at least the early part of January. i– t,;\ The industrials have held for thirteen trading day! in a narrow tra-;'..3 ',ding shelf between a low of 264.33 and a high of 268.95. The market should ;,;; tbreak out of this range in the next few days. It would appear that the odds 01 ffavor an upside penetration. However, just how far such an advance can . i,carry is highly problematical. The market is faced with the task of absorb-,. Ling a heavy overhead supply of stock between 270 and 277. Approximately 65 Y' ; million shares were traded in this area at the 35-day September-October top !i'crt would be unusual technical action if this overhead resistance did not at' '; I,',jleast temporarily halt any advancing tendencies. Inability to move above 27q, t.by mid-January would be a very discouraging technical indication. It would '–' ,presumably mean that the rally from the November low of 254.91 was just a 0 r-;f,'pormal technical retracement of the first phase of a longer term downtrend ., In my opinion, the industrials will break out on the upside of the '; ''recent trading range and attempt a push through the 270-277 resistance area.; )r,,,-'1,mdaorkent omt obset l ieve that likely wi th ll e ha a v ttempt will e expended s b o e suc much cessful energy . t Eve hat n a if ny it is, upside the pene- ;l .,I – ),ii'tration will be relatively minor. I would be inclined to take profits on a';' 1Zportion of longer term holdings in the 270-277 area. ;\; t, Below are brief analyses of three issues. Two, Armstrong Cork and fi I.rCarrier, are already part of my recommended list. Ruppert is a new ac'(ition;,J li,to the speculative group. These issues should only be purchased if long terl\l' t ;(capital appreciation accounts are below 50 invested. Still would retain I(,.'a 50 buying reserve. ;/ ARMSTRONG CORK (55) The company manufactures materials for the build;;.; i.,,ing trades and for industry. Its products include linoleum, asphalt tile, ;'; 1,'cork insulation glass, containers, and numerous specialties. Its well diver;'!'; !;sified procuct lines include over three hundred items and are also sold to ', ;;many diversified industries. The stock is a better quality issue and has ,;,i i,;'paid a dividend in fifty-four of the past fifty-six years. At present leve;j;' ,around 54, the stock yields approximately 5.8. Present levels compare with';, f,a high of 64 3/4 in 1946 and a 1947 low of 38 1/4. Earnings for 1951 are ;-;1 '''estimated at 5.60 as against 8.13 in 1950. Sales in 1951 are estimated at;, ij;;' 205 million as against 186.5 million in 1950 and are four times greater fthan in 1939. The stock has a very interesting long term technical pattern .;' y7At the August high of 59, the stock had reached its first objective of 57-6f5;\ icHowever, the long term objective is much higher. The stock has a good de- ;',-,' ;', fensive pattern also. There is good support in the 50-45 area. ,,,' ; CARRIER CORP. (23 1/4) manufacturers of air-conditioning and refrige' ;,','ration equipment, had a record net profit equal to 3.88 a share for 'the ,', ,j; fiscal year ended on October 31st. This compares with 3.40 a share for the ,;!, \ (1' 1950 fiscal year. Sales also reached a new high at 80.9 million as against ' i;62.3 million in the previous year. This stock has been on my recommended .) -i- list for a ;long time. It was originally recommended around 12. The pattern ,'7 ;(,i is still extremely favorable. The long term pattern suggests a price object'7\' i'ive of over 40. There is good downside support at 19. Stock should be bough,t, '–on all minor price declines. . (;. RUPPERT (JACOB) (11 1/8) is the eighth largest brewery in the countr,yo, hbased on capacity. Its principal market is the New York metropolitan area. ' , F Stock has had a steep decline in price from the 1946 high of 34 1/2 to the I 11'11950 low of 8. No dividends have been paid since 1948. Strikes were partiall,w !,' responsible for poor earnings but company's products lost favor with the \j 1; public. Improvement in products and an extensive promotional campaign may' have turned the corner. Technical pattern shows that possible base may be i 'forming in 8-12 range. An upside penetration would indicate rather sizeabl '.percentage advance. Stock is extremely speculative. ,,! i,,; December 21, 1951 EDMUND W. TABELL ;; !- ' –; (,; MERRY CHRISTMAS WALSTON, HOFFMAN & GOODWIN i) m.rnoruduThis is 01 to b, construld as ,1. oU.r or lolicitati,on of offers tc buy or sell any II,uritiu From time to tim. Walston. Hoffman & Goodwin may ,..,,-' \;-, have an Intere,t In loml or 1111, of th SltUfltles mlntloned heraln The foregOing matarlal hal bun prepared by UI as a matt.r of information onl., It is basld , 1'\\ upon Information belle\led reliable but not neceSlarily complete, I, not ;uaranteed a atcurae or final, and IS not Intended to foreclose indDendent Inquiry. ' -; – -''r1 –',\7Z i,iJ;f-,E;– -'—–\ – ',J-' ,- – – – – —; ' —-; – — –'I ' j.-'-..t- ' '!'..f.- -'J .

The stock market in 1951, as measured by the Dow-Jones industrial ,–average, fluctuated within one of the narrowest percentage ranges in the j)ast fifty years. The low of the year was reached the first trading day, ,',p-anuary 2nd, at 234.93. The high was attained in September at 277.51. iThis is a percentage range of only 18 from the low to the high. For the 'reater part of the year the industrial average held in the 242-268 area. ,'– , 0; In addition to the narrow range of the industrial average, 1951 wasf ,!a.lso unusual in the fact that this was the first year in history that the 1,, ','Dow-Jones industrial average failed to sell below 200. In my opinion, it ;; 'i is PJtobable that this average \'13eeable future, although this will continue to hold above 200 level may be closely approached for the in 1952 foreand ii,'- '\11so possibly in 1953. ,;c, , I expect that the market in 1952 will fluctuate over a wider range i,' ;'than in 1951. Probably the year's high will ;;pf the year. At the moment, I doubt that it be reached in will be much, the if first at all , qaubaortveer/r';; ',the 277 high of September, 1951. On the downside, the industrials might ,',C -''yvork down to around the 220 level later in the year. As I envision the ; 'general market, it appears that it will undergo a consolidation or re- ',; ,'ccumulation period at moderately lower levels. This type of action could k continue well into 1953 and would be the necessary prelude to a much highed,, ;market from 1954 on. In effect, it would be similar to the 1946-1949 re- f; ;',accumulation range between 160 and 210 on a Slightly reduced scale. ,',if,'.pr1ce This does not mean that pattern. Even though the all issues and groups will show averages may make little upside the same progress, i-,;-' 1'-' I ',,It is possible that many individual issues could have worthwhile inoves. Several groups have above average technical patterns not upside only from 1,,'-;; ;1Van appreciation viewpoint but also for their good defensive qualities. f'– I,',' My favorite groups for 1952 include airlines, building materials, f ,,)lectronics, machinery and equipment, selected rails and utilities. '-, – 1,', .!. F Listed below are some of the issues in my recommended list that 'oughly fit into the groups mentioned above. From a technical viewpoint, ,'I believe these issues will show above average action over the next year. ;,'Additional utility issues will be recommended later. , BETTER GRADE MEDIUM GRADE SPECULATIVE ,' 'Armstrong Cork (56l American Radiator (16) American Air. (17) f- ,,- t tj L,– f.; ,Fairbanks Morse (27 Blaw Knox (18) Corne 11 Dub ilier (2,0) ,'Masonite (34) BliSS, E.W. (16) Eas tern Air. (29) l;'i , ' ' O t i s Elevator (37) , ,,', , I -' Bucyrus Erie (24) Burroughs (18) Carrier (23) Certain-teed (15) Georgia Pac.Ply.(23 ,Gray Mfg. (14) ' Gulf,Mobile & 0.(21 Inter.Tel & Te1.(17 Columbia Gas (15) Minn .St .Paul, SSM( IB–' f'–. Columbia Broad. (35) Elliott (27) National Supply (29) Northwest Air.pf.(2, ) Poor & Co,B (18) , Radio Corp. (24) i, New York Air Brake (21) Raytheon (11) t;, Paramount (26) United Air Lines (34) ,, Philco (27) Smith (A.O.) (36) Western Air. L. (15),' Western Maryland (2,i) , ,, Sylvania Elec.(37) '–\ December 28, 1951 , Dow-Jones Ind. 268.18 , Dow-Jones Rails – 82.11 EDMUND W. TABELL WALSTON,HOFFMAN & GOODWIN ! ; Thh memorandum il not to b. construed as an off&r -Of lolldtoltion of off.rs to bLl or ,ell any IflCllrlfies From time to time Walston, Hoffman & Goodwin may have an Int.rut in 10m. or all of the lecuritl mentioned herein. The fore(,lolng matima I has been prepared by UI as a matter of Information only It II bad upon information believed ,.lIable but not necessarily complete, b not Juarantel!d a5 accurate or final, and is not intended to fot.dose ind.. cend.nt inqloliry. )',,-'t,);,,',;;!tlJ,';',z(q;'r';I;.';/ ',,;;,','j,'- , '; ,,– ,- ,, – ' – – – – ,,'; I' , ,, …….