Walston &Co. —–Inc —– Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CI-\ICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER Fort Myers Beach, Florida April 7th, 1961 Despite the fact that trading on Tuesday passed the 7 million-share mark for the highest volume in 7 1/2 years, the Dow-Jones Industrials, at the week's intra-day high of 687.76 failed to pass the January, 1960 high of 688.21. The week's low was 671. 29. Believe the present hesitation may last somewhat longer, but would consider any further weakness as a buying opportunity in selected issues. There is a strong support level in the 660-650 area. More important than the fluctuations of the averages is the action of the breadth- of-the-market index.-The It-has moved ahead with only slight interruptions since October, despite the fact that the Industrial averr age has had several mild declines and consolidations during the past five and a half month, The breadth indices usually reach a high long before the averages, as do the volume indic s The advance of both breadth and volume continues to indicate a higher market, subject to normal technical corrections of 3/0 – 5. Of course, the fact that the Industrial average is moving higher does not necessa i mean that each individual investor is doing as well as the averages. Obviously, the right stocks must be owned. The Dow-Jones Industrial average of thirty stocks has sold near the January 5th 1960 intra-day high of 688.21 during the past week. Standard & Poor's Indus- trial Index is selling considerably above this level. However, the fortunes of each individual investor would vary considerably depending on which of the twelve stocks listed below were in his portfolio on January 5th, 1960. All of the twelve are part of the Dow-Jones In dustrial average. Holding each of them from the January, 1960 high to date would have shown the following results. Price Stock 1/5/60 Amer. Tel & Tel 82 Prices are Price 4/6/61 Advance 126 54 0 Au num \,y pilice Price ),jjj60 4/6/61 Decline 105 76 28 Intern'l Nickel Johns Manville 54 50 67 1\ ( \y \). \.Y Ie . eral Elec. Tire 99 48 64 35 36 25 Procter & 7 Intern'l Paper 44 33 25 Of cours .g ie in the Dow-Jones Industrial average would resulted in a mucH comparison. As the adva e it is to be expected that the averages will not show the true picture as far issues are concerned. Issues that have been the market leaders for the past l!reveral months will tire and new groups will carry the ball. As long as the majority of groups continue to advance, this rotation of strength is not, as some commentators have noted, a danger signal. It is only toward the end of a major advanc that a small group of stocks carry the averages higher while the majority of stocks are declining. This type of action will show up in the breadth indices. There is no indication of this happening at the moment. Several issues in our recommended list reached their upside objectives based on our technical work and they are being dropped from the list. They are American Chicle (recommended at 76) which reached its 95-100 objective, Fansteel (recommended at 44) which reached the 58.potential and Gerber Products (rec;o.mmended which reached the 90 objective. Both American Chicle and Gerber Products have been held for less than six months. It is the purpose of this letter to recommend issues for longer-term holding. We do not attempt to guess the short-term swings in the market. For those who cannot afford to take short-term gains because of tax reasons, the two issues may be retained until the six months holding period elapses. However, better opportunities may exist in other issues in our recommended list which is available through your Walston Account Executive. Suggestions include American Broadcasting (49) ,American Smelting (61) Anderson Clayton (41), Audio Devices (31), Cluett Peabody (66), Columbian Carbon (58), Diamond National (45), Electric Storage Battery (64), Heyden-Newport (28), International Minerals & Chem. (45), Johns Manville (69), Magnavox (72), Northern Pacific (46), Pan- handle Eastern Pipe (55) ,Reeves Bros. (22), Swift & Co. (45) and U S. Borax (43). IS to be construed 8.S, an offer to Bell – I – to herem The mformatIon !Wcpracy or completeness and the furnishmg thereofUWJiQtT be construed as, a representa- Y1dJ\ bf & Alf. or opmlOn are subject to change without Inb'.d'rA'l aftkh's,. Directors, Stockholders and Employees thereof, Bell ani! may hn.ve an lnterest m the Bccurlues mentIOned herCiTI ThiS market letter IS intended and Iresented merely as '!' general, inrormul commentnry on duy to da)' market news ang not as a complete analYSIS Additional iTIfOrmatlOn With respect to (Lny secUrities referred to herem be furnished upon request . \

Walston &Co. —..;,..; Inc. –….;;…;..; Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CH.JCAGO OFFices COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER April 14, 1961 A moderate reaction in the middle of the week on decreased volume failed to deter the advance of the general market which reached a high of 700.31 on Tuesday. Technical indicators continue to show positive action. However, it is a .normal characteristic of any bull market, that selectivity becomes more and more evident as the advance progresses. Therefore the choice of the right stocks will continue to be more important than guessing the short-term trend of the general market.' –. REEVES' BROTHERS; ING. .-……– —- . Current Price Current Dividend Current Yield 21 0.50 2.40/0 Long Term Debt Common Stock 3,200,000 1,167,831 shs. Sales 1959-60 71,720,000 Earned Per Share 1959-60 – 1.94 Mkt.Range 1961-59 41 3/8 – 12 The common stock of Reeves Brothers, recommended by this letter a few weeks ago, has reacted somewhat, and at Thursday's low of 20 1/4, had reached the downside objective of a short-term top, very close to a strong support level at 20-19. Further work may have to be done around current levels, but the stock retain! . its extremely attractive pattern with an ultimate upside potential considerably above the present price. to eell 0' contained herem IS not guarantccd as to or oo!flpleteness and the furmshing thereof c& iaO '0;pffgions of OpinIOn nre BubJect to. change without MVlbyeH3 k'el1 h'n'!l have an Interest in the securities mentioned ml\\'\t)rllbi' I1b ,w… inc.raA d hmm Th. in'mat,on n'I. n rcpresenta. Directors. Stockholders and merely as a general news an4 not as a analYSIS. Addlbonal mformatlon With respect to any securities referred to herem Will

Walston &Co. Inc Members New Ym-k Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER April 21,1961 The market closed lower on the week after reaching a fractionally new intra-day high at 700.75 on Monday. The week's low was 678.79. The support zone is 680-660. A decline to the lower part of that area would be a 5 correction which would be all we would expect unless the international news turns sharply unfavorable. After a week back in New York, and after a concentrated study of our various nical gauges, I find that there is little change from the longer range market pattern en- visioned in early March. The Dow-Jones Industrial average has moved above the August 1959 and January, 1960 highs, but .such a move was anticipated.and other.averages .had a – ready moved into new high territory earlier in the year. Many individual issues have reached new high territory and a few have already reached their upside objectives. How- ever, there are still a sizable number of issues that appear to have good appreciation possibilities over the intermediate term. The bull market that started in late October is now approximately six months old. It might be interesting to compare the present market at the six-month stage with the con – parable point in the three previous upswings since 1949. Date of High Price Percentage Mar-ket Low Price Six Months Later Advance 1949-1952 June, 1949 160 205 28 1953-1956 Sept. 1953 254 303 19/0 1957-1959 Oct. 1957 416 455 9 1960- Oct. 1960 565 700 24 Volume has increased shar.ply since October, pear. Volume figures for the 1949-1952 rise are not avai I f!t w'volume for the previous 25 weeks is listed below tn much as it would ap but the tota .he market reachec its low, and for the date approximately six months 25-VVeek ix h Low – – Volume -c' ,jLate Sept. 1953 i\\\ '- ,pr Oct. 1957 \0Jc9 0 280 Oct. 1960 3 \ – 512 –rncrease– 36/0 10 42 Millions of Shares In the 19 ume and prices did not increase sharply until later in the move. While 1 e risen sharply in the last six months, it still has quite a bit further to go befor' alling the total advance in volume on the two previous upswings. Low 25- ek Volume High Volume Date Increase Time Period Sept. 1953 154 395 March, 1955 154/0 18 Months Oct. 1957 Oct. 1960 255 470 360 512 In Millions of Shares March, 1959 April, 1961 84/0 17 Months 42 6 Months To Date It will be noted that in both the 1953-1956 rise and the 1957-1959 rise, volume reached a high considerably before the aver.ages reached their high. In summary, the rise so far has not been too far out of line with the three previou advances since 1949. Four issues in our recommended list have reached the upside objectives onour technical work and are being removed from the list. Two are long-term holdings of over six month s. They are Magnavox (88) which reached a high of 92 3/8 during the past week. This issue was originally recommended at 19 and as recently as two weeks ago,at 72. It appears high enough at the moment. The other long-term holding is VVinn-Dixie (33 3/8) which reached its 32-34 objective at the high of 33 1/4. It was originally recommended at 22 1/2. The other two issues were recommended on December 30th, 1960. Crown Cork & Seal (82 1/2) reached a high of 84. The original recommendation was 43l71l- City Products (65 1/4) reached a high of 693/4. It was recommended at 44 3/4. VVhile neither issue has been held for six months, those who can afford short term gains may find better opportunities in the new edition of our recommended list which will be avail- able for perusal at the desk of your VValston representative early next week. Dow Jones llirt. EflMUlq-J) 7V, . D ThIS k t letter not Ilnd underl)o C1T'Wl)lstances is to be construed as, an or completeness and the l;(\l!I 11 l'ljq, referred to herem The mformatlon \g)stances is to be construed IlS, 11 rcpresentll All cxpres'Hone- Of-opinlOn are subJect to ('hange Without notice 11 s on & Co, nc, tnd Officers, Directors, Stockholders and 1 ployecs thereof wll and mny hlle an interest In the securltlcs mentioned berein This wer! nt mtended Ilnd presented merely a.s '!- gencrnl. on day to day market ne'\Vll not as n complete analysis ArldltlOnlli miormntlOn with respect to any BccurltiC!l referred to herem \t.Ml uponrequest ! , . . . . . — -. ., – . – –. —.–' — .' April 21, 19611, RECOMMENDED LIST OF STOCKS SELLING ABOVE 20.00 IA SHARE Edmund W. Tabell Walston & Co. Inc. I Close 4/20/61 American Broad. Para. 583/8 American Metal Climax 293/8 American Optical 63 1/2 American Potash & Chern. 54 3/4 American Smelt. & Ref. 65 American Stores 83 1/2 American Viscose – Anderson Clayton 40 5/8 Arkansas Louis.Gas 44 Audio Devices 31 3/4 Barber Oil 63 1/4 Bestwall Gypsum 43 1/4 Boeing Airplane 44 1/4 C I 'F Financial 81 1/4 Carnation Co 85 Caterpillar Tractor 34 Central & South West 39 7/8 Chicago Pneumatic Tool 36 Cluett Peabody 63 Columbia Pictures (b) 31 1/4 Columbian Carbon 59 Consol.Mining & Smelt. 241/2 Consol.Natural Gas 575/8 Daystrom 26 7/8 Deere & Co 56 1/2 Diamond National – – -. Dome Mines Eastern Gas & Fuel Electric Storage Battery EI Paso Natural Gas Ex-Cell-O First Charter Financial Food Machine Chemical Ford Motor Freeport Sulphur Garrett Corp. General Amer. Transport. General Mills General Precision Equip. Georgia Pacific Plywood Granite City Steel Great Northern Paper Great Western Financial Great Western Sugar Haveg Industries Hercules Powder Hertz Corp. Heyden Newport Holly Sugar Ideal Cement Insurance Co. of N.A. Intern'l Min. & Chern. International Tel & Tel Jewel Tea Johns Manville 21 37 3/4 59 1/2 27 3/4 39 49 1/4 71 82 7/8 32 5/8 51 80 1/4 31 3/4 68 67 7/8 45 5/8 61 1/2 49 1/2 31 3/4 122 91 3/4 671/4 28 1/4 30 1/4 27 1/8 94 1/2 49 3/4 58 63 3/8 66 5/8 Original Recom. Price 45 3/4 245/8 54-50 42 7/8 55 1/8 77 3/4 523/8 36 3/4 35 3/4 26- 3/8 70 39 3/4a) 36 3/4 67 66 1/4 30 1/2 40 1/4 28 3/8 56 3/4 21 7/8 52 1/2 203/8 51 1/8 45-43 52 3/4 —-35-172 — 25 1/8 29 3/4 54 28 35 3/4 29 1/8 60 3/4 69 1/2 24 7/8 51 7/8 793/4 32 3/8 56 47 1/8a) 37 1/2 57 31 1/4 29 86 5/8 80 1/4 65 1/8 23 7/8 30 1/2 26 7/8 78 32 48 50 1/4 60 S& P Rating B B B B B A BB ABoO B A A A B B B B B A B Comment Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold I Hold for 95-100 l-Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold Buy-Hold Hold for 85-90 Hold for 105-110 Hold for 45 Buy-Hold Hold for 47 Buy-Hold Buy-Hold Buy-Hold Hold for 75 Buy-Hold iB Hold B Buy-Hold IB Buy-Hold B I Buy-Hold A Buy-Hold Hold A Hold for 90-100 B Buy-Hold A Buy-Hold A- Buy-Hold A Buy-Hold A Buy-Hold B Hold B Hold B Buy-Hold B Buy-Hold Hold for 60-65 – B Buy-Hold B Hold A Hold for 115-125 A Buy-Hold B Buy-Hold B Buy-Hold Buy-Hold Buy-Hold B Buy-Hold B Hold A Hold for 80 A Buy-Hold – -2- Original Close Recom. S&P I Johnson & Johnson Kennecott Copper 4/20/61 93 3/4 87 1/4 Price 74 3/4 74 1/8 Rating A B I Comment H, old for 110 uy-Hold Kern County Land Lone Star Gas Louisiana Land EJ!Plor. Marquette Cement 74 275/8 69 3/8 56 53 235/8 50 1/2 53 1/4 A AA A H, old for 85-90 H, old for 33-35 H, old for 82-92 Buy-Hold Martin Co 34 26 Hold for 40-42 McCall Corp. McIntyre Porcupine Iron — Microwave Associates Miss.River Fuel National Aviation Newmont Mining North Amer.Aviation 55 297/8 29 1/4 273/4 , 118 3/4 -. ,,— 79(c) 47 83 1/8 39 1/8 341/8 27 1/4 27 3/4 70 1/4 62 1/2 46 1/8 41 1/2 B B A A- H, old for 60 Buy-Hold .. —I Hold — — – – – — , I Hold for 65-75 I Hold for 50 I B, uy-Hold Buy-Hold I Hold Northern Natural Gas 38 1/2 30 3/8 A- Hold Northern Pacific R.R. 437/8 42 1/8 B Buy-Hold Oklahoma Gas & Elec. Pacific Gas &Elec. Panhandle Eastern Pipe Penney, J. C. Phillips Petroleum Pillsbury Mills Pitney-Bowes Pittsburgh Plate Glass 39 77 1/2 50 3/4 397/8 59 47 3/8 50 1/4 71 3/4 35 1/4 75 3/4 47 7/8 41 1/2 537/8 445/8 41 69 3/4 AA AA A A A A H, old for 54 Buy-Hold I Buy-Hold I B, uy-Hold Buy-Hold I Buy-Hold I B, uy-Hold Buy-Hold Reeves Bros. (d) 23 1/2 24 5/8 B- uy-Hold Reynolds Metals 50 1/8 59 B uy-Hold Richfield Oil Dutch- Seaboard Airline R.R. Seaboard Finance Singer Manufacturing Southern Calif. Edison Southern Natural Gas 102 41174 31 5/8 27 3/8 81 1/2 68 3/8 43 1/8 84 A -'12'- – – 32 3/8 22 1/4 48 66 38 3/8 B B A A- Hold for 120-130 — – , Buy-Hold I H, old for 34 H, old for 90-95 B, uy-Hold Buy-Hold Standard Oil of Kentucky 71 1/2 70 1/2 A Buy-Hold Sterling Drug Swift & Co. Tennessee Corp. Texas Gulf Sulphur Thompson-Ramo Wool. Twentieth Century Fox 83 43 7/8 65 245/8 71 1/2 54 7/8 69 3/4 44 1/2 50 19 1/8 573/4 36 3/4 A B A B A B H, old for 100-110 Buy-Hold I Hold for 85 I B, uy-Hold Buy-Hold I Hold United Air Lines United Artists 47 1/4 38 1/8 30 3/4 32 1/2 B B Hold Hold for 45 United Biscuit 38 37 3/4 B Buy-Hold United Shoe Machinery 66 1/2 U.S.Borax 455/8 59 373/4 B B Hold for 100-105 U. S. Vitamin – – ' V a r I a I i -Kssociates'' 44 7/8 37 A ;Buy-Hold Warner Bros. Pictures Woolworth, F. W. 65 1/2 67 3/8 527/8 69 B A- Hold for 75-80 Wrigley, Wm. Jr. 105 99 B fIold Zenith Radio 137 1/2 991/4 (a) – Adjusted for stock dividends. A Hold for 170 I I (b) – If rights to buy Screen Gems were used, each 100 shares owns 20 shares Screen Gems now selling at 19 1/2 (c) Adjusted for. sale of, rights. (d) – FormeI1y'll;5 Foil B, now exchanged for Reynolds Metals. I, I – ……..

FILE COfl Walston &CO. Inc. Membe1's New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHJCAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER April 28, 1961 The twelve-point decline in the Dow-Jones Industrials on Monday brought the average down to 671.64. This is a 40/0 decline from the recent high of 700.75. It continues to be our opinion that declines at this stage of the market pattern will be limited to thing around 50/0. There is strong support at around the 660 level, and barring any seriouf deterioration in the international scene, we would expect the Industrial average to hold at a level not much below the lows of the past week. There has been no basic change in the technical gauges of market action. The breadth-of-the-market index has declined a bit, but is acting about the same as the general market. The first danger signal would occur if, on the next rally, the breadth index failed to move ahead with the averages. It is highly probable that the market bas completed the first phase of the advanc e and that leadership will shift from the defensive-type equities to the more cyclical issues Groups like the foods, tobaccos and utilities have been in an advancing phase with mild in terruptions since late 1957, and have reached a level considerably above both the 1957 an 1959 highS. The more cyclical issues, like mining and smelting, machinery,oil,chemical , paper and rubber, etc., are still selling considerably below the high levels of 1957 and H 5 , despite the fact that the averages have reached new high territory. This is normal action and has occurred in almost every major advance. At the early stages of a downturn in the economy, business and stock market move down together. When it appears that the busi- ness downtrend is nearing its end, the stock market begins to move upward even though earnings continue to decline. However, the initial buying appears in the more defensive- type companies where earnings have held up relatively well. Later, after business has reached its low and starts to turn upward, buying groups in anticipation of an improYement in earnings and r c the more cyclical lin commodity prices We have now probably about reached this point in s market cycle. The table below shows the price action of six Ps averages. The first three are what are usually ef .. moderately effected-bythe ups and downs of smes caujlt;.e.-rn!nj(s are only cleo The last three groups are usually more susceptible to a t . s pattern. – 1952 (/ 1957 1959 1961 Low Lo Piigh High High Foods .32 24.48 41.98 65.32 22.57 38.99 69.74 58.42 Retail Stores 2 2 24 38.00 31.34 28.42 48.50 55.09 Tobacco 11. .Bl 15.10 15.91 13.98 27.00 41.33 Oil -Composite 34 32.96 66.94 90. 18 65.38 82.42 77.01 Machinery-Comp.17.12 17.53 38.55 53.49 35.43 60.71 59.71 Mining & Smelt. 18.93 15.40 36.00 45.00 26.22 44.13 43.62 In the mild 1952-1953 business downtrend, the defensive issues reached their lows in 1952 while the S & P industrial and cyclical issues reached their lows in 1953. In the next upswing the defensive groups reached their highs in 1955, butthe averages and the cyclical groups continued their advance for over a year. The defensive groups reached their 1957 lows early in the year and backed and filled while the averages and cyclicals topped out and declined sharply in the later half of 1957. In the advance from the 1957 lows, the leaders were the defensive groups and they reached new high tory in 1959 along with the averages. They declined only moderately in 1960 and since October have risen even more sharply than the averages. The cyclical issues, on the other hand,in most cases failed to better their 1957 highs in 1959. At the moment, they are mostly still below both 1957 and 1959. From a technical viewpoint, there are indications that this, pattern is changing. The defensive groups have reached their upside objectives and the more cyclical issues have slowly been building up accumu- lation patterns, and some groups, like the coppers, have already broken out on the upside of rather sizable trading areas. Dow-Jones Ind. 678.63 EDMUND W. TAB ELL WALSTON & CO. INC. Dow-Jones Rails 141. 07