Walston &Co, Inc MUNICIPAL BONDS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchanges OFfiCES COAST TO COAST AND OVERSEAS TABELL'S RECOMMENDED LIST January 5, 1967 This edition of our Recommended List tallies the price performance of all recom- mended stocks over the past two years. As usual, the list is divided into three categories Quality and Long-Term Growth, Price Appreciation, and Speculative Price Appreciation. Included at the bottom of the tabulation after each category are all stocks removed from the list during the year 1966. The list, therefore, covers all stocks on our Recommended List a year ago and all those recommended during the year. In addition, the performance of stocks removed during the year 1965 is averaged'at the bottom of each list. – -, The first two columns show the recommendation date and price. In cases where no recommendation date is given, the stock had been on the list prior to December 31, 1964, , and the price as of that day is used. The third column sh,ows the price on December 31,1966 or on the date removed if the stock is not now on the list. The fourth column shows the per- centage change, and the fifth column shows the percentage change in the Dow-Jones Industrials during the same time period. The tabulation speaks for itself. The stocks in the Quality and Long-Term Growth section of the list show an average decline of 3. 6 vs. an average decline of 9 in the DowJones Industrials. The stocks in the Price Appreciation section show an average gain of 16.2 vs. a 1. 4 decline in the Dow, and in the Speculative Price Appreciation section, the average gain is 46.8 vs. a 2.00/0 loss for the Dow. These summaries are, of course, not meant to imply that such results could have been obtained by purchase of issues in the Recommended List, or that similar results will be obtained by purchase in the future. Commissions are, of course, not included. — QUALITY Price on Date Date Recom. Recom. Alum.Co.Amer, American Can Amer, Tel & Tel Goodyear Tire Gulf Oil Intern'l Paper Natl.Cash Reg. Parke Davis Reynolds Tob. Royal Dutch 5/3/65 9/7/65 6/17/66 6/29/65 5/21/65 4/22/66 71 7/8 43 67 51 58 1/2 31 88 3/8 36 1/2 38 7/8 45 3/8 Chesa. & Ohio 9/7/65 73 3/8 Radio Corp. 7/6/65 31\ l/S Stocks removed in 1965 (3 stocks) AVERAGE & LONG Price 12/31/66 or date Removed 78 3/8 47 1/8 (55 41 1/2 59 1/8 25 3/8 67 5/8 27 1/8 34 l/S 33 1/8 77 7/8 52 3/8 TERM GROWTH Change Change DJIA same Time Period Current Comment 10 10 – 18 – 20 1 – 18 – 24 – 25 – 12 – 27 -2 53 6.8 – 3.6 – 15 Buy for 110-190 – 10 Buy for 60-77 13 Hold. 59 indicates 78 – 12 Buy-Dips.. Support 40 -3S – 10 Buy-Dips. Objective 92 – 7 Buy on dips – 15 Hold – 17 Buy on dips – 10 Hold – 10 Buy-Dips. Objective 86 -11 Removed from list 9/16 13 Removed from list 1/21 – 5..7 – 9 Air Reduction Allegheny Lud. Amer. Potash Anchor Hock. PRICE APPRECIATION Price on Date Date Recom. Recom. 4/22/66 72 3/4 11/18/66 56 6/29/65 39 11/18/66 53 Price 12/31/66 or date Removed 65 1/4 57 3/4 32 3/4 52 l/S Change DJIA same Time Change Period – 10 – 17 3 3 – 16 7 -2 3 Current C9mment Buy for 102 Buy for lOS Buy-ilps, Objective 60 Buy-Dips.Ob. 68-90 Thl; Bulletm 16 IlUhh ..ht1 for our ('on\tnwn, .lnd mformntlon nnd ' not R.n oif(r to ..1I qr a SOllelt,ltlon to bu) Iln .(,,untLl's '1''ilU….,…,J The lnfolmallon VtUS oh\..1In….\ from !Our ……, we 1,.,1,,\'.' to I ,,l,nhl … but Vol' d not gu,rllnt.. ,1..; c('urnr Vt'1l1ton &. Co Inc and ,t.. oll1c.. r,;, dLI(''loro; or eml'Ot.'l.'s ma) tllwe Rn In or In,l ,ell thc 'c'\Jrltl.' nf,'rl' to herem '11-916 Walston &- Co. Inc MUNICIPAL BONDS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchanges OFF1CES COAST TO COAST AND OVERSEAS TABElL'S RECOMMENDED LIST PRICE APPRECIATION (Continued) Date Recom. Price on Date Recom. Bell & Howell 4/17/66 47 Cenco lnstrum. 1/29/65 293/4 Cinn. Milling 11/18/66 31 Clev ite Corp. 40 7/8 Columbia Broad.1l118/66 57 Copperweld S. 26 3/8 Denver Rio G 21 3/8 Disney, Walt 45 1/2 Eaton Yale T 215/8 El Paso N. G. 22 5/8 Excello 4/19/66 55 Gen'l Dyn. 35 Gillette Co 11/15/65 37 Ill. Central 51 1/2 Kelsey Hayes 11/18/66 29 Koppers 27 1/2 McDermott,J.R. 371/4 Mesabi Trust 14 7/8 Metro-Gold.M 3/1/65 201/2 Olin Mathieson 4/22/66 63 -Revlon — 451/8 Reynolds Met. 34 7/8 Riegel Paper 21 3/8 Robertshaw C. 3/15/66 34 Schlumberger 473/8 Sharon Steel 7/8/66 347/8 Shell Oil 59 1/2 Signode Corp. 27 1/4 Southern Rwy 57 3/8 Sundstrand 20 Union Bag C. 3/23/66 47 United Fruit 17 5/8 Wallace &Tier. 8/2/65 32 Price 12/31/66 or date Removed Change 54 1/2 34 3/4 33 38 3/4 61 1/2 28 16 7/8 79 1/4 24 1/8 17 7/8 44 1/2 48 1/8 41 3/4 73 1/2, 27 3/8 26 3/4 77 1/2 12 1/8 37 1/2 58 5/8 46 5/8 50 1/8 15 1/2 23 3/4 40 1/4 33 60 30 3/4 42 1/4 29 7/8 37 3/8 26 3/4 31 7/8 16 17 6 -5 8 7 – 21 75 12 – 20 – 18 39 13 43 -6 -3 108 – 18 85 -6 — -3 43 – 28 – 33 – 15 -6 11 – 26 49 – 21 51 Change DJIA same Time Period – 17 – 13 – 3 – 10 -3 – 10 – 10 – 10 – 10 – 10 – 17 – 10 – 18 – 10 -3 – 10 – 10 – 10 – 13 – 17 – 10 – 10 – 15 – 10 – 12 – 10 – 10 – 10 – 10 – 15 – 10 – 11 Current Comment Hold for 62 Hold Buy for 60 Hold Buy-Dips. Object. 84 Buy for 38-54 Hold for income Hold for 100 Buy-Dips. Object. 49 Hold Buy-Dips. Object. 90 Hold. Support at 45 Buy for 80 Buy-Dips.Object. 114 Buy-Dips. Object. 42 Buy-Dips. Object. 60 Hold for 102 Buy for income Hold for 52 Buy for 72-130 Buy-Dips. Object. 94 Hold Buy-Dips Buy-Dips. Object. 74 Buy for 70 Buy-Dips.Object. 120 Buy-Dips. Object. 50 Hold Hold for 35 Buy for 92 Buy-Dips. Sup. 26-24 Buy-Dips.Object. 63 Amer. Hosp. S. 6/29/65 Atch.Top.SF 25 331/8 Beaunit Corp. 37 Canteen Corp. 6/10/65 Cluett Peabody 193/4 60 3/4 Crowell Collier First Chart. Fin. Interstate Mot.F. 6/29/65 Kansas City So. Korvette 25 1/8 24 1/8 28 44 1/4 40 McGraw Edison 25 1/2 Perkin-Elmer 6/29/65 48 Scovill Mfg. 36 7/8 Swingline, Inc. 18 1/2 Warner Bros. 4/5/65 33 3/4 Stocks removed in 1965 (15 stocks) AVERAGE 42 1/8 32 55 31 1/2 78 3/8 38 7/8 14 1/2 23 3/4 35 3/8 23 5/8 36 3/4 47 1/4 72 38 1/2 23 5/8 69 -3 49 66 29 51 – 40 – 15 – 20 – 41 44 97 95 105 – 30 17.8 16 2 17 -7 7 11 13 -7 7 -4 -7 7 13 7 13 7 -7 Removed from list 1721 Removed from list 9/10 Removed from list 4/29 Removed from list 4/29 Removed from list 1/21 Removed from list 11/18 Removed from list 4/29 Removed from list 9/16 Removed from list 9/16 Removed from list 4/29 Removed from list 1/21 Removed from list 4/29 Removed from list 1/21 Removed from list 4/29 Removed from list 9/16 3.9 – 4.1 ThiS Bulletin IS Iluhhsho..d for )our conVl-nlince lnd Lnformf\llOn .-Ind I' 110t an olTtr to ..ll or f\ \\,10, obullnc..! from vc hdRVL to I.. lehahlc, uut we do not KU,lrllnlu IL-; a('('Ulfl\ \\'I .. too l!… Go tllWC an In or ,\lui cll to to hu an ,('curlt't's tll;CUSbcd 1he nfOrmatlOn Inr. and officers, d!lectors or Cml,lotes mn), WH-916 W—-d–l-s-tIoncn–&—-C–o-. MUNICIPAL BONDS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchange, OFFICES COAST TO COAST AND OVERSEAS TABEll'S RECOMMENDED LIST SPECULATIVE PRICE APPRECIATION Date Recom. Price on Date Recom. Price 12/31/66 or date Removed Change DJIA same Time Change Period Current Comment Amer. Bosch 4/15/65 Camp. Claiboug. Chris-Craft 3/15/66 Home Oil A 11/1S/66 Microwave National Can Pacific Pete UMC Industries Varian Assoc. Vulcan Mat. lS 7/S 3 13/16 23 21 9 5/S 17 10 3/4 14 3/S 13 17 3/S 19 3/4 5 3/4 21 7/S 22 21 1/4 23 l/S 10 13 7/S 30 l/S 17 l/S 1 50 5 5 120 36 1 132 1 . Buy-Dips. Object. 47 – 10 Hold – 15 Buy-Dips. 24 indo 39 3 Buy-Dips. Object. 34 – 10 Buy-Dips. Object. 40 – 10 Hold. Object. 50 – 10 – 10 Buy-Dips. 15 indo 2S Buy-Dips – 10 Buy-Dips – 10 Buy-Dips.Objective 2S Audio Devices Budd Co. 3/17/66 Foote Mineral Gt. West Fin. Hewlett Pack. Ling Temco 3/22/65 17 l/S lS 16 3/4 11 1/2 22 5/S 24 1/2 Mohasco Seab.World Air. 14 l/S 6 Stocks -removed in -1965-(S-stocks) — 25 1/4 15 l/S 19 3/S S 50 52 7/S 25 1/4 24 3/4 79 – 17 16 – 31 121 116 79 313 -c' 7 – 12 7 7 7 10 7 7 Removed from list 4/29 Removed from list 9/16 Removed from list 9/16 Removed from list 4/29 Removed from list 4/29 Removed from list 1/21 Removed from list 4/29 Removed from list 4/29 AVERAGE 46. S – 2.0 This lJull!,bn ohtllltlld IS I'uilll!,hed Cor our rOllvenwnN' nnd from ourn WI- h…IIl'''''' to t H.!h,llol,. mfolmnlmn ,\nil Ib not but Wt ,In 1I0t gutl.lntl ,m offer to ott'll Its .lcrUl,u') \oVralnsto;no\1s(..'.ltnCtloJ.n to bu lUi !,l'!unlw'l an Its offif'elS, .lIn'rtors The ,nformnt.on or empiO)L'(.S may hnvc I,n mlelC'll m 01 IIn,l ,,-11 the nfl'! to h..rn '11'11-916 I

Walston &Co. MUNICIPAL BONDS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchange. TABELL'S MARKET LETTER OFFICES COAST TO COAST AND OVERSEAS January 6, 1967 The stock market ushered in 1967 with a series of wild gyrations which astonished a great many investors. 1966 had been closed out on a downward note by most averages, with the Dow-Jones Industrials violating the 790-822 range in which they had held since late Octo- ber to reach an intra-day low of 779. 34 on the last day of the year. The first three days of the new year were, to say the least, interesting. Trading opened on Tuesday with a sharp rally which had the Dow up almost 10 points around noon. Heavy selling then set in and the gains were just barely held with the closing figure up O. 72. This decline continued with a 4 to 5-point slide on Wednesday morning which abruptly turned around, and the index gained back all it had lost, and more, closing up 4.73. The rally continued on Thursday with a tremen- dously broad rise in which over a thousand stocks advanced, and the closing average pointed a gain of 14. 37 points. Some profit taking slowed the advance on Friday, but an intra-day high of 816.53 was reached. Exciting as all this may have been, it was in precise conformity with the normal sea- sonal pattern. What we are seeing, of course, is the year-end rally which, contrary to folk- lore, is a phenomenon that characterizes the new year just as much as the old. This rally, which has taken place in everyone of the past Sixty-six market years, although it begins in December, invariably carries on after the first of the year. As we noted a week ago, it has tendency to begin late in years when the market is down, and did so in 1966-67 with the De- cember low being made on the very last day of the year. As we pointed out, the extent and vigor of this rally will provide an important clue to determining the stock market's future in 1967. Encouraging signs would'be (1) the ability to post 10/0 (approximately to 860 on the Dow), or to hold above the December closing 10 7 Dow) through mid March. Discouraging signs would be (1) a sizable . f re 8 s reached, or (2) a close below the December low figure in January or e H9,\Febru . The present seems to be One of those . ds t ow-Jones Industrials are par broad s pIe by break1ng below 1ts November is the only one of the popular 11W ks.. great many mterestmg tO'note, however, that 1t Neither the Rail or Utility average post ed new lows at the end of Dece of the broader averages such as the Stand- ard & Poor's r 0 ck Index, or the new New York Stock Exchange Index. Even more i 1son of the Dow with our daily breadth index, which is based on the number s CKS ncing and declining. Not only did breadth fail to make a new low at the end of D ce r, but it shot up to a new high last Thursday without any of the popular market avera osting new peaks. This, of course, is just one more statistic which demonstrates the underlying vigor of the advance. Regardless of what average one looks at, we continue to adhere to the basic belief that the market is now in the process of building a base for an advance to take place at some future date. The big question at the moment is whether the various market indices will be abl shortly to break out of the trading ranges in which they have held since last August, or whetl another downward move will extend the base formation further out in time. These potential bases have been forming for five months now, and have upside objectives which are signifi- cantly above present levels. The following table gives the 1966 range of three popular aver- ages, together with upside breakout points, minimum and maximum upside objectives, and the percent of the decline from high to low that would be recovered if these objectives were reached. 1966 1966 Minimum /0 Maximum /0 AVERAGE High Low Current Breakout Objective Recovery Objective Recover DJIA 1001.11 735.74 808.74 830 850-860 43-47 890-935 58-75 DJ-65 355.31 258.28 290.21 295 325 69 365 110 S&P-500 94.72 72.28 82.18 84 87 68 91-93 86-95 It is interesting to note that the broader averages, such as the Standard & Poor's-500 and the Dow-Jones-65, have the broader upside potentials and are currently closer to breakouts, confirming the relatively inferior performance of the Dow mentioned above. It must be stressed, of course, that the upside objectives listed above would not become valid unless confirmed breakouts actually took place. However, any decline would have the ultimate effect of broadening the bases and indicating higher objectives to be reached at a later date. Dow-Jones Ind. 808.74 Dow-Jones Rails 210.98 ANTHONY W. TAB ELL WALSTON & CO. INC. AW,rer. mar ii!t letter Is publlsbed for your convenience and infonnatlon Rnd Is not An offer to sell or a 8Olieltatlon to buy any M!'cUrltiea dlltc\lSlled The In feomrpmloatyieoen. mwaays hoabvtaeinaend InfrtoeMrestsoIunrcoers PwUleebheaalieevaendtoseblle threehsaebcleu.rltbluest rweefedrroedntoot hgeuraerman. tee ita accuracy. Walston & Co Inc. and ita ofll.eers I dir' e l to l n or

Walston &- Co. Inc …. MUNICIPAL BONDS UNDERWRITERS MUTUAL FUNDS Members New York Stock exchange and Other Principal Stock and Commodity Exchange. OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER January 13, 1967 There is often, if we would but realize it, a certain ironic humor to the stock market. On Tuesday night, President J,ohl)son announced, in his State-of-the Union message, that he would ask the Congress to impose a 60/0 surcharge on both corporate and personal in- come taxes. This surcharge will mean, among other things, that all of us will have less money to spend and, presumably, invest in stocks during 1967. It means that corporations will earn, probably, some 30/0 less than they otherwise would have earned. And, on a more sophisticated level, at least in terms of conventional wisdom, the tax increase will provide a braking force on economic activity. stock asfcill;;;- On after an initial drop which lasted for one hour, the Dow advanced 8 points on the third highest volume in the his- tory of the Stock Exchange; on Thursday, it advanced another 7 pOints with volume just bare- ly under Wednesday's figure; and on Friday early profit-taking stalled a 5-point decline and the Dow advanced another 5 points. On all three days advancing stocks led declining issues by a wide margin, and, in the process, all of the popular averages broke out sharply on the upside of trading ranges in which they had been confined for the past 5 months. The whole thing constitutes a superb example of why we use the technical approach to the stock market. Since the week's action was intima tely tied to the tax increase, it is worthwhile to examine the evident economic reasoning behind it. Quite obviously, Mr. Johnson's economic advisers are able to see, as well as the rest of us, the obviOUS signs of a slowdown in econo mic activity. However, they seem to feel, in the face of that the slowdown will be of short duration, perhaps reaching a bottom by the sec d Wrd' uarter of 1967, and that, at that point, the economy could turn upward t ing the increase from having any deleterious effect. p. n entum, thus prevent- The counter-argument would, of coursay and we do not, at this early stage, d to ess activity has turned down how far a downturn may extend. e-to take anyaction at flifStfme wlifch All of the above, f cOU seminar, but it bears -t is important in thi , u\;s an interesting discussion for an economic s 0 the day-to-day activity of the stock s not so much the ultimate economic effect of the tax cut, but the cold har c of market's response to it. What the stock market is, in fact, saying by its sharp adva st week, is that it is willing to adhere, at least for the time being, to the Johnsoni ldea that the 1967 contraction will be both mild and short. It is also recognizing the fact, both implicit and explicit in the President's speech, that tight money is a thing of the past and that the pressure on common stock prices due to much higher yields available elsewhere will very shortly be eased substantiallyB Whether the market will have to reverse these views at a later date is, of course, anybody's guess. From a technical point of view, all of the popular averages have now broke out on the upside of trading ranges in which they have held since August. As noted last week, the upside objectives vary widely for various indices, but for the present let us discuss the market in terms of the Dow. The most conservative upside projections center around the 860-870 range, while more liberal targets vary from 900 to 950. Overhead supply exists in the 870-900 area where the Dow traded repeatedly in late-1964, Summer 1965, -and May -.- June of 1966. It is this supply area that constitutes, really, the next important test for the market. Ability to penetrate this supply would indicate, if not a major extension of the upswing, at least the entrance of the market into a new phase in which the base for a new ad- vance would be laid. Inability to gain much headway at the 870-900 level would raise some rather serious questions. We prefer to think at the moment that the risk of not owning common stocks at this point at least equal to the risk of owning them. If it appears necessa- -'-ry to take another look at this-policy at a future date, we will, obviously,do so. Dow-Jones Ind. 835.13 Dow-Jones Rails 220.41 ANTHONY W. TABELL WALSTON & CO. INC. AWTamb This market letter Is publlehed tor yoUr convenience and Information Rnd Is not an offer to sell or a soIldtation to buy any 8eeurittes diaeuaaed. The in efomrpmloaytieoens mwaays hoabvtaeinaend infrtoemrestBOInuToeres pwUFe cbbaesheevaendtosebllethreelisaebCleU.ribtiuest rweeferdroedntoot guarantee hereln. Ita accuracy. Walston Co., Ine. and its oflleera. directors or WNSOI

Walston &Co. Inc. MUNICIPAL BONOS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exchange and Other Principal Stock and Commodify Exchen9.' TABELL'S MARKET LETTER OfFICES COA,ST TO COAST AND OVERSEAS January 20, 1967 The stock market continues to display astonishing vigor. Although the Dow-Jones Industrial Average sold off moderately on Thursday and barely advanced on Friday, advances outnumbered declines on both days, marking 14 consecutive trading days on which this has occurred. In other words, measured on an advancedecline basis, we have not yet seen a declining day so far in 1967. Few investors realize; actually, how unusual the strength and breadth of the January, 1967 stock market actually is. It is necessary to go all the way back to the market rallies of July 1962 and October 1962 to findanything remotely comparable insofar as breadth'statistics are concerned. Previous to this it is necessary to go back to early 1958 to find a rally which, on a short-term basis, has been as steep and as vigorous as this one. It is at least worth noting that the examples mentioned above were the precursors of dynamic moves to new highs in stock prices. The advance has now gone far enough so that various commentators are yielding to the ancient desire to pin labels on it. It has been called variously – a new bull market, a baby bull market, an intermediate-term rally in a bear market – along with a number of othe tags. All this, we think, leads to a great deal of semantic confusion. We have been pointing out since last August that we believed the stock market was undergoing a process the ultimat product of which woula be much higher stock prices. We still feel that this is the case. Meanwhile, we realize that' there are agreat many uncertainties regarding the 1967 outlook, both technical and fundamental, that have yet to be resolved. 0 the midst of all this we and that 1S to own common stocks whlCh appear to r 0I nt d ble course action e from a techmcal and fundamental viewpoint. It is our feeling that one sho fu vested in such stocks, and that, if he is not in such a position, he get thaLway.lIILit.becomes ..necessary. 0 .r a or weakness in the market to sing and,r.ecommend a more cau- tious attitude at a later date, we the time being we prefer not to argue with the obvious message the A great many sto 0 ur recommended list appear attractive. AIR REDU 6 ecovered sharply from its October low of 51 and is currently selling at reported for 1966, and . a gs in the neighborhood of 5.60 per share will probably be improvement, possibly to as much as 6. 50,is looked for in 1967. Present multipl hich mark the stock at around ten times 1967 earnings, appear conservative when the optimistic outlook for this manufacturer of industrial gases is assesse and when it is realized that it has been appraised at better than 20 times earnings many times in the past. SHARON STEEL (393/4) reached a new 1966-67 high at 405/8 earlier this week, but, if the profits from the company's recent capital-improvement program are realized in 1967 to the extent that we feel they will be, the stock still appears conservatively priced. While final results will, obviously,depend on the level of steel production, we are still estimating that 1967 earnings could be in the 5.00 – 6.00 range compared to an estimated 2.70 for 1966. We would continue to be a buyer of the stock on minor dips. CHRIS-CRAFT INDUSTRIES (29), on oUE list for some time, has recently broken out of an important base formation with an upside objective of 39 followed by higher levels. Al- though earnings for 1966 probably will be below 1965's 2.07, due to a strike-bound second quarter, backlog is at a new high in the boat division and television revenues appear highly likely to surpass those of a year ago. We continue to feel the stock is an attractive purchase. Two long-time recommendations of this letter, SUNDSTRAND (33) and WALT DISNE PRODUCTIONS (92), are approaching upside objectives. Sundstrand has an objective of 35 and Disney has an objective of 100, but there is a possible 140 in the pattern. We would con- tinue to hold positions in both these stocks for the time being. Dow-Jones Ind. 847. 16 Dow-Jones Rails 226.84 ANTHONY W. TABEL L WALSTON & CO. INC. AWTamb Thl. market letter I. published for your convenience and Infonnatlon Rnd la not an oft'er to &ell or a. AOIieit&t1on to buy any IleCUritie. The In formation emDioyee. was rn.ay obtained hll'Ve an l from BOurees ntere.t In or we pu.e hbaealieevaendto&eblle reliable. but the securities we do referre dntoot guarllntee herein. Ita accuracy. Walston Co Ine. and Ita ofBcers. dlr'ecton or WN.IOI

Walston &- Co. …;…..;.;;.;;;..;…;; I nco F I LIE.. MUNICIPAL BONDS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchangss TABELL'S MARKET LETTER OFfiCES COA.ST TO COAST AND OYERSt.AS January 27, 1967 The. advance, which had characterized early January, ran out of steam a bit .thiS week with small advances in the early part of the week being erased by a move to an mtra-day low of 830. 18 on Thursday versus the high for the move of 856. 68 on Monday. We continue to feel that the minimum obJective for the Dow is in the 870-900 over- head supply area and that the ability of the market to sustain an advance to that area will be the next important technical test. We continue to favor a fully invested position in well se- lected common stocks. One such stock is reviewed below. . —–.– ——— – . -.—- … ANCHOR HOCKING GLASS CORPORATION Current Price 54 1/4 In view of presently conflicting opinions Current Dividend 1. 40 over the trend of the nation's economy in 1967, Current Yield 2.6 and especially over the direction of corporate Long-Term Debt 4 Cum. Pfd. Stk Common Stock 20,000,000 27,019 shs. 2, 994, 582 shs. profits, a close look at Anchor Hocking Glass Corporation seems warranted at this juncture. There appear to be few areas in our economy that offer as attractive a probability of earnings pro- Sales-1967-E Sales-1966-E 200,000,000 190,000,000 Earn. per Sh. 1967 – E 4. 10 gress in 1967 as those in which this company operates. Anchor facturer of gla ta the world's largest man J'and the third largest Earn. per Sh. 1966-E 3.75 – 3.85 producerw; t . Its line of table- Mkt. Range 1966-67 581/2 – 40 7/8 ware and ei ed s the most complete and in yand, although these prod- u ount around fifty pc r cent of total revenues;'they account for a larger . ther products include metal plastic caps and closures a breakdown of customers is not available, it is estimated that 0 container volume is sold to the food in- dustry and 3 0 by the drug, toile c The remainder of the container volume is taken ' . stries. It is interesting to note that currently about half of the items gOl t th age industry are of the non-returnable type bottle. With this particular type it r y growing in popularity, the company is anticipating accele- rated growth by this d on over the foreseeable future and contributions to overall profit- ability should be comparable. Because of new plant start-up expenses and higher labor and raw ma terials costs, 1966 earnings were somewhat retarded. Despite these factors, however, net for the year is expected to have advanced sharply over 1965 results, and per share estimates reveal between 3.75 and 3.85 a share, compared with 2.92 for 1965. Further growth in earn- ings is projeCted for the current year despite a continuation of break-in expenses and even higher raw' material costs. The patent infringement suit brought against the company by Corning Glass Works was settled early in 1965 by a Federal Court ruling in favor of Anchor Hocking. This suit dealt with the company's Fire-King-line.oLovenware. Although it has properties similar to. Corning's product, the Fire-King line is more competitively priced. With demand for items of this nature showing rapid expansion as more and more new household formations take place, the outlook for profitability from this source is favorable. In addition to the favorable fundamentals, the technical aspects of the Anchor Hocking situation are equally impressive. Aside from the minor amount of overhead supply existing between current market levels and the earlier high of 58 1/2, there appears to be little op- position before our price objective of 68 to 72. Our longer-term price objective indicates 90. The downside risk seems slight in view of strong support present between 46 and 50. This stock was added to our Recommended List on November 18, 1966, at 53 a share, and we again suggest purchase at current prices. Dow-Jones Ind. 843.82 HARRY W. LAUBSCHER for ANTHONY W. TABELL Dow-Jones Rails 226.71 WALSTON CO. INC.& w-w. \!ttaeWeA tb ; market published tor your convenience and mformatlon And i8 not an oft'er to or a solicitation to buy any seeurltl d seed The .n-feomrpmloaytieoen. was ma;y boabvtaeinaend Ifnrtoemrestsoiunrcoers pwUeFchbaeslieevaendtoseblle threelisaebcleu.ritbiuest rweeferdroedntoot hgeuraerlnantee its aeeuracy. Walston & Co Inc and I eOau.tlClIeenu. d.re' ctora or WN.aol

–' TABELL'S MARKET Walston &Co. —-Inc —– MUNICIPAL BONDS UNDERWRITERS MUTUAL fUNDS Members New York Stock ExchanIJe and Other Principal Stock and Commodity ExchanIJel OFFICES COAST TO COAST AND OVERSEAS LETTER February 3, 1967 The popular Averages continued their rally last week with the Dow reaching a high for the year of 864.09. a number of important tests of the vitality of the market-uptrena-are-aboutto take place. The first such test will be the ability of the various Averages to penetrate the overhead supply just above their current levels. In the case of the Dow this supply exists in the 870- 900 area. However, it is likely that we will get an earlier test from some of the other broad- er indices. In the Standard & Poor's 500, for example, the supply area is at 85-88, versus a close on Friday of 87.36. A close above 88 would be favorable for this index, which should be watched closely. months or action.of. cators should also be watched. These indicators are generally designed to give' favorable signals from four to six months after major bottoms. It is unlikely that any of them will turn positive much before April, unless an extremely strong market continues, but their ability to do so would provide final confirmation of a new major uptrend. EAGLE-PICHER INDUSTRIES, INC. Current Price Current Dividend 33 1/4 1. 40 Many companies produce earnings growth from a highly glamorous and exciting product Current Yield Long- Term Debt 1. 40 Conv. Pfd. Stk. Common Stock 4. 2 22,000,000 250,000 shs. 2,067,654 shs. line, but there are numerous cases where such growth is simply produced by astute, cost-con- scious and relatively progressive maernnargeecmenent tyoeparesr,a ting the in icher Industries Sales-1966 170,913,863 has ce in effecting a growth Sales-1967 -E 175,000,000 record etter than that of many of Earn. per Sh. -1966 3. 51 Earn.-per Sh.-l967-E ,…,..3.65,,.3.7 &n g companies. For the five-year .e November 30,1966, EPI's growth -'gs'has outpaced 'such indu'strial giants''-' Mkt. Range 1967-65 37 – V Cash Register, International Nickel, Union Carbide, Texaco and American Home Products by better a 2 s companies as Phillips Petroleum, Allied Chemical,. American Tel & Te cco and Chase Manhattan Bank by better than 3 to 1. ThlS record testifies to ma g m s dedication to the principle of continuous profitability. In further reflection of this 66 earnings rose sharply to 3. 51 a share, from 2 66 in fiscal 1965, and more than d Ie the 1. 70 reported for fiscal 1962. Eagle- Picher's product mixture cannot be considered glamorous. The line runs the gamut from casket gaskets and dynamite caps to such prosaic items as baling wire and slab zinc, and includes copper ore, prefabricated steel buildings for gasoline service stations, mechanical rubber goods for auto and truck producers, plastic, paper and fiber products for a variety of industries, and tire and rubber molds. There is representation in the glamor area, however, through the company's electronics division, where products include germa- nium (of which EPI is the leading producer) and other semi-conductor devices, speCialized batteries, many of which are used in the various space programs, and other electronic com- ponentTs.he low price-earnings multiple that long has characterized these shares reflects the widely held, but somewhat erroneous, belief that since the company is an important supplier to the automotive and appliance industries, -the cyclical swings in'activity in these industries have unfavorable results on earnings. While this may have been true years ago, the acquisi- tion program followed in recent years has so broadened the product line that EPI no longer is dependent on anyone or two leading sectors of our economy. A decline in demand from the automotive or appliance producers is offset by the increaSing sales and profit opportuni- ties in other areas, such as in electronics and aerospace activities. This change in characte in earning power,combined with the profit motive that guides the company,is expected to find reflection in a higher price-earnings ratio as the investment community becomes more a- ware of the attractions inherent in this issue. From a technical point of view, the base thRt has been building since the middle of last year has created ananealof.fir.nllsuppnnt around the 26-28 area. A minor amount of over- head supply exists between the current price and the 34-35 level. Our longer-term objective remains in the 55-60 area. We feel the investment attraction of this issue is favorable enoug to warrant consideration for purchase at current market prices,and we are herewith adding i to the Price Appreciation section of our Recommended List. Dow-Jones Ind. 857.46 HARRY W. LAUBSCHER for ANTHONY W. TABELL (onnlRionwBa obta.nellrom sources we believe to baendreIhnafbolrem. abtuiotnwRenddoisnnoot tgaunaraonffteere tIots se.'lllceourracR),.8oWllcalllsattolnon t & dN ui AWTtlWmLay;haamve .opn Interest In or pUFchase and .sell the securiHes referred to herein atd'1te' otfi'Cera. 1N Mr'eefO,.. or' . WN.I

-.'– W—a-l-sItnocn.&–C–o-. MUNICIPAL BONOS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchanges OFFICES TO COAST AND OVERSEAS TABEll'S MARKET lETTER February 10, 1967 The stock market rally continued to further new highs this week before running out of steam toward the week's close. An intra-day high of 871. 71 was scored in the Dow-Jones Industrial Average on Thursday before afternoon profit-taking moved the index to a lower close. On the other hand, the market was unable thereafter to make much headway on the downside as a further drop on Friday was largely erased by an advance in the latter part of the day and more stocks actually scored advances than declines. We are, at the moment, reaching a pOint where it would be natural to expect some irregularity to set in. The market remains relatively overbought on a short-term basis as, indeed, it has been ever since midJanuary. Furthermore, the Dow.has.now area which this letter has, for' some time, suggested' would provide the next crucial test. The importance of the market's reaction to this overhead supply cannot, it seems to us, be stressed too greatly. The broad 860-900 area on the Dow constitutes an area in which a good deal of stock previillsly changed hands on no less than three separate occasions in recent market history – May-June 1966, June-August 1965 and October 1964-March 1965. It is the first major test of any sort of supply which the averages have had to undergo since making their lows in October. As might be expected, a great many individual issues are also now testing similar overhead supply areas, although it must be admitted that in the cas of individual stocks the supply in a number of cases does not exist or has already been successfully breached. The successful penetration of the overhead supply ar not necessarily indicate much higher levels, although this could eventually be an e r.,.s'''\L\ what it would indi- cate' from a technical point of view, is the fact e unq lOnably e'ntered a new phase at the lows of last October and would stro sug s t these lows might not be breached for some time. Meanwhile, as the market with confllcting-storles – … ghs, the confused investor is beset . romthe'frontpages of-Friday's news- papers, William McChesney t the economy may shortly resume a rapi rate of growth. On the 0 er ha, no i s of equally impeccable reputation are pointing to the obvious weakne f c ic indicators and suggesting the likelihood of some rather serious rna r ayeconomic. We confess that at this point we do not have the slightest ide ha 67 corporate profits are going to be, nor, we suspect, does anybody else. The pic u this point is far too complex to allow for rational assessment. We find ourselves, her, relatively undisturbed, at least as yet, by the prospect of lower earnings, since, as a matter of fact, in the past, periods of declining earnings have been pretty good times to hold common stocks. For example, there have been eight cases in the past thirty years where earnings for the Dow-Jones Industrial Average declined for three consecutive quarters, or more. In six of these eight cases, the market was higher or about the same at the end of the period than it had been at the beginning. In each case, the multiple accorded the trough earnings was higher than the multiple given the peak earnings, sometimes by a considerable margin. Thus, from the third quarter of 1937 earnings declined 500/0 to the fourth quarter of 1938. Prices, however, were just about the same at the latter date as they were at the former. To take another example, earnings in 1-957-58 declined 230/0. The response of the market was to go up 340/0 over the same period. This is not at all as paradoxical as it may seem. There was, indeed, a sharp market decline in 1937-38, but it reached its low when earnings had just begun to decline. Likewise, there was a sharp drop in 1957, but the low was reached three months before earnings peaked and began to turn down. Lower earnings may well be in prospect for 1967, and if they arrive, they may well account for many things. They may account, most of all, for the market's having been down sharply in 1966. Dow-Jones Ind. 855.73 Dow-Jones Rails 227.93 ANTHONY W. TABELL WALSTON & CO. INC. AWT'amb ThIB market let.ter IB published for your convemence and informRtion Rnd Is not an offer to sell or R sohcitatlon to buy flny &eeurltles uII5cusaed The in- formation was obtained from sources we believe to be rehable, hut emDloyees may have an Interest in or purchase Rnd sell the secuntles rweeferdroedntoot guarantee herein. Its accuracy Walston & Co., Ine. and its offieers, directors or WN.801

,——– ————————- —- – —— ————- t1 eL Walston &- Co. MUNICIPAL BONOS UNDERWRITRS MUTUAL FUNDS Mamba.. New York Stock Exchange and Other Principa' Stock and Commodity Exchanges OFFICES co' to COAST AND OVERSEAS I TABELL'S MARKET LOTER February 17, 1967 It has often been pointed out in this letter that stock prices are largely determined by , three factors, earnings and dividends, money rates, and investor confidence. The first two of these can easily be quantified, but the third, while nebulous, is a highly important factor. It explains why in a period of low confidence, such as 1949, blue chips of the caliber of Stan- dard Oil of New Jersey and General Electric could sell for seven to eight times earnings to yield 6-7. It likewise explains .why the stocks of marginal companies with uncertain pros- pects sold at astronomical levels in a period of high investor confidence such as 1961. As we have pointed out in the past, investor confidence has, since 1961, been in a downtrend. In that year the-Dow-Jones In.dustrial Average sold.for 24.2 times.earningsys. 13 1/2 times earnings at the end of 1966. The present level of 14 1/2 times earnings for the year just ended, appears rather modest when judged by the standards of recent years. We pointed out this fact in a letter written last August which suggested that, at that timE prices by historical standards were exceedingly low. We noted that 23 of the 30 Dow stocks v.erE ; cheaper then than at the 1962 lows, and half were cheaper than at the 1957 lows. The object 0 1 , this exercise was to show that stocks appeared rather equitably priced and presented a mini- mum of downside risk over the long term. The following table presents the optimistic alternative. It takes the 30 stocks in the Do and shows, in addition to 1967 earnings, the current price, the current pIE, and the high pIE ratio that prevailed in the 1956-66 period. In the final column is shown the price at whic the stocks would sell tOday if this high ratio were applied. Applying this procedure uniformly to all stocks would result in a Dow level of 1500. This is, purely theoretical since quite obviously, all stocks are not going to reach their hig ever, serve to demonstrate that, regardless of the 0 a nlrl , potential in a great many issues if, in the future, fo time. It does, how ere is a good deal of are applied. Stock Earn.1967-E Price pIE Hi Earn. x High pIE r Allied 30 . 40 1 , 92 I -. 4 American Tobacco Anaconda Bethlehem Steel Chrysler DuPont Eastman Kodak General Electric General Foods , General Motors Goodyear T & R Intern'IHarvester Intern'l Nickel Intern'l Paper Johns Manville Owens-Illinois Procter & Gamble iJ Sears Roebuck Stand. Oil of Calif. 1 Stand. Oil of N. J. ' Swift & Co. Texaco Union Carbide ., ! Uu.nSit.eSdteAeilrcraft Westinghouse Elec. .,.I. Woolworth Total – 2.245 3 OW .0 3. .0 4.50 4.30 4. 10 5.25 3. 50 3.25 4. 80 2. flO 4.25 3.50– 4.00 2.25 5.50 5.25 4.00 5.40 3.85 5.30 4.20 3.50 2.20 131. 00 58.35 Dow-Jones Ind. 850. 84 11 8 36 10 39 11 157 21 138 31 85 20 74 18 75 14 44 12 38 12 88 18 28 11 56 13 60 17 82 20 52 23 62 11 63 12 52 13 78 14 53 14 79 15 45 11 53 15 22 10 438 851 14.6 A,lWTamb have an In1uat In or pmehMe and sell the aeev.rltles referred to herein. 95 23 73 18 198 22 77 14 49 31 232 42 189 30 129 38 155 19 99 22 77 17 55 32 153 24 60 27 114 24 84 – 40 '110 38 85 16 88 19 99 22 88 22 l18 30 115 22 116 20 84 26 91 20 44 3374 ANTHONY W. TABELL503 Wtna ALSTON & CO. INC. ';; WH.l

Walston &- Co. Inc. ;….-….;……;..; MUNICIPAL BONDS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exchange and Other Principal Stock and. Commodity Exchange. TABELL'S MARKET LETTER OFFICES COAST TO COAST AND OVERSEAS February 24, 1967 OLIN MATHIESON CHEMICAL CORPORATION Current Price Current Dividend Current Yield 59 1/2 1. 80 3. 0 Under the impetus of a favorable economic climate and a highly capable new management tea Olin Mathieson Chemical Corporation has been Long Term Debt Common Stock Sales-1966 Sales-1967-E 297,000,000 13, 278, 000 shs. 1,117,000,000 1,200,000,000 realizing s me of its potential in recent years. While sales were rising by more than 50 for the 1961 through 1966 period, moving from 700 million to more than 1..1 billion, earnings underwent a dynamic improvement of more than 100, rising Earn.Per Sh. -1966 Earn. Per Sh.-1967-E Mkt. Range 1966-67 5.03 5. 50 46 – 64 1/ 4 to 5.03 a share, from 2.47 in 1961. Despite certain misgivings about the general trend of the nation's economy during the current year, 1967 re sults presently are expected to show sales in the vicinity of 1. 2 billion and earnings of approxima- tely 5. 50 a share, for the sixth year of consecutive improvement. Olin has call e d 100 million in 5 1/2 debenture bonds convertible into common stock at 50 a share to 1972 and at 55 a share thereafter. If conversion of all outstanding bonds had been effected in 1966, earnings for last year would have been 4. 56 a share, instead of the 5.03 reported. Adjusted earnings for 1967 are estimated at 5.00. Selling at a relatively low price-earning multiple for the chemical industry, these shares are aalVe-average attractin accounts seeking longer-term c owth in dividend in- While normally referred to as a chemical c n, 1 . more of an industrial co plex than generally is realized. Sales for 1966 vea fo ing breakdown chemicals, 25; pharmaceuticals, 22; metals, 22; fo odu, ightweight papers and cellophane films, 16; and firearms and . continuing to-emphasize its bread an butter chemical an neglectful of expansion into areas tha appear to offer favorable gro . . a move was the establishment of Ormet, the nation's fourth larges Jj s 1 ducer. Owned jo 1 th e ,1per, Ormet at last is enjoying profitable, capacity op- erations in its alum a c . g and processing facilities. Recent price hikes are expect ed to have a stimulati e fe n the contribution that Ormet makes to Olin's overall earn- ings. In addition to alum ,Olin now is believed to have the highest all-round competence and the lowest costs i e brass industry as a result of the large scale modernization pro- gram carried out in recent years. The Company's Squibb division is one of the nation's most venerable drug houses. Squibb ranks among the drug industry leaders in terms of sales, with approximately 90 of its own volume derived from ethical products. Foreign sales have more than doubled since 1960 and the construction of new production facilities in Ireland, Australia, South America and Continental Europe is expected to accelerate this impressive trend. Squibb's R&D is directed at such important areas as cancer, heart disease, antibiotics and nervous and mental disordersC. onstruction of new container and plywood production facilities in 1965 and 1966 has accounted for a good share of the earnings gains enjoyed by Olin last year. Any pickup in home building activity would also be a distinct jJlus for this sales..Olin's cigar- ette and lightweight printing papers continue to enJoy record demand, wlth the clgarette paper growing at better than 4 1/2 annually. The division ad a sha.rp sales spurt in 1966 as a result of the increased demands of the Vletnam war. Whlle mll1tary normally accounts for 25 of this division's sales, 40 of 1966 volume was denved from government buying. This division produces the famed Winchester rifles and shotguns. From a technical view, the base that has been building since late 1965 has created a firm area of support around the mid-50's, substantially limiting the near-term downside risk There is a moderate amount of overhead supply existing between 60 and 65, but the accumula tion pattern that has been developing suggests an attack on our initial price objective at 80. Our longer-term price goal remains near 130. We feel that the investment attraction of this issue is favorable enough to warrant consideration for purchase at current market levels. OLM was added to the Price Appreciation section of our Recommended List last April at 63. Dow-Jones Ind. 847.33 Dow-Jones Rails 229.15 HARRY W. LAUBSCHER for ANTHONY W. TAB ELL WALSTON & CO. INC. AWT' HH'L mbTbl. market -le3tter III published for your convenience llnd inlormatlon And Is not an offer to sell or a IIOlicltation to buy any 8e(!UflUea dlacuued. The Information was obtained from 8ouree!! we believe to be rellahle. but we do not gutl.rRntee Its accuracy. Walston & Co.. Inc. and its officers, dlrecton or employees may have an interest in or pU1'cbaee and sell the 8eCUrities referred to herein.

W—-a–l-s-Itnocn—&–C–o–. MUNICIPAL eoNDS UNOERWRfTERS MUTUAL FUNDS Members New York Stock Exchonge and Of/,er Principal Stock and Commodify Exchanges omen COA.ST TO COAST ANO OVEJSEAS TADELL'S MARKET LETTER March 3, 1967 The past three weeks have seen the stock market lose a portion of the vigor that has characterized it since the first of the. year. It is now fifteen trading since the Dow- Jones Industrial Average last made a new high on February 9th at 871. 71, and the drop to an intra -day low of 827. 95, reached last Tuesday, is the steepest since November-December The point on the Dow (871) from which the decline started, is not without significance. We have suggested for some time that the major te!lt for the Dow-Jones Industrial Average was going to come when it entered the lowest area at which major overhead supply existed , from the 19j35-66 top – that is, the 860- 900 area. It is quite normal for an advance, especially as steep as this 'one has been, to hesitate when such a supply of stock is encountered, and this, in fact, appears to be what is taking place at the moment. The importance of this supply area was stressed by this letter three weeks ago when we said – The broad 860-900 area on the Dow constitutes an area in which a good deal.of stock previously changed hands on no less than three separate occasions in recent market history – May-June 1966, June-August 1965 and October 1964-March 1965. It is the first major test of any sort of supply which the averages have had to undergo since making their lows in October. As might be expected, a great many invididual issues are also now test- ing similar overhead supply areas, although it must be admitted that in the case of indi- vidual stocks the supply in a number of cases does not exist or has already been success- r\' .fully breached. 0 Since last August this letter has stressed a ard the stock market. Throughout the ,Fall of 1966 we repeatedly we ss to commit reserves to favorably situated individual issues. By len the bullish eVidence becam more pronounced, we suggested an es' attitude toward common stock purchases. Obviously, implicit in i 'haD een recognition of the possibility that October 7, 1966 constituted market was embarked on an upward swing of cyclical impor nee. 1S possibility still exists, and the eVidence continues to accum e l' yone. A successful test of the 860-900 area, therefore, seem , e than passing importance, for the penetration of this level would, in our ove one of the few major question marks remaining on the stock market scene. There are persuasive reasons for believing that such a test will ultimately be success fuI. First of all, a great many of the more broadly-based market indicators, including the Standard & Poor's 500 Stock Index, have already moved above comparable supplyarea,s. So, likeWise, have a number of individual stocks. A great many of the so-called lagging market indicators which are designed to turn positive four to six months after a maJor market bottom are, at the present time, close to doing so, and could, in fact, move to the plus side sometime in April or May. In other words, despite the questionable economic picture; there is, at the moment, little or no bearish evidence being provided by market action. For the shorter term, the possibilities are difficult to assess. Ability to hold above Tuesday's lows would be constructive and would probably indicate a further attempt at the overhead discussed above. A new downward move would meet important support at the 820-810 area, and the behavior of the market on reaching that area would be an important clue as 'to intermediate-term market action. Meanwhile, we continue to suggest an aggressively-invested position until such time as the market indicates that such a position entails more than it does at the moment. Dow-Jones Ind. – 846. 60 Dow-Jones Rails – 229.08 ANTHONY W. TABELL WALSTON & CO. INC. AWTamb Tbl. letter is PllbUIbed fot FOUr ftnd infoM'nallon I'Ind Is not 1I.n to or to buy Won) !Ie'\U'llIes …hel-Ue(l, in- ttnolmDl.ottl.o.n. m. …, haT. an lufrYolm'eftIOinQroerapwue.ehbueeliA..ndto-.eblleth,eliable, bllt we do ntoot IlIlflrnntE'l' ttl! ,.eeur/lley, Wftlllton & Co 1ne nnd it Qffiuls. dlrwtor. or -.ll\E