Walston &Co. —–Inc —– .Vell/bel., Xell' York Siock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFices COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER July 5, 1963 After reaching an intra-day low of 698.86 on Monday, the Dow-Jones Industrials staged a quick turnabout and, at Friday's intra-day high of 719.02, had recovered over half of the thirty-five point decline from the early June peak of 732.97. At Monday's low, several of our shorter term technical indicators had almost reached an oversold position. Probably another testing of the recent lows is in order. The trading shelf of May-June between 732 and 708 will take time to penetrate. The downside implication of this area indicated a decline to the 685-675 range A further advance that failed to move above the June high could broaden this potential. All of the above, of course, relates only to the shorter term trend of the market. We see'no indication of a move of major-iffipQ';tance in direction in ftiture. The longer term pattern remains the same. In 1961-1962, the market was in a major distribu- tional area,and the basic policy was to sell on strength. The present technical pattern of the market is quite the opposite. In our opinion, the market is in a major reaccumulation area, and the basic investment policy should be one of buying on weakness. It will, however, be pointless simply to buy stocks indiscriminately. The reason for this lies in the rather unique character of the past few years in stock market history. Al- though the market break of 1961-62 was undoubtedly a bear market in the classic sense of the word, it was without precedent in the sense that a great many stocks had topped out long before the actual high in the averages — some as early as 1956. A good many of these stocks reached their lows in 1960 rather than 1962 and, by that time, had completed most of the reaccumulation necessary to embark on a major minority of stocks, the 1962 break was not a major bear market but an intermedi t t rCf ction. Likewise, any weakness that takes place at this time will, in and will present a major buying opportunity. q eon ort-term correction In addition to those equities which had 1960, the market action of the past year has enlarged the bases on still 0 r la group of stocks, and weakness at e e,of-a–reaccumula-tionarea. – -' Our recommended list to be in these two categories in con- trast to the majority of issues h stWiii the early stages of basing-out patterns. We would add to the teo i 1 U n weakness to the levels noted. Stock R Price Dividend Yield Buying Range Abbott Laboratories 97 2.20 2.3 87-85 Amerada Petroleum 69 2.00 2.9 62-60 Babcock & Wilcox A 57 1. 72 3.0 50 Cenco Instruments B 47 .50 1. 1 45-43 Clark Equipment A- 42 1. 40 3.3 40-38 Friden, Inc. B 36 .40 1. 1 32-30 General Cable A 51 2.00 3.9 48-46 General Electric A 80 2.00 2.5 76-74 Litton Industries B 75 stock 70-67 McGraw Edison A- 39 1. 60 4.1 37-35 Midland Ross B 66 3.00 4.5 63-60 Radio Corp. A- 71 1. 40 2.0 65 Southern Railway B 67 2.80 4.2 60 Stand. Oil of Calif. A 66 2.00 3.0 60 Swingline 36 1. 10 3. 1 35 United Airlines 38.50 1. 3 36- 34 In the lower-priced speculative category, we would include Hewlett- Packard Libby-McNeill & libby Pennsylvania R. R. Universal Match B BBB 23 15 stock 19 .25 1.3 18 .40 2.2 22-20 14-13 18 17-16 Dow-Jones Ind. 716.45 Dow-Jones Rails 174.75 EDMUND W. TABELL WALSTON & CO. INC. ThiS market letter IS not. anti under no Circumstances .1 to be as, on offel tn ..ell 1)1 n 'uhcltatiun tIl hllY lin), ecUl itle.. l(rCII ed to hel eln The m(l mnthln ('t1ntained herein IS not Iotunrnnteed n to aceUl ncy or completcne-.s nnd the furnl!!hllll! lheleu( .-. liCIt, nnd un'CI 110 .. 1-. to be tnll-.t, ued n.., n rC!llc-.enh,- t!un by Walston & Co, Inc All uf opinIOn arc ..uhJcct to. chllllJre \\ Ithpul Wnlbton & Co, Inc Imd OffIC('I'lS, DlIcctt'IS, Stuckholder, IUlIl F,mpioyces therl'Of. plII'chase, sell and mny hllve an mtetest in the mc;ntlllncri hC(!11l lh. ma.l-.cl lettN I illtcndeunnd Ilret'cnted merely m. II f.,t'('IIClltl. mformll.l commentary all ony to da,. mnrket IIC…..J\ alld nut as n comllJete nnnly,ch Acl,hhHnul IIlfOi matlon \\ Ith ttl /lilY bCCUlltl('21 Icfciled tu helem Will he furnished upon request \\ '\ 101

Walston &- Co. – – Memhel''' XCII' York Stock E.'rCliallge NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER July 12, 1963 The market appears tobe-in the process of testing the July 1st low of 698.06 on the Dow-Jones Industrials. The holiday week rally topped out at 719.02 last Friday, and the market drifted lower during most of the past week. Friday's intra-day low was 705.21. The decline has been selective with a fairly large number of new highs for the year reached on each day, despite a decline in the averages. Most of our short term technical work indicates the probability that the July 1st low will not hold. The downside pqtential of the MayJune top of 685-675 was possibly broadened a bit by the retracement to 719.02 and the downside potential is now indicated as a possible 685-665. A decline to the lower part of this range would be approxima.tely a .one.;;third.correction oJ. the ag,,1ince .from the Cuban crisis low of 549. 65 of last October. This would be a normal technical retracement. If such a decline occurred, it would place the market in an oversold position and would present, in our opinion, a worthwhile buying opportunity. The shorter-term technical pattern has been slowly deteriorating since early June, but the longer term pattern remains favorable. It has been the contention of this letter that the market is in the process of a broad reaccumulation area that will eventually result in a much higher level of prices. These long term accumulation patterns are extremely trying on the patience. They consist of a series of up and down price movements during which stocks slowly pass from weaker into stronger hands. All of this requires time as witness the 1946-1949 accumulation base which was the foundation for the 1949 to 1961 bull market. The basic investment policy during such long term ness just as selling on strength should have been the basic v be to buy on weak- . tolicy in the 1961 – 1962 distributional market. The action of our long term breadth index at om t' uite interesting as com- pared to its action in the 1961-1962 market PiOto ra In April of 1961, the Dow- Jones Industrials reached a new high of 714. at tame time, the breadth index also reached a.new high. 0 ued high of 741. 30 in December, 1961, ct\f0.hde;O'ailed to better its April high. This diver- gence was one of the factors t is turn extremely bearish in August of 1961 and suggest a 0s to the pattern not b . s n . In the present market, there is no resemblance e een no divergence between the action of the averages and the breadth inde e a oth moving up and down together. It is true, of course, that such a divergence a cur at a later date, but in such an event, plenty of warning would be given. In mo ases in the past, the divergence has occurred several months before the market averages reach their high. If the market declines to the 685-665 area, we believe it should be welcomed as a buying opportunity. In last week's letter we mentioned twenty stocks that we would add to our recommended list during periods of market weakness and indicated possible buying ranges. In our recommended list, there are a sizable number of issues in which we would add to holdings in the event of a price decline. In stocks mainly for long term capital gains we would suggest the following. Stock Buying Range Air Products (62 5/8) 60-55 Cluett Peabody (48 1/4) 45-43 Copper Range (21 3/8) 20-18 Disney (Walt) (39 5/8) 37-35 First Charter Fin. (40 1/4) 38-36 Stock Buying Range Fruehauf Corp. (28 7/8) 29-27 Intern'l Minerals (54 1/8) 50-48 McDermott, J. R. (24 1/2) 24-23 Reynolds Metals (33 5/8) v. S. Plywood (56 7/8) 31-29 52-50 Dow-Jones Ind. 707. 70 Dow-Jones Rails 174.00 EDMUND W. TABELL WALSTON & CO. INC. ThiS mnrket letter not. Rnd under no circumstances IS to be I'on..t. ued as. an offer to ell 01 a solicltatton til buy any secUiltiC!l referred ttl hel em The mCclI'mllllon contamed hert'lo IS not Iruaranteei as to Reel' racy or completeness nnd the (UI nihhln)! thcl(of 1 not, nnd Ilndel no dl I to be ('uobhucd 88, n I epi c..entn. tlon by WHiston & Co., Inc All expresll4lm; of opinIon arC' hubJNt to chanl-(e Without Il1llll'(' Wa';ton & Co, Inc, and OfTlcels. nnll tmploy(!(S thereof. lieU and may ha\e nn Interest In the I.ecurihe'l mentHU1cil herein 'fhls mnrl.et letter IS mtemled ond Ilre..ented merely all 0 I-(cnerlll. Informal commentnry on cloy to day mnrket news nnd not a9 a complete nnnlYhh At!htwnnllllfolmnhon \\lth le'lleet tl) ony lleculltle8 lefciled to helem Will be (urnLshed USlon request \\), JOI

Walston &- Co. Inc FIit Mem Iel R X ell' Y 01'/. Siock Exchayc NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LET.TER , July 26,1963 At Monday's intra-day low of 684.41, the Dow-Jones Industrials reached the upper part of the 685-665 area which we have been mentioning as the downside potential for the present move. Several of our shorter-term technical indicators have entered oversold territory and, from at least a short term viewpoint, the market should be watched closely for a possible change in the downward trend which has been in effect since early June. The downtrend line connecting the June highs of 732. 97 and 727.60, and the early July high of 719.02, now stands at about the 710 level. Whether the market reached its low at 684.41, or must work somewhat lower into the 685-665-range,is still problematicaL AS7et,-there are nO'definite'signs of a reversal. Short term breadth action has improved over the past few days, but the downtrend line from the June high is still in effect as it is on the price average itself. Upside volume on both the 25-week and 10-week moving totals continue to decline. The fact that the market has entered oversold territory on our short term indicators is constructive, but must await more definit signs of a trend reversal. The policy outlined in our letters for the past month has been to buy on' weakness. In our last three market letters we listed thirty stocks that, in our opinio were suitable for purchase for long term capital appreciation. We mentioned buying ranges on each issue below the market and, as of this date, ten of the thirty issues have entered the buying range. We would continue this policy of buying on weakness. At the risk of being repetitious, we believe the general market is in a broad accumu- lation area that will probably take longer to complete. is ready to embark ona major bull market of the proportions of the 1949-1961 's, e ig probably have a series of. swings back and forth in a relatively wide !'Fa' similar to the 1946-1949 period when the market A e, price action will be d in a narrow trading range for almost four years before a new high was s base period was the founda tion for the 1949 -1961 major bull market. er interest in equities today, it is probable esent market than in 1946. and 1949, and also the price swings may be this nature are rather trying on the pa- tience while they last, but Qe to a broad market advance. During periods 0 0 ere are always opportunities for appreciation in individual groups k. ar' s groups are in various stages of the broad market pattern. Some are in e ar ges of a bull market while others are still in the last stages of a bear marke . trick is to find the issues that are in an advanced stage of the market pattern. Since May-June 1962 lows, this letter has advocated the rather crude method of concentrating attention on the stocks that in 1962 did not break below their 1960 low. The reasoning behind this thought was that the stocks that held above the 1960 lows ha probably reached their bear market lows two years before the general market and had al- ready formed a sizable potential two-year base pattern, while the issues that broke to new lows had to go through the long tedious process of forming a new base. In addition, the stocks that reached new low territory have heavy overhead supply that must be penetrated. This also takes time. As mentioned in last week's letter, the stocks that held above their 1960 lows have shown the best relative action in the advance from the lows of a year ago. This favorable action will probably continue into the foreseeable future. They should be bought during periods of market decline. These groups include, among others, Agricultural Equipment, Airlines, Autos and Equipment, Broadcasting, Coal, Cosmetics Machine Tools, Metals and Metal Fabricating, Natural Gas, Oil, Rails, Savings & Loans, Textiles and Utilities. Dow-Jones Ind. 689. 38 Dow-Jones Rails, 165.79 EDMUND W. TABELL WALSTON & CO. INC. Thl'l market letter IS not, and under no circumstances IS to he nil. an offci to sell UI n I!UllCItatWll tel bllY any '1CClllltieo. terCl)Cl) tu hel Cln The mfiJrmatlon ('on tal ned herein IS nol nil to accuracy or coml'lctene.s nnd the fUI nl'lhlnJ,! thereuf ,- lIot and Iindcl un CII cllm.. tan('c'l to he (un..t' lied R'I, n rePI !-.C'nta- hun by Wnlston & Co. Inc All of ornnlon nrc subJect to rbnnj.e \\ltbullt Wah-ton & (;. Inc. and Offlce!s, Duecturs, Stockhulders and Jomployees thereof, lHlrchnse, sell and may have lin Interest In the mentmed heleili. market leHer I IIltcndcd and Ilre-cntCfI merely II n J.cneral Informal cummentary on dny to ClIlY market news and not a complete ann I),,,,; Adthtwnnl lIlfUlnmtlDn …. ,tb tu tiny -.('el11 1111''' ldoled to hCleln …. ill ue furnll,hed UJon request \'.\ 101

Walston &Co. Inc – – – – – f'IL Mrmle,. Sell' Yo', Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OfFices COA.ST TO COAST AND OVERSEAS TABELL'S MARKET LETTER August 2, 1963 Last week's market action, in our OplnlOn, must be classified on the favorable side. The Dow-Jones Industrials reached an intra-day high of 701. 99 on Wedu'esdayand then dropped back to 691. 23 for at least a partial testing of the July 22nd low of 684.41. The downtren line from the June high of 732.97 still remains intact, but there are indications that an upside breakout could occur shortly. As noted in last week's letter, some of our shorter term indicators reachedoversold territory at around the 685 level and brought up the possibility that the decline might stop at the upper part of the 685-665 range – which has been our downside potential for quite some time. During the past week, additional technical indicators gave signs of'a favorable trend reversal-While yet 'certain that-Uie averagenlight not work deeper into'the 685c 665 range, it is our opinion that the odds now favor the probability that the market reached its low for the present move at 684.41. We have been advising a policy of buying on weakness, but if accounts are under invested, it appears that some additional buying is indicated in selected issues. Just how high the averages might move in a rallying phase is not yet clear. There is supply at 710-730 that must be penetrated. However, with a more favorable general market background, the issues that have shown favorable action in the rise from the 1962 low could continue the rise into new high territory. Last Monday, the market broke its fourteen-week pattern of lower Monday closings by a very modest rise of a little over a point. A more aggressive Monday rise in the next week or so might signal a reversal of the downtrend of the past two months. Our recommendations to buy, on weakness, the in our letters of July 5th and July 12th has resulted in bringing a number of w our recommended mlist. Among these are – SWINGLINE. INC. (35 3/4) is the leading ma ur 0 pIers and' staples. The wholly-owned subsidiary, Wilson-Jones, is rge od and distributor of commer- cial stationery and office record keeping mat a . Ear' s for the fiscal year ending ,AugusL3.1,19!i3ax.e.e,stimated at .. . s ,s.,cQmpll,red tothe2. 24.in.fiscal – 1962. The indicated dividend is li 'l!tIere are 692,933 shares of Class A stock outstanding which are listed Exchange, and 497,000 shares of Class B stock which is closely h ock receives dividends only to 1/0 of the cash dividend paid on C S I n Ible into A stock, share for share. The stock appears reasonably priced a u 1 If times estimated earnings. The growth rate has been im- pressive, and should c ,tin nto the foreseeable future. The stock sold as high as 54 l/ 2 in 1961 and as low as 2 in the 1962 break. From a technical viewpoint, the stock has been in a slow uptrend channel from the 1962 low. The potentials appear to favor at least an approach to the 1961 high. KANSAS CITY SOUTHERN INDUSTRIES (44) was incorporated in 1962 for the purpose of diversifying the activities of Kansas City Southern Railway. Two shares of the new compa were offered for each one share of the common and preferred of the railroad. A little over 90 of the stock was exchanged. Early in 1963, the company acquired a 40 interest in Tele- vision Shares Management Corporation. This corporation is the investment adviser and under writer for Television-Electronics Fund, an open-end mutual fund with assets of approximatel 380 million as of April 30,1963. Until further diversification occurs, the great bulk of earn- ing power will be from the railroad property. We believe that earnings prospects for the rail- roads are favorable over the next several years and Kansas City Southern should participate fully. The transportation ratio (the percentage of train operating costs to gross) of Kansas City Southern has been lower than most Class I roads. With the eventual diversification pro- gram leading to a possible sharp increase in growth, the stock appears to be an interesting purchase for long capital appreciation. It is selling about eleven times the 4.05 per share earned in 1962,and earnings for 1963 should be moderately higher. The yield is 4 1/2 – on the 2.00 annual dividend. The stock, on an adjusted basis, held in the 46-32 range from late 1959 to earlier this year. It is one of the issues that held above its 1960 low (32) at the 1962 low of 36 1/8. The stock in June broke out on the upside of its five-year trading range to reach a high of 48 3/4 and has returned to 44-42 support level. We advise purchase for long term capital appreciation. EDMUND W. TABELL Dow-Jones Ind. 697.83 Dow-Jones Rails–168. 00, ,,- thl '10 WALST0N & CO. INC. ThIS mnrket letter IS not. and under no circumstancC'I IS to he construed ns, an offer to sell 01 fl sohcitntton ttl buy any seelll itlcs referred to herein The m(rmnlmn contmned herem IS not I!unrant.eed lUI to Ilcl;urncy or completeness nnd the fUi nlshtnlt thereor . not. nnd \tndcl nu circumstnnC'; IS to be cun,;h ued as, n rCI'1 Clent.n- t10n by Wliiston &. Co, Inc All expressions of oPlnlon are subject to chRnlle wlthuut nutke Wnbton & Co, Inc IIm\ Offlcel's, DllcctOrs, Stockholdcr.. Ilnd thereof, purchase, sell and may hnve an interest In the seCllritiefl mentIOned hCI Cln 'fhl! market lettC'r 18 intended and IIreo.cllted merely 111; It \.lenernl. Informal commentary on day to day market news nnd not IlS a complete nnalYhl-. Adtlitlnnni Infol mation …. Ith rcollect to uny RecUlltJes rdcrled to herem ,11 be furlllllhed. u,pon request. \\.\ 301

EDMUND W. TABELL'S RECOMMENDED LIST QUALITY & LONG TERM GROWTH Close Qual8/7/63 ity Comment Caterpillar Tractor Corning Glass Crown Zellerbach DuPont 43 1/2 171 47 7/8 241 1/4 A A AA Hold Hold Hold Hold General Motors 71 A Hold Gulf Oil 49 A Hold Int'l Bus. Mach. Minn Mining Penney, J. C. Royal Dutch Stand. Oil N. J. Woolworth Close 8/7/63 437 1/8 59 7/8 40 3/4 48 3/4 71 68 1/2 Quality A A A A A A- Comment Hold Hold Hold Hold Hold Hold PRICE APPRECIATION Air Products Alside, Inc. American Viscose Atchison, Top. SF. Beaunit Corp. Burlington Ind. Burroughs Cenco Clark Equipment Cluett, Peabody Consolidation Coal Copper Range Denver, Rio Grande Disney, Wal t Elec. Stor. BatteTY Ex-Cell-O Corp. First Charter Fin. Fruehauf Trailer General Mills Great North. Int'l Min. Chern. Kansas City So. Ind. Kern County Land Kerr McGee Close Qual- 8/7/63 !!L Comment 57 7/8 B Hold 36 1/4 Hold for 42-50 72 3/4 Hold for 75-80 28 1/2 A- Buy-Hold 25 1/4 B Buy-Hold 37 B Hold 26 1/2 B Hold 43 7/8 B Buy-Hold 40 1/8 A- Buy-Hold 46 1/2 B Buy-Hold 42 1/2 A- Hold 21 1/8 B Buy-Hold 21 3/4 B Buy-Hold 40 5/8 B Buy-Hold 57 7/8 B Hold 41 1/4 A Buy-Hold 39 1/4 Buy-Hold 28 1/8 B Hold 35 5/8 A Hold for 40 43 B Hold for 50-55 52 1/2 B Buy-Hold 44 3/4 A- Buy-Hold 69 1/8 A Hold for 82-85 40 3/8 A- Hold Close Qual- 8/7/63 l!L Korvette 26 1/4 Litton Ind. 72 5/8 B McDermott, JR 25 1/8 McKesson Rob. 45 1/4 A- Midland Ross 63 3/8 B Newmont Min. 78 A- Northwest Air. 50 3/4 B Panhandle East. 70 1/4 A- Pittsfon Co 62 1/2 B Raytheon Co 21 3/8 B Reynolds Metal 33 l/S B Schlumberger 65 Stevens, J. P. 36 3/4 B Stewart-Warner 34 3/4 B Storer Broad. 39 3/8 B Sundstrand 23 3/4 B Swingline 37 7/8 UniOn Bag-Camp 355/8 B United Fruit 25 B U. S. Plywood 59 3/8 A- U. S. Vitamin 24 1/2 A Univ. Oil Prod. 33 3/8 B Comment Hold Buy-Hold Buy-Hold Hold Buy-Hold Hold Hold Hold for 75 Buy-Hold Hold Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold-Buy at 55 Hold for 30-32 Buy-Hold Audio Devices rcampbell Chibou. El Paso Nat! Gas Flying Tiger Foote Mineral Great West Fin. Hewlett Packard Int'l Packers Mesabi Trust August 8, 1963 LOW-PRICED SPECULA TIVE Close Qual- 8/7/63 !!L Comment 14 3/8 B- Buy-Hold 3 3/8 C Hold 19 B Hold-BtW 17-16 11 1/4 C Hold 9 7/8 B Hold 18 1/8 Hold 20 5/8 B Buy-Hold 16 1/2 B- Buy-Hold 13 1/8 Hold – Close Qual- 8/7/63 .EL. Comment Microwave 11 1/8 B Hold Murphy Corp 18 3/8 Hold for 25 National Can 15 5/8 B- Buy-Hold Pacific Pete 11 B- Buy-Hold Pennsylvania RR 18 3/4 B- Buy-Hold Reeves Bros. 14 3/8 B Hold for 21 Sperry Rand 13 3/4 B Buy-Hold Univ. Match 15 3/4 B Buy-Hold Varian Assoc. 16 1/2 B -Buy-Hold B

NEW YORK Walston &Co. —–Inc —– Jlcm/lI'I,' XCI/' ln'.. Sinck EchUlIlIl' SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS I TABELL'S MARKET LETTER August 16, 1963 Most techmcal indicators ha ve confirmed the short term buy signal noted in this letter two weeks ago. Early this week the downtrend line on the daily breadth index was penetrated on the upside. Volume indications have turned favorable and on each day this week trading has been above 4 million shares on upside volume. Friday's complete figures are not available at present writmg, but Thursday's intra-day high of 721. 51 on the Dow- Jones Industrials was above the July 5th high of 719 02, which was the previJus rally high, The Industrial average has now recovered over 800/0 of the 48-point decline from the June intra-day high of 732.97 to the late July low of 684.41 and thus indicates that the present adya,nce is more important than merely a one-third to one-half technical retracement in a downtrend,-P-;rthermore, the Rail average' an intra -day high- of 177. 30 on Friday as compared to 177.92 in June, The previous high in the Rail average was 182.54 in 1956, The all-time high in the Rail average was reached in 1929 at around the 190 level. From a technical viewpoint, a great many stocks indicate substantially higher levels over the longer term. At the same hme there are an equally large, if not larger, number of issues that have not yet built up sufficient accumulation bases to indicate an 1mportant upside move at this stage of the market pattern. This divergence makes it difficult to arrive at an objective for the Industrial average at the moment. It is why this letter has, for the last year, stressed the importance of individual issues We continue to believe that the market is in a broad accumulation area that is not yet completed. This will result in wide swil'lgs back and forth, but during this period individual issues will move in the individual trends of the1r own, The only importance oti the averages at this stage of the market pattern 1S the market backgroun9ri,t cr a e e averages are moving upward, as they have been doing for the ,t vorable background allows stocks with favorable fundamentals and technil\arJ,atter 0 move ahead at a greater rate than the averages, and even reach new uring such periods, the stocks with unfavorable fundamentals and pt s very modest advances or move sideways –When the averages arem' – ii. ' w ;A';', as they werEnrt'Jun'e and'July; –the — unfavorable background push t s ' fundamentals down at a faster rate with favorable fundam t continue for quite as an intermediate u r in e gingly, or move sidewise. This type of action may resent position of the market is probably best described ng term sidewise movement. For the short erm, the sharp rally of the past fourteen trading days has brought some of our shorter t rm indicators into temporarily overbought territory, This could probably result in a sidewise movement in some of the leaders of the recent rise and a rotation of strength into some of the background groups. We have not mentioned our long term breadth index recently. Th1S is because it has continued to move up and down with the market, The breadth index becomes important only when there is a divergence between its action and the action of the averages. The breadth index reached its high with the Dow-Jones Industrials in June and its low with the Industrials late in July. It has rallied with the Industrials during the past two weeks. Its rate of advance has not been quite as steep as the advance in the Industrial average, but we do not consider this of too much significance. The important thing is that there has been no d1vergence. With the averages again in hailing distance of the 1961 high, it will be important to watch the action of the breadth index over the next several weeks. In the past, this indicator has usually given a warning signal quite some time before an important market decline. Until there is a divergence between breadth and the averages, we do not believe the market is vulnerable to an important downside movement. Dow-Jones Ind. 719.32 Dow-Jones Rails 176. 31 EDMUND W. TABELL WALSTON & CO. INC. 1 hi! I'1nrket lettet IS lIot, and uncle\ no ClrClIlll!tance; I' to he \led a, nn ..fIel III -.eli 0\ n hCLt.ltln tn Inl .uIY '('('\11 It Ie-. I erci re,1 1.. hel ('In The mfl 111.111,, ontfllllc.l h('rcin IS IInlI!Uflrf.n!cctl n to nCCUIII(Y 01 linn the fUllllhl!ll! thclcur nut, and nn 10 to I'e ,UII'-tIUCf! 11…. II IC\llc…entfl \1(11\ bv Wnls\on &. C,), Inl' All c,,prCSblnn5 (If Ulllnwn 1\1(' -.uiJl(t to ('h,\lll-!'' '\I\hul nuh,e Wal-,\oll &. Cu. Jill'. nlld OnIlCI … DllcllO! … lind Em,,oycl.'s thcl'wf. IIcll ,ln,1 nl.lY hu\C' an intCl'cst lrl the lCCIJlitlC nWllbon …. hIlll J'hJ )JJ,uht'i Jt'IIt') ,.. wtendl) .Im) ,l'''toutl'/j nll'Il')Y II .. II /.CIIl'/1I1, mformul (nmmentary on dny to ,1.1), m,trl..N … IlJld nnt no; n e(Jnll.lcle Ilnnh. A,ldlttIl.!I mf, tlUIllUl1 \\ Ith 'C'-pel t tn uny …('('lIlltl(''' ,erellc,l to he!eln Will hc ul'nIhcd uPun ,,.. ,UI

Walston &Co. MellI/ .Yell' YO'k Stork Erchanlle NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO CO…. ST AND OVERSEAS TABELL'S MARKET.UTTEa .. August 23, 1963 Market action continues on the favorable side. After six successive advancing days with volume exceeding four million shares, the Dow-Jones Industrials reached an intra-day high of 723.57 on Monday. The three-day sell-off was quite mild with the Industrials reach- ing an intra-day low of 713.49 and volume dropping below the four million share mark. The advance was resumed on Thursday and Friday, with the Industrial average reaching a new high for the present move at 726.02, and the Rail average at 176.76, approaching the June high of 177.92. Our short term breadth index has improved sharply in the past week. Despite the mid-week sell-off in the averages, advancing stocks exceeded declining stocks on every day except Wednesday when declines exceeded-a'dvarices15y me rela'tively 47B. As a result, the short term breadth index is now showing better action than the Indus- trial average and has moved above its June high despite the fact that the Industrials are still below their comparable high of 732.97. This would indicate an advance in the average to at least the June high. Two stocks in our recommended list would seem especially attractive for purchase in risk accounts at this time. One, selling at a conservative multiple of estimated 1963 earn- ings. appears to have a growth potential as yet unrealized by the market. The other, an ob- vious growth stock, is hardly cheap on an earnings basis, but still appears worthy of consider ation based on its superb past record and equally bright future. CLARK EQUIPMENT (40 5/ B) was originally suggested earlier this month at a price around current levels. The company is a leader in the trucks, including fork-lift trucks, straddle carriers, towing tractors and po r trucks. It also is a major seller of construction machinery and a 5\0 i enz ystems of freight handling. Po Containerization, in all its aspects, field. Clark Equipment's interest in this fiel s t -fo roads into the transportation ts trailer division is important – u .Js the.fa.ct .th!t .containerized freight . for loading and unloading. For these applications, Clark has the br i av\&tole from any single source. , All of Clark's contributed to a performance which has moved earnings to recor v r the first half were 1. 50 per share, and for the twelve months ende' ne, 1 per share. With backlog continuing high, it would seem ,that the company coul co lose to equalling this performance for the full year. This would mean the secon nsecutive new high in annual earnings. The dividend, recently raised to a 1. 40 annual rate, provides a 3 1/2 yield, but is still conservative in relation to past payout ratios. CENCO INSTRUMENTS (51 1/2) reached a high of 52 on Friday, although it was recommended earlier this month at 43 7/B. Despite the advance, the company's record and prospects combine to make it attractive at current levels. Earnings have increased in every year since 1953 and have multiplied some seven times in that period, reaching record levels of 1. 73 per share in the year ended April 30. The need for laboratory and experimental equipment by educational institutions is too obvious to require detailing here. Cenco is the leading distributor and manufacturer of such equipment for education and for industry. Some two years ago the company entered the hospital supply business with tHe ac – quisition of Mills Hospital Supply Company, and recently has acquired two other companies in the field. It is the company's intention to e x p a nd aggressively in this area. The most recent acquisition is that of a group of three companies manufacturing and distributing freeze-dry equipment. New applications for this process, which involves pre- servation for long periods of time without physical alteration, are developing rapidly, es- pecially in the medical field, and the acquisition should supplement Cenco's rapidly growing sales to hospital and medical institutions. From a technical point of view, the stock has a long term objective well above present levels. Dow-Jones Ind. 723. 14 Dow-Jones Rails -175.81' ;;,. .'1… '- EDMUND W. TABELL WALSTON & CO. INC. Thl'! l('ttci not. nnd unlCi llo to he eon..,tll1('t! 1111 off!'1 tn ..,'II I .1 tn hlJ lillY 'C'1I1111(''I Icfellc,ll hel Cln The InrIIll.,''''') u,tlt.llll('d herCIII)b nt !!'u.lluntccd n tu IICClllflCY UI IInrl the 1\lIllhh,llJ! illl'ICr nut, lind lIll,I!.'. l'n Ib til hc .1 ICI'I c-.ent.l- 11/\ h Wnlston & Co, 1m All e(pr('HUnl of 0llllllllll niL' '!uilJc('t tn .hnllt'c \\Ithput lIt1(' Wnl-.tn &. en Inc 11n,1 lHTI('cl …. DIICI'IOlb. 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– Walston &Co. I nc .. l1rmltI''' Xrll' I'm I. Stock Errhanlf NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABEll'S MARKET LEnER August 30, 1963 The magic year 1929 has always stood out as a sort of benchmark in financial affairs. Likewise, the Dow-Jones Industrial average has been the most widely known baro- meter of what the market is doing. Investors will remember the banner headlines in No- vember, 1954 when, just a little more than 25 years after the beginning of the 1929 crash, the Dow pushed through its 1929 top. Since then, of course, the 1929 high in the Industrials has been left far in the dust. By contrast, only a handful of statisticians noted something that happened a week ag On Friday, August 23rd, the Dow-Jones Utility average closed at 144.37, just 27t;! under its 1929 peak – the closest it has ever gotten to that level. Also interesting 'is the action of the Dow-Jones Rails. This ina ex- is -sTill 710 under irideed,-nasfailed-to bette its 1956 peak. Thus, the prosperity enJoyed by the industrial stocks over the past 35 years has not, necessarily, spread to their rail and utility cousins. A close examination of the action of the three averages is worthwhile in order to see when the divergence occurred. The follow- ing table gives the levels of each average at major tops and bottoms since 1929. Industrials 10 Change Ra iIs Change Utilities 1929 High 381 189 145 1932 Low 41 -89 13 -93 17 -88 1937 High 194 373 65 400 38 124 1938-42 Low 93 1946 High 212 -52 128 19 -70 11 -71 68 257 \\y 0 44 300 1948-9 Low 162 1953 High 294 -24 82 41 112 Cf 2 -27 54 69 1953 Low 255 -13 91 48-11 1956-7 High 521 104 181 75 56 – – 6 2 – – — –17 81 95 38 1960-1 Low 566 -17 1 -25 84-11 1961 High 1962 Low 536 7 17 15 -25 136 62 103 -24 Current 729 177 53 144 40 At a glance, it a seen that the Utilities' difficulty go es back in large part to the pre-war years. The ine in the depression was almost as great as that of the Industrials but the subsequent recovery much smaller, and the drop just before the war, a good deal sharper. As a result, in 1942, the Utilities made a new low more than a third under their 1932 bottom. In the war and immediate post-war years, the Utilities tended to reflect their conservative nature, and while, generally, they declined less than the Industrials in bear markets, their rise during bull markets was much smaller. Beginning about 1959, however, the relative performance improved quite sharply and, as can be seen, they out-performed the Industrials in the 1960-61 upswing and in the one from 1962 to date. They have noW ex- ceeded their 1961 high by a considerable margin. By contrast, the Rails' trouble has been a persistent vulnerability to bear markets. The table reveals that,in almost every rise since 1932, the Rails' performance has compared favorably with the Industrials. Likewise, in every bear market until last year they had managed to act considerably worse than the Industrials. However, they followed their 1962 performance with an upswing considerably stronger than that of the Industrial Average with the result that the carriers, like the utilities, are.well above their '1961 high. Thus, the fact that the two less-used averages are still below their 1929 peaks is attributable to their poor performance a number of years ago. The Utilities, as we have note have been out-performing the Industrials since 1959, and the Rails began doing so in 1961. It will be interesting to see if this trend continues and if, eventually, a relationship more like that of the 1920's prevails. Dow-Jones Ind. 729. 32 Dow-JoneslRails 176,8'1hilfl! 170 Rlhi\b' ANTHONY W. TABELL WALSTON & CO. INC. Thill market letter IS not. lind under ('''ntamer) herem .s not J.llnrnntce.\ no Clrcumstnnces to IICI'\IrfH'Y o. IS to be 1'0n..tl ued as an the ,r\1a'nnluofIfhellllJ!toth..eel.leuUI! II SuhCllnlll11 til hill' .In)' n(lt. nc\ unltrl 1\0 ('eUlllle 1erCI rell i., tll he tv hel CHI tontilled The Inr, matmn m', n relllC'Ientn' loy Il Co. Inr All ..f opinIOn OIl' suhJNt to ('hnn!!1' \\.thuut ',111'1. Wahtlln & ell, 1m. HIHI Otrlrelb, Dllec\.us, Stod.. huJdcr; unl\ thereof, JJU.chn'iI', sell aad may hn\e nn Interest In the t.eClIrltleo; mentlllnel\ he,ell! mll.J..et \e\t', II Intended IIlId merely II t.'cner,\\. mrormlll c.,mmcntary on lillY to cll;y market ond not a'l n comillete AddltwllllilllrurmntlOn …. llh lL…. lloClt \ lIn\- !etclled to helCII1 WllllloC u,pn request \\ \ If)) EDMUND W. TABELL'S RECOMMENDED LIST QUALITY & LONG TERM GROWTH Caterpillar Tract. Corning Glass Crown Zellerbach Du Pont General Motors Gulf Oil Close Qual- 9/9/63 itl 43 1/2 A 190 3/4 A 51 A246 1/2 A 76 1/2 A 49 3/4 A Comment Hold Hold Hold Hold Hold Hold Close Qual9/9/63 ity Int'l Bus. Mach. 4561/2, A Minn. Mining Mfg. 63 5/8 A Penney, J. C. 45 3/4 A Royal Dutch 46 7/8 A Stand. Oil of N. J. 70 5/8 A Woolworth 72 A- Comment Hold for 500, Hold Hold Hold Hold Hold l PRICE APPRECIATION Close Qual- Close Qual- 9/9/63 Comment '9/9/63 Comment Air Products 62 1/8 B Hold Kerr McGee 39 1/4 A- Hold Atchison. Top. SF 29 A- Buy-Hold Korvette 32 5/8 Hold-Buy at 30 Beaunit Corp. 25 3/4 B Buy-Hold Litton Ind, 80 3/8 B Hold-Buy at 75 Burlington Ind. 38 B Hold McDermott, JR 25 Buy-Hold Burroughs Cenco Clark Equipment 27 7/8 53 42 1/4 B B A- Hold McKesson Rob .. 463/8 .Hold-Buy 50-48 Midland Ross 65 Buy-Hold Newmont Min, 81 A- Hold B Buy-Hold A- Hold Cluett, Peabody 50 3/8 B Buy-Hold Northwest Air 58 3/4 B – Hold Consol. Coal 46 1/4 A- Hold Copper Range 24 1/ 4 B Buy-Hold Denver, Rio Grande 21 B Buy-Hold Disney, Walt 41 3/4 B fbld – Buy 42-40 Pittston Co 62 1/2 Raytheon Co 20 7/8 SRcehylnuomldbseMrgeetral 32 5/8 62 1/8 B Buy-Hold B Hold B Hold Buy-Hold Elec. Storage Bat. 55 5/8 B Hold Stevens, J. P. 36 1/4 B Buy-Hold Ex-Cell-O 39 1/4 A Buy-Hold Stewart-Warner 34 1/2 B Buy-Hold First Charter Fin. 43 3/8 Buy-Hold Storer Broad. 42 B Buy-Hold Fruehauf Trailer 29 3/4 B Buy-Hold Sundstrand 23 B Buy-Hold General Mills 37 1/4 A Hold for 40 Swingline A 37 3/8 Buy-Hold Great North. Paper 45 B Hold for 55-60 Union Bag-Camp 40 1/2 B Buy-Hold Int'l Min. Chern. 58 1/8 B Hold.Buyat 55 Kansas City So. Ind. 43 1/2 A- Buy-Hold Kern County Land 70 A Hold for 85-90 Umted Fruit 24 1/4 B Buy-Hold U. S. Plywood 62 1/8 A- Hold-Buy at 55 Univ. Oil Prod. 35 3/8 B Buy-Hold LOW-PRICED SPECULATIVE Close Qual- Close 9/9/63 Comment 9/9/63 Audio Devices 13 3/4 B- Buy-Hold Microwave 11 1/4 Braniff Airways 12 3/4 B Buy-Hold Murphy Corp. 19 5/8 Campbell Chibou. 3 5/8 C . Hold National Can 17 3/8 EI Paso Natl Gas 18 3/4 B Hold. Buy 17-16 Pacific Pete 11 1/4 Foote Mineral 12 3/8 B Hold Penn. R. R 20 1/2 Great West Fin. 20 1/4 Buy-Hold Reeves Bros. 15 5/8 Hewlett Packard 21 7/8 B Buy-Hold Seaboard World Air. 6 Intern'l Packers 15 1/2 B- Buy-Hold Sperry Rand 15 1/2 Mesabi Trust 14 5/8 Hold for Income Univ. Match 16 1/2 September 10, 1963 Varian Assoc. 23 3/8 Quality Comment B Hold Hold for 25 B- Buy-Hold B- Buy-Hold B- Hold. Buy at 19 B Hold for 21 C Buy-Hold B Buy-Hold B Buy-Hold B Hold.Buy-at 20-18 , – – — .- – – – – – – —

Walston &Co. – Inc – – – – – Memler. Xel/' Yor' Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFices COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER September 6, 1963 The Dow-Jones Industrial average has penetrated the December, 1961 closing high of 734.91 on Thursday to reach 737.98. The 1961 intra-day high of 741. 30 was bettered on Friday with the Industrials reaching 742.66. The 1961 highs in both the Rails and Utilities were penetrated earlier in the year, but neither the Rails or Utilities followed the strength of the Industrials during the past week. The Utilities, after a high in midAugust, have been holding in a narrow trading range for eighteen trading days. This average is just about at its 1929 high. The Rail average has been partfcularly sluggish and has so far failed to better its June intra-day high of 177.92. This average is also near new aU-time high territory. The 1956 high was 182.54 and the 1929 high was in the 189-190 area. As this letter has stated many times before, we continue to feel that the action of individual stocks is much more important than the action of the averages. There are many stocks that have attractive fundamental and technical patterns. There are also many issues with mediocre prospects. The greatest importance of the averages is in the background they create. When the averages are moving forward, the good stocks are in a position to move to new highs, while mediocre issues move grudgingly higher. When the averages are moving lower, the unfavorable background brings the mediocre issues into new low terri- tory while the stocks with good prospects move grudgingly lower. It continues to be our thought that the market is in a broad reaccumulation area with the ultimate result being a much higher price level over the longer term. issues are at differ- ent stages of the pattern. Some are in a bull market of th I are in the early stages of a bull market. Others are still forming s me of a bear market. P. 10 the final stages The important thing at the moment is price level as it was pecember, ous technical pattern that market is vulnerable only to t dustrial average is at the same d is entire1y different. The dangerarly 1962 does not exist today. The For the e emains favorable. The breadth index has moved into new high terr even a bit better than the averages. There has been no divergence betwe t t ndices which is a necessary preliminary before the begin- ning of technical deterlO on. For the shorter term, the market has had a steep 55-point rise in a little over f' weeks and some indicators are reaching overbought territory. Thus, some consolidation is probably needed at this stage of the pattern. The strength in the averages has brought up the possibility of the speculative public coming back into the market on a broad scale. The smaller market operator has been a seller on balance since September – as is evidenced by the odd-lot figures and other indicators. This is not an unusual pattern in the preliminary stages of a market advance. It usually occurs after a sharp decline when the public becomes disillusioned and sells out on the first indication of strength. Sometimes it can last for quite a period of time, and the market may have had a good portion of the rise behind it before the smaller buyer reenters the market. Whether the recent market strength will turn the odd-lot sellers into buyers, is still problematical. There are a great many individual stocks with favorable patterns. We would expect these issues to move higher regardless of the fluctuations in the averages. We still advocate the policy of buying on weakness. Excellent opportunities presented themselves this year in March and again five weeks ago. A new recommended list will be in the hands of your Account Executive next week. Dow-Jones Ind. – 735. 37 Dow-Jones Rails' – 173.48 EDMUND W. TABELL WALSTON & CO. INC. This mnrket letter IS not. and under n(l Circumstances 18 to be con'\tl ued as, nn offel to ..('II ,II 11 801lCl1lltlllli to lou)' Ilny dic retc! t e.1 \0 hel eln The In((I1 mntlUn (,,,nt/tined herem IS not f;Ufllantceti a9 to ilccurney or conllllctcne-.s nnd the fill thm'cor ' (IVt, lind un,l('1 Ill) .. 111 to ue (,Oflbtllll!(l (HI, It lcplcentn. lIon by Wnlston & Co, Inc All expressIOns or pm ion llre hubJcct to ChIlIlI-!' \I'lthput nuhce Wnh,tufl & (;0. Inc lind Offu'et't, Dlle('\III, Stl.lckh,,)dcl'I un.) JomllloyetS theroof, )IUICha;e, sell find may hale an mterest 11'1 the IlCCliratle'l mcntlUnCII hCICl1l 'fhl! Illnr….'t Ictter I., mtcnded lind re,cllled merel)' Db n j.!(.'ner.t.I Inrnrmui commentary on tiDY to da) market news and not as a complete annlYlllo A.hhtlllltl Illflll mnllUn \\ Ilh til IIny SC('U1 IIIC refClled to helcm Will rurIllshed upon request \\.\ ;01

Walston &Co. .l1('lJIhl''S XI'/I twk Stock E.l'('ilan(l(J NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA OFFICES COAST TO COAST AND OVERSEAS CHICAGO TABELL'S MARKET LETTER September 13, 1963 UNITED FRUIT COMPANY Current Price 24 The United Fruit Company is the world's Current Dividend .60 largest grower and importer of bananas. In 1951, Current Yield 2 1/2 the stock, which had earned 7.54 and paid 4.50 Funded Debt Common Stock None 8,034, 625 shs. in the previous year, sold at over 70. By 1960, earnings had eroded to 25 a share;dividends had been omitted for nine months, and the stock reac Sales – 1963-E Sales – 1962 Earn. per sh. -1963-E Earn. per sh. -1962 Mkt. Range -1963-61 310,000,000 319,790,000 1. 10 1. 30 \ 301'/2 – 171/8 f'd a low of 14 7/'8. The -Fabulous Fifties, in United Fruit's Cdse, Werf' something than fabulous. The redsons for the decline in the compa- ny's fortunes bear examining. In tl)e mid-1950's, a plant fungus, called Panama disease, began ravaging Central America, and the company was forced to move to areas unaffected by the disease. This was the proverbial leap from the frying,pan into the fire. High winds In the new growing areas caused frequent blowdowns which destroyed fruit and caused heavy expenses. As if all this were not enough, in the late 1950's, banana prices collapsed. Quotations which had been as high as 9.00 per 100 lbs in 1957, dropped as low as 3.50 per 100 lbs in 1960. It is interesting that each dollar pnce change 2.75 per share before taxes to United Fruit. 0 Even after all of its misfortunes, United r n ev ,can hardly be call ed cheap. After a good earnings recovery to 1. 32 s ar, blowdowns adverse- ly affected this year's results —– estimated at 1. . Th ck is thus selling at over twenty times earnings and the 60 dividend a y' of only 2 1/2. Clearly, the new – – in inheI'lted-a- raft of problems And yet there is evidence 0 borrow a phrase from the\ sport s page, has no where to go but up. li of the fall, up could be a long way. As'noted above ' t major difficulties have been impaired production due to disease and ws erely depressed product prices. The answer to the former problem lie eI anana which win probably account for almost all pro- duction by 1966 and is ot 'ect to Panama disease or blowdowns. In the area of product prices, there is some ence that the long downtrend has ceased. In addition,a major ef- fort now being undert en by United Fruit should allow the company more control over prices. The company is now packaging bananas in the tropics and shipping them in boxes rather than on the stems. Bananas are being labeled with the widely advertised Chiquita brand name – a proprietary asset of no small importance. In addition, it is felt that boxing will ultimately reduce transportation cost and losses. Thus, two besetting difficulties seem to be in the process of elimination. There is, in addition, yet plus factor. The company's balance sheet is excellent and cash gene- ra tion has exceeded capital expenditure for the past two years. It seems likely to continue to do so. Additional cash is being provided by the associated grower program under which lands are being sold or leased to local producers. This cash inflow allowed the company to acquire 426,000 of its own shares this year, and it is in a position to continue share acqui- sition or to buy earning assets for cash. In addition, any improvement in earnings can easil be reflected in better dividends. From a technical point of view, ability to reach 31 would indicate a possible 54. The stock appears to be a buy in the 24-20 range as a speculation on the ability of an able management to rehabilitate an historically strong company. Dow-Jones Ind. 740. 13 Dow-Jones Rails 172.79 ANTHONY W. TABELL WALSTON & CO. INC. ThiS mflrket letter is not, and under no Circumstance'! 1'1 to be ('Ontrl1cd as, nn olfel t(l ..ell 01 1I bohcltntwn tn hllY fID seeUlltle,., lefCllcd 10 hClein The informnhn COlltnlnert h('Tein is not J.(uarnnteet.i fie to lIccufacy or oomilletenebs anlt the fUlnl!hll1J! theleuf It 110t. IlnCl un,I('1 11( to hc n rC\lleentl\- tlUn by Walston &. Co Inc All expreSSIOns tlf oPinton all' ouhJctt to chnnJ!e wlthul llntlte. Wulton & C, 1m, untl OffICt'U, DIIl'CtIJlS, Stockh.,ldcl … nlHI theroof, pUlchasc, sell and may ha\c un mterest In the seeurltlCl mentUlm.\ ht'ICIti mat).,ct lellt')' IS mtcntled lInt! IIre…cllted merely ao n J!enernl Informnl commentary (In Clny to day market and not as n complcte Atltlltl,,ul IIIrUl'mnt,n \\llh to uny 1('(('1 led to helCl\l \\111 (Ul'nt,.heo,l u,pon request \\.\ lUI