I, , r WaIsiOJl-.&. COill H …. N. '.' , … …….. '. .Y,J4tmn.c Decu/utuJ- MEMBERS NEW YORK STOCK EXCHANGE iINC OTHER LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO ISw,t,.,IdJ OFFICES COAST TO cOAsrlcoNNECTEC BY OIRECT PRIVATE WIRE SYSTEM lrABELL'S MARKET LETTER In the face of potentially disturbing foreign news, the market has acted rather well. The rally from the February 18th low of 279.72 in the DOI-Jones industrial average carried to a high of 289.59 last week. This wan below both the January 5th high of 295.06 and the early February high pf 290.94 and-the downtrend still liS in effect. However, this could be-quite eanily reversed. In fact, any firmness during the coming week would result n a buy signal on my intermediate term technical indicator. This gauge !neCilferviunJsO!itieWohemt;!lp!- thtn that of the averages. j The light blue chips continue to show better action than the higher grade issues. There is a continued demand for higher grade equities from,inf!titutional sources, but the lo yields now obtainable act as a short of price Sf!ues cei is l ing. illus The trat yield ed be s ob low t ai n abil e on some representative blue chip growth AIUed Chemical Alum.Co. of Amer. American Can C01'ning Glass DOI Chemical -duPont PRICE 76 93 35 74 40 98 YIEllD 3.95 3.23 3.6 2.7 2.06 3.62 General Electric Minnesota Mining Monsanto Chemical Pitts.Plate Glass Procter & Gamble Union Carbide PRICE ,(2 45 92 58 67 69 YIELD 4.I'7 2.22 2.72 3.45 3.88 3.62 By contrast, there are a IJrge number of light blue chip issues that are still available on a 5 1/2 to 7 1/2 basis. This letter has been stressing issues of this type for la- considerable length of time and I have ncluded a large number of this tYjPeJlof equity in my recommended list. -Several of these reached new high ,territory recently, including Babcock & jlilcox, Blaw-Knox, Bucyrus Erie, Ellliott Co., Hall Printing, Joy Manufac- turlng, Lone Star Cement, New York Air Brake, Otis Elevator, Phillips Pe- troleum, Shamrock Oil and Western Auto Supply. The rail average has not shown as favorable action as the industrials. ThE! average has held between 113.94 and 106.25 since early January. The pOElsiblllty of the announcement o a wage increase shortly has evidently acteo. as a damper on this group. he technical pattern suggests a possible ;ndeIfoiig ed;is!erdem;ryaistbeduilhhe pattern clarifies. I The following issues in the light blue chip category still appear ,to be in a buying area for intermediate term capital appreciation. ALPHA PORTLAND CEMENT (47 78) yields approximately 6.4 which is about the best yield obtainable on the better-grade cement equities. There s a possible announcement of a pice rise in cement shortly. Also, an eli- 'mination of E.P1T. would be quite Ifavorable to this group. The technical 'pattern is favorable with a lon term indication of 60-75. BABCOCK & WILCOX (39 7/8) reached new high territory for 1952-1953 dUl'ing the past week. The 1951 high was 43 1/2. Earnings for 1952 equalled 5,,86 a share as against 5.67 in 11951. The outlook is favorable and 1953 ealings are estimated at 7.00 td 8.00. The 2 dividend in 1952 was sup- 'plemented by a 5 stock dividend.!probabilities favor an increase in pay- ments to 3.00 in 1953. BLAW-KNOX (21 1/2) broke out of a long accumulation range to reach 21 5/8 last week. The technical pattern suggests an intermediate term 28-33 fo110wed by a long term 41-46. Estimated earnings for 1952 are 2.70. Nine months earnings were 2.03 vs. 1.168 in the 1951 period. The dividend was t'eeently increased from 25 cents uarterly to 30 cents quarterly. 1952 payments, with the 25 cent year-end extra, totalled 1.25 NEW YORK AIR BRAKE (22 3/8) Less than 40 of sales are now in the cy- clIcal railroad equipment business. Since 1949, it has purchased several companies in the field of hydraulic transmission and control of power. This hall greatly enhanced the growth lossibilities as has also its entrance into, the high vacuum pump field. The lji.85 earned in 1952 amply covers the 1.60 dividend to yield 7.2. The technical pattern is extremely favorable. Jl'Jarch 13, 1953 EDMUND W. TABELL WALSTON & CO. TIm memQrandum is not to be construed as an offer or sollcfaHan of oHerl to buy or sell a.n)' securities From time to time Walston & Co, r any artner thereof, my ho!lve an Interest In some or 'III of the securities mentioned herein' The foregOing material has been prepared by us as a m'Jtter of ,nformatlon only It Il b.ned upon Information bl!lieved reli.llble but not necesulflly complete, Is not guaranteed ,n accurate or final, and is not intended to foreclose Independent inquiry ,

—————————————. rAllJWnlNzt DecuJu/t I MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY eXCHANGES NEW YORK PHILADELPHIA LOS NGELES SAN FRANCISCO LUGANO (Swit,ld I I OFFICES COAST TO COASTjCONNECTED BY DIRECT PRIVATE WIRE SYSTEM l'ABELL'S MARKET LETTER The market continues to show selective action. The Dow-Jones indus trial average advanced to a highlof 291.78 during the past week as compared wlth the January high of 295.06. The rail high was 112.80 last week, and 113.94 in December, 1952. However, numerous individual issues have shown relatively better action and hav advanced to new high territory. Most of these issues have been in the category of light blue chips or issues slightly below top quality. I continue to feel that these types of common equities will be the'..market lead-ers. They are still available on a 5 1/2 to 7 1/2 yield basis as against la 4 1/2-3 1/2 yield in the better grade blue Chips,. As far as the loweIl-grade common stocks are concerned, I do not believe tha-t there.-is enough1speculative interest at the moment to en- courage any wide moves in this tYiPe ,of issue .. As far as the averages ae concerned, I continue to feel that the market during 1953 will swing back and forth in a relatively narrow range. I do not expect 1953 to be a bull or bear year but rather a combination of both with private bull and bear markets in individual securities. The in- vestor -can maintain his position,; provided he has issues in favorable groups. He should also have a small cash reserve in order to take advan- tage of price corrections. The more speculative trader should have ample opportunity to take advantage of ,the expected trading range and be will- ing to' Se,ll on Jiltrengitlil ald not be afraid to buy on weakneBB. LONG TEEM INVESTMENT In accounts concerned mainly with income and longer term price ap'preciatic!n, would advise a 75 invested position in common stocks and 25 in short' term governments in order to take advan- tage of possible buying opportuniities during the year. ' The issues in the recommended long term investment list are show- ing good technical action and should continue to be held. For new pur- chases, the following issues appear attractive on moderate price declines I PRIC 1952 DIVIDEND YIELD Allis Chalmers AlphaPort.land Cement Babcock & Wilcox Blaw Knox Briggs Mfg. Bucyrus Erie Crane Company Eagle Picher Elliott Co. General Rwy. Signal Joy Mfg. Lowenstein New York Air Brake (p) Otis Elevator Shamrock Oil & Gas Smith, A.D. Sylvania Electric (p) Western Auto Supply 55 I 48 41 I, 21 42 27 32 23 32 35 39 32 22 44 38 35 36 57 4.00 3.00. 2.00-A 1.25 3.00 2.00 2.25 1.50 2.10 2.50 3.12 2.00 1.60 2.50 1.82 2.00 2.00 3.75 7.27 625,– 4.88 5.95 7.14 7.4 7.03 6.52 6.56 7.14 8.00 6.25 7.27 5.68 4.79 5.71 5.56 6.58 'A – Plus 5 Stock. P – Offered by prospectus, which is available on request. CAPITAL APPRECIATION In iSk accounts concerned mainly with capital Q,ppreciation over a six-month peritod, I advise a 50 invested position with tbe remaining50 kept liquid to await buying opportunities. On further strength into the 295-300 area would further lighten accounts to 33 1/3 invested. I MINNEAPOLIS, ST. PAUL & S'.STE.MARIE (SOO LINE) declined to 14 on tne news of the dividend omission. While some patience may be required, I ,believe this issue is an excellent speculative purchase. There is strong support in the 14-13 area. The road is in an excellent growth territory ad long term capital gains could be substantial. ' March 20, 1953 EDMUND W. TABELL WALSTON & CO. -ThiS memorandum is not to be construed mi'y have an interest in some or all of based upon InfOrmatiOn -believed reliable as an offer or soliCitation the secuflties mentioned but not necessarily comp lheoetfree,ointLtsernsTohtteogfuboaurryeagnOortienesgde 'Iranasan,Yaerctcaeu,'cruahrtalst'I0e,se;i,FnraoFm,reaptnimreeIdS t.onbotimIn'et aWshatomnatterCoof, or any partner thereof, Information only It IS d d to foreclose independent Inquiry en. e .

I Walston &Co. t'l('1/-'11Int DuuJu/iM– I MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES AGELESNEW YORK PHILADELPHIA LOS SAN FRANCISCO LUGANO (Swit,ld) TAB Ell'S MARKET OFFICES COAST TO COAST bONNECTEC BY DIRECT PRIVATE WIRE SYSTEM ! lETTER I Since August, 1951, a period of twenty months, the market, in terms of h var-ious averages, has heIdi in a relatively narrow trading range. As measured by the Dow-Jones industrials, the low has be'en 255 and -the high has been 295. The percentae advance from the low to the high was approximately 15. In terms of a 10 stock, this would mean an advance from 10 to 11 1/2, or, in a 50 stock, an advance from 50 to 55 1/2. However, during this same period, Carrier C01'p. avanced from 22 to 45 or over 100. Also, duing the same period, American inc declined from 29 to 17 or over 40. Numerous other examples could be ited. Even stocks in the same group have. shown widely diverse movements. In the.chemical group, UnionCarbide-advanced from a low of 55 to a high of 72 during the past twenty months. -' This is an e.dvance of 30 or 100 better than the industrial average. Con- trarJlise, another chemical issue, American Cyanamid, declined from a high 'of 65 to a low of 48. This is a decline of 26 as compared with a 15 ad- vance in the industrial average. I Over the past twenty months, if one had the foresight to ignore the tr(md of the general market and had concentrated on the technical patterns of individual stocks, he would have assumed a long position in some issues and a short position in others. This would have been much more profitable than either a 100 bullish position or a 100 bearish position. In periods such as we have 1I (fitnessed over the past two years, techni cal indications can be extremely elpful. However, a technical analysis of ea(h individual issue is needed. A forecast of the general market has been mell.ningless for the past tw year. The market has not moved as a unit and, in my opini.o'l, will not do so in 1953 or 1954 except for ve.ry short periods of time. The technical patterns sggest continued diverse movements and the investor must hold the favored issues and dispose of' the unfavorable issues .in orner to take advantage of tpeladJustment or consolidation that seems .indicated over the next two years t . Forsaking the technical action of the maricet for the moment, and coneem;rating on fundamental businessI outlook, it would appear that production, s8,les and –cmp oyment–have-'reachea la leve1 'Just Moui; as–higfi as they -are go.lng to go ave, the next fe\'/ years. The inventory replenishment since the steeJ stt'ile has been about complted. However, indications are that all of ,these factors may remain on a relittive1y high plateau. The capital goods 'boom continues and, due to obsolecense of many plants, may continue longer than many economists expect. Inciiations point to stability rather than sharp incree.ses and that means highly competitive conditions with rewards fo!' the strong and set-backs for the weak. The mOf,t l.mcert8,in factor has been the foreign outlook. The market haS beeome increaslr.gly nervous over the past few weeks and has had sharp spo- 'radic moves both up and down on news of Stalin's death, shooting down of planes and rumored peace proposalS. Ma,ket action and reasoning has become confusedo At this pOint, it mightibe constructive to consult the technical pattern of indlvidual issues for a possible clue These graphs reflect the cOucentrated feeling and oPinionslof investor and speculator throughout the v.'orld. If the technical graphs meaA anything today, they indicate that the lO1g' trm buying has been most prnounced in issues that would ultimately benefit from peace rather than war. The technical pattern of the market seemS .t'2. sge;.!'st that some time in the thear future events may come about that will maJ-ce World War III unlikely over 'the next five to ten years. The first mar- ket-reaction to this development Will mostlikely be wrong.cSuddenand-un ,expected n9WS usually results in lower markets. The Dow-Jones industrials I'deelined almost thirty-five points after the invasion of Korea in 1950. ThiS. 'fi't'st impression was wrong as was evidenced by the subsequent ol).e hundred- pcint o.dvance. That is why I have been advocating a partially liquid positiot); i inveEtment and trading accounts in order to take advantage of possible buying opportunities brought about by such developments. However, the cer- tatnty of peace would, of course,ibe a very bullish development and would I'esult in the ultimate long term advance that I have been predicating to levels cc.nsiderably above the 1929 highs However ,the advance, particularly in the earlier stages, will be extremely selective with some isaues advan- cing while others decline. j EDMUND W. TABELL Narch 27, 1953 I WALSTON & CO. TIll memorandum IS not to be construed as an offer or solic.!Ition of offers to buy or sell any ulcurltles, From time to time Willdon & Co, r any artner ther(lof, mel'! have an Interest in some or all of the ecuritles mentioned herein I The foregoing Material has been prepare;d by 1;1 al a matter of information only It, I bused upon information believed reliable but not necessarily c.omDlete, is not guaranteed 055 accurae or final, …nd IS not Intended to foreclose Independent IMqUII,/ – . I .. .. . , – .t'

Walsto .MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO ISw;twl.,d) , OFFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM 'rABELL'S MARKET LETTER 'The possibility of a tnlce in Korea brought about an abrupt dec line in prices on Monday and Tuesday and both the Dow-Jones industrials and railS bnoke below the February lows of 279.72' and 106.25 to reach new lows for the year at 277.53 and 105.50. The sharpness of the decline brought the market 111to temporarily oversuld territory and a moderate rally followed. This may cary somewhat further, but would expect a testing of the recent lows next week and possibly some further unsettlement. A decline to 275-270in the industrials and 103,-100 in the rails is a near ,term probability. L, See no reason to alter my opinion that 1953 will be neither a bull or a bear year, but rath-er–a-yed-oJ'-pt',iiTate–;bulland ,bear markets in indivi- ,dual securities. Individual patterns continue diverse and expect a conti- nuation of such action. Possibility of a truce in Korea ,and ,a peace offen stve by Russia might cause temporary unsettlement in some induries, ,but basically it is an extremely constructive development. It migfit mean a moderate cut in defense spending, but would also mean an 'increased possibil- ity of lower taxes. The decljne of 17 points in the Dow-Jones industnial average is the slxth such decline we have witnessed in the past two,years. Previous de- clines from February 1951 to October 1952 were 13, 23, 22 21 and 18 points, respectively. Each decline presented an,opportunitY,to buy' iSSl1es with favora,ble technical and fundamental patterns jus,t as each subsequent advance offered ar. opportunity to liquidate unfavorable situations .. I'expect,this trpe of action to be continued in 1953 and possibly 'into 1954 while 'the genera.l market goes through a re-adjustment and consolidation period. In both my Capital Appreciation and Long'Term Investment'Lists, I have recently advocated a partially liquid pOSition in order to take advant;J.ge u f possi'ole buying opportunities, Breaks like that of tne past week prove the advisability of havlng some cash reserves after' the market haEl advanced sharply However, on further weakness would become m.ore fullY invested. LONG TERM IN'lES'S'MEN'I' In accounts CO!'lcerned mainly with income and longer term price appreciation, I have been advising a 75 invested position antl- 25-in short term- governments, On further-weakness-.,-t-o-t-he' 2'7-5-270 area would now' again advise a 100 invested position. Purchases should be se- lective, however. The following issues appear attractive for both,income and price appreciation i Allis Chalmers Burroughs Add. Mach, Montgomery Ward Alpha Portland Cement AJ'lerican Telephone Crane Company Eagle Picher National Gypsum N. Y. Air Brake () Armstrong Cork Electric Autolite Otis Elevator Babcock & Wilcox Elliott Company Sylvania Electric (p) Blaw-Knox General Rwy.Signal U. S. Gypsum Briggs Mfg. Hall Printing Western Auto Supply Bucyrus Erie Lowenstein – (p) – Offered by prospectus only,copy of which is available by request. CAPITAL APPRECIATION In risk accounts concerned mainly with capital appreciatiQn over a six months period, I have been advising a 50 invested pOSition with the remaining 50 liquid in order to'take advantage of buying opportunities, On further weakness to 275-270 in the ,industrials or 103-100 in the rails, would increase invested position to 75, The following issues appear attractve for this purpose ,lleghany Corp. .' Ba t. & Ohio R. R– Beaunit Mills Certa,in-Teed Chic.East Illinois Climax Molybdenum CO-L'.1nbia Broad. CQllins & Aikman, Denver & Rio Grande Fansteel Metal, Interchemical'( Int, Tel & Tel. Miss.Kan.Texas,pfd, Paramount Pictures Penn Dixie Cement Raytheon .( Servel ,( Universal Pictur'es Vanadium Corp. Western MarylandX Western Pa,eific April 2, 1953 EDMUND W, TABELL WALSTON & CO, Thi. memorandum is '!t to be construed as an offr or sohcitation of offers to buy or sell any securities From time to time Walston & Co. or any partner thereof, mar have a Interest In some or all of the securlfles mentioned herein The foregOing material has been prepared by us as a matter of information only It IS ba!ed upon information -beleved reliable but not necessarily comDlete, is not gLlaranteed 03 accurate or final, and IS not intended to foreclose Independent inqUiry ,

Walston &- Co. c,,,,,,timuzt DecuJutuJ- . ………. ,.,………. .- … -.. MEMBERSNEW YORICSTOCK EXCHANGE AND O1HER lEADING STOCK AND COMMOOITY EXCHANGeS ,, NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO (Swa,..lod) OFFICES COAST TO COAST CONNECTED BY DIRECT PR1VAlE WIRE S'1snM l'ABELL'S MARKET LEnER AL8ERr f. Dlsby srI4A,tA, '4/4/ . The market, earlier in the week, declined to our suggested buying levels of 275-270 in the Dow-Jones industrials and 103-100 in the rails. \ 'The week's lows were 271.99 in the industrials and 102.29 in the rails. ;The subsequent rally carried back to 278.85 and 106.05. There is over- ,head resistance at 279-281 and 107-109 that may temporarily halt any ad- iviantCing tendencides. A tCOnsiderable amount of irregularity and unctertiainty !' ,s 0 be expecte over he next ten days or so, but the 1mport ant h ng ito bear in mind, in my opinion, is that selected issues are a bt on. ' ,weaknes s The' market mayC'-again dec'line to the 275-270 and 103- 0 areas. Ag9.in advise purchases of recommended issues in the buying areas suggested. There is considerable bearishness and nervousness about. It has been suggested that we are now in a bear market and that prices may work con- siderably lower. I do not concur in that opinion. I continue to believe jthat we are in a selective market with some issues headed for higher and jsome destined for lower price levels over the next six months. I do not ;believe there is a probability of a bear market at the moment in the sense 'of a general decline such as witnessed in 1946 or 1937, much less than 1929. !TWit does not mean that some individual issues will not work lower. A igreat many have declined substantially during the past' year, while the general market advanced. ' I believe it is old-fashioned reasoning to speak of the market going up or down in the terms of the averages. To me, the averages are more or less meaningless except in the short term sense that I have used them in the first paragraph of this letter as denoting near term general buying or selling levelS. Over the longer term they have no significance 'exeept as a very general measuring yardstick. The market no longer moves as a unit. , — u 3' .. -..— –..,. – ,..;.. .– – ' —.!– After looking over the graphs of over twelve-hundred industrial ,1sflUes, I find no reason to be particularly bearish. The!'e aroe some issues and groups that look lower and should be avoided, but there are a great many more that appear attractive at current levels. , LONG TERM INVESTMENT In accounts concerned mainly with income and ;longer term appreCiation, I advised increasing invested positions to 100 during weakness to the 275-270 buying level reached last week. I continue this advice. In addition to the issues listed in last week's letter, I would also suggest – American Radiator Borg Warner Bendix Consolo Natural Gas Cornell Dubilier El Paso Nat. Gas Hershey Chocolate Hewitt-Robins,Inc. Joy Manufactuing Smith, A.O. Yale & Towne CAPITAL APPRECIATION In risk accounts concerned mainly with capital appreciation over a six-months period, I now advise a 75 invested position. Additional purchases should be made in the aforementioned buying zones. A list of recommended issues was given in last week's letter. To these may be added , … – American Encaustic Chicago Great Western Columbia Pictures Dome Mines New York Central April 10, 1953 EDMUND W. TABELL WALSTON & CO. This hmcy memorandum Is not to be have an interest In some construed Of all of 8S an, offer or the securities solicitation of offers to mentioned herein. The fbourey9olrnc;sledIIrnaayer!ea1ucratItS'leobsreefinFnraolpmreaptniadmreeids t o time Walston & Co or any partner thereof, by us as a matter oj information only It IS not intended to foreclose Independent Inquiry based upon Information 'believed reliable but nat ne1enanly earnolet!!, ,s not '9ua e. as a . .'

—————— ..,. ', Walston &Co. ,/ 0df'JJ71pI nl Secu/u/ / MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO (Sw;twldj OFFICES COAST TO COAST CONNECTEIi BY DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LETTER The market is in the process of testing the early April lows of 271.99, in the Dow-Jones industrials and 102.29 in the rails. This week's lows have been 273.70 and 103.28. The, volume on the testing has been moderate. Another' week or so of this type of action would be technically encouraging. Would I add to holdings during declines to the 275-270 area in the industrials and /' the 103-100 area in the rails. Purchases must be selective, however. The technical pattern suggests that while many issues indicate higher levels, there are many ().the-rs' that look lower. Below is my recommended list. The issues marked with an asterisk appear to be most attractive at the moment. LONG TERM INVESTMENT In accounts concerned mainly with income and longer term appreCiation, I have advised increaSing invested positions fOm 75 to 100 during declines into the buying areas mentioned Buying Buying Price Range Price Range Abbott Lab. 43 42-40 ;Allis Chalmers 52 53-50 ;Alpha Port.Cement 50 49-48 Amer.Chain & Cable '30 30-28 American Radiator 14 14-13 American Seating 20 20-18 General Rwy.Sig. Hall Printing Hershey Chocolate Hewitt Robins Joy Mfg. Lone Star Cement 33 17 43 26 36 32 33-32 17-16 43-42 26-25 36-34 31-30 ;Amer. Tel & Tel 156 156-154 Armstrong Cork 54 52-49 ;Babcock & Wilcox 38 38-35 ;Blaw Knox 19 19-18, ;Briggs Mfg. 38 38-36 Bucyrus Erie 26 26-24 Burlington Mills 13 13-12 Burroughs Add.Mach. 16 16 Chain Belt (p) 32 32-30 Columbia Gas 14 14-13 Lowenstein Mont.Ward National Gypsum N. Y. Air Brake Otis Elevator Owens Ill.Glass Parke Davis Penn Salt (p) Pfizer (Chas.) Phillips Pete 6343 21 20 42 78 40 45 28 62 32-31 63-60 21-20 20-19 40-39 77-75 42-40 46-44 28-27 58-55 Consol.Natural Gas (p) 54 'Cornell Dubilier 22 Crane Company 33 Eagle Picher 22 54-52 22-21 33-30 22-21 Shamrock Oil 38 Smith, A.O. 32 Sylvania Elec.(P) 34 U.S. Gypsum 112 37-36 33-30 34-32 114-110 Elec.Auto Lite 51 Elliott Co. 29 'El Paso Natural Gas (p) 34 52-50 30-28 34-33 Western Auto S. Yale & Towne 54 38 54-51 38-37 CAPITAL APPRECIATION In risk accounts concerned mainly with capital appreciation over a six-month period, I have advised increasing invested positions to 75 from 50 during periods of decline into the buying areas mentioned Price Admiral (p) 27 Alleghany Corp. 5 ,f Allegheny Ludlum 34 Amer. Encaustic Tiling 7 'Baltimore & Ohio 26 ;Beaunit Mills 20 Canadian Brewing , \ Celanese Certain-Teed Chic.East.Illinois Chic.Great Western 19 27 14 20 21 Climax Molybdenum Columbia Broad. Collins & Aikman Denver,Rio Grande Dome Mines Eastern Airlines 'Fansteel Metal. Ferro Corp. Gray Mfg. Greer Hydraulics ,Hercules Motors 38 42 21 76 21 25 32 25 19 18 20 Buying Buying Range Price Range 27-25 Interchemical 23 23-21 5-4 34-30 7-6 Int. Tel & Tel 18 Minn.St.P.& SSM 14 Miss.Kan.Texo,pfdo 64 18-17 14-13 63-60 25-24 20-18 National Dist. 20 21-19 New York Central 21 21-20 Mkt. Northwest Air. 13 13-12 28-26 Pacific Mills 27 27-25 14-13 Paramount Pict. 28 28-26 20-19 22-20 . Penn-Dixie Cement 35 Pittston Company 27 35-33 28-26 38-36 41-40 Raytheon Servel 13 13-12 12 12 20-18 Standard Packaging 14 14-13 75-70 21-20 Universal Pict. Vanadium Corp. 15 15-14 40 40-38 25-24 Warner Bros. 16 17-16 31-29 26-24 Warren Petroleum 35 34-32 Western Air (p) 11 11-10 18-17 Western Maryland 27 26-25 18-17 Western Pacific 58 58-55 20-18 (p) Prospectus available on request. EDMUND W. TABELL Th,s memorandum is not to be contrued as an offer or solicitation of offers to buy or s . . 'IT\ I I to time Wahton & Co. or any partner thereof, ml'), have an Interest In some or all of the seCUrities mentioned herein The foregOing material has been prepared by uS as ,Ii mattflr of information only It n based upon Information believed reliable but not eceHarily comolete, is not guarantud as accurate Of final, and is not intended to foreclose Independent Inquery

/'- ' '-Walston &Co. MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO (Sw,twl.nd) OFFICES COAST TO COAST CONNECTEC BY DIRECT PRIVATE WIRE SYSTEM , ;TABEL'lt below the early April lows of 271.99 in the Dow- riones industrials and 102.29 in the rails to reach intra-day lows of 269.25 .and 101.02 on Friday. The closing levels were 271.26 and 101.88. Penetra- tion to new lows has little significance in the present technical pattern. There is strong support all the way between 270 and 255 in the Dow-Jones 'injustrials. It is my opinion that the decline will halt in the upper levels. of this very strong support area. It is my belief that the market is at or near a very important buy- .'1g pOint. Both the short term and intermediate term technical indicators at in a position to give a buy signal during the next week. This is the fi'rst time since the January highs that both indicators have been in gear. Earlier in the year, this letter advised reducing Long Term Invest- lIIent Accounts from 100 invested to 75 and Capital Appreciation Accounts ft'om 75 invested to 50 invested; Recently, we have advised increasing nvested positions to'lGO in Long Term Investment Accounts and 75 in !;apital Appreciation Accounts on weakness to the 275-270 area in the indus- ';rlals and 103-100 in the rails. On further minor weakness, would increase c'1'iested position in Capital Appreciation Accounts to 100 invested. LONG TERM INVESTMENT In accounts concerned mainly with income and ,lODger term appreciation, I have advised increasing invested positions to JOO during declines into the buying areas mentioned. In addition to the issues recommended last week, would add the -z.. l)Llowing Buying Buying A'llt)l'ican News Price Rane 36 3b- 4 Glidden Price 5 Rane 34- 3 nimdix Aviation 57 57-54 Great No .pfd. 52 52-50 Caj ifot'nia Packlr.g 26 26-25 Indust .Rayon 46 46-42 r.h.c. ,Rock Island 68 66-64 Louis.& Nash. 59 59-56 Corn Products 70 70-68 PillsbuI7 (p) 35 35-33 Flntkote 29 29-27 Vick Chemical 24 24-23 In last week's letter, some copies carried the wrong figures on G.'Cneral Railway Signal. The price should be 33 and the buying range 33-32. CAPITAL APPRECIATION In risk accounts concerned mainly with capital ,,;oJ.'eciation over a six-month period, I have advised increasing invested r,ositions to 75 from 50 during periods of decline. Would become 100 in- 'rest;ed on further weakness. ' I a adding some additional issues to the list. Because of a typo- grcJ.p!1ial error on some copies of last week's letter, the prices and buying -,c.r,ges were in the wrong spaces. I an; reprinting the entire list below i,'5th additions Buying Buying Price Range Price Range A01T.ir'a1 (p) 26 26-25 Hercules Motors 19 ,tl.l'.eghany Corp. 5 5-4 Interchemical 23 AJlegheny Ludlum 34 34-30 Int. Tel & Tel 17 Amer.Encaustic Tiling 7 7-6 Masonite 21 Bahimo'e & Ohio 25 25-24 Be3.1Jnit Mills 20 20-18 3ell & Howell (p) 20 20-19 C',nadian Brewing 18 18 Celanese 26 26-25 Certain-Teed 14 14-13 Cicago East.Illinois 20 20-19 Chicago Great West. 20 22-20 Minn.St.P.& SSM 14 Miss.Kan.Tex.pfd.63 National Dist. 19 New York Central 21 N.Y.,Chic.& St.L.40 Northwest Air. 12 Pacific Mills 26 Paramount Pict. 27 Climax Molybdenum Golumbia Broad. Collins & Aikman Decca Records (p) Denver,Rio Grande Dome Mines Eastern Airlines Farstee1 Metal. FerlO Corp. Goodall Sanford Ci.ray Mfg. Creer Hydraulics 39 38-36 43 41-40 21 20-18 11 11-10 75 75-70 21 21-20 24 24 31 31-29 24 25-24 17 17-16 19 18-17 17 18-17 Penn-Dixie Cement 35 Pittston Co. 27 Raytheon 13 Servel 12 Stand.Packaging 14 Universal Pict. 16 Vanadium 40 Warner Bros. 16 Warren Petroleum 34 Western Air.(P) 11 Western Maryland 26 Western Pacific 55 Ap!'il 24, 1953 (p) Prospectus available on request. 19-18 23-21 17-16 21-20 1-13 63-60 20-19 21-20 41-39 13-12 26-25 27-25 35-33 28-26 13-12 12 14-13 16-15 40-38 17-16 34-32 11-10 26-25 56-54 This memorandum is not to be condrued as an offer or solicitatron of offers to bu 'M lfies 0 time Walston & Co. or any partner thereof, I may have an rnteret in some or all of the secuntles mentioned herein The foregoll11l1 /l1i1I!'t'IM\T be!Qf, ted by u as a matter of Information only It is . based upon information 'believed rehable but not necessarily comolete, is not guarantellllt-itcurlrti'or trna1, and' is not intended to foreclose independent InqUiry

————————– Walston &Co. .. 7(M,jIJ.J1/nt 8aulu/teJ.- ………..MEMBERS-mWYORrc..-ST6(f-iEXiMA''E..;;i,EAO'tNG SlO AN COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO (Sw …landJ OFFICES COAST TO COAST CONNECTEi BY DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LETTER It appears probable that the market.has completed its intermediate term decline at last week's lows of 269.25 on the Dow-Jones industrials and ,101.02 on the rails. These levelS apprpximate my suggested buying areas of ,275-270 and 103-100. In the last two years, the industrial average has had twelve moves of mope than 5. Six have been on the upside and six on the downside. Their approximate scope and dates are .listed below ADVANCES LOW .. 223 242 241 255 255 263 DATE December, 1950 March, 1951 June, 1951 November, 1951 May, 1952 October, 1952 HIGH 257 264 277 276 281 295 February-D, AT1-E951 May, 1951 September, 1951 January, 1952 August, 1952 January, 1953 plus 44 plus 22 plus 36 plus 21 plus 26 plus 35 HIGH 257 . 264 277 276 281 295 DATE February, 1951 May, 1951 September, 1951 January, 1952 August, 1952 January, 1953 DECLINES LOW DATE 242 March, -r951 241 June, 1951 255 November, 1951 255 May, 1952 263 October, 1952 270 April, 1953 minus 13 m.inus 23 minus 22 minus 21 minus 18 minus 25 The rail average has had a similar series of swings although the scope and dates have been somewhat different than that of the industrials. It appears that the recent decline was just another of the series of con- soJidating swings of the past two years or more. During this period,individual issues have not followed the general market pattern. The cloSing price level on December 31, 1951 was approxi- mately 269. Fifteen months later, at last Friday's lows, the industrial ave-rage was about the same level. Individual issues on the same date showed E. quite different pattern. For example, in the same period of tim.e.z. Carrier Cororation advanced from 23 to 40, Seaboard Air Line from 70 to 100, South- error Railway from 51 to 84 and Clark Equipment.. from. 29 to 40. However, the '('act that the industrial average was approximately unchanged after fifteen moths was of little solace to the investor who bought on the last day of 19,1, such stocks as Commercial Solvents at 31 and-now 19, National DistilJers at 34 and now 19, Cerro de Pasco at 54 and now 28,,,Celanese at 52 and no'\' 28 or Abbott Laboratories at 59 and now 42. I expect this selective action to continue in 1953 with moves in both directions by both the averages and individual stocks. I do not expect 19,3 to be a bull or a bear year, but rather a combination of both with private bull and bear markets in individual securities. In my last two letters, I published a list of recommended issues for both investment and capital appreciation accountS. I believe these issues 'will show above average action and should e bought on weakness. Listed below are a number of issues that I believe will show below average action and should be sold on strength American Car & Fdry. American Cyanamid American Metal Atlantic Refining Beechnut Packing Bohn Allliinum Bullard Cities Service Cluett Peabody Continental Oil Corning Glass Deere & Co. Dow Chemical Firestone Tire Food Machinery Grumman Air. Goodrich Holly Sugar Lee Rubber Mathieson Chern. Mid-Cont.Petroleum Monsanto Chemical OwenS Corning Stand.Oil of Indiana Texas Co. United Carbon United Fruit U. S. & Foreign Sec. White Motor May 1, 1953 EDMUND W. TABELL WALSTON & CO. This memorandum is not to be construed as an offer Of olic;,ttion of offen to buy or silli lny SlIcunt,es From time to time Waldon & Co. or any pa.rtner thereof, may have an Interest in some or all of the securities mentioned herein The foregoing material has been prepared by us a5 a matter of information only It IS based upon informahon beheved reliable but not neceuarlly comDlete, is not guarClnteed as accurate or final, and is not Intended to foreclose independent Inquiry

Walston &Co. J ) MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS AN6ELES SAN FRANCISCO LUGANO (Sw,t,,d) OFFICES COAST TO COAST CONNECTEC. BY DIRECT PRIvATE WIRE SYSTEM UBELL'S MARKET LETTER In seven trading days, from April 23rd to May 5th, the market recovered a good portion of the declines from both the January bull market highs and also the March highs. This is illustrated in the table below January High. March High April Low Ma& High Dow-Jones IndustrialG 295.06 – 291.96 , 269,25 2 0.01 Dow-Jones Rails 113.94 112.87 101.02 105.12 This amounts to a reco'lery of roughly 40 and 47 in the industrials and 33 and 36 in the rails. The recovery has been rapid but still holds within the scope of a normal technical retracement. The short term techni.ca 1 indicator has become overbought and suggests a moderate decline. lilost constructive action would be a dip, on moderate volume, to approximately 275. This would build up a strong technical pattern and suggest, after some –further consolidation, an attempt to push through the heavy supply at 280 ..285. 'rhe outlook for some of th0 leading groups is outlined bAlow! AIRCRAFT MANUFACTURERS. This group has had a rather sharp decline from thA March higriS-because of truce possibilities and a possible cut-back in armaments. Would expect continued nervous action. Technically, the group does not appear too vulnerable, but would not expect much upward push. y favorite issue is North American Aviation. Issues that have a helicopter background such as United Aircraft and Bell also would appear to have growcn pOl3sibilities. Piasecki Helicopter, on the unlisted market ,presents exceJ.-' lent growth appeal. Our Research Dept .recently released a report on co;iipa,..;\'. AUTOMOBILES. Would not expect much price action in these issues over nel,r term. They do not appear too vulnerable, however. Chrysler has a stPOfl.3 support level around 77-75 and General Motors around 60. , AUTO.'IOBILE TRUCKS present a rather dull, unfavorable pattern. Woule 'avoid this group. 'rbere are better situations elsewhere. AUTOMOTrlE EQUIPMEIlT issues are in a favorable technical' position.,ey ar, close to support levels and have built fairly substantial potential bas9 'pa1;tecns. Favorable situations include Bendix, Briggs and Timken Detroit Axle. BUILDnG SUPPLY issues may be slow over the near term, but from a teehnica.l viewpoint-the intermediate term and long term potentials are veF pronising. A number of companies in this group are on my recommended list ,sueh as An!erican Radiator, American Seating, Crane Company, Eagle Picher, Na.tional Gypsum, Otis Elevator and U. S. Gypsum. CEMErff stocks have generally favorable patterns.They still indicate substantially higher levels over the longer term, and from a technical vj,ew pOint,the downside risk appears linited. Alpha Portland Cement appears the 'mont attractive on my work.Lone Star Cement and Penn-Dixie Cement also have Jn;0resting potentials. CHEMICAJ. There is no definite pattern in this group. Some issues appear moderately attractive, but others indicate lower levels.Purchases, in my opinion, should be conrined to Allied Chemical and Union Carbide during periods of gene;'al price weakness. DRUG. This group has declined sharply.Most issues appear to be at or neE,r their lows, but time may be needed to form base patterns. FARM MACHINERY This group appears headed for moderately lower levels. Allis Chalmers,partially in this group, appears to be an exception. FINANCE COMPANIES appear to be high enough at recent highs. Consolidation is needed. NATURAL GAS issues still have favorable patterns.Consolidation may be needed in some cases,but long term patterns are generally favorable. MACHINERY.There are several very interesting profit opportunities in thts group. Particularly like Blaw-Knox,Bucyrus Erie, Babcock & Wilcox and Joy Manufacturing. MINING & SffiLTING. Lower levels have been indicated for a long while. No change. MOVING PICTURES.I turned bullish on this group too soon, but they are now working out favorably. Continue to hold. . OILS. With the possible exception of special.situations like Anderson Prichard and Pacific Western, this group appears headed for lower price levels.There is overhead supply in most of these ,issues. Sellon strength. The remaining groups will be continued in the next market letter. May 8, 1953 EDMUND W. TABELL WALSTON & CO. This memorandum 15 not to be construed as an oHer or solu.tation of offers to buy or sell any SeCUrities From ',me to time Walston & Co, or any artner thereof, may have' an interest in some or all of the securities mentioned herein The foregOing molteno'll has been prepared by uS as a m!ltier of mformatwn only It.s bued upon ,nformation believed reliable but not necessarily comolete, 15 not 9Uol'ranleed as ..(curate or final, and IS not Intendl)d to foreclose Independent inquiry

Walston &Co. MEMBERS NEW YORK STOCK EXCHANGE AND OTHER lEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO ISw,hed.,dJ OFFICES COAST TO COAST CONNECTEr) BY DIRECT PRIVATE WIRE SYSTEM TABELL'SI-\\T V,y letter I stated that Most constructive action would be a dip, on moderate volume, to approximately 275. This would build up a strong technical pattern and suggest, after some further consolidation,an attempt to push through the heavy supply at 280-285. The market has con- solidated for the past few trading days and reached a low of 275.10. The favorable action of the rails encourages the thought hat the industrials may move ahead also and pass last week's high of 280.01. LONG TERM INVESTMENT. In accounts concerned mainly with income and longer term appreciation, I advise 100 invested position – Buying -Buying – Price Rane Price Rane General Rwy.Signal 33 33- 2 Abbott Laboratories 43 42- 0 Glidden 34 34-33 Allis Chalmers 54 53-50 Great North.pfd. 56 55-53 Alpha Port. Cement 49 49-48 Hall Printing 17 17-16 Amer. Chain & Cable 30 30-28 Hershey Chocolate 43 -43-42 American News 36 36-34 Hewitt Robins 28 28-26 American Radiator 14 14-13 Industrial Rayon 45 46-42 American Seating 19 20-18 Joy Mfg. 36 36-35 Amer. Tel & Tel 156 156-154 Lone Star Cement 33 32-30 Armstrong Cork 53 52-49 Louisville & Nash. 60 59-56 Babcock & Wilcox 38 38-36 Lowenstein 33 33-32 Bendix Aviation 61 58-55 Mont. Ward 62 63-60 Blaw-Knox 19 20-19 National Gypsum 22 22-20 Briggs Mfg. 37 38-36 N. Y. Air Brake 20 21-19 Bucyrus Erie 28 28-26 Otis Elevator 41 42-40 Burlington Mills 13 13-12 Owens Ill. Glass 78 77-75 Burroughs Add.Mach. 16 16 Parke Davis 37 40-37 California Packing 25 26-24 Penn Salt (p) 44 46-44 Chain Belt (p) 31 32-30 Pfizer (Chas.) 30 28-27 Chic.,Rock Island 72 70-68 Phillips Petroleum 58 58-55 Columbia Gas (p) 14 14-13 Pillsbury (p) 35 35-33 Consol.Natural Gas (p) 52 53-51 Shamrock Oil 39 39-37 Cornell Dubilier 24 24-22 Smith, A.O. 30 31-29 Corn Products 72 70-68 Sylvania Elec.P) 36 36-34 Crane Company 31 32-30 U. S. Gypsum 113 114-110 Eagle Picher 20 21-20 Vick Chemical 24 24-23 Elec. Auto Lite 47 50-47 Western Auto Supply 54 54-51 Elliott Company 239 30-28 Yale & Towne El Paso Natural Gas(P) 4 34-33 37 38-36 Flintkote 29 29-27 CAPITAL APPRECIATION. In risk accounts concerned mainly with capital appreciation over a six-month period, I advise a 75 invested position – Buying Buying Price Range Price Range Admiral (p) 27 26-25 Hercules Motors 19 19-18 Alleghany Corp. 5 5-4 Interchemical 24 24-22 Allegheny Ludlum 34 34-30 Int. Tel & Tel 17 17-16 Amer. Encaustic Tiling 7 7-6 Masonite 21 21-20 Baltimore & Ohio 25 25-24 Minn.St.P. & SSM 14 14-13 Beaunit Mills 19 20-18 Miss.Kan.Tex.pfd. 66 65-60 Bell & Howell (p) Canadian Brewing 20 20-19 National Distillers 19 18 18 New York Central 22 20-18 22-20 Celanese 28 27-26 N.Y.,Chic. &,t.L. 41 41-39 Certain-Teed 14 14-13 Northwest Airlines', 12 13-1 Chic.East Illinois Chic.Great Western 20 20-19 Pacific Mills 26 21 22-20 Paramount Pictures 27 26-25 27-25 Climax Molybdenum 40 39-37 Penn-Dixie Cement 37 36-34 Columbia Broad. 43 42-41 Pittston Company 26 27-25 Collins & Aikman Decca Records (p) Denver, Rio Grande 20 20-18 Raytheon 13 12 12-11 Serve1 11 81 80-75 Standard Packaging 14 13-12 12-10 14-13 Dome Mines 20 20-19 Universal Pictures 16 16-15 Eastern Airlines 25 25-24 Vanadium Corp. 40 40-38 Fansteel Metal. 32 32-30 Warner Bros. 16 17-16 Ferro Corp. 24 24-23 Warren Petroleum 37 35-33 Goodall Sanford 17 17-16 Western Airlines (p) 11 11-10 G MtfMttPanilirfs 1 1 –,J1.6 WesternnFrMa la&nedWII-Iton 2 2 -25SJ,-;;- may mhGavI;eu-II.Dw'.d,.ur1intllren , – WALSTON &,O.M2vynfol5honbaseoi som1!. 1!9J3 realriraobrlet.\Ueoarrlnlu1rot4fJfe,rr.leosirimseFntiolaniHefdonb1oer.feStns rThae foaurywgqoltrE9s'ieLlrlhT1tu'tQenatl ;hlas blT.ep(!tf.j….by orJ.1iUtIl!\ltH'S w & or any pdtt ,'Ii(. , uIsIlltetoc'0f'\U1NMU'ltkHt'UrJi'ilfotQ/n1rm5'hOI!t!)p.1MS'iTIl'TIwI yIS I,