r , Walston &- Co. 'EMBERS NEW YORK STOCK EXCHANGE AND OTHEF! LEADING STOCI( AND COMt.4QDnY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO (Sw,'mld) OFFICES COAST TO COAST COlNECT.C, BY OIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LETTER April 1, 1955 Edmund W. Tabell telephones from Florida as follows As was to be expected, the advance in the Industrial i-verage was tem- porarily halted by the heavy overhead supply in the 410-420 area and the average has backed away before attempting another try at an upside penetra- tion of the over three-month-old 421-386 trading range.First quarter earn- ings, which will be issued over the coming week,should be of assistance to a possible Spring advance.My technical indicator,which signalled a sell in late February,has not yet given a buy signal, but is in a position to do so-during the next two weeks. Statistics DRESSER INDUSTRIES,INC. Current Market Current Dividend Current Yield Long Term Debt Pfd.Stock (shs. Common (shs.) 43 2.50 5.8 12,500,000 43,610 -h 1,876,000 -B Dresser Industries,first recommended in this letter at around 33,last September,as ive participation in the oil and gas industry, warrants a review at this time. Since the stock was first recommended,three im- Net Per Share,1954 5.53 portant developments have taken Net Per Share,1953 Sales, 1954 3.80 130,240,000 place.First,the company has reported earnings for the fiscal Sales, 1953 128,870,000 year ended October 31, 1954 of Market, 1951-1955 45 1/8-17 1/4 A -3.75 cum.conv.pfd.(lOO par) conver- 5.53 per share for the second best year of its history. Second, the stock has been placed on a tible into 2t shs. common through September 15, 1955. 2.50 annual dividend baSis. Third,and perhaps most important, B -Includes 576,000 shs.of common to be the company is to merge with Lane- issued in exchange for assets of Wells,in which Dresser will ex- Lane-VJells. change 576,000 new shares for substantially all of Lane-Wells' assets. At the time of the original estimate, the technical outlook was an initial objective of 44 followed by a long term 60-70. The initial objective has been reached at the February high of 45 1/8 and since then the stock has held in the 45-39 range. With the broadening of the pattern,the long-term objective has been revised upward to 70-80 and at current prices the stock still seems to present conSiderable attraction for long term appreciation. This seems to be reinforced by the new developments mentioned above. The 1954 earnings seem to bear out our optimistic outlook for the company's future.The new dividend,which is,of course,amply covered,places the stock on a close to 6 yield basis and provides an excellent cushion against further declines.Most important,however, the Lane-Wells merger would seem to make Dresser even more attractive from both a growth and stability standpoint. In September it was originally pointed out that a large 'part of Dresser' sales were in expendable goods,rather than in the heavy equipment which had formerly been the main basis for its earnings. Particular emphasis was plaCEd on Dresser's Magnet Cove Barium and Security Engineering Divisions, the for- mer one of the two major producers of drilling mud, the latter an important maker of tricone drilling bits,both expendable items. The addition of Lane- Wells,an important engineering service,connected with the drilling and main tenance of wellS, provides another division for which there is a recurrent demand.At first glance,the issuance of half a million Dresser shares for an average of 2t million annual income would seem to be a slight dilution,but it is expected that this will be offset by the operating economies to be affected by the merger. The long range effect of the consolidation will undoubtedly be to in- crease Dresser's coverage of the oil and gas industries. Due to the acqui- sition and a slight lowering of volume,Dresser's income will probably be around 4.70 or slightly lower for this year.This is borne out by the January quarter report of 1.09 Dresser continues its long-term growth trend,our earnings estimate of 7.50 to 8 for 1957-8 may prove to bE conservative.On this basis,the technicaJ projection of 70-80 seems to be a distinct likelihood. ANTHONY W.Th.BELL . ,, I

'1 Walston &Co. ;-. ''I MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO ISw,,,..I,d) OHleES COAST TO COAST COlNECTfC BY DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LETTER April 7, 1955 In an artic Ie entitled, How High Is The Stock Market, en the J..pril 7th issue of the Commercial & Financial Chronicle, Edmund W. Tabell says that th market appears to be in a middle area, neither vulnerably high nor drastical undervalued and that each stock must be examined individually as to whether is under-priced or over-priced. He says that, from a technical Viewpoint, there is no immediate evidence of a major top in the market. His immediate attitude is conservatively bull- ish with commitments limited to less exploited situations with a minimum d)wnside ri-sk-. gradually lighten capital gains holdings on strength. Fr'om the longerterm- viewpoint, there seems to be no reason to disturb undervalued present holdings or te refra.Ln from adding to' commitments in undervalued situations. He still believes a rise to the 600 level is a possibility by 1958-1960 and does not believe the industrial average will sell below 335 in the next five yens. BARBER OIL COMPANY Statistics Current Market Current DiVidend Current Yield 59 2.00 3.9 Assuming that cash in the hands of a proven, successful management is a good investment,the shares of Barber Oil Company would Funded Debt.& Pfd.Stk. None Common Stock (shS.) 754,882 bear watching as an attractive long-term oil industry participati)r. Barber's principal asset consists 11 Earnings per share,1954 1.21 Earnings per share,1953 5.11- 375,000 shares, of-American RepubliE. The assets of this company have re cently been sold to Sinclair Oil,a Price Includes 3.35 non-recurring profits. – – – t;. will..,.shoI't ly t.ed . per share. This Mill result 'in cas for Barber of about 22 million af r capital gains taxes, or close to per Barber Added to present cash in the coffers, Barber now ha / about 35 per share in cash for investment. It is the stated intention of the management to use this cash for operations in the oil industry. Considering the successful record of Mr. T. Rieber and his associates in changing Barber from a roofing 'company with oil royalties into the major stockholder in a successful oil producer, it seems fair to conclude that this money will be used wisely. The faith of the management in the company's progress is indicated by their stated willingnes to buy the company's own stock if this can be done at advantageous prices. Since Barber is selling at a discount from probable break-up value, such prices would presumably not be too far below current levels. Barber's other assets, beside the 35 a share mentioned above, seem to give the stock real value. It has recently acquired ,160,000 shares of TXL Oil Corporation and 10,000 Texas Pacific Land Trust. Since this has a current market value of 8 per Barber share, the current buyer of Barber Oil at 59. is paying only 16. per share for all of Barber's other assets. These include a fleet of eight cocean-going tankers, all-under charter-, a 48 intel'est in tanker company, and perhaps, most interesting, a 50 interest in American Gilsonite Inc. which it owns jointly with Standard Oil of California. Gil- sonite is a hydro-carbon product now used in the manufacture of storage bat- teries, electrical insulation and other products. Research'is now under way on possible extraction of petroleum frem this mineral, and while this is still in an exploratory stage, it represents an interesting potentiality. It would thus appear that at current prices Barber represants fair value to the current purchaser. The stock is now selling close to its 58- 54 technical support level and the chart pattern indicates 75-80 followed by a long-term 105-115. Further development of the large cash position on the part of an astute management could very possibly result in substantial capital gains. ANTHONY 'II. Ti-.BELL —,,-m-,m-'–'d-om-;,-,,-.–'-'–'-,-o'-d-..-.-.–.-,–.-.,,-,,.-.,-,,-,-.'-.-fl.-,,-.-.-.,-,-..-,-,,-, 8fo fIoI1 n ,n 10m, C). II 01 '1'1, NClld ntlon.d .t.h. , …. 100;10'''9 ,.tlflal I'll' beln P,p.,d IIPO ,,,Ic,,,,.,,,,,o,, b.f,…..o ),,,11. b,,' 0' IIK.n4I,1I1I compl.t., IS 1I0f Qvet',d e. eccwet. or finel, nd , Co, or any partn.r Ih.r.oJ, \I' III ,.It'H of In',mlfIOn only It Ii ,nnd,d to IOf,do Ind,p,nd,n' ,nQuifY

Reprinted from The Commercial and Financial Chronicle Thursday April 7, 1955 – How High Is the Stock Market by Edmund W. Tabell Partner, Watson & Co. New York City Members New York Stock Exchange – Market analyst maintains recent market rise ensued from impact of past-due investor confidnce on previous undervaluation. Citing statistical differentiation from 1929 situation, holds on value criteria prices are now at only one-third of that boom level. Describes his attitude as conservatively bullish with intermediate terms commitments limited to less exploited situations with a minimum of downside risk; with a rise of the D.J. Average to 600 by 1958-1960 a distinct possibility. Differences from 1929 Technical Soundness

Walston &- Co. NEW YORK NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES PHILADELPHIA lOS ANGELES SAN FRANCISCO LUGANO rSwd,.,Id/ OFFICES COAST TO COAST BY DIRECT PRIVATE WIRE SYSTEM TAB Ell'S MARKET LEnER j,pril 22, 1955 Edmund W. Tabell phones from Richmond, Va., as follows There is no change in my current views as outlined in my Commercial & Financial Chronicle Article of last week. Would expect 435-450 in the Dow- Jones industrials and 165 in the rails to be the maximum upside objectives for the averages for the time being. Although there is no reason for distur bing long-term investment accounts at this juncture, it would be advisable to lighten commitments in capital gains accounts as individual stocks reach their objectives. COCA-COLA -C0MPANY' .. – – – Statistics Quality is usually expensive in today'E Current Price 122 stock market. Many stocks of the highest Dividend Current Yield 5.00 4.0 investment grade are selling today at as much as twice their 1946 highs and three Funded Debt & F'fd. none Common ,stock (Shs.) 4,268,078 times their 1949 lows. Yet today, the com mon stock of Coca-Cola Company is selling for 125 as against a 1946 peak of 200. In Sales,1954 – not available fact, during the unprecedented 1949-1955 Sales,1953 – 251,200,000 bull market rise, the price of Coca-Cola Earned per sh.,1954 – 6.08 Earned per sh.,1953 – 6.60 has been in a general downtrend. There is no disputing the company's in vestment quality.Over a period of years, Price Ra l1ge, 1955-46 aggressive advertising and merchandising have built Coca-Cola to a position where it commands around 50 of the total soft-drink market. The nickname Coke and the slogan The Pause That Refreshes are synonymous with se', drinks allover the world. The history of Coca-Cola is the story of one of the most successful consumer sales campaigns in merchandising history. est Since ock, there would ostensibly is hardly any dispute about the investment lie in the in earnings the. which have slciLprpo1ef)di.ngoff quality of the Tqe .'l–!1sy/eJ steadily from a record 8.76 per share in 1949 to an eight-year low of 6.08 for last year. It would appear,however, that a long-term view hardly supports the thE- Sis that this is a permanent trend.First of all,the decline in earnings tool plac hold e during to the 51a period when the parent company was steadfastly attempting to price line and the six-ounce bottle during a period when it was faced with rising costs and competition from drinks put up in larger bottles. Under the new management of Mr. H.B.Nicholson,a hard-headed execu- tive with a strong advertising and merchandising background,the company is now experimenting with a larger bottle.With most local bottlers now chargine more than 51,it seems that any further derline in earnings could be fore- stalled by a general adhercmce to the 101 price of most of Coca-Cola's com- petitors. In addition to the above factors,which seem to point to more ag- gressive competition on the part of the company,there are numerous other pOints which seem to make Coca-Cola attractive as an investment at this tim Its wide acceptance among all segments of our population would seem to in- dicate that it will continue to grow as the population increases. hn increa e in foreign trade will tend to stimulate foreign sales.And perhaps most im- portant,the large cash practically no debt,assures that any increase in earnings will ac-rue to stockholders in the form of dividends. the above factors into account, is one of the few issues of real quality available today at reasonable pric IE. It's quality and stability offer an excellent hedge against a declining mar keto (It is interesting to note that the stock could have been bought in and sold at a profit in More than this,however,the prospect of earnings offers substantial opportunity for long-term capital gain. The recent technical action of the stock seems to mirror increased investor confidence.The critical point is 126.The recent upside breakout to 127 indicates a break in the long-term downtrend andan eventual 210. There is strong support at 101. It would thus seem that Coca-Cola offers quality reasonable yield, capital gains potential and good defensive value. It truly appears to be one of the few real blue chips now available on the bargain counter. – ANTHONY vi. TABELL \IH5'f'ON & 00.

Walston &Co . '—– …. e…. BERS NEW VORK STOCK EXCHANGE ANti OTHER LEADING STOCK AND COMMODITY EXCHNGES NEW YORK PHILADElPHIA LOS ANGELES SAN FRANCISCO LUGANO (Sw;t,ld) OFFICES COAST TO COAST COl.(NECTHi BY DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LEnER April 29, 1955 The Dow-Jones industrial average traveled over a wide range during the past week with a low of 420.52 on Monday followed by a new high of 432.76 on Tuesday, followed by a decline to 421.96 on Thursday. Wide price movements measured in points is to be expected at the relatively high level of the market. Fercentagewise, the price movement has not been too extreme. I do not look for any wide move in the general market at this stage. On the upside, the 435-450 area would appear to be about the expectation and would be inclined to lighten commitments if that level is reached. On the downside ,,–J There wilJ.—;–of cour's..e,,41b0e. m1Jcli wider'pri,ce-mbvements in-m.d,lvidual'- J issues with continued selectivity. Individual groups can move in both direct ions as witness the sharp decline in the aircraft issues over the past month or mere. vJarning of this was given in the March 18th letter which said; I would avoid and switch out of aircrafts and other defense issues. The technical patterns of issues in this group are becoming quite vulnerable and the upside potential does not warrant the downside risk involved. — Reproduced below is my recommended list. Because some of the issues are very near upside objectives or for other reasons, I have eliminated some nineteen issues from the list. The issues eliminated are listed at the of the letter. Price resent Recom. Price Yi.eld Advice Alleghany Corp. 3 '3/4 8 Allegheny Lud. 33-30 47 Allied Stores 38 56 Allis Chalmers 4548 77 ArneI'. Chain Amer.Encaustic T 30-33 7 39 13 Amer.Potash B 40 84 ,, Amer.- Ra-dci-a,toI' ArneI'. Tel & Tel – . J.,4-1-6 h 150 , 23, 181 Assoc. Dry Goods 26- Balt . & Ohio 23-25 29 45 Barber Oil Black & Decker 59 39 58 58 Blaw-Knox 22-18 27 Bucyrus-Erie 22-23 35 BCuarlgroaurygh&s Add. Ed. 15-17 16 29 15 Celanese 31-37 23 Certain-teed 15 26 Chain Belt 30-35 46 Cities Service 38 4.8 City Products 37 37 Coca Cola 122 122 Colgate Palm. 60 53 Combustion Eng. 45 70 Consol.Natl.Gas 25-27 34 Cont'l Motors 10 12 Corn Products 70-75 88 Cornell Dubilier '21'-22' . – 33 – Cutler Hammer 57 72 Dow Chemical 38-40 49 Dresser Ind. 33 44 Eagle Picher 22 34 Fansteel 22-24 29 General Mills 69 70 Great North.Rwy. 30 41 Greer Hydraulics 12 15 Hall Printing 16-17 21 Hewitt Robins 25-30 32 – 4.3 5.4 5.2 6.4 5.4 2.4 – 5.6 5.0 . 5.5 2.2 3.5 3.4 4.4 5.7 3.4 3.3 2.2 4.8 5.4 4.1 6.8 4.1 4.7 4.3 4.0 6.7 4.4 5.8 4.2 2.0 5.7 4.4 1.7 3.6 5-.4 6.7 63 Hold for 12 then 17. Buy for 74. Hold for 78. Held for 90. Hold for income and 58. Hold for 17-19. Hold fer 110-12C. -Ho.l.d,.f.or–2B,JollQ.w,epby 45,., -;0 Buy for income and 200. Buy for 44. ' Hold for 50-55. Buy for long term gain. Hold for 135.Buy 52-50. Hold for long term 52. Hold for 47!50. Hold for long term 45. Buy for long term speculaticn. Hold for 34. , , Hold for long term 49. Hold for lcng term 78. Buy for 8l. Buy for income. Buy for long term 200. Buy for 71. Hold for 82-92. Hold for 50-52. Hold for 18. Hold for 133 Hol'd fo-r 42-'45. – ,-' Hold for 120-140. Hold for growth. Buy for 70-80. Buy for 61 then 97. Buy for 49. Buy for long term 110-125. Hold for 48. Hold for speculation. Hold income. Buy for 43 then 85. – — — – — — —- —..;–;;;..—,,' , -2- Industrial Rayon Inter. Tel & Tel Jaeger Machine Joy Mfg. Lion Oil – ,&coPcpo…r Mission Corp. M-K-T, pfd. Monsanto Chern. Mont.Dak.Util. N.Y. hir Brake N. Y. Central Northern Pac. Otis Elevator Facific Pete. Pan-Amero VI.Air Paramount Parke Davis Penn Salt. Pfizer & Co. Fullman Raybestos Man. Raytheon Robert.Fulton St. Joseph Lead SSiimnm-colnasnC-oo.rl' .. Sylvania Elec. Tungsol Elec. Union Carbide Union Oil of Cal. United Fruit United Mer.& Mfg United Shoe Vanadium Warren Pete. Western Auto Western Md. Rd. Western Pac. Yale & Towne Frice Recom. 45 18 27 47 35 -38 55 93 26 18-22 20-21 59 39 11 11-13 23 32-35 45-48 28-32 51 42 10-12 21 40 36 ,- 35 28 63 45-50 47-50 19 50 19-20 25-28 25 18-25 55-60 45 Present Frice Yield 54 5.6 27 4.4 30 6.7 48 5.2 51 3.9 -7266- ' – – 38 87 6.9 126 2.0 28 3.6 26 6.2 41 4.9 75 4.0 65 4.6 11 0.9 19 4.2 41 4.9 43 4.2 49 3.8 46 2.9 60 5.0 51 5.9 24 32 5.6 46 4.3 – 43 5.8 45 4.4 30 4.2 88 2.8 53 4.2 55 5.5 22 4.5 51 4.9 47 3.8 47 4.3 28 5.3 41 66 4.5 57 3.5 dvice Hold for long term 79. Hold for 31-33. Hold for 40 then 52. Buy for 75-100. Hold for growth. BBuuyy ffoorr '3l-o4ngT5t-eHromwedg-abiny. – // Buy for 56. W…. Hold for over 100. Hold for growth. Buy for 45-60. Hold for 34. Hold for long term 60. Hold for 100. Hold for long term 97. Buy as long term speculation. Buy 20-18 for 27 followed by 45. Hold for 57. Buy for 52-56. Buy for slow 69. Hold for long term 58-65. Buy for long term 85. Buy for 82 then 97. Hold for long term 46. Hold for 40-46. Hold for 57. BuY-ffoorr 7551-thtehrie-Sn.3;rL- .- . Buy for 65-68. Buy for 45. Buy for 86-88, for growth. Buy for 76 then 95. Buy for income then 86. Hold for 26 then 36. Buy for long term 100. Hold for 57. Hold for long term 70-75. Hold for income and 36. Hold for 46 then 53. Buy for 100. Hold for long term 105. Below are the nineteen issues eliminated. There are approximately 330 points profits in these stocks Abbott Lab., Celotex, Chicago & East. Ill., Columbia Broadcasting, Flint- kote, Garrett Hercules Motors, Hershey Chocolate, Hooker Electric, Idaho Power, Lees (Jas.), Lehman Corp., Lowenstein, Montgomery Vlard,. – Penkk & Ford,Shamrock 01l;-'Vrctor–ChemicaT, Visking'Corp.,-Vles-terrl' ., Union. EDMUND W. TABELL WALSTON & CO.