, &CO.Walston Inc —– FILE COii Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CI-\ICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER January 6, 1961 Market action this week cunformed to a 25-year old pattern. As this letter has previously pointed out, in every year since 1935 there has been a measurable year-end rally. It has, moreover, been suggested that these rallies have not been an early December phenomena, and that in every case they have carried on into the following January before reaching their high. There was suspicion that this might not be the case this year as on Tuesday, 1961's first trading day, the Dow-Jones Industrial average receded some 5.64 points. Howeverc onYednesda,y Jhe .market sharply its.eU ane!, Qn .heavy. volume, erased the lows and pushed on to new high ground with an ll-point advance in the Dow. The rally continued through mid-Thursday, reaching a high of 628.35 before a mild reaction on Thursday afternoon and Friday set in. A study of past rallies of this nature shows that the important figure to watch is now the December low of 589.92. Experience indicates that if the low of the previous December is not penetrated early in the following year, the trend for that year is, in- variably, up. In fact, since 1937, the December low, if ever broken, has always been broken by mid-March — usually in early January. Therefore, the longer that the averages hold above this December low figure, the more constructive the market out- look for 1961 becomes. Another phenomencn vhich has characterized year-end rallies is the fact that an advance of 10 from the December low has always indicated an up market in the following year. At its high this week, the Dow-Jones Industrial average had already advanced some 6 1/2 from the December low. A 100/0 advance would carry it to about 649 and would indicate the probability in 1961. A close study of market action over the pao ek'We . ly proves that such a rise is feasible. In the last week of 1960, te t f hat there were only four trading days, some 16 1/2 million h Volume on December , 30th was-Ifta two'-year high, well i sha. Ins interesting-to note tnat although the averages did little or h n e 1 week in December, advancing stocks outnumbered of the four trading days. The number of stocks advancing 0 h!i , nsiderably ahead of the 520 that declined during the same e y gh, this caused continued impressive action in our 25-week and v otals of upside and downside volume. It is worth noting that on both SIS, lde volume closed the year in new high territory, and downside volume in n ow territory. This week's action was also impressive. Although the Dow-Jones Industrials were off better than five points on Tuesday, 501 stocks advanced and only 551 declined. On Wednesday and Thursday with an advancing market, both volume and advancedecline figures were excellent. On Wednesday, there were 803 advances vs. 260 declines, and the figures on Thursday were 744 versus 330. Volume expanded from 2,770,000 shares on Tuesday to around the 4-million-share level on the following two days. On Friday, volume contracted somewhat and the averages were off, but it is interesting to note that, even with a drop in the averages, the number of advancing stocks was greater than the number of declining ones. Naturally, this type of action is constructive from a techni cal pOint of view. There appears, therefore, to be little reason to change the opinion previously expressed by this letter that market action for 1961 will be positive and that the current rally could still continue somewhat further before some temporary consolidation takes place. -ANTHONY W. TABELL WALSTON & CO.INC. Dow-Jones Ind. 621.64 Dow-Jones Rails 135.65 ThiS market letter HI not nnd under no Circumstance!! IS to be construed as, an offer to seU or a sohcltatlOn to any securities referred to herem The mformation contmned herein is not g'unranteed.us to accuracy or completeness and the furnishmg thereof 18 not, and under no circumstances IS to be construed as, a representa- tlOn by Wnlston & Co, Inc, All of opinion nre subJect to chanRe Without notIce Walston & Co. Inc, and Officers, Directors, Stockholders and Employees thereor, purchase, sell and may have an mterest In the securities mentionea herem ThiS market letter IS intended and merely as n informal commentary on day to day market newe nnIJ not as a complete analysis, Addlbonal InrormatlOl1 WIth respect to any secuntles referred to herem Will be , .. . ,

lE COpy Walston &Co. Inc —– Members New york Stock Exchange NEW yeRK SAN FRANCISCO. ' . Les ANGELES PHIL1)DELPHIA OffiCES COAST TO COAST AND OVERSEAS t 'f-t-' ..\. ,.. …..TABELL'S MARKET LETTER ' ,…. – I-',. LI .. t CHlCAGe January 13, 1961 The steck market appears to. be fellewing the technical pattern eutlined in re- cent letters. After reaching a deuble bettem areund the 565 level ii1. September and, Octeber, the Dow-Jenes I1i.dustriai average built up a sufficient base to. an ad- vance to. area; ,which is'the tep ef the heavy supply,area',between 600 and 660. Our timing fer this initiafebjective was January or February. At Friday! ;'d ,,' ,high ,of 636.20, the Industrials wereappreaching this ,.,..,' – '';t , Nerma1 technical actien weu1d call fer seme cerrectien er 'censelidatien after this ebjective is reached, An nermal ene-third cerrectin ef thelantici-. pated advance frem the September-,Octeber lew weuld bring the average back to. seme- where areund the 625-615 level seme time in early Spring. After that, we,weuld ex- pect at least a testingof the 1959-1960 high ef appreximately,,685 later in the year. '. (. I '.' , The present base areund.thet600 level indicates a leng- term upside ebjective ef semewhere between 700 and 750. A rally, to. fellewed by a decline to. the 625-600 level weuld breaden the upside ebjective and indicate an even higher petential. . Breadth-ef-the-market actien continues to. impreve. Advances eutnumbered declines by a wide ma'gin every day this week, and this, has been happening p,retty,. censistently since Nevember. One ef the two. dewntrend lines frem,the 1959 teps en the breadth;index \IiIIr.!l breken en the upside and the index,is quite cleseTe,the 1960 high despite the fact that the steck price averages are ceS' their ce!TI- parable highs. This actien cenfirms the upside f lines en vir- tually alIef the varieus averages. Velume n ig d new lews, and edd let studies ,are bullish the . In the final stages'ef a bull issuestend to-perferm – – – -, better than the general market. recemmendatien ef stecks 1S letter 0 O(!ia share. that, frem a technical view- peint, had interesting pside 0. 'a It was stressed that these issues be b u t a a r erder to. previde tien in a specula' t is ure. This lew-priced list is reprinted belew even theugh seme issue recemmended , abeve the 20.00 level. A ,. Price Current 11/4/60 Price purchase is again I ' , Price Current 11/4/60 ,Price . Allied Paper Avce Campbell Chiboug. Chic. ,Mil. ,St. Paul Cemmercial Selvents Divce-Wayne , ' Feote Mineral Fruehauf Trailer Getty Oil Intern!l Packers 10 5/8 13 7/B 5 7/8 15 1/4 19 1/8 19 18 3/4 i4 1/4 15 3/4 11 14 1/2 5 3/4 16 22 1/8 18 5/8 233/4 21 3/4 16 1/8 16 Kaiser Ind. 83/4 Lear, I n , c . . McCrery, Cerp. 16 1/2 13 Natienal Can 9 1/4 Nerthwest Air. 15 3/4 Pacific Petreleum 10 1/4 Rayenier 16 1/8 Rehr Aircraft 15 Servel 12 1/8 Sun Chemical 13 5/8 10 7/8 17 5/8 13 3/4 9 17 5/8 11 1/2 17 7/8 19 1/8 13 1/8 14 Dow-Jenes Ind. – 633.65 Dew-Jones Rails 139.63 EDMUND W. TABELL WALSTON & CO.INC. ThIS market letter IS not. and under no circumstances is to be construed as, an offer to sell or a sohcltation to buy any securities referred to herem The informatIOn conttuned herein is not guaranteed as to accuracy or completeness and the furnlshmg thereof IS not, and under no Circumstances IS to be construed as, a representa- tIOn by Walston & Co, Inc AU expressIons of opinion are subJeet to change Without Walston & Co, Inc, and Officers, Dueetor9, Stockholders and Employees thereof purchase, sell and may have an interest In the securities mentIoned herein. ThIS market letter Is Intended and llregented merely as a general. mformal commenWy on day to day market news nng.Jlot as a complete analyS16 Additional mformation With respect to any securities referred to herein wfIl be .. . . .

Walston &Co.– Inc Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHjCAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER January 20, 1961 The following is a summary of a'll address delivered by the writer on Wednesday, January 19th, 1961, to the Association of Custnmers' Brokers. The price of a stock is determined by four factors. Three of these factors, earn- ings, dividends and money rates, are tangible and measurable, and probably 950/0 of the time devoted to security analysis is devoted to a study of these three fundamental phenom ena. However, there is a fourth factor that is intangible, cannot be measured by dollars percentages or index numbers; but can, for a period of time, be more important in in- fluencing stock prices than the three fundamental factors mentioned above. The fourth factor- is It can-result in wide ell.-tremesin-price / earnings ratios,de – pending on the confidence of the investor in the future trend. In the case of a stock earn ing 10.00, a low confidence factor might result in a price of 75 or 7 1/2 times earnings, while high investor confidence might produce a price of 250 or twenty-five times earning There is no way to measure these ups and downs of investor psychology except by the tec – nical action of the stock market itself. Despite the fact that the market appears extremely high on the basis of fundamental technical factors lead to the conclusion that the stock market ayerages will move higher i 1961. In fact, 1961 price action will probably be the reverse of 1960 with the lows reach d early in the year and the highs late in the year. The low on the Dow-Jones Industrials in 1961 will probably be above 600 as compared with the 1960 low of 565. On the upside, a testing of the 1959-1960 high of 685 is expected with the probability of a new high in the 700-750 range. For the nearer term, the market has advanced from an intra-day low of 564.23 in late October. Probably some technical correction of advance is needed Our upside objective has been the 640-660 level. rec t .'gl0kas 39.17. After a te – porary high is reached in January or February, cal on would call for a censolidating period in February and March with a side objective of 625-615, foUewed ..by in the year. Breadth-of-the-market onsiderably since November and I weuld expect new groups to Technical action indicates that the glamour e of 1960 will be replaced by some of the more cyclical groups. e 0 u rd price movements in selected issues that have been slowly buildi ee attractive technical patterns over a period of time. Th issues listed below ve very little marketwise for several years, but are selling at reasonable price- arnings ratios and are yielding 40/0 to over 50/0. The downside risk in these issues appears relatively small as compared to the general market and the upside potential is above average. This group includes Anderson Clayton ( 38) which has a worldwide 'peration in cotton, vegetable oilS, and food products. Foreign opera- tions are large. Yield is 5.30/0. Cluett, Peabody ( 65) with a yield of 4.20/0 appears reasonably priced on its Arrow line of men's apparel and its Sanforized Division, but there is an added kicker in its Clupak Division and its extensible paper process. Diamond National ( 41) is becoming a packaging company, and while its past record has been unimpressive, the future is most interesting. Eastern Gas & Fuel ( 32) yields over 50/0 and among other reasons has appeal because of its large holdings of Nor- folk & Western and Algonquin Gas Great Western Sugar (.32) is the largest domestic beet sugar producer and should fully participate in the expanding sugar market in the U. S. Yield is 5.0'/0. Intern'l Minerals & Chem.(38) recently released sharply higher earnings for the second quarter of the hscal year. World demand for the company's two major products, phosphate and potash, is growing strongly. The mpany has large potash deposits in Saskatchewan. Swift & Co. (47) is the largest meat-packing e)mpany in the world and should benefit from the modernization of this industry. Other attractive situations where yield is low but growth potential is good, include Amer. Pntash & Chern. (46), Great Northern Paper (55), Electric Storage Battery ( 56), Microwave Assoc. ( 38), National Aviation (28), Pitney Bowes ( 42). and U.S.Borax (42). Dow-Jones Ind. 634.37 EDMUND W. TABELL WALSTON & CO. INC. is under no as, an offer aIS to be construed to sell or soliCItation to buy any SeeUritleli referred to herein The mformahon contamed herein 18 not guaranteed Il.B to accuracy or cOnlpleteness and the thereo! IS not, and under no circumstances IS to be ,onstrued as, a representa- tion by Walston & Co Inc All expresSlQns of OPlnlon are subject to change Without nobce. Walston & Co, Inc.. and Officers, Directors. Stockholders and Employee!! thereof, sell and may have an mterest m the SecUrities mentlOned herem ThIS market letter IS mtended and presented merely WI a general. mformal commentary on day to day market news ang not as a complete analYSIS AdditIOnal mformatlon With respect to any secUrities referred to herem ..

Walston &- Co. Inc. – – – – – fiLE COpy . Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CI-\ICAGO I OffiCES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER January 27, 1961 Market actinll so far bq h.,eH hu11t ,,9 eJ.Jecten. The Dow-Jones Industrial aver. age reached an intra-day high of 642.68 on Monday and entered the lower part of the heav; overhead resistance in the 640 -660 area. Profit-taking turned the market down in mid- week and the Industrials declined to a low of 632.66 on Thursday. Friday's strong rally carried the average to 648. 17 ,a new intra-day high since the October low. Our thought has been that a temporary top would be reached in January-February in the 640-660 area and would be followed by a February-March consolidation that might reach a low in the 625-615 area. The sequel would be a test of the year-old 688.21 .high of January,. 1960 later in the year, and from present technical indications, a probable upside penetration of the old high. Over the next month or so, I would expect a wide trading area in which the action of individual stocks will be of much more importance than the action of the average . Would use nearby strength into the 640-660 area to liquidate holdings in situations with un favorable technical patterns and take advantage on dips to around the 625-615 level to add to holdings in recommended issues. Weakness in the defense issues on Thursday, due to the release of the American flyers and possible easing in the cold war tension, seems quite premature and, in my opinion, presents a buying opportunity. Four companies in the missile and related fields are in our recommended list. They are Martin Co.(60 7/8), North Amer.Aviation(46 Northrop (42 1/8, and Thompson-Ramo (72 1/4), and four other issues, Boeing Airplane (36 1/4), Garrett Corp. (503/8), Lear (17 1/8) and Rohr Aircraft (18 3/a, are in related fields with less dependence on missiles. Retention of all eight issues is advised, and add- ing to holdings on moderate weakness is indicated. . my recommended lis , National Aviation (26 5/8),is a closed-end investment co fends largely in air- craft manufacturers, space age firms, and a i n airlines. These ' to in the . on .u. . a . The meat packing shares have e . action. and Wllson & Co. (47 112, originally suggested as a buy at 15 recommended list, reached a new all-time high recently at on our recommended list and issue, Swift & Co. (463/4), is also market .despite the fact that first fiscal quarter n excellent quarter of a year ago. Some in- crease in hog sl Spring and larger cattle marketings are in pros- pect. Swift & Co. 1 ppe the U. S. Supreme Court the decision last month that continues to prevent e pany from dealing in some 140 named food and non-food item , running retail meat grocery stores or selling fresh milk or cream. While not particularly impressed with the outlook for the automobile group, I believe Ford Motor (69 1/2) is an interesting long-term purchase. At present prices, the yield is about 4 1/4 on the well-covered 3.00 dividend. The stock is selling at about nine times estimated 7.80 earnings for 1960. A potentially strong technical pat- tern has been built up in the 70-60 range in which the stock has held for the past six months. Ford Motor is added to our recommended list. I believe it has a better long- term profit potential than either Chrysler (39 7/8) or General Motors (43 7/8). To illustrate the diverse action of the market, over one-third of the issues in our recommended list in the past five sessions ending Thursday, reached new high terri- tory for the thirteen months of 1960-1961, despite the fact that the Industrial average is some 45 points below the January 1960 high of 688.21. They are Amer. Metal Climax Amer. Potash Chem. Amer. Viscose CIT Financial Chiago Pneu. Tool Cluett , P. eab 0 dy Columblan Carbon Consol.Natural Gas Deere & Co. Diamond National Eastern Gas & Fuel F t Cl;t t W General Amer. Transp. General Mills Gerber Products Great North. Paper Great Weetern Sugar Haveg Industn.es Hercules Powder Ne.wport Intern 1 Mm. Chem. Jewel Tea Johnson & Johnson Marquette Cement Northern Natural Gas Pillsbury Mills Richfield Oil Sout'ern Natural Gas Sterhng Drug, Inc. TTeexnansesGseuelf CSourlpph. ur Thompson-Ramo Wool. Twentieth Century-Fox U S Borax '. . 011 Prod. Wllson & Co. -'. .-

Walston &Co. Inc – – – – – FILE NEW YORK Members New Yo,'k Stock Exchange SAN FRANCISCO LOS ANGELES PHILADELPHIA CHlCAGO OffiCES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER February 3, 1961 The market 011tinllPrl Us upwlrd surge and, at the week's intra-day high of 657.2 in the Dow-Jones Industrials, was in the upper range of the 640 -660 supply area' where normal technical action would call for a consolidating phase before a testing of the August 1959-January 1960 double top at 685-688 is attempted. Despite the sharp rise in the last three months, there are no signs of an important top, except that the averages are meeting supply in this area. The Industrial average has held for five trading sessions in the 645-655 range and the inability of the market on Friday to move ahead despite the heavy volume of 5,210,000 sharoes is an indication that there is ,considerable 'stock for sal at this level. Whether the market can push through immediately without a technical corre t ion is open to question. However, longer-term breadth-of-the-market action continues th improvement which started in October and indicates that the advance from the October 1960 low of 565 still has quite a bit further to go from both a time and price point of view. In an advancing phase, a correction of about one-third of the previous advance is a normal technical sequence in order to correct a temporarily overbought pattern. A one-third correction of a 95-point advance from 565 to 660 would call for a dip to the 630-625 area. However, such a general market correction might have very little price effect on individual issues that are in an uptrend and attempting to take advantage of a technical dip of this nature might result only in a loss of position. It would seem wiser to concentrate on the action of individual issues rather than the averages at this stage of the market pattern, and to use current strength to lighten commitments in issues with unfavorable longer-term patterns and add to holdings in issues with a favorable outlook in the event of a market correction. The longer-term Industrial average indicates a probable penetration of the 685-688 high some 'm r this year. The present upside potential, from a technical t ' riting to be some- where level, with occasional tec . al cor ons along the line be- '2-' -, .– -, –fore thlS obJechve lS achleved. 'i-ei'- Most of – -' . ar c -, — owing above average action. The complete list was last publishe em 30th letter. Incidentally, Daystrom (30 3/8) was inadvertently that time, although it was included in the compilation w 0 e s m date with ratings, yields and comments,and available at your a t n rom has been showing below-average action re- cently and is near tr of 27 1/2. Conversion of the debentures and the ac- quisition of a new co pan s diluted per share earnings, but the long-term outlook is favorable and, techni , the stock appears to be building a base pattern that may take further time to com ete. Daystrom is primarily an electronic and electrical and atomic instrument producer with non-defense business expanding. As mentioned in last week's letter, the temporary dip in the aircrafts offered a buying opportunity and the issues mentioned recovered sharply with Boeing (40 1/4) , Rohr (21 1/4) and Thompson-Ramo (77 7/8) reaching new highs for the move. The only exception was Martin Co. (old-59 1/4,new when-issued 29 3/4) which sold down on the reasoning that the successful firing of the Minute Man, a solid fuel missile, would out- date the liquid fuel Titan. Technically, the stock has a possible 29-28 downside object- ive on the new stock and 58-56 on the old. There is good support at this level. Other issues in the group have a clearer pattern at the mOIIl,ent. One way of participatingin the missile and aircraft, and to a lesser eXtent, in the airlines,' is through National Aviation (28 1/4) , a closed-end investment trust listed on the New York Stock Exchange. Other issues in the recommended list that have not yet participated in the rise to any great extent include American Broadcasting (46 1/2), Caterpillar Tractor (32 3/4), Columbia Broadcasting (37 1/2), El Paso Natural Gas (28), Ford Motor (68 1/2), General Precision Equipment (61 7/8), Great Western Sugar (32 5/8), Holly Su ar (30 5/8), International Tel & Tel (48), Lone Star Gas (45 ,1/2), Panhandle Eastern Pi e Line (501/2), and United Artists (351/4). Dow-Jones Ind. 652.97 uow-Jones Rails 143.10 EDMUND W. TABELL WALSTON & CO.INC. This nlIorket letter Is not, and under no circumstances IS to be construed as, an offer to sell or a soliCItation to buy any secUritIes referred to herein The information contlllned herem is not guarant!ed 8.11 to Ilccurllcy or completeness and the furnIShmg thereof IS not, and under no circumstances IS to be construed SS, t by Walston & Co Inc thC!reof purchase All expreSSIOns sell and may of opmion are subJect to change WIthout notice Walston & an mterest In the secUrIties mentioned herein This market Co., Inc, and Officers. Directors, toe letter IS intended and presented merely as 0 II- era ge1 fntnbl , Joimformnl on dny to day nmrkd news not as n complete annlysis. AddItional informatIon '\I,lth respect to any secut'lties referred to herein ''-

Walston &Co. Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHJCAGO OFFICES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER February 10, 1961 The Dow-Jones average has held, for ten trading days, in the 640-660 range originally envisioned by this letter as an area of heavy overhead supply. The . question is now whether a consolidation will occur around these levels, or a will take place. In any case, the latter should not be much more severe than a one-thlrd retracement of the advance back to about the 630-620 area. As always, it will continue to be more important to concentrate on individual stocks which appear attractive, such as the one discussed below. –' U .- S-.' VI'AMIN & Current Price Current Dividend Current Yield 37 .60 1. 6/0 Long Term Debt Common Stock None 1,909,110 shs. Sales, 1960-E 15,000,000 Earned per Sh. -1960-E 1.10 Mkt.Range 1961-1959 52 – 24 From a technical point of view, U. S. Vitamin & Pharmaceutical Corporation has a very strong pattern. It reached a high of 52 in 1959 and reacted to an early 1960 low of 24. Since that time the stock has been bu1lding up a broad accumulation area with most of the work in the 28-36 area. The recent upside breakout indicates a rise to much higher levels over the longer term. U. S. Vitamin is a small company with only 15 million of sales in 1960. This smallness has, in addition to obvious disadvantages, a number of significant advantages for the company and for the investor interested in purchasing its stock for capital gains. The most important of these advantages is that development of the company's research staff which is able to capture an im t rlet, can, due to small total volume, have a tremendously importane;etoe n Such a develop. ment may well be DBI, an orally-administered dru a in e ent of diabetes. The market for such a drug is St ica veys suggest that approxi- ma tely-3-million-persbifs in the Uhlt-euStit h – . — dia – 8 ;!naOllar terms, tne market for oral diabetes drugs is estimated l'Q\We in ss of 30 m1llion. To date, OBI has captured only a small s e t 1 to the fact that it was introduced drug at the end of 19 0 t 'to be running at an annual rate of only 2 million, twice the 1959 fi e icant portion of the total market. Meanwhile, tars de usage of sulfa-type drugs have uncovered a number of problems which were , at first, apparent. Moreover, the main former objection to DBI, occasional rence of annoying side effects such as nausea, has now been eliminated through the use of a controlled-release tablet which releases the drug into the bloodstream in small amounts throughout the day. Thus, it appears logical to expect that OBI will gain sharply in market acceptance at the expense of former types of ,treat- ment. It is worth repeating at this point that this is a 30 million-plus market and that U.S. Vitamin's total sales in 1960 were 15 million. It is also worth noting that Vitamin's present detail staff is set up to handle a much greater sales volume so that profits on the additional increment, should be even greater than the company's overall 24.3/0 net before taxes in 1959. The other specialty drugs, which now comprise the greatest portion of U. S. Vitamin's sales, also have.interesting potentialS. These include Arlidin, used'to-in.c—- crease blood flow to the various parts of the body, C. V. P. , prescribed in various applications for capillary bleeding, and Bacid, used to counteract undesirable side effects of antibiotics. On current earnings and dividends (1.10 per share earned in 1960 current dividend rate; 60c;) U. S. Vitamin is not cheap at its price around 38. However, when the growth potential inherent in DBI and other products is taken into account, it can easily be seen that the potential earnings increase over a period of time is huge. The stock, therefore, has considerable appeal at present levels and is being added to our recom- mended list. ANTHONY W.TABELL Dow-Jones Industrials 639.67 WALSTON & CO.INC. T aimdDn.'lVIUS m A , under no to be construed tlS, an offer to sell or n to buy any secUrIties referred to The informatian l t d the furmshmg' thereof IS not and under no circumstances 19 to be construu as, a represen – contained herem IS not guaranteed as to or co!Jlp e eness an chan e Without nobce Walston & Co Inc and Officers, Directors, Stockholders and t10n by Walston & Co. Inc All expres;llons of OpInion aI'' subject rentlOned herem ThIS market IS and presented merely as n genernl. mformal thereof, purchase. comment.u.ry on day stoeldl an ay d maky mnr c ha tn ve n ews na.nIn. ,tneoret sat In sa the com analYSIS ….. AdditIOnal With respect to any sccurltles referred to heT(!in wIll be \VN JOt . —— — ——– —– – —– – – – – —–

\I FIlE i I- Febr;uary 17, 1961 RECOMMENDED LIST OF STOCKS SELLING ABOVE 20.00 A SHARE Edmund W. Tabell Walston & Co. Inc. Close 2/16/61 American Broad. Para. 483/4 American Chicle 80 1/2 Amer.Metal Climax 27 1/4 Amer.Optical 57 1/4 Amer. Potash &Che m.51 3/4 Amer.Smelt. & Ref. 58 Amer. Stores 84 American Viscose 467/8 Anderson Clayton 44 1/2 Arkansas Louis.Gas 393/4 Audio Devices 263/4 Barber Oil 67 1/2 Bestwall Gypsum 463/4 Boeing Airplane 41 1/4 CIT Financial 77 3/8 Carnation Co. 80 Caterpillar Tractor 36 1/4 Central & So. West 4,1 1/4 Chicago Pneumatic Tool 343/8 City Products 48 1/4 Cluett Peabody 73 Columbia Pictures 24 3/8 Columbian Carbon 56 ConsoCMlning Consolo Natural Gas 56 Crown Cork & Seal 57 3/8 Daystrom 31 3/4 Deere & Co 573/4 Diamond National 43 3/4 Dome Mines 223/8 Eastern Gas & Fuel 343/4 Electric Storage Battery 59 3/4 El Paso Natural Gas 283/8 Ex-Cell-O 377/8 Fansteel Metallurgical 54 First Charter Financial 345/8 Food Machine Chern. 63 7/8 Ford Motor 683/4 Freeport Sulphur 30 1/2 Garrett Corp. 51 1/4 General Amer. Transp. 85 General Mills 35 1/4 General Precision Equip. 68 Georgia Pac. Plywood 58 3/4 Gerber Products 84 3/4 Granite City Steel 40 Great Northern Paper 57 Great Vvestern Financial 34 7/8 Great Western Sugar 34 1/4 Haveg Industries 99 1/4 Hercules Powder 877/8 Hertz Corp. Heyden Newport 673/8 255/8 Holly Sugar 30 3/4 Original Recom. Price 453/4 76 245/8 54-50 42 7/8 551/8 77 3/4 523/8 363/4 353/4 263/8 70 41 363/4 67 66 1/4 30 1/2 40 1/4 283/8 44 3/4 56 3/4 21 7/8 52 1/2 51 1/8 43 1/8 45 -43 523/4 35 1/2 25 1/8 293/4 54 28 353/4 45-44 29 1/8 60 3/4 69 1/2 24 7/8 51 7/8 793/4 32 3/8 56 49 56 37 1/2 57 31 1/4 29 86 5/8 80 1/4 65 1/8 237/8 30 1/2 S&P Rating Comment B ;Buy-Hold A Hold for 95-100 B Buy-Hold B Buy-Hold B Hold B Buy-Hold A Hold B Buy-Hold B Buy-Hold A- Buy-Hold B- Buy-Hold BBuy-Hold Buy-Hold Hold Buy-Hold A Buy-Hold A Hold for 45 A Hold for 54 B Buy-Hold BBuy-Hold B Hold B ,Buy-Hold BBuy-Hold —- .. A Buy-Hold B- Buy-Hold B IHoid B for 80-85 B fBUy-Hold B IHold B Buy-Hold B Hold B Buy-Hold A Hold for 44-48 B Hold for 60 Buy-Hold A Hold B Buy-Hold A Buy-Hold A- Buy-Hold A Buy-Hold A Buy-Hold B Hold B Hold A Hold for 90 B Buy-Hold B Buy-Hold Buy-Hold B Buy-Hold B Hold A Hold for 115-125 A Buy-Hold B IBuy-Hold B ' Buy-Hold ,, I .- Ideal Cement Insurance Co.,N.A. Close 2/16/61 29 7/8 961/4 Intern'l Min.& Chern. 42 3/4 Intern'l Tel & Tel Jewel Tea 51 3/4 505/8 Johns Manville Johnson & Johnson 60 95 1/2 Kennecott Copper Kern County Land Lone , 84 1/4 595/8 – 47 Louisiana Land Explor. 68 Magnavox Co 60 1/2 Marquette Cement Martin Co McCall Corp 60 343/8 541/4 McIntyre Porcupine Mesabi Iron 277/8 865/8 Microwave Associates Miss. River Fuel National Aviation Newmont Mining North Amer.Aviation Northern Natural Gas Northern Pacific R.R. 50 1/8 39 28 1/8 71 51 1/8 34 1/2 443/4 Northrop Corp. 455/8 Oklahoma Gas & Elec. 37 Pacific Gas & Elec. 795/8 Panhandle Eastern Pipe 50 3/8 —- —-42- Phillips Petroleum Pillsbury Mills Pitney Bowes 58 1/4 50 1/4 443/4 Pittsburgh Plate Glass Richfield Oil Royal Dutch 78 96 38 3/8 Seaboard Airline R.R. 36 1/2 Seaboard Finance Singer Manufacturing Southern Calif. Edison Southern Natural Gas Standard Oil of Kentucky 25 1/8 72 7/8 72 7/8 44 74 Sterling Drug Swift & Co Tennessee Corp. Texas Gulf Sulphur Thompson-Ramo Wool. Twentieth Century-Fox United Air Lines United Artists United Biscuit United Shoe Machinery U.S.Borax U.S.FoilB U.S. Vitamin Universal Oil Products Varian Associates 'Warner Bros. Pictures' Wilson & Co. Winn-Dixie Stores Woolworth,F.W. Wrigley, Vim. -Jr. Zenith Radio 76 1/4 48 1/4 55 5/8 22 3/8 817/8 47.3/8 43 1/4 357/8 42 1/2 64 1/2 46 357/8 395/8 38 1/8 57 3/4 60 483/4 27 1/8 731/4 109 1/2 107 1/2 -2- Original Recom. Price 26 7/8 78 32 48 50 1/4 60 743/4 74 1/8 53 850 1/2 . 19 53 1/4 26 297/8 273/4 86 1/2 33 1/8 34 1/8 273/4 62 1/2 41 1/2 30 3/8 42 1/8 33-31 35 1/4 753/4 47 7/8 537/8 44 5/8 41 693/4 84 42 32 3/8 22 1/4 48 66 38 3/8 70 1/2 693/4 44 1/2 50 19 1/8 573/4 3/4 30 3/4 32 1/2 37 3/4 59 373/4 501/4 37 31 3/8 40 3/4 52 7/8 15 1/4 22 1/2 69 99 99 1/4 S&P Rating A- B Comment Buy-Hold Hold Buy-Hold B Buy-Hold IA ! Buy-Hold A Buy-Hold A Buy-Hold B 1 Buy-Hold A . Hold for 80-85 – . Buy-Hold A 1Hold B Hold for 75 A Buy-Hold Hold B Hold B Buy-Hold i Buy-Hold I Hold A Hold for 50 Buy-Hold A- Buy-Hold Hold A- Buy-Hold B Buy-Hold 1Hold for 52-55 A- iHold for 54 A 1Hold for 90-100 A-.. I rBuyHold A Buy-Hold A Hold ,A Buy-Hold A Hold for 84-94 A iHold for 120-130 A Hold for 44 B Buy-Hold IHold B Hold A IHOld for 80 -90 A- Buy-Hold A Buy-Hold A !BUY-HOld B Buy-Hold A Buy-Hold B Buy-Hold A Buy-Hold B iHold B IHOld for B Buy-Hold B Hold for 45 B Buy-Hold B ,HOld B Hold A !Buy-Hold B Hold for 45 Buy-Hold B Hold B Hold A Hold for 32-34 A- iBuy-Hold B Buy-Hold A Buy-Hold !

2 ,/Uil- -' FILE COpy Walston &- Co. ———Inc——— Mem bers N e10 York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER February 17,1961 The stock market, as measured by the various averages, continues to back and fill in a wide trading area. For the past three weeks, the Dow-Jones Industrials have ranged between an intra-day high of 657.20 and a low of 632.81. In the meanwhile, many individual issues have continued to move ahead. Even on Monday when the Industrial aver age reached its three-week low there were 56 new highs and only 4 new lows. On Wednes day, 114 issues reached new highs as against 1 low, and on Thursday, the ratio was 123 to 1. It was anticipated that the Industrials would meet supply in the 660-640 area, and this has occurred. There are two ways of interpreting the action of the past three weeks. One interpretation is that the market is meeting a terrific supply of stock and must have a siz able technical correction. The other is that the market is absorbing a heavy supply of sto without reacting and, when the supply is absorbed, the market will move ahead and cross the 1959-1960 high of 688.21. A glance at the various technical indicators reveals a continuing constructive pat- tern. Our breadth-of-the-market has continued to advance and moving totals of upside and downside volume, odd lot indices, ratio of low-priced stocks to high-priced issues, and other technical graphs, remain favorable. It has been a characteristic of modern markets that once an advance of import- ance has started it continues without a worthwhile correction until the top has almost bee reached. In the October, 1953 to April, 1956 advance, the Industrial average moved from 254.36 to 524.37. The first decline of importance was in September of 1955 when the ave – age declined from 489.94 to 433.19 and reached its high six months later at only 7 abov the September 1955 high. In the October, 1957 to August 1959 advance from 416.15 to 688.21,the market suffered its first decline of of 1959 when it dropped from 683.90 to 613.30. The ultimate high was r a h fi\.onths later in January, 1960 at just a shade above the August There is no certainty, of course, that the p e t mar ove will duplicate – -either the appreciation-or the timing of the – s of-the past-ten years.As far as the percentage appreciation 'is emely doubtful that the present market will duplicate the over 100 1 3- , or the 64 rise of 1957-1959. A rise to 750 from the would be about 300/0. The timing might follow more closely, wfi 0r work, it would appear that the present a i ut equivalent of the April-May 1958 stage of the October, 1957 to ' This, of cou e, 0 ot preclude a decline at this stage greater than already witnessed. A decline e 630-620 area would come within the bonds of a normal one- third technical corr ctlon of the advance from the October lows. Our recommended list is probably showing above average action. Some of the issues have risen quite sharply in the past two or three months. American Potash has advanced from a recommended level of 42 7/8 to 51 3/4. Carn ation Co. from 66 1/4 to 80. Diamond National from 35 3/4 to 43 3/4, Gerber Products from 56 to 84 3/4,Insur- ance Co.of No.Amer. from 78 to 96 1/4, Johnson & Johnson from 74 3/4 to 95,Louisiana Land from 50 1/2 to 68, McCall Corp. from 297/8 to 54 1/4,Microwave from 331/8 to 50 1/8, Thompson-Ramo from 573/4 to 817/8, 20th Century-Fox from '363/4 to 473/4 and Varian Associates from 40 3/4 to 57 3/4. However, there are only two changes sug- gested at this time. We are dropping Coca Cola (91 5/8) and Westinghouse Elec. (45) from thelist. Both were recommended in May 1959 when the Industrial average was just about at the same level as it is today. Coca Cola was recommended at 47 on an ad- justed split basis. Friday's high was 95 1/2. The stock has reached its first upside po- tential and probably will need a rather lengthy consolidation before a new move. West- inghouse Electric was originally recommended at 44 on an adjusted split basis. It sub- sequently reached a high of 65 in 1960. Recent news developments brought the stock back to 40 3/4. While it probably has reached its low for the move, a long time may be needed to form a new base. There is heavy overhead supply and other issues in our recommended list may offer better appreciation opportunities. A new compilation of the recommen- ded list is available for perusal at the desk of your Walston customers' representative. Dow-Jones Ind. – 651.67 Dow-JOpeS Bails – 144 32 EDMUND W. TABELL WALSTON & CO. INC. ThiS market letter is not, and under no circumstances IS to be eonstrued as, nn offer to ell or a BohcltatlOn to buy any secUrlttes referred to herem The mformatIon contained herem is not guaranteed as to accuracy or compteteneS8 Ilnd the furrnshlng thereof lS not, and under no Cllcumstnnces IS to be construed as, Illeplesenta- Hon by alston & Co, Inc All expressIOns of oplmon are subJect to change v.lthout notice Walston & Co, Inc, nnd Officers, Directors, Stockholders and Employees thelcof, purchase, lIell and may have an mterest in the secUrttws mentIOned herem ThiS mllrket letter IS mtended and presented merely ns a general. Informal commentary on day to day market news and not as a complete analysIS AddItIonal mformation With respect to nny SecUrltles rcferrC'd to herem Will be ' r r \VN 301

Walston &Co. tnc. Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFices COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER February 24, 1961 At Friday's high of 659.56, the Dow-Jones Industrials had exceeded their Februar 3rd high of 657.20, although the important June high of 663.64 remains to be breached. As expected, a good deal of supply has continued to be encountered in the 640 -660 range, as evidenced by the heavy volume of trading coupled with the sluggish advance in the averages. It is interesting to note, however, that, as this churning goes on, breadth 0 the market continues to improve and our breadth index is now at its highest level since th Fall of 1959. For this reason, a constructive attitude toward the market, together with emphasis on individual issues appears to be – — — —-,.- – ' The progress made by the meat packing industry over the past decade constitutes a dramatic example of a successful comeback by a major industry. At the beginning of the 1950'!,the industry was plagued by inefficient and antiquated plants, locations which emphaSized closeness to market rather than to sour ce of supply despite the fact that transportation of the end product was cheaper than transportation of live cattle, and a recurrent inventory problem which made it vulnerable to wide changes in raw material prices. As is usually the case in depressed industries, these difficulties were most sorely felt by the marginal producers. SWIFT & CO., the largest factor in the industry, was the only company relatively immune to drastic earnings fluctuations and, despite the fact that profits displayed no strong growth trend, the stock attained an invest ment status considerably greater than that of the other companies in the industry. Since that time, enormous strJdes have been made. As could be expected, the most drastic improvement took place in what were then Wilson & Co. followed an aggressive program of reducing slaughterhou f coo sC8.nd closing down ob solete divisions. Thus, although 1959 sales were 0 0 eo 9 levels,net income had almost doubled. Armour & Co. also closed a 1 r s obsolete slaughter- housesand,,,in,additiOn,-bUiH,up,an,excenenemo i per to account for some 600/0 of earnings. Even as 19 wever, the drastically improve profitability picture in both of these Ii been taken into account by the mar keto Wilson sold as low as this letter at a price of 5 1/ for purchase at that time by s \9ii'i low was 9 3/8. At their recent highs, Yiilson had reached / d r 0 6.1/2. The impro een far less marked. Indeed, profit margins in the past two years have i d to rove to any great extent from their average levels of the early 1950's. For ob '0 easons, the common stocks market appreciation from 1957 lows has been only as great as that of the smaller companies. ,vhile the entire industry appears attractive, there appears to be some justification for ranking Swift as the most attractive participation therein at this time. In contrast to its smaller competitors, Swift's emphaSis has been on modernization rather than the closing of obsolete slaughtering facilities. Thus, the company's sales have held up better than those of Armour and Vlilson, and more leverage now exists in Swift which is esti- mated to show 408 of sales per share in 1961, vS. 291 for Wilson and 375 for Armour. As this letter has previously pointed out, the raw materials picture for the industry will probably improve drastically in the latter part of 1961,and with its greater slaughtering capacity, Swift will be in a better position to take advantage of this trend. a large part of the increased supply of cattle will be of poor quality, Swift's margin should also benefit from a tenderizing process which it has developed in order to make a marketable product from low-cost raw material. In addition to the above positive factors, Swift probably has better defensive qualities than its competitors, with a superior balance sheet and per-share working capital approximately twice that of the other two companies. For the fiscal year to end Oct. 31, 1961, Swift's earnings are expected to improve to around ;;4.00 per share vs. the 3.09 earned in fiscal 1960,and some liberalization of the dividen from its current level of 1. 85 is possible. From a technical point of view, the recent upside breakout to 48 indicates a possible initial 64 followed by 90. Strong 'support exists at the 45-40 level. Although as mentioned above the outlook for WILSON & CO. (49) is also positive, we are suggesting that clients who have held this stock since our ori inal recommendation, acce t rofits and transfer th funds 0 IS to be construed as, an offer to sell or 'tm 'th accuracy or and the furnishtng t.hereof…ANt..la.d.\H\Wr.110 to herein The mformatlon ,onet.rucd os. 11 rcprescnta- (t),…..Q… AU,eJlmessJoP of opInIon are subject to change WithOUt. WaJii.l(JlrnMo.P.Jn!fAd Directors, Stockholders and D an mterest In the secuntles mentioned 'h1tefHIel!.l.8'ntYl'resented merely as '!- general. ,vW Jormformlll commentary on day to day market am not as a eomplete analysis Additional mformatlOn With respect to any secuntles referred to herem . ,.. -,'

Walston &CO. Inc Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFices COAST TO COAST AND OVERSEAS TABELL'S MARKET LEnER March 3, 1961 Since November, the market has continued to follow the pattern suggested by tech nical market action. Resistance was expected at the heavy overhead supply area at in the Dow-Jones Industrial average. It required almost four weeks of extremely heavy volume to absorb the supply of stock offered. This supply area has now been- penetrated on the upside and the Industrial average reached an intra-day high of 676. 14 on Friday. This is very near the August, 1959 high of 683.90 and the January, 1960 high of 688.21. Just how much resistance'will be encountered at the fOl'mer highs-is problematical. As – long suggested, the minimum upside potential appears to be 725-750 over the interme- diate term. Despite the backing and filling in the averages since late January, the breadth-of- the-market index has continued to move ahead and has advanced for eleven consecutive weeks. This is the direct opposite action of the technical pattern from October 1959 to January 1960. At that time, the average was advancing, but the breadth index was makin new lows. From the figures available up to the end of January, it would appear that the publi has been selling on balance since the rise started in October and that institutions and pro fessionals have been buyers. Customers' Balance figures ,for January indicate a sharp rise in Free Credit Balances and only a negligible rise in Debit Balances. February figures are not yet available. Odd-lot studies also seem to indicate that the smaller investor has been selling on balance. Incidentally, in the sharp, almost straightline ad- vances, of 1949, 1954 and 1958, the same increase in took place. It was not until the market was approaching its high that ee itCBalances decreased. However, in the three instances noted above, This has not yet occurred. 1\. VA e l i ased sharply. ..,- In bull !llarket, i than the general market. On Nove 11' lett blished a packagerecommen- dation of stocks selling below 20.0 e at om a technical viewpoint, had in- teresting upside potentials ct It was stressed that these issues be list of this nature As of Thu \We average price advance of these twenty low-priced issues was 23.5 f 0 IUer 4th, as against 12.30/0 for the Dow-Jones Industrial average for the same od. If the market continues to advance, it would be expected that this spread wiI iden. The list is reprinted below. Some issues have moved above 20.00 a share, but retention is still advised. I am also adding the following five issues to the list. A package purchase is still advised. The new additions are American Radiator & Standard Sanitary (141/2), Burlington Industries (18 3/8), Flying Tiger (143/4), Manhattan Shirt (19) and Victoreen Instruments (165/8). Allied Paper Avco Campbell Chiboug. Chic. ,Mil. ,St. Paul Commercial Solvents Divco-v7ayne Foote Mineral Fruehauf Trailer Getty Oil International Packers Price 11/4/60 10 5/8 13 7/S 5 7/S 15 1/4 19 17 l/S 19 IS 3/4 14 1/4 15 3/4 Current Price 12 1/4 17 7 3/4 17 3/S 25 5/S 17 1/2 24 1/2 22 3/S 17 1/4 19 3/4 Price Current 11/4/60 Price Kaiser Ind. 8 3/4 Lear, Ind. 16 1/2 McCrory Corp. 13 National Can 9 1/4 Northwest Air. 15 3/4 Pacific Petroleum 10 1/4 11 5/8 20 18 – 9 21 12 1/2 Rayonier Rohr Aircraft 16 l/S 20 1/4 15 21 5/S Serve1 Sun Chemical 12 l/S 16 3/4 13 5/S 14 7/S – Dow-Jones Ind. – 671.57 Dow Jones Rails – 144. S4 EDMUND yv. TABELL WALSTON & CO.INC. This market letter 15 not and under no eircurnstnnces 16 to be construed 8S, an offer to sell or a soliCitation to buy any securities referred. to herem The informatIOn contained herem 18 not as to accuracy or completeness and the furDlshing thereof IS not, and under no circumstances 19 to be construed as, 8. representa- tIOn by Walston & Co.. Inc. All expressions of opinion are subJect to change Without notice Walston & Co, Inc, and Officers, Directors, Stockholders and Employees thereof purchase, sell and may have an interest to the securities mentioned herem ThiS market letter is mtended and presented merely as a general, informal on day to day market news not as a complete analysIS Addltwnai informatIOn WIth respect to any securities referred to herem ,,111 be furmshed upon request. . . . .. .. . . . 'N.31