Walston &CO. 1 .'!! Inc Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS EDMUND W. lABEll'S RECOMMENDED LlSl QUALITY & LONG TERM GROWTH Amerada Close Qual- 12L;nL63 .i1L !;omment 69 5/8 A Buy at 65-60 Gulf Oil Close Qual- 12/31/63 i!L Comment 47 A Buy at 43-40 Amer. Home Prod. 605/8 A Buy at 55 Minn. Mining 64 5/8 A Buy at 60-55 Caterpillar Tract. 48 A Buy at 45-43 Norfolk & W 118 A Buy at 110-100 Corning Glass 210 1/2 A Sell at 225 -250 Penney, JC 47 A Buy at 42-40 1- ..Du Pont 239 3/ General Electric 87 1/8 Dutch 49 1/8 A Buy at 45 A Buy at 80-75 Std. Oil N. J 76 A – Buy at 70-65'- Woolworth 73 3/4 A Buy at 75-70 . PRICE APPRECIATION Close Qual12/31/63 ity Comment Atchison, Top. Beaunit Corp. Borg Warner 28 3/4 29 1/8 46 3/4 A- Buy at 28-27 B Buy at 29-27 A- Buy at 45-43 Burlington Ind. Cenco Instrum. Clark Equipment 43 47 5/8 41 5/8 B Hold for 50 B Buy at 46-44 A- Buy at 40-35 Cluett, Peabody 54 3/4 B Buy at 50-45 Conso!. Coal Copper Range 53 5/8 26 5/8 A- Buy at 50-45 B Buy at 23-20 Copperweld Steel 38 3/4 B Buy at 37-35 – – Denver;-RipG. 21-1/-4–B–Buy-a-t-20 -1-8 Disney, Walt Eaton Mfg. Ex-Cell-O First Charter F 39 1/2 37 1/ 8 37 1/4 38 1/2 B Buy at 36-34 B Buy at 32-30 A Buy at 38-35 – Buy at 35-30 Fruehauf Trailer 29 Illinois Central Intern'l Min. C 52 1/2 59 1/ 2 Kansas City So. Ind. 42 1/2 B Buy at 27-25 B Buy at 50-45 A- Buy at 55-50 A- Buy at 40-38 Kerr McGee Korvette 36 1/2 36 1/4 A- Buy at 34-32 B Buy at 33-30 Close Qual- 12/31/63 ity Comment Libbey-Owens 52 3/8 A Buy at 52-50 Litton Ind. 78 7/8 B Buy at 75-70 McDermott 23 3/8 B Buy at 23-20 Midland-Ross 63 B B'..lyat 60-55 Newmont Min 36 1/4 A- Buy at 32 Pittston Co 58 1/2 B Buy at 57-55 Pure Oil 41 1/2 A Buy at 40-38 Rayonier 29 1/2 B Buy at 27-25 Raytheon 20 3/8 – Buy at 20-19 Reynolds Met. 32 B Buy at 30-28 o'Schlumberger-5'7-1 / 4—A-Buy at 55 –50 Southern Rwy 62 B Buy at 60-55 Stevens, J. P. 38 3/4 B Buy at 35 Storer Broad. 40 3/4 B Buy at 33-30 Sundstrand 21 3/8 B Buy at 21-20 Swingline A 33 1/4 – Buy at 33-30 Union Bag C 38 5/8 B Buy at 35-33 United Fruit 21 5/8 B Buy at 21-20 U. S. Plywood 67 A- Buy at 60-55 Univ. Oil Prod. 32 1/4 B Buy at 31-29 I – LOW-PRICED – SPECULATIVE Close 123163 Amer. Metal Pr. 18 Amer. Radiator 18 1/8 Audio Devices 11 3/4 Braniff Airways 12 7/8 Campbell Chib. 3 1/4 El Paso Nat! Gas 18 3/4 Foote Mineral 11 1/2 Great West. Fin 17 5/8 Hewlett Packard 19 1/8 Intern'l Packers 15 5/8 Qual- Close Qual- ….liY- Comment B Buy at 17-15 Mesabi 12/31/63 Trust 13 1/8 !!L- B !3uyat 17-15 Microwave 10 7/8 B B Buy at 11-9 Murphy Corp 18 B B Buy at 13-12 National Can 15 B- C Spect.ilatim-Buy . Pacific Pete 10 3/4 B- B Buy at 18-16 Penn R R. 25 5/8 B- B Buy at 11-10 Reeves Bros. 16.3/8 B – Buy at 16-15 Seaboard W. Air. 4 '7/ 8 C B Buy at 20-18 Sperry Rand 21 1/4 B B- Hold Univ. Match 13 1/2 B Varian Assoc. 16 5/8 B Comment Hold / Income Buy at 10-8 Hold for — – Buy at 14-13 Buy at 11-10 Buy at 22-20 Buy at 15-14 Buy at 5-41/2 Buy at 20-18 Buy at 14-12 Buy at 17-15 January 2, 1964 This Bullctm IS not, and un,('f no fllCllmstan('E'; IS to 1,(, n… an frel to se!1 III ,\ ,lntHln to Luy any securities refcried to herein The mformntlOn can tamed her('m 15 not J-unrnnlccd Il'l tn neCtllaCY 0, eomplehtlC'-, aut! the (Ul thelCl/f ' Ilot. ,mrl under no ClrCUm!)tances IS to be construed n'l. n reprcs,entatlon by \ …I1\gton &. Co , Inc All C'lpreswns uf ornnlOn 1'1 e ..ulJJcct to Ch.lngc Wllhuut uutlCC \\ ,11910n &. en. Inc , OffIcers. Drector. Swckholden; and Employees thereof. purchase, sell nnd mny ha.. c an mleresl In the 'Iecurttle'l mentlwH'd hereIn ilul\clln IS mtf'ndcd and presented merely as a general, Informal Commen- tary and not as a complete 1I11ubsis AddItional Infurmllhon respect to any Icrcrred to herem WIll be fUlnlshed upon request WN-5I16

Walston &- Co. – Inc – – – – – JIl'mh('J'..; .\'('11' rod) Stork E.l'riW'IlPl' NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO CO'ST AND QV!;RSEAS TABELL'S MARKET LETTER January 3, 1964 .. Relieffromtl1e-pressure!of tax-loss selling in depressed issues and the failure of the anticipated 1964 profit-taking to appear, resulted in a sharply higher market during the past week. Friday's intra-day high on the Dow-Jones Industrials was 771. 73 as compared to the mid-December high of 773.07. As we noted in our letter of December 13th, the wide fluctuations in November built up a new technical pattern that enlarged both the potential up- side and downside obJectives. The upside potential, from a technical viewpoint, is indicated as'a possible 775-795 on the Industrials, and 185-190 on the Rail average Both of these potentials are not much above present levels . . .on poi,nt to wa tch is the .Dec.ember low. The actual low was 746.-78 made On the first day of the month. As noted in our December 20th letter, the stock market in every year since 1897 has had some sort of a year -end rally. In some cases the rise has been substantial and has lasted for as long as six months. On other occasions, the year-end rally has been of only a few day's duration. The clue has, in the past, been the ability of the market to hold above the December low for the first three months of the new year. If the December low holds for the flrst 2 1/2 months of the year, the trend has, in the majority of cases, been upward for the rest of the year. If the December low is broken early in the year, the trend has usually been downward for the rest of the year. The reasoning be- hind this theory is that the market is subject to maximum downside pressure at the peak of tax-loss selling. If the pressure becomes greater after tax-loss selling has ended,new down ward tendencies are in force and the December low will be broken. Due to the unfortunate happenings of November, it is possible that some has occurred. It is problematical whether the actual low of 746.78 reached 0 t Y of December is the point to watch. The peak of tax-loss selling was ch n December 23rd when the Industrials reached a low of 752.82. Actua is is ably not important. If the December 23rd low is broken, the e g of the 746.78 low also. The case be 720 . possible decline to !he .695 -685 The breadth index over the past week,but it is still quite a distance below the u highs as contrasted to new highs in the In- dustrial average. Thu t ve nce in effect since late October still persists. Con trary to general 0 le breadth signal does not indicate an immediate de- cline in the market. s nal oss of momentum ,but the averages can continue higher for quite some time as the 1961. It suggests,however, that holdings should be lightened on strength. While breadth action continues unfavorable, there is no indication of a major decline like 1962. The background conditions are q.ite different. We have continually stressed the point that the market, in our opinion, is in a major reaccumulation period that probably need more time to complete. From a technical viewpoint, the most constructive action at this point would be a decline that would enlarge the potential base patterns already formed. Breadth action turned unfavorable in both 1959 and 1961 and indicated the 1960 and 1962 declines. The present pattern is much more similar to 1959 than 1961. If you recall the 1960 market,you will remember it was a two-way market. The Industrial average declined from an early high of 688 to an October low of 565. By the end of the year, the market was again moving sharply higher and closed around the 615 level. Many stocks declined during the year, but many bucked the trend and moved higher. Beckman, Brunswick, International Business Machines,Litton and Texas Instruments,and a sizable number of additional issues moved against the trend. Leadership would, of course, be quite different in 1964, but similar price action could occur in individual issues. A new edition of our recommended list has been published and is now in the hands of your Account Executive.All of the issues mentioned have been recommended in the past and continued holding is advised. Buying levels,which are mostly below the present market, are noted. These are not trading recommendations, but are suggested for holding over the next six months or longer for si2able percentage appreciation. It is our thought that accounts con- cerned.mainly with. capital appreciation over the longer term should be 25 liq.id at the mo- ment in order'to-await-buying opportunities. D -J BIniis7 67 d 68 B B1 EDMUND W. TABELL WALSTON & C.o.INC. Thh !1l.1rket Jettel not, tnt! untlel no CII cum..,lnnce-. to Ite \Icli ,\… nn lfel til …ell Ul Il ..htll.lt 111 tl hlt) nn)' ,CCIII !tH… I ('f('ll 'II tll hCll'ln 1 he mC1 1\1,11 In (I)nl,nne.1 here,n 1b l1t \.uarl1nt(,l'd ,I 10 IH.CI11IHY u, 'ulllllelcnc…. ,11l1 the th'l'F I nut, ',nl Ittl,It nn llllllmlul1('' ,' ,,, I.e .un-.tllletl U, ,I ('I'('-.cnlll- \ hy '\'nl'ton & Co In(' All llF IHllI1J1l n1 e h I('t tll dl'I1\.(, 1IIIIw1It 11,,111 e, \\',tltun k en In(' und Oftl('CI, nl1 c. to Slot h.hIt!t,! … ,\1101 o,ml,uvee.. thereor, 1111 ('hn'-c, bell nnd may hn\c nn mtelc..t In the eemitle mel1l1ncol he!em II .. 111,11\,('1 lette I… mten,le,\ Hu,l ,,!Clllted melcly , II InFormu1 cummentmy .. n (Y to d)y m,lrket n'Wb ,lIld not lib n e01111lete ,\.1,\Jdn,tl Illf,mlltl' \lllh !eI'l'l III .Ill) -.e(,lllltH.' leCtlle.\ lu helCIII II ill h., rUI upon I Cfu'bl \\ ,UI

Walston &Co. Inc – – – – – Member.. XCII rk Stock Euhan(fe NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER January 10, 1964 At the weekJ,s.intlla-daY-high'of-7S0. 59, the Dow-Jones Industrial average reached the lower range of the 775 -795 upside potential. The breadth index moved ahead also, but still remains below the June and September highs despite new highs in the averages. Continue to advise taking profits On strength in order to build up cash reserves for later purchases. Vul nerable stocks should be switched into better quality defensive issues such as the issues mentioned below. Despite the strength in the averages, there are ma ny groups that are selling much nearer their lows of the past several years than their highs. One such group is the tobaccos. This letter is written before the issuance of the report of the United States Public Health Advisory Commlttee on is ';m not present- any thing particularly new. It will be the Committee's evaluation of the many medical reports on smoking that have been published in past years. It is presumed that the report will be de- cidedly unfavorable as far as cigarette smoking is concerned and it is understood that a sec- ond report will follow at a later date giving what precautions should be taken to protect the public health. These might possibly include restrictions On advertising and stricter labeling requirements. There is also the threat of liability suits from cancer victims Health scares are not new in the cigarette industry. The first such scare was in 1954 Per capita consumption of clgarettes dropped sharply as a result, but the recovery was rapid largely due to the growth in popularity of the filter-type cigarette and the great increase in women smokers. In the period between 1955 and 1962, the five leading companies increased volume by 47. Whether a possible drop in consumption steep a recovery is, of course, problematical. The price sWlngs in the group have been Prices are adjusted for stock splits during the periocf\ vA 1954 61 ';J Low . '0Y v.Bll be followed by as inc 4, as noted below. 2 Low Close 1/10/64 1-/ 2- –1-… Lorillard 0 8 723/S 393/S 74 1/4 451/4 Philip Morris Reynolds Tobacco CY 4 125 S 3/S S91/4 611/S 341/2 75 42 1/2 As can be see rom table above, th; price decline from the 1961 high has been quite drastic. However spite the decline in price, earnings have been steady and yields are above average. American Tobacco Liggett & Myers Lorillard Philip Morris Reynolds Tobacco S&P Rating B B AA A Close 1/10/64 2S 1/2 74 1/4 45 1/4 75 42 1/2 1961 -E2a.-r4n0 6.47 4 22 5. 61 2 91 Last 12 mos. Earnings 2.39 6.07 4. 20 6.00 3 10 PiE Ratio 12 12 11 13 14 Dividend 1 50 5. 00 2.50 3. 60 1. SO Yield 5. 3 6. 7 5. 6 4S 4.2 At present price levels, the tobacco issues have, in our opinion, probably discounted most of the adverse publicity of the U. S. Health report. If they should sell off sharply, they would present an interesting long term speculation. The quality issue in the group is Reynold Tobacco. Smokers are expected toturn increasingly from regular brands to filter and mentholated brands, and Reynolds has the top ranking filter (Winston), the top ranking mentholated filter (Salem), in addition to Camel, the top ranking regular cigarette. 1963 should be a record year in sales and earnings. Further diversification into other lines of consumer goods is probable. In 1963, Hawaiian Products, a producer of fruit drinks, was acquired The technical pattern of the stock appears favorable. The downside objective of the 1961 top of 36 has been reached and the stock has built up a sizable potential base in the 35-47 area. Reynolds is being added to our recommended list if available in the 43-40 area. American Tobacco also appears to offer above-average attraction. Dow-Jones Ind, 77433 Dow-Jones Rails lS0.15 EDMUND W. TABELL WALSTON & CO. INC. , hll\ lYIurk!!t letter IS not. and under no cirCllmstnnc(; IS to be ('on..tl tied nil, nn Uff('l t UI n sohcltatln tn flny I efcil cd lo hel em The )nfm mntmn ()ntnmcd herein h. not )!uarantcerJ as tl) nCC1111\CY or coml,letene,s and the CUI nlshlll). the! ('uf nut. nni! unlit'! 111 ('11 \ to be CUlltlllOO n.. , n 1cprc,,('ntn. tIm) Wnlston & Co Inc All c,preSSlOns uf oPIniOn are lubJect to chnnJ,!e \\'Ithmtl notIce, Wnl.,\on & Cu lilt', n)Hl Stoc1..huldels nn,\ Emlllovees thereof. !lUI sell nnd mny hlnc an mtetest in the menlwn('d het ('111 Thl!. market Jettel 1-. intended lind III e,ented mer…ly Ih n I('n(') nl. mformal commentm' on ria to ,lay mark('t ncW nnd nol as a complete AddLtlnaJ 1I1fOl mahon \\ lth le11ed to Imy CCII\ Ill('\, I efl'r! to helem ' 111 he rUI t1J)on reQuest \\ ,\ lOl

Walston &- Co. Inc IIII NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS 11 TABEll'S MARKET lETTER January 17, 1964 There was practically no change in the leading market averages over the past week, although wide moves in both directions were prevalent. With the Dow-Jones Industrials al- ready in the lower part of the 775-795 objective area suggested by this letter, it is expected that selectivity will increase. Investors should concentrate their attention on securities with a minimum downside risk and good, long term upside potentials such as the one described below. –Current Price . Current Dividend Current Y,eld .'- COPPERWELD STEEL COMPANY d – -42 The combination of -gooa inc6me;plus' .a.-.DOVE – 2 00 a verage capital gains potential, is rarely found 4.80/0 in today's stock market Yet just such a combi- Long Term Debt Common Stock 17,592,000 1,182,754 shs Sales – 1963-E 95,000,000 Earn Per Sh. 1963-E 3 25 nation appears to be available in the common stock of Copperweld Steel The company's current 50 quarterly divi- dend rate proVldes a y,eld of 4.8 at present prices At first glance, the coverage of the 2 0 Price Range, 1964-59 55-263/4 diVldend would appear to be questionable, considering the cyclical nature of the steel indus try What is not apparent on looking at the company's long term earnings record, however, is . that the the Superior Steel DlVision, sold ln 1961, sults for the years 1957-1961 heavily If losses of this div 0 which penalized re- ! the 2 00 ' dividend has been covered 111 every year but one seems to assure at least lts continuance n pre V; heavy cash flow The company's excellent capital from an anticipated increase in basic earning power. As a steel company, 0 rwe earnings wlll no doubt continue -toUuetua-te – a,(\b.y- – – ably higher Before Copperweld's basic business. h increases, let us outline briefly three major divisions. The first, the Aris- toloy Division, to sales, manufactures specialty steels Thirteen per cent of output 0 y er Copperweld diVisions 111 1962 Some 25 of sales are made by the ision WhlCh makes copper clad and aluminum clad rod, Wire and strand perweld and Alumoweld trade names Most of the company's remaining sales are a nted for by the Ohio Seamless Tube Division producing alloy and carbon seamless tubing Two developments in the Wlre and cable divislOn appear to offer promise for in- creasing earnings in the years ahead Strenuous cost-cutting efforts are being made in Copperweld wire production In addition, capacity for Alumoweld should be increased by 50 at the end of 1964 Due to changed economics in the public utility industry, the construc ion of power transmission lines is expanding at a significant rate. Alumoweld is expected to capture an ever increasing segment of this growing market. Moreover, increased production 111 the wire area will not only benefit that division, but also the Aristoloy division Slnce it will be supplying more products internally, thus d8mping cyclical fluctuations. Still more improvement lS scheduled for Aristoloy, however . .The start continuous casting in early 1965 with 300,000 tons of annual capacity. Since this lS less than half the company's total capacity, the equipment can probably be used on a full time basis, and thus maximum savings will be generated. It i difficult to estimate the precise earnings increase that can be expected from all of these improvements. However, a conservative estimate would indicate the possibility of 2.00 per share additional post-tax earnings at present operating rates Were the nationa steel operating rate to increase, earnings improvement could be substantially greater. At the moment the stock is selling at 13 times estimated 1963 earnings of 3. 25. From a technical point of view, the stock has formed a three-year base in the 28-42 area with a present upside obJective of 80,and there is support Just under current levels. I Dow-Jones Ind 7'15.69 Dow-Jones Rails 181. 87 ANTHONY W. TABELL WALSTON & CO. INC. '1111'1 !H!lll(cL lett..n I t. nnn undcl no CllClllllbt,UlC(,; 11 tn he cnllh 111'1111 .\11 Ifel In ell I 11 \11 intw!l tn hll ,Ill 'ccut !lIe I efell cd tn hClcm 1 he m(llIlntlllll OInLnlnc,\ hClcln nul ,.lIIlInntced ,I t UI ,rlIp\ctcfle ,Ind the 1II('I000or I' 1l0l1 nnd IIn,\el n IlLIIIII …lnIHL…. I t Ill' I Oll.,tl lIL'! II, ,I Il'I …..,I.'IIn- lIOIl I,v WnbtOIl & Cu, Inl' All C'ClHclnn., f 111111011 all' ,,hJc,t to Ih.lI1,.1' \\IOWllt nulwc \VlIl.,t,,1l & Co, 1111 ,lIIII OtfH('I….. HII'Lt,,, ,1111 lhcrrof. )Hllchn.,c, …ell ,Inri m.IY hnve 1111 IntClc… t In the CCllllhC'… Illcllt1'dle,1 hC11'11l 'lhl 1IIIuJ.,r 1'I\cl I Intelldc,\ !llIti plccnle,\ mer('iy n., II I ! l ' n l ' l . d / InflJrm,ll Lommcn1.lry Oil dllY to rlny market new., nnd nut LlJmplctc .\fl.1!,.1., Ad'\ltlII.t1 IIIfollllntl,I1 \\Ith I('–pe,t to .Iny C('Ulltll;''' ICrL led lu hCIClI1 hI' fllllll.,het! upun I eI\UCSt. — r \\ … \1'1 Ii'

Wdlston &- CO. —';';;';'-tnc –…;.– ;l1elllleI'R Xell' rod, Stock E.rclwlIoe NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA OFFICES COAST TO COAST AND OVERSEAS CHICAGO TABELL'S MARKET LETTER January 24, 1964 With wide moves in both directions, the major market averages continued to inch into new high territory last The Dow-Jones Industrials reached an all-time intra day high of 787 65 on Friday, and pushed further into the 775-795 area suggested for some time by this letter as a possible upside target Most breadth indices also rose on the week, albeit quite mOderately. These indices, however, remain well below their previous 1963-64 highs The obvious fact that the averages somewhat distort the market picture has been pointed out by many analysts. All investors are aware that, despite the fact that the average are in newall-time high territory, 'the great majority of individual issues are still below their aUtime highs, which mayhave been made in 1956,1957, -1959-or 1961, depending-on the stock Only a relatively small minority of all stocks have moved into newall-time high territory this year. We have recently had occasion to examine and analyze the technical pattern of eac of the 1,800 stocks listed on the two major exchanges The pattern which seems to appear with the greatest frequency is one where a stock, at current levels, is just under the over- head supply from the original top which may have been made in anyone of the men- tioned above, The constant repetition of this pattern in stock after stock leads to the belief that the heavy supply in these issues will dampen any protracted rise from present levels at this time, Of course, the averages would not be 10 all-time high territory tOday if there were not quite a few issues that had outperformed the general market and were now selling at new peaks, In the majority of cases, there has been a real technical reason for these advances, and in some cases there is fundamental d te tification for be- lieving that they could move still higher over a wo pIes may be drawn from our recommended list, Beaunit Corp, was firs omme in February 1962 and has been mentioned by this letter on numerous casi si Its high of 32 3/8 on Friday represented a move above its 1955 peak Mi oss lch had been in new high territor for time, also posted a new 1 on ,'Clay, .. . Despite Beaunit's it of 17 7/8, the price does not seem to have disco un ted the important place in the company Synthetic fibers now account for about 5 , 's ing the company from the fluctuations in the vola- tile fabric field, F i 1, ver, lS aided by heavy representation in the growing. kni t and stretch rna T e pany is increasing lts capaclty, Polyester capacity will be upped from 12 million 030 million by mid-1964, and new modified rayon staple faci- lities are also being co ucted, Earnings for the fiscal year to end March, 1964 are ex- pected to increase to approxima tely 2 50 from 2,02 last year, and further increases appea probable for 1964-1965, There is support just under current levels in the 28-25 area, Formerly a manufacturer of auto frames (these represented 850/0 of total business in 1956), Midland-Ross has become a widely diversified industrial enterprise with represen- tation in the machinery, automotive, heating-air conditioning, aircraft, missile, tire cord, textile and building supply fields, Probably the company's most important step forward was acquisition of Industrial Rayon in April 1961, which broadened the equity base considerably and brought in cash items of some 22 million a'ld net working capital of over 40 million, This cash has been utilized in an aggressive acquisition program and, in 1962, the company purchased some of its own stock for use in future acquisitilns, Earnings development has been impressive, Per share results have increased from 2.32 in 1961 to an estimated 5.25 – 5,50 in 1963. The company announced Friday that it will consider calling its 5 1/20/0 preferred shares, It stated that had there been no preferred dividend requirements, nine months earnings would have been 4.22 vs, the 3,75 actually shown, so that future results should be benefited by the absence of these require- ments. Capitalization of current earnings, considering the prospect for future growth, is conservative, and the 3,00 dividend provides a 4, 30/0 yield There is good support in the 65 -60 area. Dow-Jones Ind. 783.04 Dow-Jones Rails 182.53 ANTHONY W. TABELL WALSTON & CO. INC. ThiS market letter jg not, and under nQ circumstances IS to be conqtrued n. an (.IiTel' tn 01 n luitcltntU1I1 to huy any CClII 1efCl1 ed tu hel,1n The InrO mntlnn contained herem is not j'unra nteed to nccuracy or completeness and the flll n !',hlllj.( thc. euf not. and undc. n(l Cll cum.,tun, c-. to LJe ued a', n rei ecnta. tlOn by Walston & Co, Inc All of oPInIOn ale to chnnl.(c wlthuut nntlrc. Wnh.t()n & Co. Inl., IIl1d Off'('CI … , Duectlb, Stockholder… an,1 Employees thereof, pUlchn'lc, scll nnd mny have an intert''1t 111 the securitIes men tinned he.cm fhl mnrh.el let tel IS Intende. find merely 11'1 fI ,,cnernl, Informal commcntary 011 day to dRY markct news and not liS a l'om)lete Atidltwnnl IIlrU'llIlltlim \\Ith le.pecl tu Ilny lerellC,1 to hClcm will LJe furmshed u,pon request ,,-. 3D1

Walston &- Co. Inc Member.. ,Yell' Y01'k Siock Exchanaf NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO CO,ST NO OVERSEAS TABELL'S MARKET LETTER January 31, 1964 After edging to an all-time intra-day high of 791. 63 on Tuesday, the Dow-Jones In- dustrial average dropped off sharply at mid-week and mild rallies on Thursday and Friday failed to recover lost ground. More instructive, perhaps, were advance-decline figures which showed a plurality of declines on every day but Friday. One of the basic tenets of technical analysis is that stocks tend to follow the rep- eti tive price patterns or cycles. These cycles may not be equal as far as timing is con- cerned — indeed, they seldom are — but they do have certain distinguishing characteristics. Roughly, a typical stock cycle may be divided into eight phases as follows (ll A stock reach es the downside objective of a previous top. (2) A base begins to form (3) A base broadens out and ('1)1\n upSiae'oreakolJnakes pla.ce and atlaBvance objective of the base is reached. (6) A top begins to form. (7) The top broadens and com- pletes. (8) A downside breakout takes place, a decline begins and the cycle repeats itself. The job of the technician is to watch this cyclical process unfold in individual issues and to decide, with the tools at his disposal, what phase of the pattern each individual stock is in and what implications this has for the market as a whole The rise from the June, 1962 . low of 525 is now 19 months old During those 19 months various stocks have progressed through different stages of the cycle. Nineteen months ago most issues were around the start of the first phase At that time the stocks favored by this letter were those which had not made new lows in 1962 since, in effect, any work done after June 1962 simply enlarged existing bases. These stocks generally did out-perform the market in the early phases of the rise in late 1962 and early 1963. By the Spnng of 1963, a stpcks had already reached the fourth phase of the cycle. Their bases were co 1 ey began to move up sharply carrying most averages along with them. AtsJi ew' ny stocks had reached their upside objectives and it was possible to foresee f( sing market. Laggard stocks had, at least, reached their downside base forma tion process. e at various stages of the – – tel'. stocks,. a minority to be sure, were potentials Most, it was true, ap- peared to have higher potential n of the laggards had moved up out of their base forma tions and1 ng behind to take up the slack. Thus, at the end of ,August, our r has proved, so far, to be its high. Most r are familiar with the breadth index which has, lately, had good deal of popularitlt. are aware that the index is based on advances and declines land that a declining br'(/' index indicates that fewer and fewer 'stocks are advancing. Few- er investors are aware of why this is important. A declining breadth index simply reflects the fact that more and more stocks have completed the first half of the cycle mentioned above and are entering into the second half. This is precisely what has been takirrg place since last August. As we have watched the market for the past six months, the drama has contirrued to unfold. Irrdividual stocks have successively reached upside objectives. A. small minority of stocks completed their tops quite early arrd are rrow fairly close to dowrrside objectives and a new cycle. A greater number are in stages 5, 6 and 7 of the cycle although a substantial group, it must be noted, still appear to be further back along the road, either not having completed their upswing, or still forming bases for a later advance. All this means that the individual investor must scrutinize his' own portfolio ever more closely. As stocks reach upside objectives they should be replaced. New selections, moreover, should be chosen with arr eye to defensive value – – solid fundamentals, closeness to support, etc. Such an approach is not only the wisest for capital gains purposes, but also is the best one for protectirrg a portfolio agairrst arry market weakness which may ensue as the present cycle rna tures. Dow-Jones Ind. 785.43 Dow-Jones Rails 181. 39 ANTHONY W. TABELL WALSTON & CO. INC. Th mnrket letter is not, and under 110 clrcumstanC(fl 19 to be com.trued on olTer to hell or a suhcllntlnn til buy I\n)' ;eClintles I efel rell1.u hel em The infrmatlnn contained herem IS not Iruaranteed as to accuracy or completene;s anr! the fill n1hmJt thereof not, lind IInihl no CII to he \led a. 1\ rem Clentn- han by Wnlston & Co Inc All e'lpreSSlons of opinIOn are subject to chnnl.!;e \\Ithuut nutlce Wnllton &. Co.. Inc nn.\ Offlcel';, Dllcctms, Stoekhnldel'\ nnll Employees thereof, sell and may have an Interest m the securltle'\ mentu.ned heleln Thl mnrl..et letter IS intende. nnd Ilre..ented merely nl n I.!;enerlll, mformal commentary on dny to day market newl alld not fiB a complete nnnlYlll Athhtlflnal mfol mahan \\ Ith I('.)lect to any refelled to helt'ln III be furnished \.Won request, \\, JOI '-

Walston &CO. Inc. Membel. Nell' York' Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER February 7, 1964 After backing'ami-filling-most of the week, the stock market exploded in a sharp burst of activity late Thursday and the strength carried on in Friday's trading. Many stocks that had been under heavy pressure rebounded sharply and the Dow-Jones Industrials achieved another all-time high reaching an intra-day peak of 795.40 on Friday. The average, at least, is well above previous highs. Yet, as all investors are aware, this hardly affords a description of what the average stock has actually done over the past few years. It is, of course, possible only to make a subjective answer to this question, but perusal of the technical patterns of 1,800 individual stocks would lead to the following esti- mate (1) A small minority of stocks have, like the Dow, moved into new high territory. (2) A substantial number are,at present prices, significantly below previously achieved peak (3) Eliminating the two patterns mentioned above from consideration, we are left with what seems to be the single most prevalent pattern in the market today – – that of a security whic reached its high in 1959 or 1961, declined sharply from that high in 1962, and has, today, recovered to a point just below its previous peak. This holds true for the thirty stocks in the Dow-Jones Industrial average. Nine of thes stocks, American Telephone, Chrysler, DuPont, General Motors, International Harvester, Sears Roebuck, Standard Oil of California, Standard Oil of New Jersey and Texaco, have, during 1963, moved into new high territory. Five, American Tobacco, Bethlehem Steel, Johns Manville, United Aircraft and U. S. Steel, are well below previous high points. But sixteen stocks, more than half the stocks in the average, are at present levels in or just under substantial trading ranges which marked previous table below gives the approximate level of these trading ranges, the years duri w took place, the 1963- 1964 high, and Friday's close for these sixteen Approximate \yv-. Date Range 963- ih Close 2/7/64 Allied Chemical 1961 I 38 55 Aluminum Co. of Amer. American Can Anaconda Company Eastman Kodak General Electric 1961 ci1961-2 V 0 4 O. 1 – 10 98-86 761/4 47 3/8 54 122 3/8 89 743/8 461/4 119 88 General Foods 108-90 91 88 7/8 Goodyear Tire 1-2 47-40 433/4 41 3/8 International Nickel 1961-2 86-74 741/8 72 3/4 International Paper 1961-2 38-34 361/4 313/4 Owens Illinois Glass 1961-2 104-84 923/8 91 5/8 Procter & Gamble 1961-2 100-78 84 803/4 Swift & Co. 1960-2 50-39 48 1/4 48 Union Carbide 1961 144-130 126 122 Westinghouse Electric 1961 48-41 41 5/8 32 1/4 Woolworth 1961-2 82-72 81 1/2 73 1/2 What significance does all of this have from a technical point of view One of the mos elementary concepts of technical analysis is the concept of support and supply. This concept holds that after a stock breaks out of a sideways trading range on the downside, a return to that trading range will produce a good deal of resistance. We have seen above that sixteen of the thirty stocks in the Dow are now at or close to areas of heavy supply and a quick perusal of any chart book will reveal the fact that a large percentage of other stocks are in a similar position. This situation does not, of course, preclude the possibility of continued selective strength in those issues that have already moved into new high territory and those stocks which have a good deal of room between their current levels and previous supply areas. It does, however, cast some doubt on the possibility of a broad general advance until new bases are formed, and the supply overhanging a substantial number of stocks is digested. Dow-Jones Ind. 791. 59 Dow-Jones Rails 182.01 ANTHONY W. TABELL WALSTON & CO. INC. ThIS mnrkelletter is not, and under no circumstances is to be con-.trucd ns, an to hell 01 R .milcitntlOn to buy any I efcil cd \0 hel em The Intut mntlOn contamed herem is not j!unrantcl!\ as to accuracy or completeness and the CUI n1Shlllg thel cuf . not. nnd untlel no ('11 cumtnntC- IS to be ('umlt! ued as, n reprc'Icntao t!on bw; Walston & Co, All expressions of opinIOn nrIJ subject to chaRlotc wJthuut notice WaJ..ton & Co, Inc. anel Offlcell!. 0llectors. Stockholllers and ,mployees thereof, purchllse. sell and may have an Interest m the securities mentlme.1 hel em 'fhls mart..et lettel IS mtendetl nnd merely at; a I-'cncrnJ. mformnl commcntary on dny to day market ncws and not as n completc analysl A.ldltlUnnl lIlrtJ1 matlOn with t('')Icct to !lRY '('(,llIltleb Idellell to helem will be furDished upon request. \\-. 301

Walston &- Co. —–Inc —– Xr/' Ynrk Sinck Echm'(Jl' NEW YORK SAN FRANCISCO LOS ANGElES PHILADElPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER San Francisco, California February 14,1964 The following is a summary of a talk to the Security Analysts of San Francisco at their Thirty-Fifth Anniversary Program at the Mark Hopkins Hotel on Thursday, February 13th It has been our contentlOn for some time that the stock market reached a major top in the period between 1957 and 1961 and a major bottom between 1960 and 1962 and is now in a major reaccumulation area that will result in a much higher price level over the next several years. While individual issues may work somewhat above present levels in the near future, we do not believe that the present advance is the start of this major upward movement. Probably more time is needed to broaden the reaccumulation pattern in a great many stocks. The present advance from 1962 lows is now twenty'matims 010 ana probaElY1nneed of a corrective phase in the not too far distant future. It is difficult to reconcile the thesis of a reaccumulation phase with the action of the averages. Both the Dow-Jones and Standard & Poor's Industrial averages have reached new high territory above the 1961 highs. It must be remembered, however, that both these aver- ages are dependent on the price action of blue chip investment issues. The Dow-Jones aver- age is composed of thirty of the largest companies and the Standard & Poor's index of 425 stocks is a weighted index in which the thirty or forty largest companies play by far the pre- dominant role The blue chip investment issues have been bought by large institutional buy- ers and have been the strongest segment of the market with the exception of a handful of issues that have caught the speculative fancy. Most stocks have done little marketwise since they reached their highs in the period between 1957 and 1961. For example, The Value Line Investment Survey has an average of 1,100 stocks which CUlly New York Stock Exchange but also American Stock Exchange and ise . g banks and insur- ance companies. This average is not weighted,but in of the percentage rise and fall of each of 1, 100 stocks of representative coq\p!l;1ies. . s index has failed to pene- trate its 1961 high, and only about 30 of steek ve moved above their respec- tive highs reached in the.pe!,.iod To fully understand the price a t'o 6 . . h p;)g. et sinc'e 1957, the action of individual stocks must be studied reached a high in November- December, 1961, this is t tr e a stocks and groups. Airline.s, Aluminums, Coppers, Lead and i . 'I'o ,Metal Fabricating, Oils, Papers, Railroads and Textiles reached t h 61, but in 1956 and 1957. Autos, Broadcasters, Build- in r ectrical Equipments, Farm Equipments, Natural Gas,Steel Sugars and Tires reache eir highs in 1959 while Banks, Drugs, Electronics, Finance Companies, Foods, lOn Pictures, Office Equipments, Publishing, Radio and TV, Retail Stores, Soaps, Tobaccos, Utilities and Vending Machine companies made their highs with the averages in 1961. It is interesting to note that many of the groups that have been the leaders since 1962, such as Airlines, Autos, Broadcasters, Farm Equipments, Metal Fa- bricating, Oils, Railroads and Textiles, are the stocks that reached their highs in the 1957- 1959 period, and reached their lows not in 1962 but in 1960. Thus, they were in broad re- accumulation periods from at least 1960 to 1962. They reached their lows in 1960 before many stocks reached their highs Many of the groups that reached their highs with the mar- ket in 1961 probably need a longer reaccumulation period. Present technical action indicates that the market is losing upside momentum. This is reflected in the various breadth indices. While the averages have been reaching new high territory, the breadth indices reached their highs in September and have failed to confirm the new highs in the averages. A major divergence occurred in late October. Contrary to general opinion, poor breadth action does not indicate an immediate decline. In 1961, a majo divergence occurred in August, but it was eight months before the market declined. It is sim ply a signal to lighten accounts on strength. Before the major advance occurs we believe the market must undergo a corrective phase. Just how far such a correction would carry is problematical at the moment. Major tops have not yet been formed. As a rough yardstick, we would expect a third to a half correction of the advance from the 1962 lows. Such a correction would be the last opportunity to buy good stocks prior to an advance to much higher levels in' the late 1960's. DOW-Jones Ind. 794.56 Dow-Jones Rails 183.75 EDMUND W. TABELL WALSTON & CO. INC. 1'hl market letter not, lind under no IS 10 he con'ltrued (IS, 1I.n offel to UJ' II SOlil'llllh..n to lnl)' nn)' 1erell c.1 to hClcm The mfrmll.tinn 'untnmed herem IS not l!lmrnnt('ed 11.'1 to nccnrnc) 01' coml'ictene5 flnd the fl1l nlhlllJ! thelcuf I not, anq lITHlCI no CHCum!!tUTH'1!'!I IS to be UB, U rell! e,entn- tum h) V.'olston & Co, Inc All ell.pre;SlOns uf opmlon nrc sullJed to chl,n),(e \\lth(1ut nuliC'e Wnlbton & C, Ine, UTHI Offleel'li, Dllectnl'l, S(ockhlder.. Ollr! therCQf, plllchase, sell and may flilve nn Intcre'lt In the 'leCurl(lC'\ men(Iltelr heleln. 'fhl'! mnr(.,et fcllci \'1 Intenlie,lllnd prc.,cnt('(r merely n ).lenetnl, Infurmal commentury on tillY to da) mnrket news nlld not 0' a completc unah'tll AdditIOnal IIlfUl mutwn …. Jth le,pe('t tu nny l!eCllIltles Idellet! to helelll …. iII he furnll!hed u,pon request \\.. 01

Walston &Co. ,\Iell/be,. Xrll' YnI'I.' Stnck Eulia1l(Je NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFF-ICES COAST TO COAST …. ND ovnSlAS TA.ELL'S MARKET LETTER February 20, 1964 NORTH AMERICAN CAR CORPORATION Current Price 28 The majority of investors are aware of Current Dividend Current Yield Long Term Debt Common Stock .80 2.860/0 53,970,466 3,056,858 ahs. the favorable developments in the railroad indus try over the past few years and those, potential developments which brighten the outlook for railroads in general. It is worth while to discuss some of these developments in the light Gross Revenues 1963-E -Earn. peer Market Range – 1964-61 25,700, 000 L50 353/4-193/4 of their effect on the railroad equipment indus-try. For example, railroad cash flow in the past two years has increased sharply due to guideline depreciation and investment credits. This increased cash flow, which should continue through 1964 at the current rate, will, for technical reasons, be largely utilized to add to equipment. Moreover, recent ICC rate-makin policies have the need for high capacity and special purpose freight cars, and re- current car shortages point up the inadequacy of the fleet presently in service. One especially attractive area of the rail equipment industry is the freight car leasing business. Special purpose freight cars, such as tank cars, refrigerator cars, covered hop- per cars and specialty cars,suchas piggy-back and auto rack, are generally not owned by railroads but leased either to the roads or to shippers by car leasing companies. The attrac tiveness of t.hi.s .for the lies in better of greater flex1b1hty. Leas1ng arrangements vary, Wl th newe a overhead, and ly being leased to shippers and railroad pools at leased on shorter term leases fixed monthly or on a mileage basiS1\ VA n Ie . EarlilT cars are Car leasing has experienced st five years. Lease revenues of the four major companies have have remaiiiecrremarKaOly f – a te me 6 per annum since 1957, and businesscyCleand 1tS aggra- vated effect on the rail . to assume that due to the factors mention- ed above, car leasing wi con' u g ow\ perhaps an even more accelerated rate. There are four a orMt 0 ies in the car leasing business and of the four, North American h the best technical pattern. This is perhaps indicative of the fact that NortH ric's the only one of the four companies which derives the ma- jor portion of its revenue om car leasing itself. Moreover, the recent record of North American Car has be enalized by a number of special problems. The fact that the com- pany is now selling considerably below its highs of both 1961 and 1962 does not appear to recognize the progress made toward solving these problems. North American's revenue growth in the past five years is impressive. It has increase revenues at the rate of 7 annually, slightly better than the industry average and, moreover, during this period these revenues per car have shown an increase in every year, reflecting a gradual improvement in the quality of the company's fleet. The increase in per share earn ings, however, has been less impressive. These remained at the 1. 30-1. 35 level for the three-year period 1960-1962. The decline in profit margins and level earnings trend were the product of a number of factors, including the necessity of selling additional common stock, special arrangements to conserve capital which cut down profitability, and the relative oDsolescenceof a large numherof refrigerator cars in the company's fleet. New orders in 1962 and 1963 have been impressive and most of the cars being ordere will go on to long term lease. Financing rema ins a problem, but not, it is believed, impossibl of solution, and an aggressive improvement program is modernizing the fleet. Thus, earnings in 1963 increased to an estimated 1. 50 per share, and should show a further good increase in 1964 – perhaps to the 1. 75 level. If demand continues at present levels, annual growth on this order of magnitude appears possible for the foreseeable future. As stated above, the stock has the most attractive technical pattern in the industry,and the recent upside breakout to 27 indicates a long-term 58. There is support in the 25-24 are and the stock is being added to our recommended list for purchase in capital gains accounts. Dow-Jones Ind. 796.99 Dow-Jones Rails 186.83 ANTHONY W. TABELL WALSTON & CO. INC. mnl'ket letter 1 no,' nne! under no ell cumstnnces IS to be cnn-.tlllcri ns, nn nffel In'll! II n sul1('ltntllll In huy lin llic-, I(rell e,ll., hel em The mfol mnllOn (',mtlllne,\ herein IS nut nllllll.lnteed n-. to IICC'lIlncy UI .. find the fill nhhlU!,! lh(e,r 1-. nt ,lIld IUHlel Un 1-' tu I,e ('nll',lllled 11..1 hy ' …. nlston & Co Inc All IIr IIpl111nn 1',mllloy(!,'S thereof, sell Ild mllY have on mtCle-t III the to, ch,III1!!' wlthut lllltlle, mentlllncd hel('lll Wnbtuf\ &. Co, nlathet leUe) IIn c m lind OOlce tenth..lnllti l , pl c nUcetu '('ntctl rs. me StucJ..h rely '1-. . .ldel UIH\ n J.cnel.ll mformni commentnry on ,iny to ,In) mnrJ..C!t news and nut m. n complete nnllly-.h Ad,htJII!1Il1 m(lmnllnn \\Ith IC'PNt III nny fm Illh('\u 1\J)tm request joTIcf(,'letl tu h(,lcln II h ….

Walston &Co. —.;..;; Inc. ,;,.-,;;;,…..;,…;… Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS EDMUND W. TABELl'S RECOMMENDED LIST QUALITY & LONG TERM GROWTH Amerada Close Qual- 2/24/64 Comment 741/4 A Buy on dips Close 2/24/64 Nor. &West. 120 Quality Comment Buy on dips Amer Home Pro 65 1/8 A Buy at 60 55 Penney, J. C. 45 1/8 A Buy at 42-40 Caterpillar Tr 501/2 A Hold for 56-78 Reynolds Tob. 40 1/8 A Buy on dips Du Pont 259 5/8 A, Hold Royal Dutch 43 3/8 A Buy at 42-38 General Elec . 85 3/4 51 A Buyat.85-80 on dips Oil of Woolworth , 5/8-A Buy on dips Minn Mining 685/8 A Buy at 65-60 PRICE APPRECIATION Close Qual- 2/24/64 ity Atchison, Top. 28 3/4 A- Beaunit Corp. 34 B Borg Warner 47 1/4 A- Burlington Ind. 45 1/8 B Cenco Instrum. 51 B Clark Equip 46 3/4 A- Cluett Peabody 51 1/2 B Consol. Coal 53 3/4 A- Copper Range 32 7/8 B Copperweld Steel 45 B Denver, Rio G 21 1/4 B Disney, '4r3/'I — Eaton Mfg, 41 B Ex-Cell-O 367/8 A First CJlarter F 41 1/2 Fruehauf Trail. 29 B Illinois Central 57 3/4 B Intern'l Min. C 67 7/8 A – Kansas City So. 441/4 A- Kerr McGee 37 1/4 A- Comment Buy at 25 Buy on dips Buy at 45-43 Hold for 50 Buy at 49-46 Buy on dips Buy at 50-45 Hold Hold for 39 Buy at 42-40 Buy at 20-18 . Buy at 38-35 Buy on dips Buy at 38-35 Buy on dips Buy on dips Buy on dips Buy at 40 Buy at 35-32 Close Qual- 2/24/64 Korvette, EJ 33 7/8 Comment Buy at 33-30 Libbey-Owens 53 3/4 A Buy at 52-50 McDermott 23 7/8 B Buy on dips Midland Ross 70 B Hold for 92 Newmont Min. 37 1/4 A- Buy at 35-30 No. Amer. Car 28 1/8 A Buy on dips Penn R. R. 33 3/4 B- Hold Pittston Co 55 1/2 B Buy on dips Pure Oil 43 5/B A Buy at 42-38 Rayonier 361/8 B Buy at 32-30 Reynolds Met. 35 1/2 B Buyat32-30 Scfilumberger 63 178 A Buy on dips Southern Rwy 59 1/8 B Buy at 55-50 Stevens, J. p. 37 B Buy at 35 Storer Broad 39 3/8 B Buy at 35-30 Sundstrand 21 B Buy at 20-19 SwinglineA 371/8 B Buy at 34-32 Union Bag C 37 B Buy on dips United Fruit 20 3/4 B Buy on dips U. S. Plywood 71 A Hold Univ. Oil Prod 32,5/8 B Buy at 31-29 LOW-PRICED SPECULA TIVE Close 2/24/64 Amer. Metal Pro 18 Amer. Radiator 193/4 Audio Devices 13 1/2 Braniff Airways 17 7/8 Campbell Chib. 4 1/4 El Paso Nat! Gas 18 7/8 Foote Mineral 11 7/8 Gt. West. Fin. 18 1/4 Hewlett Packard 17 7/8 Intern'l Packers 155/8 Mesabi Trust 14 1/2 Qual- 2!L Comment B Buy at 17-15 B Buy at 19-18 B- Buy at 12-11 B Buy on dips C Buy as Spec. B Hold for 24 B Buy at 11-10 Buy on dips B Buy on dips B- Hold Buy on dips February 25, 1964 Close Qual- 2/24/64 ity Microwave 10 5/8 B Murphy Corp. 20 B- National Can 15 1/2 B- Pete 10-3/8 B- Raytheon 17 5/8 Reeves Bros. 15 3/4 B Seaboard W.Air. 73/8 C Sperry Rand 18 1/4 B Univ. Match 12 3/8 B Varian Assoc. 12 7/8 B Comment Buy on dips Hold for 25 Buyat.14-1 Buy on dips Hold Hold for 24 Buyat 6 Buy on dips Buy on dips Hold – This llullctln IS nOl and undcr no CIlCUffi'ltnnces It. tu be n IIfTc. to sell 01 n sollcltl\tlon to buy Bny securities referled to herem. The InformallOn con tamed herein 1; not .unrlwtced \; ttl nCCUHICY or and the fUI nj!lhmg thcleor l!\ not, and under no eircumttnnces IS to be construed as, a representatIOn by Walston & Co. Inc All expre.lOns of opinion nfe subJect to chanJt'! without ROtl('C. Wnblnn & Co. Inc. and Officers, DlreetOlS, Stockholders and Employees thereof, purchase, sell and may have an inlerest In the securlt.. mentioned herem Th.'l! Hullchn IS and prC5ented merely as a genera). informal Commen. tary and not as a complete analYSIS AddItional mfurmntlOn With respect to Rny se('Ullheh ref('rred to herem Will be ftll nlshed upon request. Wit-! 16 go' . , ………… lil3itii.L …. , ' lUi ,a.. J