r; 'fl-r; Walston &- Co. ,;l MEMBERS NEW YORK STOCI( EXCHANGE AND OlHER LEAOING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO Swd,ld I OFFICES COAST TO COAST COlNECHC BY DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LETTER January 7, 1955 With the rise in margin requirements as a reason – or rather, as an excuse – the stock market sUffered its first decline of consequence in over fifteen months. A market that has advanced 60 pOints in two months without any correction and over 155 points in fifteen months with only one minor decline is obviously in need of shakeout somewhere along the line. William Bloeth of the New York World-Telegram & Sun put it rather neatly when he said Any time the market puts on a sensational advance, which is about the description for the last year-plus, a lot of neophytes get the idea that they have the magic touch and nothing can go wrong. The market functions best when approached with a reasonable amount of caution and a full realization that it has never been a one-way street and no New Era is on the horizon to change the established pattern. The correction would have occurred sooner or later whether the Federal . Reserve Board had raised margin requirements or not. The mild action of the F.R.B. is more in the nature of a warning against future overspeculation rather than a thought that overspeculation has already occurred. To compare the present market with 1929 is rediculous. The difference is as great as the difference between black and white. Just as one instance, loans on securities were five times great.er in 1929 than they are today. There is no need for a Senate study of why the market has advanced over the past fifteen months. The answer is obvious. In 1953, stocks were grossly undervalued in terms of historic price to earnings ratios and stock to bond yields. The advance since that time has simply brought prices more in line with actualities, but has not resulted in general overspeculation. Many issues appear high enough but many others appear undervalued. Until such a time when public speculation results in general overvaluation of all types of securities regardless of quality, I do not feel the market is vulnerable to more than technical corrections. This week's decline from Monday's all-time high of 409.21 in the Dow-Jones industrials to Thursday's low of 387.09, is a 5.8 correction. This is the tenth correction of more than 5 that has occurred since the start of the bull market in 1949. So far it isthe third smallest decline of the five-year period. The greatest decline was 15 in the 1950 Korean invasion market and the smallest was 5.4 last August. If the present decline is to be simply a correction of the overrapid 60-point advance of the last two months, it should not carry much further. A minimum one-third correction was about 390 and a minimum two-thirds correction would mean about 370. This fits in with support areas. There is strong support in the 395-385 area and again at 375. From my technical work, a below 375 is extremely unlikely at this stage of the pattern. Practically no individual issue has formed a distributional top that would indicate a decline of great magnitude. To form a vulnerable pattern considerably more time would be needed. It is possible that the present decline is a preliminary warning of the formation of a distributional top just as the February 1946 decline was a warning that a possible top was forming then. But just like 1946, the present decline must be followed by a rally to possibly new high territory in the averages with definite signs of weakening internal action. No signs of such deterioration has as yet occurred and, until it does, I do not believe the market is vulner- able to more than the overdue technical correction that is not taking place. It is my opinion that the market is now in a buying range as far as a great many individual securities are concerned. In recent letters, I have discussed all the securities I have recommended during the past two years. I have recommended the sale of some because they appear high enough or have not lived up to their projected technical performance. -2- This still leaves a large number that still indicate higher levels. The nIneteen stocks I am listing below represent, in my opinion, above average chances for price appreciation over the intermediate term. They are of varying investment quality, but all have attractive patterns. Three issues – CUTLER HJ\MMER, the leading producer of electrical control devices and manufacturer of industrial electronic equipment, MISSION COR, an oil holding company and MONTANA, DJ..KOTJ.. UTILITIES a growth utility company with an important oil background are new additions to the list and will be reviewed in more detail in future letters. It will be noted that a large percentage of the issues are oils or related to oils. This is because I believe the oil group has perhaps the most favorable intermediate term pattern of any of the major groups. PRICE American Fotash 68 .L'.tlantic Refining Black & Decker Blaw Knox 37 2496 Cities Service 120 Cutler Hammer Dresser Industries 5378 Eagle Picher 27 Hewitt Robins Joy Mfg. 3443 Lion Oil 47 Mission Corp. Montana-Dakota -Utilities 3268 Ohio Oil Pan '.merican World Air. Simmons Co. 614780 Sylvania Electric 44 United Shoe Machinery Yale & Towne 50 53 YIELD 3.0 5.4 4.0 44..25 5.2 5.3 65..05 45..37 Stock 344…945 6.2 4.5 5.0 3.8 WALITY Growth Medium Medium Medium Medium Medium Medium Medium Medium Menium Growth Medium Speculative Medium Speculative Medium Medium Medium Medium EDMUND VI. TABELL VlALSTON & CO.

-r Walston &- Co. MEMBERS NEW YORK STOCI( EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO (Swmld) OFfiCES COAST TO COAST CONNECTED BV DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LETTER January 14, 1955 The market, as measured by the averages, held in a relatively narrow trading area during the past week. Probably the high of 412.47 on the Dow- Jones industrials reached on January 3rd and the low of 387.09 reached on January 6th will be the outer limits of a trading area for quite some time. In fact, over a longer period of time, I would not be surprised if the mar- ket held within an area bounded by, roughly, 425'high and 375 low for the next six months or longer. This would probably be the most constructive technical action that could occur. During such a period, of course, in- issues could pursue their own course. ' uew people realize how diverse the action of the market has been over recent years. Regardless of the fact that the Dow-Jones average has advanced for over five years with just a few minor interrupt'ions, the action of various types of securities has been quite different. Many hold- ers show losses on individual securities the fact that the general market has been in a broad advance Since 1949. hS always, it has been dan- gerous to buy the wrong securities at the wrong time. In the main, it has definitely paid to own quality issues over recent years. The following compilation may be of interest. It presupposes an investment of 100,000 in four different groups of stocks at the 1946 highs. The first group is composed of twenty growth issues and presupposes an investment of 5000 each in such growth companies as Dow Chemical, Corning Glass,I.B.M., etc. The second group is composed of twenty stocks of investment quality. It was selected from the twenty favored issues of 130 Common Trust Funds of leading trust companies. It includes such issues as General Motors, Standard of New Jersey, General Electric, National Dairy, Sears Roebuck, etc. The third group consists of good quality dividend-paying issues a bit below the investment quality of the second group. It consists of issues like Allied Stores, Allis Chalmers, Babcock & Wilcox, National Gypsum, Sylvania, etc. The fourth group consists of lower-priced, more speculative issues. It comprises the twenty most actively traded issues in 1953 sell- ing at around 20 or lower. It includes the issues in which the general public usually trades. It consists of issues like Armour, Avco, national Telephone, New York Central, Pennsylvania, Pepsi-Cola, etc. Here is how a purchase of 100,000 at the 1946 highs of each of ese groups would have worked out until Decembe-r 31st, 1954 ' 1946 High 12/31/54 Growth Issues Investment Issues Medium-Grade Issues Low-Priced Issues 100,000. 100,000. 100,000. 100,000.. '313,860. 222,625. 136;'512. 76,245. In other words, the purchaser of low-priced, speculative' stocks at the 1946 highs still has a loss eight years later. There is a reason for this as shown by the earnings behind each of these groups. 1954 earnings are estimated 194-6 1954 Growth Issues Investment Issues Medium-Grade Issues Low-Priced Issues 5,998. 6,482. 7,724. 5,530. 14,285 plus 239 -16,079 plus 251 12,486 plus 163 4,570 minus 18 Just as there is a reason in the earnings picture, there is also a reason for the diverse action in the dividend pattern. Here are the divi- dends paid in 1946 and 1954 3 Growth Issues Investment Issues Medium-Grade Issues Low-Priced Issues 1946 2,503. 3,520. 3,080. 1,543. -. -195-4 7,827. plus 313 8,826. plus 251 6,411. plus 208 2,243. plus 145 -2- 2 It is interesting to note 1/2 at the time of purchase, that the Growth Issues were but are now yielding almost 8yiebldaisnegd only on the original purchase price. Of course, to the purchaser today, the yield is only 2.4. That is the outstanding characteristic of growth issues. Yields are low at purchase, but the growth 'in earnings and dividends eventually result in a larger return than on defensive and cyclical issues. Of course, the rise of the last fifteen months has resulted in yields and price-to-earnings ratios that are comparable to those reached at the top -of 1946. The tables below illustrate the approximate /E ratios and yields that prevailed at 1946 top, the 1949 low and at the end of 1954. YIELD. 194b 1949 1954 PLE RA.TIO 194b 1949 1954 Growth Issues Investment Issues Medium-Grade Issues Low-Priced Issues 2.5 4.5 2.4 33..15 97..03 43..97 1.5 4.2 29 16.5 10.2 21.8 15.4 7.1 13.7 12.9 18.0 5.3 10.9 9.4 15.5 On the basis of the above figures, the growth issues are selling higher than the 1946 ratios and the investment group are approaching the ratios reached at the 1946 high. Of course, increase'in earnings and dividends would change this picture, but any sharp price increase in these two groups would be unjustified under present earnings and dividends. These two groups appear to have corrected the undervaluation that has existed for over eight years. The medium-grade group still appears to offer the best profit opportunities with the least downside risk, particularly in issues that appear to be graduating from medium-grade to highergrade. I have recommended issues of this type such as American otash, Babcock & Wilcox, Penn-Dixie Cement, Western Union, etc. J,lso ,-I still like Dresser Industries, Joy Manufacturing, Black & Dec,ker, etc. – The low-priced stocks still offer opportunities for price appreciation, but here the risk is much greater as witness the fact that buyers of some of these issues at the top eight years ago are still under water. The above is based on fundamentals. From a technical viewpoint, a great many issues have reached their upside objectives, but have as yet formed no vulnerable tops. A large number of issues still indicate higher levels. It is possible that the recent decline is the start of a distributional top pattern, but if this is so, considerable time will be needed to complete the pattern and, as in 1946, there should be plenty of signs of deteriorating patterns. These signs are not yet evident. EDMUND W. TABELL WAlSTON & CO. P.S. If you desire the names of the individual issues mentioned above, I will be very glad to furnish them to you. EWT 4-groups LM .,.. … Following ;re the stpcks used in the (!or.lpllatlon of Q;l'OUPS as outliu,ed market letter of ,iamlal',f 14,1955 20 Aluminium, Ltd. Allleriada . Ca!'l'l.er Corning Glass Dm1 Cherl'lica 1 DuPont El Paso Natl.Gas Goodrich Inter.13us.M \inn . HoneYNell lttnn .Minlog I'jonsanto NOaltenl.sonCaol rLneiandg Pfizer Radio COlt') Hohrn & Haas Scott Papel' Shell Oil 1)1,ion Carbide 20 Al\1er1.can Can AllIer .Cyanamid DuPont Oenenra1 Electr!.e General Foods Genera I f!OtOI'S Gulf Oil Johns r'llI'1ville Kennecoi;'i Natlonal Dairy Penney, J.O. Phillips Pete Sears Roebuci4 Socony Vacuunl Stand.Oil Stand.On Stand.Oll ooorff Calif. Ind. N.J. t'exas Union Caro!.de \'lestinghouse Elec. 20 Allied Stol'es Allis Chalmers Babcoc!c & i'filcox Blew-Knox BucYiMlS Erie Burroughs Chain Belt Clev .Elee .n.l. Crane Distillers C,Oll'P. S JEolyliott Lowenstein Nead National Gypeum NY Ail' Bra!ce Penn-Di1,ie Cement Rheem iljg. Sylvan1.a Elec. Yale 8; To.me fi.rner .Air11nes Aveo BaU.a 01'110 Canada Drir Colum1bia Gas Emerson Radio Gimbel ILnoet1; , 8 & Tel Nack N.'1..Centll'al Pan ArnericaI'l Penn.n.R. Pep;IJ.-Cola Raytheon Rexall Drug Servel Spiegel Studebal-cel'-Pacard I .4'

f .. / Walston &- Co. MEMBERS NEW YORK STOCK EXCHAP\lGE AND OTHER LEAOING STOCI( NO COMMODITY eXCHANGES NEW YORK PHILADELPHIA LOS ANGElES SAN FRANCISCO LUGANO ISw,,,,,',,d) OFFICES COAST TO COAST CONNECTEC BY DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LETTER January 21, 1955 It is quite evident that the character of the market has changed. The straight-line advance that started early in November has apparently ended and is being replaced by a broad trading area. The outer limits of this contemplated trading shelf are not yet clear. The technical pattern that has formed over the past several weeks is not yet complete and must be watched closely. It is possible that a vulnerable pattern could be formlng for the first time since mid-1953. The formation in the industrial average and in some individual stocks has the appearance of what technicians call a head and shoulders top. This possible top has been formed by the mid-December high of approximately 400, the early January high of 412 and the recent ral,ly top of 402. The lower part of the pattern is the 385-387 area which has been the low on the last two market declines. A decisive downside penetration of this support zone would indicate a further decline to the 375-360 area. On the favorable Side, my intermediate term technical indicator registered a buy signal on Tuesday. If the upside momentum continues and the industrials push above the 402-403 level, the potentially bearish pattern would be destroyed. Therefore, it would appear that 403 and 385 are the important points to watch. Friday's close was 395.86. The above analysis applies, of course, to the'nearer term action of the market. The longer term trend of the market is still upward, but a resting period may be in order. Selected stocks should be bought regardless of the shorter term swings in the averages. There are many issues that indicate higher levels over the longer term. One such issue is reviewed below MONTANA-DAKOTA UTILITIES CO. Statistics The common stock of this com- Current Market Current Dividend Current Yield 26 1.00 3.8 pany, in my opinlon,is amost interesting growth situation based not only on the potential population increase in the territory Long Term Debt Preferred Stock Common (Shares) .40,170,328 9,941,500 1,758,644 served, but also on the company's control of substantial acreage in the Williston Basin. A good portion of this acreage is under Net Per Share,1954 1.56 – E Net Per Share,1953 95 Operating Revenue,1954 – 22 million -E Operating Revenue,1953 – 19.48 million operating agreement with Shell Oil. If sizeable oil production is developed in the future, it is probable that this portion of the company will be spun off to Market Range, 1952-1955 28 7/8 – 17 1/2 stockholders as a separate company. E – Estimated As a utility company in a growth territory, the stock should be worth its present price in the not too distant future without giving any value to its oil acreage. Montana-Dakota Utilities supplies gas and electricity to communi- ties and municipalities in Montana, North and South Dakota and vlyoming. A total population of only 375,000 is served, but the growth potential is sizeable. The area served is experiencing substantial population growth and accelerated commercial and industrial development because of the rapidly expanding oil exploration and production activities in the Willis- ton Basin. The company's electric and gas utility services extend over this entire area. The reflection of this growth potential was shown by a 12.3 increase in operating revenues in the first eleven months of 1954. Earnings for 1954 are estimated at 1.56 a share. The dividend rate was recently increased to 25 quarterly. Th,1 m ., m,mor.ndum nol to be h…. ,n ,nl,rut ,0'1 10' (onllfl,r,d or .11 of ., … oft.r or lolocit,tiOf'! of oHI to bur o. II ttl, I4Icu,lfl m,fltlon,d h.ln The 10'looi9 .n, l.cud' h', iu b. From ,n p time lr,d tobolltimUeI W,lIton , Co, I' mett., 0 or ,In., p,rtn,r 00'11, It UPOI'l ,lIlo.ml',on b.h,.,d li,bl, but l'Iof KIIMril, compl.,., 'I not qu.,.ntd ., KCW. or titl.I, .tld '1 tlet Itlletlded to 'ore,loie Itldepetldetl' 'quory -2- It is four years since the discovery of oil in the Williston Basin and it appears that actvities have settled down to careful exploration and development largely by the major oil companies. The feverish leasing activities throughout the Williston Basin have largely given way to a careful study of the area, and unlikely leases are being dropped. MontanaDakota Utilities controls, by leases or operating agreements, approximately 263,000 acres in the Williston Basin. Of this total, approximately 90,000 acres are on the Cedar Creek Anticline in Montana which has assumed a position of ever increasing importance. It now includes nine areas productive of oil. Four of these areas are on lands which Montana-Dakota is located. In addition, the company has 110,000 acres in the Bowdoin Field, Montana. Other holdings are 5,500 acres near Williston, North Dakota and 3,000 acres in Mercer County, North Dakota, and approximately 8,000 acres in Harding County, South Dakota. Only the Cedar Creek Anticline is of immediate interest although the other holdings mayor may not have a future potential. To get complete picture of the importance of the Cedar Creek Anticline, Dakota Uti I li suggest you ties issued onreaJdanauarreyp7o,rt to the 1955 by stockholders of MontanaR. M. Heskett, Chairman of the Board. This report is a very complete tabulation, with maps, showing the number of wells which have been drilled on the Cedar Creek Anticline in the area where Montana-Dakota lands are located. Italso includes in detail the various working agreements with Shell Oil. A further indication that the Cedar Creek Anticline is due for acceleration during the coming year is the fact that Shell Oil Company has recently completed and placed in operation, a 12-inch crude oil pipeline from near Glendine, on the Northern Pacific Railway, passing through the various fields. It is rumored this may eventually be tied into a pipeline extending southward into vlyoming, thus giving this portion of the basin an outlet for its crude oil. Of fur- ther interest is the fact that Shell Oil has moved some of its own drilling crews and drilling equipment into the area, including some of the most modern drilling equipment that the industry has been able to develop. The stock has built up an extremely favorable long term pattern. It has held in a broad trading range between 28 and 18 since mid-1951. An upside penetration of this area to reach 29 would indicate the probability of 45 followed by an eventual 60-65. This is, of course, a longer term projection. As a utility issue in a growth territory, the stock most likely has a value of approximately 18 to 19. Thus it appears that the stock has an upside appreciation potential of 150 as against a temporary downside risk in a very bad market of 26. Purchase is advised. EDMUND vi. TABELL WALSTON & CO.

— I Walston &Co. MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO (Sw,Idl OFFICES COAST TO COAST CONNECTEt BY DIRECT PRIVATE WIRE SYStEM TABELL'S MARKET LETTER January 28, 1955 The Dow-Jones industrial average advanced to an intra-day high of 406.98 during the week. The ability to push above to 402-403 supply level was constructive, inasmuch as it destroyed the potentially bearish head and shoulders top pattern that appeared to be forming. This does not mean, of course, that all danger of a corrective reaction has been removed, but the immediate potential danger seems to be lessened. The general market appears to be resuming the pattern I originally believed probable – namely a broad trading range. It is possible that the range for January (412.47 high – 385.65 low) may hold for quite some time. In fact, it is my opinion 10 on both sides average may of-4DD for–the hold wi th -bil.'lance' ionf an area bounded by, roughly, Th'is-wouldcbeconstruct- ive development for the longer term and would allow individual issues to seek their own respective levels. This does not mean that a stationary investment policy is in order for the balance of 1955. Quite the contrary. The selective action of the past five years gives every indication of continuing. There are many issues that appear amply valued at present price levels on the baSis of present earnings and dividends. There are also many other issues that in my opinion have not fully discounted the favorable potentials. The steel group has been the most popular group during the past week with U.S. Steel opening over five points higher on Wednesday after the announcement of a two-for-one split and a dividend increase to 4 annually. The steel group was strongly recommended for purchase in my letter of April 23,1954,at price levels considerably lower than those now prevailing; for Bethlehem Steel at 62 1/4,high 120; Republic Steel at 51 7/8, U.S. Steel at 45 CiO 1/4. In April you could have bought U.S. Steel at a yield of 6t on the then 3 dividend and at about 6.2 times the earnings of the twelve-month's ended March 31,1954. At the week's high of 80 1/2, the yield was 5 on the increased dividend, and selling at 12 times earnings on the 1954 results and ten times the estimated 7.50 to 8.00 earnings for 1955. It would 'of tnespllt' now but' Of and'the expected dividend increase now in effect, U.S.Steel has only a moderate chance for further capital appreciation over the next few months. It would appear more likely that a lengthy consolidating period may occur. This is also true of technical patterns of U.S.Steel and other steels. They are at or very near upside objectives. The oils as a group or the issues below appear to offer better capital appreciation prospects because, from a technical Viewpoint, they are still some distance away from upside objectives and, from a fundamental point of view, potential good news is still in the offing. WESTERN UNION (82) has undergone a tremendous transition in recent years. A vast research program has unearthed new techniques in the trans- mittal of written messages and the company, because of these new develop- ments, now appears to be an expanding growth situation rather than the stagnant, backward company of 1932 to 1945. The stock has a book value of 140 and has spent almost 100 a share since 1945 in mechanization and im- provement of plant and eqUipment. Earnings for 1954 should total at least 7.50 and if the present rate continues,lO or 11 earnings are possible for 1955. In that event, it appears likely that 3 dividend would be in- creased. There is a possibility of some debt refunding at a lower rate and the stock could be a possible split candidate at some future date. The stocK nas advanced quite'sharply from my original recommendation,but the technical pattern still indicates higher levels. DRESSER INDUSTRIES (40) is also a very interesting growth issue ser- ving the expanding oil and gas industries. 1954 earnings were 5.53 and the 2 annual dividend is amply covered and could be increased. The con- templated merger with Lane Viells,a growing West Coast concerr,jis construct- ive and it is possible that additional mergers could occur. The technical pattern suggests an eventual 60-70 for the stock. JOY MFG.(43) appears to be entering a new cycle of growth.Earnings for the fiscal year ended Sept. 30th were 4.08 and 1. 02 was' shown for first quarter of the new year.These earnings should be a floor. Higher sales and profits are expected in 1955.Dividends 2.50 in 1954.Technical pattern is strong and the stock is now in the 45-40 support and buying level. Price Present -2- ,S T 0 C K Recom. Frice Yield Advice Continental Motors 10 13 ,6.1 Hold for 18. , Corn Products 70-75 88 4.4 Hold for 115. Cornell Dubilier 21-22 35 5.4 Hold for 41. Dow Chemical 38-40 48 2.6 Hold for growth.Buy 45-40. Dresser Ind. 33 39 5.1 Buy for 60-70. Eagle Picher 22- 32 4.8 Hold for 40, then 60. Fansteel 2224 27 3.7 Buy for 49. Flintkote 27-30 43 5.8 Hold for 50, then 70. Garrett Corp. 30 41 3.9 Hold for 50-55. General Mills 69 69 3.6 Buy for 90-105. Great North.Rwy. 30 38 3.3 Hold for 47. Greer Hydraulics 12 18 2.2 Hold for breakout 16-19 area. Hall Printing 16-17 20 7.0 Hold for income. Hercules Motors 16- 19 4.2 Speculative buy. Hershey Chocolate 42 4.8 Buy for patrent holding. Hewitt Robins 25-30 35 5.7 Hold for 50-60. Hooker Elec.Chem. 26 31 2.5 Hold for 40. Idaho Power 45 55 4.1 Hold for 68.Buy at 50. Industrial Rayon 45 53 5.6 Hold for 58-63. Inter. Tel & Tel 18 25 4.0 Hold for 31. Jaeger Machine 27 28 7.0 Buy for 34, then 42. Joy Mfg. 47 45 5.6 Buy for 75-rOO. Lees (Jas.T.) 25 30 6.6 Hold for 35-37. Lehman Corp. 40 47 2.1 Hold for growth. Lion Oil 35' 47 4.1 Hold for growth. Lowenstein 14-15 25 4.4 Hold for 30. Merck & Co. 20 23 3.4 Buy for 34. MiRMion Corp. 38 38 Buy for 57-62. M-K-T, pfd. 55 85 7.0 Hold for 90-100. Monsanto Chern. 93 105 2.4 Hold for 125-140. Montana-Dakota Util.26 30 3.3 Buy for 45-60. Montgomery Ward 60-65 82 5.8 Hold for 90-100. Mullins Mfg. 23 24 6.2 Buy for 34-38. N.Y. Air Brake 24 6.2 Hold for 29-34. N. Y. Central 20-21 34 2.9 Hold for 4L47. Northetn F'acific 59 69 4.9 Buy for 95-105. Otis Elevator 39 63 4.8 Hold for long term 80-90. Pan-hmer.Rir. 11-13 18 4.4 Buy for 21-23, then 30-35. Paramount 23 39 5.1 Hold for 41-48. Parke-Davis 32-35 36 3.9 Buy for slow 50-52. Fenick & Ford 46' 52 4.8 Hold for 63-72. Pennsylvania Salt Ffizer & Co. 28-32 48 39 3.9 3.5 Buy Hold f or for 5595-6-650. . Pullman Corp. 51 70 5.7 Hold for 85. Raybestos-Man. 42 48 6.3 Buy for long term 80-90. Raytheon 10-12 20 Hold for long term 30-35. Robertshaw-Fulton 21 31 4.8 Hold for 40-45. St.Joseph Lead 40 46 4.4 Hold for 51-56. Shamrock Oil 17-18 42 5.6 Hold for 44-50. Simmons Co. 36 44 5.7 Hold for long term 70-80. Sinclair Oil 46 52 5.0 Buy for 68-70. Sylvania Elec. 35 44 4.5 Hold for long term 75-80. Tungsol Elec. 28 27 4.7 Buy for 39. UUUUnnnniiiiootteenndd COFMai lrrebur.ii&dt e Mfg. 64419357–5500 85522137 4345….2880 BHHHuoooylllddd fofffooor rrr lo2lloon9nng. ggtettreemrrmm77g05r. o-w80th. . United Shoe Mach. Vanadium Corp. WVvVliieascrskrtteoiennrrgnFCCJeh..oeturmrtoopi.lcS.aul p.'I Wvvlleeesssttteeerrrnnn MUFnaaircoynilfa Yale &Towne ni cd !1 'I 'I 5109-20 65-u7 5512508055—'262805 45 33749984 8557319298 57 3245….1715 5334-….1824 3.5 BHHHuoooylllddd fofffooor rrr lo41lon40ng0-g4. t8et.remrm8458. -52. HHHHHooooolllllddddd fffffooooorrrrr 4lliUnoo2cnn8-ogg4.m6tt.eee.rrmm . 70-75. – Hold for long term 80-90. ChiTc.hGe r.iWsseusets (3el8tJm,Cinhaitce.dR.aIr.e(92J, Colum(2b6ia),BGaesll (1&7H),oDweeclcla (8(13)5JC,Daelnifv.ePracRkio. G(2ra7n)d, e l12),DeVilbisS (23),Fruehauf (38),Gray Mfg.(15),Gulf Mobile (38),Interchemical 39),Johns Man.(B5),Kennecott (108),Masonite (29),Minn.Er.& Lt.(24 Montana Pro i jS3te8e)1 QweQs Ill.Gl'qI .(s7;); , (108),J.FPls\,M3dUj,lSs td.,ack.\28j, EDIvMUUSNTDONW. T&ACBOEL. L Radio (4(72)0,R. epublic