To be transcribed later

To be transcribed later

To be transcribed later

TECHNICAL MARKET ACTION The market closed lower on Monday with the rails and war issues leading the decline. Volume at 970,000 shares was below that of last Thursday when the averages advanced 2.72 and 1.33 points as compared with Mondays decline of 1.03 points on the industrials and 1.58 points on the rails. While the market may continue irregular for a while, advise a gradual re-accumulation of trading position on weakness. Would be inclined to follow the action of individual issues at this stage, rather than the averages. Two issues reached recommended purchase levels on Monday. They are Atchison, Topeka & Fe at 87 (closed at S7) and Northern Pacific at 26 (closed at 26 l/S). Southern Pacific reached a buying level last week. Advise purchase of all three of these issues. Five other issues are recommended for purchase. They are – Allegheny Ludlum Armour Mesta Me-chine U.S .lnd. Chemical Would also add the following if available at recommended levels, ….. Alleghany, pfd. American Bank Note American Chain & Cable Power & Light 6 pfd. Water Works Boeing Caterpillar Tractor Champion Paper – Delaware, Lack. Western Hercules Motors , Illinois Central … Lockheed Newport Industries New York Central Recommended At 44 1/2 24 28 72 14 20 59 32 10 24 30 24 23 23 1/2 Closed At 45 1/2 27 7/S 30 74 1/2 15 5/8 20 1/2 63 331/4 10 1/2 25 1/4 31 7/8 '25 3/8 25 24 1/8 EDMUND W. TABELL August 13, 1945 SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails The opinions expressed in this letter are in the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company

TECHNICAL MARKET ACTION Fridays market showed divergent action with the industrial average up during most of the day while the rails were down 1.48 points. At the days lows, the rail average was down over ten points from its bull market peak of 63.62. This to approximately a 40 correction of the 25 point rise since September 1944. The industrials have so far failed to confirm the rail average by reaching new lows on the move and are now selling approximately five points above the July 27th low of 159.95, The July lows on the rail average. At Fridays close, the industrials were midway between the bull market high of 169.55 and the July low of 159.95. The July low was the top of the writer s 160-155 buying range. Whether 01' not the industrials have completed their Secondary decline is not yet clear. Continue to advise a policy of gradually re-accumulating trading positions on The action of individual should continue to be of more significance than thp.t of the averages during this uncertain period. Six issues reached buying points on and were added to the recommended list. All of these issues are in the rail and aviation group. Advise purchase of all these issues around recommended levels. Also Atchison, Topeka & Santa Fe (closed at 81 3/4)' Northern Pacific (closed at 24 3/4) and Southern Pacific (closed at 43 1/2). The rails have sold off sharply from their years highs and are at or close to support levels. Believing they arc an attractive purchase for both the short and long term. Sane is true of selected aircraft manufacturers. August 17, 1945 EDMUND W. TABELL SHIELDS & COMPANY Cl.2,.inl' Dow-Jones Industrials 164.38 Dow-Jones Rails 53.05 The opinions expressed in this letter are in the interpretation of charts Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.

TECHNICAL MARKET ACTION Both the rail and industrial averages closed higher on Tuesday after a session featured by several sharp up and down swings. After Monday's disappointing action, the markets performance on Tuesday was encouraging and gave indications that the short term trend may have shifted to the upside. The rail average reached a new low of 50.76on Tuesday, down 12.59 points from the years high of 63.35, and a 50 correction of the rise from the September 1944'low of approximately 42. This average has 'worked somewhat lower than writers expected 55-54 support area. However, at Tuesday's low, the rail average reached the heavy 50-51 s1lpport area and individual issues have reached their downside indications. Believe the rails are oversold and advise purchase of Alleghany, pfd. 43 5/8 Atchison 83 l/S .Lackawanna and Western 9 7/8 Illinois Central 29 3/4 New York Central 23 3/4 Northern Pacific 24 1/4 and Southern Pacific 43 3/8 The industrial average still continues to hold above the July low of 159.95.At Tuesday's low, this average was still two points above the low figure. Action 130 far is encouraging but a dip into new low tory would indicate a deeper penetration into the writers buying the top of which was just reached in the July dip. Moderate purchases have been advised and orders placed below the market in this group. The advice continues. Lockheed 25 1/2 and Boeing 21 have moved ahead from recommended levels of 24 and 20. Bell Air- craft 17 3/8 seems to have had a sufficient correction from its high of 24 1/2 and purchase is also advised, Armour 8 3/4 Briggs 42 Mesta Machine 40 3/8 and U.S. Industrial Chemical 42 172 also appear attractive. ' Continue to advocate the gradual of trading positions on and continue to stress the point that action of individual issues should be more significant than the action of the averages. Expect a two sided market before the general rise is resumed. August 21st, 1945. EDMUND W. TABELL SHIE LDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails 52.12 The opinions expressed in this letter are in the perpnal interpretation of charts by presented as the opinions of Shields & Company Edmund W. Tabell Company.

TECHNICAL MARKET ACTION Thursday's market advanced sharply with the industrial average up 3.06 points and the rails up 1.27. Volume was 1,190,000 shares. An impressive feature of the advance was the strength in the blue chip issues with Allied Chemical up 3 1/2, Du Pont up 4, Eastman-Kodak up 2 and Johns Manville up 3 1/2. Would expect strength to carryover into secondary issues. 3ust as the market indicated a top in July when the industrial average failed to confirm-the new high in the rails, last weeks action indicated a bottom. The new low in the rail average was not confirmed by the industrials, which hold two points above their late July low. The important point to watch is now the 169.55 high of the industrials. A penetration of this point would indicate a rally to the 175-180 area. At Thursdays close, the average less than two pointe below this important resistance point. The writer liquidating all trading positions in mid-July and remaining 100 liquid. Since August 9th, advice has been to accumulate selected issues on weakness. Advise retention of recommended issues. Suggest recommended list adding American st. Close on Pewer & Thursday w Laigs h7t05andand7765/P8.fd. Eriggs Mfg., which wao advised for purchase at 42 earlier in the week, reached 44 on Thursday. .45 would be a very bullish technical signal on Briggs and would indioate a future substantial rise. August 23rd. EDMUND W. TABELL SHIELDS & COMPANY Closing Dow-Jones Industrials 167;64 Rails 54.06 The opinions expressed in this letter are in the –,Personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.

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TECHNICAL MARKET ACTION The most active issue in Thursday's market was Radio-Keith-Orpheum Corporation (RK) which closed at 10 1/2, up 3/4 on the day. The stock has been mentioned in this letter times over the past six months as an issue an intrinsically bullish technical pattern. RKO has done little marketwise since 1943. The present stock is the result of a reorganization in 1940 when each share of old stock received 1/6 of a share of new stock and a warrant to purchase one share of new stock at 15 through January 1, 1950. From its listing in mid- 1940 until March 1943, a period of two and one-half years, RKO held in a. narrow trading range of 2 low and 3 '7/S high. In March of 1943, PJ(Q started a sharp percentage rise which carried the stock to a high of 10 us. In the subsequent reaction in the market in late 1943, RKO sold down to 7. Since that time, fluctuation has been extremely narrow with a high of 10 3/S and a low point of 7 7/8. The trading shelf between roughly 7 and 10 appears technically to be a three year period of re-accumulation. Thursday's upside penetration on heavy volume may indicate the start of another Purchase of RKO is as a speculation with excellent prospects for a sizeable percentage rise. As for the general market; continue to expect a selective rise in special situations. Advise retention recommended issues and the purchase of the stocks below if the following technically bullish levels are reached. X American Rolling Mills X Bethlehem Steel Sharon Steel Superior Steel Underwood Corp. Closed At 22 '/a S21/2 22 3/4 31 3/4 66 Buy …AL 23 3 24 33 67 EDMUND W. TABELL SHIELDS & COMPANY August 30, 1945 Closing Dow-Jones Industrials Dow-Jones Rails 172.37 54.99 The opinions expressed in this letter are in the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.