Walston &- Co. Inc 111 rill bel X rIC Ynrl. Sinch- E.Tchall(Jf NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA OffiCES COAST TO COAST AND OVERSEAS FILE CQPV CHICAGO TABELL'S MARKET LETTER February 1, 1963 Again this week, the Dow-Jones Industrial Average continued on to a new high reaching 686.91 on Tuesday. As readers of this letter are quite aware, it has now reached the upper part of the upside objective area which we have been mentioning for the past few months. At the moment, no signs of weakness are appearing, but a close examina- tion of the character of the rlse helps to reveal the type of stock that should be most resis- tant to any decline and should be the best candidate for purchase on any weakness that does develOp. It appears quite obvious that the sharpness of the rise has been largely caused by . peavy !r1.J!titlltional This. is banking .f!.gl!res of mu.!.ual funds, which have continued to rise at a time when the average institutional eqUlty buyer was already in a highly liquid positlOn. Liquidity has also been evidenced by the rise in free credit balances. The character of the buying is spelled out in the quality of recent leadership. For example, for the month of December, 1962, New York Stock Exchange volume was down 2 from the like 1961 month. By contrast, volume on the American Stock Exchange, which, largely, lists more speculative issues, was down 32 from December, 1961. It is thus the better quality stocks which comprise institutional portfolios that have been the market leaders and are likely to continue in this role. Present investment policy should center on up-grading portfolios so as to reflect this leadership. AMERICAN VISCOSE (63 1/8) has been on our list for some time. As most shareholders are undoubtedly aware, the company ha r t aOnounced the proposed sale of its assets to FMC Corporation for 116 milli9foin c . I from the sale would be Viscose cash and marketable securities in . lion and its substantial interest in Monsanto Chemical. There is, of course, the possibility IsaVn be blocked by Federal action as was the proposed sale of the ever, the sameobjectiOns Stauffer Chemical last year. How- voiced at that time do –;;-otapply in this case, and it seems and FMC would make a public announ cement at this stage with t;o I ro belief that the deal can be consummated. It seems, the e , h' eviewing just how Viscose shareholders may expect to be treated if the s er . Upon completion, Viscose will be a corporate shell holding some 3.68 mil n s s of Monsanto and 170 million cash (116 million to be re- ceived from FMC and 5 lion now in the till which Viscose will be permitted to keep). On a per share basis, e va lue of the Monsanto stock is some 41 per share and the cash about 35. 75 per share. In addition to the above, it would appear that Viscose will be able to realize close to 5 per share from earnings before the sale takes place, earnings on liqui ass'ets prior to distribution and a substantial tax refund which should be due them. All this works out to better than 80 per share. As to timing, Viscose should be able to announce a plan of liquidation shortly after the sale takes place, which should be prior to the end of May if the Justice Department ap- proves. There is no reason why most of the cash plus the Monsanto stock cannot be distributed almost immediately. The final windup involving the tax refund and other complications might take considerably longer, but this would involve only a minor portion of the total amoun Thus, American Viscose, at its some-interesting possibilities Assuming that tlf sale is approved, the holder achieves a 27 profit, the major portion of it to be realized within a relatively short period of time. Meanwhile, even if the deal is not approved, the downside risk appears to be small due to the value of the assets involved, and the virtual certainty of theIr sale. Another way of looking at it, is that the buyer of Viscose at present levels is, in effect, buying Monsanto (53) at around 30-35 per share. Current long positions should be retained and we believe the stock is an interesting purchase on a special situation basis. Dow-Jones Ind. – 683.19 Dow–Jones Rails – 149.45 ANTHONY W. TABELL WALSTON & CO. INC. ThiS mnrket letwr IS not. nncl uRfler no ClfCllmllto,nces IS to he con;truel'l as, un offer to bel! or n suhcltatlOn tn 1111)' nny rc(CI reilo hClcln The mC'lI matum mtnlned herein IS not I!tlrlrnnt('eu n; to aCCUlIlCY 01 compietene;s nnd the rm 11I..hll1!. thel cnf I., 'lilt, lnll umlCI 110 tliClIlm,tnn( C' I' tn be Lun-.lIlled as, I repi e-.enlu. tllm by Wnlston & Co Inl' All e'preSSlOn!! or nplfilon are -.tlhJcct to (hml!.c ,\I(h,,t Iltlti('' Wnbton Co, Inc, Hnd neeh'ls, St(.ekhuldcrg !lnt! th('reof, ptl1chnse, Bell nnd may hllvc an mtelest 1n the seelllltlCll mentll,ned helCII! ThIS mar'et letter I intendcll lIIul pre.,entecl merely ns \ mformnl Cnmmentnry on IIny to dny mnrkel news !lnd nolll8 n ('omplete ,mni),,' Alldlh'lltl 1I1(4)lnlntlun \I,th lellett to Imy Icfellell to helem Will he

Walston &- Co. —–Inc —– MI'III!e, Xell' rod.. Stork E.rchan(Jc NEW YORK SAN FRANCISCO LOS ANGELES PHIL-!-DELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER February 8, 196.3 After reaching a new high on Monday, the Dow-Jones Industrials moved sideways most of the week. Basically, the market picture continues the same. With the averages having reached their upside objectives, we have, for some time, been expecting some de- terioration in breadth and volume. This week saw the first divergence between our sensitive daily breadth index and the action of the averages and it is possible that this may be the pre cursor of such action on the more important weekly indices. However, these indications could be cancelled out very easily, and it is far too early to become profoundly concerned. Even assuming last week's action to be the beginning of a distributive phase, this process could take some time. a- are-Eowever, making fewchangesin-()ur recommended National' (51) has recently reached its intermediate-term objective of 53, and we are removing it from the list for the time being. Northern Pacific (43 1/2) has shown slightly inferior action to the other rails and we are removing it from the list with the suggestion that it'be switched into other railroad equities. Phillips Petroleum (49) also would appear to be a switch into other stocks in the oil group and we are dropping it also. The recent market actlOn of INTERNATIONAL MINERALS & CHEMICAL CORP. 43 has been rather desultory,and investors seem to be worried about the results the company has reported for the first fiscal half. For the six months ending December, the company re- ported a loss of over 2 million vs. a profit of roughly the same amount in the previous first half. It is our feeling that this report will be the last such bad news for some time and that the company's fortunes are likely to turn dramatically bem' Let us review the probable causes for the recent po r S 1'he past six months have seen a strike at the Carlsbad potash mine, h a 0 buy potash in the open market. A new monosodium glutamate plant k 'n; a 6 million 'capital program was beingeompleted in Florida, and start ment in Saskatchewan were, of course, heav . e (i1h, at the Esterhazy developfactors are likely to recur. . Furtherm.or.e,…it .s ffed earnings comparisons with 1961-62. As i sedcl1e ow, the Esterhazy development should be a major contributor to .t half, and it is believed that full-year 1962- 1963 results, can easily .0 per share earned in the prior year. This should 0 t . As readers of our earlier discussions of the com- pany will recall, In 0 . rals is a major factor in the fertilizer field, mining phos phate rock and potash n R cing fertilizer and other chemical products based on these materials. The compan now going mto production with one of the Western Hemisphere's largest potash faciliti s at Esterhazy, Saskatchewan, a project on which 40 million has been spent. Various estimates have been made of the profitability of the Esterhazyopera- tion, but a minimal 10 return on invested capital would provide 1. 50 per share, and there are indications that final net could well double this figure. Full production rate is being ap- proached and, it is believed, the company has contracted to sell the full output despite wor- ries about temporary oversupply in the industry. Indeed, it now appears demand may exceed supply for a number of years. The future for International Minerals can thus be summarized as follows' (1) The com pany earned 3.04 per share in the year ended June 30, 1962 and basic earning power, apart from Esterhazy, is estimated at 3.50 per share. (2) Esterhazy should contribute at least 1. 50 per share in'fiscal 191364, and C()nsiderably more than this. (3) In Fall, 1964, a major nitrogen project, jointly owned by IGL , will come on stream. (4) In 1965, a major phosphate-producing property in West Africa should be in operation. (5) In 1964, the company will commence another shaft at Esterhazy, doubling this facility by the end of the 1960's. (6) World demand for potash is growing at the rate of 600,000 tons an- nually and that for phosphate is believed to be growing at an even faster rate. Taking all these factors into account, growth prospects for IGL in the 1960 's appears to be as bright as those for any company in American industry. The stock continues to have an initial objective of 60, with a long-term base indicating much higher levels and purchase is again recommended. Dow-Jones Ind. 679.92 Dow-Jones Rails 151. 41 ANTHONY W. TABELL WALSTON & CO. INC. murkel lE.'ttel 1'1 not. find unckr no I'll Cllm… tnnCl'S to be '1uecl nn offel tn ..II 01 ,\ sf)itCltntu)Il tu hllY uny IcrUlltl!'-. I dClic,11u em The mfm matln herein IS not !-!,unrnntccd ns to UCCIIIIICY .II nnd the fLII thel ('or h 1Iut, nn.IIIIHIcI n t'IIClIhl!!tiIlW''I I to he l'nohllcd 11 rCll1c…entd- hn by & Co, In(' All of OI11n1On nrc tu \\Ilhut IIltI(C & Cll, In(', lind 11n.1 Empoy('('q thereof Ilurchnllc, bcll nnd mny hnl'c nn In the oeturltie–. mcntwned hell'11I Illfukct icttC-l III lIItclllled ,11ul jlleoentcd mel'h n… fl g-enerul, mrolmnl cIlmmcntuty on dn)' to flRY murket find not n comlJlcte nnniYh Ad,hllllnllilllflll mlltlun \llth l'e,led 10) I cfl'1 ICe! tu hC1CIn 111 he furnn,hed l\pun requehl. \\.\ ;01

LOW-PRICED SECULATIVE Audio Devices Close 2/8/63 13 Campbell Chibougamau 3 15/16 Chicago & No. West Rwy 15 1/2 El Paso Natural Gas 19 F!yirlg … Foote Mineral 11 1/4 Great West Financial 1,7 3/4 Intern'l Packers 19 3/4 Mesabi Trust 13 1/8 Microwave 13 3/4 Murphy Corp. 18 118 National Can 12 5/8 Pacific Petroleum 11 Reeves Bros. 13 1/8 – — — SeaboardFinance 'lT3t4 Sperry Rand 13 3/4 Quality BC C B C B B- B BBB- B Yield 6.4 0.9 stk. 3.8 3. 6 2.8 stk 3. 8 4-2 stk Comment Hold for 20. Hold Buy-Hold Buy at 17-16. Hold .. Hold for 19 Buy-Hold Hold for 23-25 Hold for income. Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold for 21. – –..—-.- Buy-Hold February 11, 1963 Edmund W. TabelL Walston & Co. Inc. 74 Wall Street New York 5, N. Y. QUALITY AND LONG-TERM GROWTH Close 2/8/63 Caterpillar Tractor 36 3/8 Corning Glass 162 3/4 Crown Zellerbach 47 1/2 DuPont 243 1/4 General Motors– – 631/s- .- Gulf Oil 43 1/2 Intern'l Bus. Mach. 420 Minnesota Mining 59 1/4 Penney, J. C. 463/4 Royal Dutch 46 3/8 Standard Oil of N. J. 60 Woolworth 63 5/8 Quality A Yield 2.7 A (b) 1.2 A- (a) 3. S A (a)(b) 3. 1 –A – -(b)-47's A 3. 7 A 0.7 A 1.4 A (b) 3.2 A 3.3 A 4.2 A- 3. 9 (a) – Stock dividend. Comment Hold. Buy at 35-33. Hold. Buy at 150. Hold. Buy at 45. Hold. Buy at 230-220. Hold-Buy at 55. . Buy-Hold Hold Buy-Hold Hold Hold. Buy at 45-43. Hold Buy-Hold February 11, 1963 EDMUND W. TABELL'S RECOMMENDED LIST PRICE APPRECIATION Close 2/6/63 Quality 0/0 Yield Comment Air Products 57 1/2 B (a) O. 3 Hold. Buy at 60. Allied Chemical Alside, Inc. American Optical American Viscose Armstrong Rubber 44 3/4 27 62 1/6 645/6 35 7/S AB B 4.0 2.0 (a) 3.2 3.1 (b) 5.3 Hold. Buy at 42-40. Hold. Buy at 27-25. Hold for 75-S0. Hold for 75-S0. Hold for Atchison, Top. & S. F. 26 1/2 A- (b) 5. 5 Buy- Hold Beaunit Corp. 21 7/S B 5.5 Buy-Hold. Burlington Ind. 26 B 3. S Hold. Buy at 26-25. Burroughs C!trYfl!er 29 1/2 B 3. 4 Hold for 35. S67/.S B 1..2..Hold.Buy.at.75-70. -. -.- Cluett, Peabody 46 3/4 B (b) 3. 3 Buy- Hold Collins & Aikman 333/4 B 3.6 Hold for 40-45. Columbia Pictures 24 1/2 B stk Hold for 32. Consolidation Coal 397/S A- 4.0 Hold. Buy at 37-35. Continental Insurance 63 3/6 (a) 3.5 Hold for 70-75. Electric Storage Battery 54 1/4 B 4.1 Hold. Buy at 47-45. Ex-Cell-O 46 A 3. 5 Buy- Hold First Charter' 32 3/4 stk Hold. Buy at 30-26. Fruehauf Trailer 27 7/S B 4.3 Hold General Mills 32 1/4 A 3. 7 Hold for 40. Great Northern Paper 41 Intern'l Min. & Chern. 42 3/4 B B 2.4 Hold for 50-55. 3.7 Buy-Hold Intern'l Tel & Tel 46 l/S B 2. 2 Hold for 60. Kern County Land 74 A 3. 2 Buy-Hold Kerr McGee 37 3/4 A- 2.6 Hold. Buy at 35-33. Korvette, E. J. 30 Hold for 35-40. Louisiana Land 77 1/4 A (b) 2. 6 Hold for S5-90, McDermott, J. Ray 27 7/6 3.2 Buy-Hold McKesson & Robbins 42 A- 3.6 N'ewmont Mining .70 .. . – — – – 3.'4- – – Hold No. American Aviation 63 1/4 B 3.2 Hold. Buy at 65-60. Northwest Airlines 41 1/2 B 1. 9 Hold. Buy at 35-30. Panhandle Eastern 71 3/S A- 2.6 Hold. Buy at 65-60. Raytheon Co 27 3/4 B stk Hold for 35-40. Reynolds Metals 24 3/S B 2. 1 Buy-Hold Schlumberger 67 7/6 1.5 Buy-Hold Seaboard Airline 36 1/4 B 4.4 Hold for 37. Stevens, J. P. 30 7/S B (a) 4.9 Buy-Hold Union Bag-Camp 36 3/S B 4. 1 Buy-Hold U. S. Plywood 49 lis A- 4. 1 Buy-Hold U. S. Vitamin 24 5/6 A 2. 6 Hold for 30-32. Universal Oil Prod. 30 7/S B (b) 2.4 Buy-Hold Varian Associates 32 7/6 B Hold- Buy at 33- 30. February 11, 1963 (a) Plus stock dividend. (b) Cash extra included

– \ — 'I Walston &- Co. Jnc FILE COpy l1om/,,''' Yod,. SII)('I; E.rrilO1lfl' NEW YORK SAN FRANCISCO LOS ANGElES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER February 15, 1963 Again last week the great majority of stock market indices moved into new high territory. The Dow-Jones Industrials reached a high of 689. 67,on Friday, and the Rails and Utilities also achieved new peaks The Rail action was particularly impressive as the carriers bettered their 1961 high, and, at the week's hlgh of 155. B5, the Dow-Jones Rails were at a level not matched since the early part of 1960. Although the rise since the October lows has been persistent, its recent momen- tum has slacked somewhat. As an example, by the end of November, the Industrial average had advanced 106 points or almost 20 in the short period of 25 trading days. The high reach ed at the end of November was 655.95. Since that time the average has oeen able to advance – . only5li14inraaing days. Pi substanTfaf minority ofSfCiCks, moreO'Ver, have not, so -far thlS year, moved ahead of thelr November-December peaks. This sort of action is hardly unexpected. As the market strength goes on, individua issues continue to reach the objectives outlined by the bases formed in 1962. As more and more of these objectives continue to be reached, it is logical to expect the averages, even while making new highs, to lose momentum. This is a process which can continue for some time and, indeed, there wlll not be too much reason to worry seriously about the level of the market until such time as the strength in the averages falls to be confirmed by breadth, volume and other indlCes. This failure has not yet occurred. Yet, this letter has repeatedly stated that we expect 1963 to be an inside year in the market – – that is, a year 10 which the averages will make neither a new high nor a new low. With the Dow-Jones Industrials now at 686, viously does not leave a great deal of room on the upside. of room between present levels and the old low or, rwn-e J prices, and the major support area in the 600-570 zchle'v Before becoming alarmed about the its proper perspective Common stock price 0r .s ic high of 740, this obt; there is a good deal etween current , it is necessary to put it in e one almost universal attribute After sharplY,–..Rrice1L-do . .rn.QYesideways for – a period of time in a distributive s 'Wr downward. Conversely, prices sel dom move straight up agaln but, rather, spend a period of hme in a so- called base area before lOt r major advance. Indeed, the very reason we feel that the market will 0 i on this move is the fact tha t it has not yet formed a sufficient long-term 0 . til such highs. In order to do this, it would, on a long-ter basis, have to continu 0 some time back and forth within the confines of the broad 525-700 area, with the p bility that a great majority of the subsequent work will be done in the upper part of thi range. Parallel action can be found in the 1946-1949 period. After the sharp decline 10 the Fall of 1946, it will be recalled, the averages moved up sharply into the Spring of 1947 in a move quite similar to the present one – although not quite as great in erms of length or percentage advance. The following two years saw the market trade back and forth in a relatively narrow range, laYlOg the base for the terrific advance that commen- ced in 1949. Although lt will probably not need two more years to enlarge the present base, it will certainly take a goodly period of time. And yet, during thiS basing-out period, the action of individual stocks will undoubt- edly be quite diverse. Here, in fact, is the probable key to stock market success over the next year. For a great many stocks, which made their highs as long ago as 1956, have alreaqyormed bases which indicate important new highs. To takea well kno,,,n-example, Standard Oil of New Jersey reached a high of 68 in 1957. Its low of 38 in 1960 was not even approached in the 1962 break. Viewed on a chart, the action of Standard of Jersey since late 1958, appears to be a long v-shaped base p&ttern — a pattern already sufficient to indicate considerably higher levels. A great many other stocks, by contrast, made their highs in 1959 or 1961 and have undergone practically no consolidation since reaching lows in mld-1962. It is quite evident tha t stocks of this type, and they are still in the majority, will have to do a great deal more work before long-term upside moves are indicated. Any decline that might take place from present levels would have a different meaning in different securities. For some stocks it would be a temporary drop, providing a buying opportunity just prior to a ma- jor upside move. In others, it would simply mean a return to, or through, the old lows as part of the process of forming a long-term base. Dow-Jones Ind. 686.07 Dow-Jones Rails 154. 96 ANTHONY W. TABELL WALSTON & CO. INC. Imll h('\ Jcttel Ilot lind Un/lei n I'll b tn he ,Ollh lied n .. nu I!'(I jn ..('11 ' II IU'lt IIIn t ITI (,l'llIltle.. I t'('1 t cll 1 hel ('til The mrOl m.rtll1 nUt1tl(',1 h .. reln I not I!II111ulI\('(I1 n .. tn U(rll!Ul) III tunlpif'i('IH. .. Ulltl the th,'r'r ,… nt '11101 undl'l no I'll I um .. t,lIlt… h I he ,11 ..1111,.1 U.. ,.1 11'1'1('''''111 \- hy \\nl ..ton &. Cn, IIH' All l'.prl'…. wn…. f 1!l1I101I .111' .. ul(,,\ tll ,hlllg'I' \\llhlIl 1Illc, \\'.,1,\,,11 t C lilt ,1I1110tTI1''I…. 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Walston &- Co. Member8 Sell' York Sloek Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OIFICES CO….ST TO COAST AND OVERSEAS TABEll'S MARKET lETTER February 21, 1963 The Dow-Jones Industrials scored another new high this week. reaching an intra- day peak of 694.27 on Monday. The averages were not, however. able to hold their gains and by Friday had reacted to a low of 675.87. As pointed out last week, one of the most interesting facets of recent market action has been the action of the rails. Although the industrials at this week's top were well below their 1961 peak, the rails had moved slightly above their '61 high. This. to an extent, is a misleading statistic since the rails are still below their 1959 high, a level bettered by the in- dustrials at this week's top and, moreover, far below the peak made in 1956 when the indus- trials were selling for 525. Nonetheless, it is worthy of note that the rails have advanced 3610 from their Octoberlows, versus a riseof 26 for the indusfrials. -This constitutes the first time the rails have outperformed the industrials on a major move since 1958-59. From a technical point of view, most rail stocks. in common with the great major- ityof their industrial brethren, are at or close to their short-term upside objectives. How- ever, it should also be noted that, since 1959, many carriers have been building up base for mations which, when ultimately penetrated on the upside, could indicate substantially higher levels – in some cases as much as 100 above current prices. This is not to suggest that any such move is imminent, for the favorable develop- ments which affect the industry are essentially long-term ones. Nonetheless, these develop- ments are of sufficient importance, we believe, to warrant the inclusion of rail stocks in investment accounts which might not have considered them heretofore. Thor. . . . the railroad picture. boe ''toe whi'h , m to b. for the better in 0 (1) Favorable tax treatment in the form of credits has improved the earnings and cash flow pic dee' on and investment y as. The increased cash flow will enable roads to invest in new equipment whi ill w them to compete for traffic. One obvious example of such the ne utomobile hauling car which is -enabling from trucks. (2) Some initial seen. The recent report roads have es tima t W 90 e.automobil carrying business s the present labor problems are being . e . 1 Commission was essentially constructive. Rail- ve 200 million annually with even a few changes in archaic labor laws, c 600 million if all desired changes were enacted. This latter amount is more an income of Class I roads. (3) The Presi s transportation message, and recent ICC decisions, show a ten- dency toward liberaliz Hon of the regulatory climate. Strangely enough, the railroad rate picture will be best improved by allowing roads to decrease rates on bulk commodities, rather than increase them. Through such decreases they can regain a large part of the shipping lost to other forms of transportation and thus obtain the volume necessary to produce higher earnings. (4) The Interstate Commerce Commission is, on the evidence, favorably disposed toward the majority of pending mergers. The importance of mergers can fully be realized only by examining the basic nature of the railroad business. The business is one which re- quires heavy fixed expenses for maintenance of way and equipment. Essentially, railroad mileage in the United States is largely under-utilized. In fact, it was recently estimated that half the industry's tonnage is hauled on 10 of the track. Mergers will, of course, allow elimination of wasteful duplicating facilities and eventually allow merged roads to produce the same number of ton miles with a considerably reduced plant. All of the above factors are admittedly long-term, but as they slowly work out, the effect could be dynamic. The average railroad is one of the most highly leveraged businesse in America today, both in terms of capital structure and in ratio of fixed to variable perating expenses. Any minor improvement could produce truly dramatic effects on rallroad earnings. A number of carriers on our recommended list include Atchison Topeka & Santa Fe (26 1/2) and Seaboard Air R. R. (37). Other rails which. appear at the moment include, Kansas Clty Southern (43), Southern Rallway (59). and Umon PaClhc (35). These, and other quality railroads, would appear to be purchases on market weakness in longer-term capital growth accounts. Dow-Jones Ind. 681. 64 Dow-Jones Rails 153.12 ANTHONY W. TABELL WALSTON & CO. INC. ThiS market letter is not, and under no Circumstances IS to he construed 1111. an olter to IIcll or n soliCitation to buy any sccuntlc,; r('Ccrrc!llo herem The In (ormation contained herem is not RA to accuracy 01' oo!'lpletenC!9 And the CUI nls'\ln).! thereur It! not. oml undel no ell IS to be !'Imslilled 0.8, n rept e-enta- by Waillton & Co. Inc All expreSSIOns of OPinion tire lIubJect to chnn).(e wltholtt notice; Wah.ton & Co., Inc. and O!flcelll. Duectors, Stockholders and Employees thereor, purchase. sell and may have nn mterest In the securities mentttmerl het em ChiS market letter IS intended Rnd pre.-ented merely as R Keneral. mrormal commentary on dny to dny market news and not as B complete nnalYllt'l Atltlltlllnalm(olmntion \\ith le.1JoCct to uny se(,lIl1tleB refened to herein WIll be furntshed l\lIon request \\-.. 301