Technical Market Action Tuesday's market had a firm undertone and suggests the probability of a near term upside penetration of the broad trading shelf in which the market has held since May 17th. The rail average reached a' new intra-day high at 64.46 and a number of individual rail issues also moved into new high territory. Gains were cut down somewhat by profit taking in the final few minutes of trading. I remain of the opinion that the trading range of the past six weeks is a consolidating phase and will be followed by higher prices.Of course, a technical correction of the advance from the February lows must occur at some time but I remain of the opinion that it will come. from a higher level. Continued below are comments on the technical patterns of a few of the issues in my recommended list. . Chicago & North Western Railway was one of the thirty issues mentioned in our list of stocks with outstanding technical patterns in the letter of February 11th. At that time, the stock was selling at 15. The last sale was 21 3/4. The technical pattern continues favorable. There is some supply at the 25-27 area but ability to eventually penetrate the overhead resistance at that level would indicate substantially higher levels. Colorado Fuel & Iron closed at 19 1/8 on Tuesday. This stock was originally recommended in the 12-10 buying range. The stock has been resting since its recent Qullish.action in penetrating the 1947 high and reacping 19 5/8. The favorable technical pattern remains intact. Some resistance may be expected around the old 1946 high of 23 but substantially higher levels are indicated over the longer term. Columbia Gas is another of the thirty selected issues mentioned in our letter of February 11th. At that time, Columbia Gas was selling at 10. Tuesday's close was 14 1/2. The stock is a rather slow moving issue but it appears to be in a definite uptrend. The first objective is 20. Consolidated Railways of Cuba 6 pfd. This is an extremely speculative situation that may take some time to work out. The technical pattern shows a tremendous potential accumulation base in the 17-30 area. The last sale was 23 1/8.. This issue was first mentioned in May at 23 1/4. Subsequently, a high of 27 3/4 was reached, penetrating the July 1947 high but not the December 1946-January 1947 high around 30. The potential technical pattern appears quite dynamic but it must be realized that the issue is a radical speculation. Copperweld Steel was originally recommended at 15 5/8 in my letter of May lOth. Tuesday's ,close was 19 3/4. The stock has built up a rather sizeable base pattern in the 13-17 area and the recent upside penetration was of considerable importance technically. The base count suggests an ultimate objective in the 29-34 range. July 6, 1948 EDMUND W. TABELL SHIELDS & COMPANY The opinions expressed in this letter ere the personal interpretation of harts by Mr. Edmund W. Taboll and aro not presented, the opinions of Shields & Company.

Technical Market Action In response to a letter requesting my opinion of the outlook for the market, I am using my reply as today'B letter. IIBriefly, here is my outlook for the market. For the longer term I believe the market is headed higher with an ultimate objective in the averages of somewhere around 250. From a timing viewpoint, I would expect this level to be reached sometime in 1949. From a . percentage viewpoint, this is a comparatively moderate rise. In fact, it would be the smallest percentage rise of any bull market in the past fifty years. Actually, I may be a bit conservative in my estimates. Of course, this rise will be selective and not all groups will participate to an equal extent. You know from my letters what groups I like. For the intermediate term the trend is, of course, not quite so certain. We have had a rise of about thirty points in the industrial average from the February low of 165. A normal intermediate technical correction usually retraces one-third to two-thirds of the preceding advance. This would give a figure of 185 to 175. However, in my opfnion, while the first figure is possible (the averages reached 186t last week), I rather doubt that the second figure will be reached. On my technical work the market has built up only minor tops in the past six weeks of backing and filling. The first indicated reaction point was 187 to 185. That is the support level I have been using in my letters and it was already reached last week. As you know, that is also the approximate top of the broad trading range of September 1946 to May 1948. It should furnish a very strong support level. My next downside indication would be 183 and that is about the most I can visualize at the moment. The whole 187 to 180 range is a strong support level. I, too, get rather concerned at times about the European situation, but my technical work, which is actually just a picture of the supply and demand pattern based on the hopes and fears of large and small investors, shows me that no important distribution has taken place around these levels. The disappointing thing is the fact that the recent upside penetration of May did not bring more public participation into the market. The investing and speculating public is still extremely cautious in the face of the most favorable price-to-earnings ratios that we have had in a great many years. While this is disappointing for the nearer term, it continues to make the market sound technically. There are no signs of the speculative excesses.of 1929, or even 1937, or 1946. I believe the market has a long way to go on the up side before that phase is reached. In a nutshell, I think the long term trend for the market in- dicates considerably higher prices and for the intermediate term the trend is doubtful, but it is my opinion that the present stalemate is a consolidating phase rather than distribution. Any sell-off, if it occurs, will be rapid and of short duration and should hold in the area bounded roughly by 187 and 183. I think there is more than a 150-50 chance that the averages have made their lows last week at around 186t. II July 8, 1948 EDMUND W. TABELL SHIELDS & COMPANY Th. opinion.. upreued in this I.tter are the personal interpretation of cherts by 'f'w.Mr. Edmund r.beJJ ,nd not pf(lsentad 's the opinions of ShieJds It Company. -.. , —' L

Technical Market Action The rail average reached a new intra-day high of 65.23 on Monday and about equalled the high again on Tuesday at 65.21. However, the industriql average failed to follow the rail strength and closed 1.11 lower at 190.36. The rail average also lost a good portion of the day's gains and closed 15i lower. The inabilitv of the industrial average to confirm the strength of the rails is a bit disconcerting. The industrial average has held in a range between roughly 194 and 186 since the middle of May. It would seem that, from a timing view- point, an upside penetration must occur shortly or else we are due for a testing of the 187-185 support level and possibility of a dip into the strong 185-180 support level. Such a dip would in no way alter the longer term bullish outlook and would present an excellent buying opportunity \ However, would give the market a little more time to attempt an upside penetration of the long eight week trading range. If such an upside penetration should occur, I believe it will be led by the steels. In fact, in my opinion, strength on volume in the steel issues would signal the start of an upswing that could carry above the 200 level in the averages. The individual rail issues in our list continue to show action. In fact, Alleghany,pfd., originally recommended at 41 1/2, reached a high of 55 1/2 and entered my first upside objective level of 55-59. For that reason it is temporarily dropped from the list. The balance of the recommnded rail issues continue to indicate higher levels for the intermediate term as well as the longer term. The Western Maryland issues have interesting technical patterns. The Second Preferred, which is relatively inactive and did not sellon Tuesday, had a last sale of 37 1/2, on Monday. The common closed at 15 1/2 on Tuesday. Both issues have dynamic appearing patterns. Both are extremely volatile as witness the 1948 price range of 38 5/8 and 22 1/2 on the Second Preferred and 16 1/4 and 7 7/8 on the common. Atchison,Topeka & Santa Fe has held in the 115-111 range since mid-May. An upside penetration to 116 would indicate the possibility.of 128-135 on the upside. A downside penetration would indicate 102-97. Eastern Stainless Steel, which reached a high of over 60 in 1946 and sold at a price of over 50 in early 1947, has a rather interest- ing technical pattern at the moment. At its present price of 19, it appears to be at the apex of a triangle formed by the successive highs and lows of the 24-15 range in which it has held for the past fifteen months. The formation suggests an upside breakout. This issue was added 'to our recommended list at 17 3/4 in early May. It is admittedly a !radical speculation and I suggest its inclusion only in a diversified portfolio. . I Electric Power & Light has been consistently recommended in this !letter since its inclusion in our recommended list of February 11th at a, Iprice of 13. At last week's high of 23 7/8, the stoc has had a very 'sizeable percentage advance. However, 'the technical pattern continues to suggest ultimately higher levels and retention of the stock is,advised. There is a good support zone in the 22-19 area and purchases are advised in that range for those who missed the oppbrtunity of purchasing around the year's low in February. The last sale was 22 3/8. Elliot Company is another issue recoended in our list of outstanding technical patterns in my letter of February 11th. The was selling at 15 at that time and it recently reached a high of 22 The last sale was 26 3/8. The long term technical pattern indicates a potential of over 50. For the nearer term, there is -resistance at the 31-35 level. Ellio't Company was recently transferred to the New York Stock Exchange from the New York Curb. Fansteel Metallurgical has been a rather unsatisfactory since it was originally included in my recommended list. However, tpe stock appears to be slowly building up a base pattern prif to an upswing The range for the year has been narrow with a high of 15nd a low of 10 5/8. Ability to reach 16 would be an extremely favorable technical development. In 1945, Fansteel sold at an equivalent of over 50 for the present stock.' The last sale was 12 3/4. The stock is listed on the New ,'York Curb. EDMUND W. TABELL 13, 1948 SHIELDS & COMPANY '. The opinion, expressed in IhL! letter ,are the personal interpretation of chllrts by Mr. Edmund W. Tabel! lind Bre no' preJented as the opinions of Shields & Company.

Techn,ical Market Action The combination of the calling of a special session of Con- gress on July 26th and the darkening 'of the European picture was too much for Thursday's market totake and a sharp sell-off resulted with- the tape late. Volume increased moderately to 1,620,000 shares. Prices closed at or near the lows. The industrial average at the clos- ing of 187.70, was 'down 2.96. The intra-day low was 187.62. The rails were down 1.80 at 63.15. The intra-day low was 63.01. There is no change from the opinion expressed in my last letter dated July 13th, namely, J The inability of the industrial average to confirm the strength of the rails is a bit disconcerting. The industrial average has held in a range between roughly 194 and 186 since the middle of May. It would seem that, from a timing viewpOint, an upside penetration must occur shortly or else we are due for a testing of the 87-185 support level and possibility of a dip into the strong 185-180 support level. Such a dip would in no way alter the longer term bullish outlook and would present an excellent buying opportunity. Thursday's low of 187.62 compares with the June 28thlow of 186.56. A dp below the previous low would indicate the probability of a further decline to l84-l82. Such a decline would be slightly more than the usual minimum 1/3 correction of the thirty point advance from the February low of approximately 165 to the recent top of approxi- mately 1 9 5 . The rail average has formed.no top area from which a down- side objective could be determined. They have been in a continuous uptrend since the dip to approximately 59 in early June. To form a top, there should be a rally from whatever low point is reached on this decline, followed by a failure to penetrate the recent top of 65.23. Would expect support on the rail average at around the 61-62 level, from which at least a good trading rally could occur. The tops outlined by individual issuesdo not suggest sharply lower prices. Believe on further weakness, the rails and steels offer the best upside possibilities. EDMUND W. TABELL SHIELDS & COMPANY July 15, 1948 TM opTnion. expressed In this Setter are the personal inlerpl'tltation af chart. by Mr. Edmund W. labell and are not presented as the opinions of Shields & Company.

Technical Market Action Renewed nervousness over the Russian-Berlin crisis, coupled with the domestic political situation brought heavy selling into the market on Monday. Volume was heavy with transactions totalling 2,560,000 shares for the day. The industrial average reacted an intraday low of 179.58. The last hour rally brought the average back to 181.20, off 4.70 on the day. The rail average reached a low of 58.39 and closed at 59.48 down 2.58. The writer does not pretnd to be an expert on the foreign situation and does not know if we,are, or are not, near a shooting war. However, from a technical pOint of view, the market gave the appearance of reaching a selling climax on Monday. The heavy transactions, the late tape and a drop of over ten points in the averages in three trading days seemingly indicate a nearby turning. In addition, a sensitive indicator used by the writer for a number of years gave a buy signal at the close. This indicator has been quite accurate in the past in finding the approximate turning point after the market has become oversold'. The last buy signal was given on February 10th when the averages were in the middle 160's. In addition, the industrial average has now had a correction of approximately one-half of the advance from the February lows. A one-third to a one-half correction is normal technical action. Also the downside objectives outlined by the 194-187 top area have just about been reached. This is also true of a great many individual issue Believe the present weakness is an excellent buying oPpoFtun ty for those who missed entering the market at the February lows around 165. Believe that there is no change in the long term outlook. Now that the market has had a normal technical correction of the 30 point advance it should, after a period of backing and filling, be ready to move ahead again. Would expect this period of backing and filling to last for two or three weeksnd would buy recommended issues on softness during this period. Believe the steels and rails offer excellent profit possibilities. The action of some special groups also has improved. The liquor issues are a case in point. July 19, 1948 EDMOND W. TABELL SHIELDS & COMPANY The opinions expressed in this JoHOl are the personal interpretation Of cMrt, by MI. Edmund W. T.beU and aro not od os 1he opinions 01 Shields 6 Company. ;0.— -c

Technical Market Action Wednesday's market resulted in a further rally from Monday's lows 179.58 and 58.39. At the intra-day high of 185.96 on the industrials, s average had closed the gap opening of Monday morning between Friday's of 184.98 and Monday's high of 184.76. The rails, at an intra-day of 61.28 failed to close the comparable gap between 61.71 and 61.13. re was an easing tendency at the close. The recent decline has all the earmarks of a technical correction a bull market. A bull market usually moves ahead in a relatively teady uptrend interrupted by sudden sharp corrections that retrace one- to two-thirds of the previous uptrend in a short space of time. Afer a period of ' quiet, the uptrend is resumed. The reverse of this pat- ern usually occurs in a bear market. The most probable action of the market over the next month is eit of thA following (1) A rally into or near the lower part of the overhead resistance rea between roughly 186t and 194 followed by a dip back to approximately 3-181, followed by a long period of dullness before a resumption of the dvance into new high territory. During this period individual issues ght reach new lows. Stock should be bought on soft spots during this riod. (2) The rally miht carry right into the 186-194 area followed by dip holding above 1862 , followed by a period of dullness before the adnce is resumed. This would be the more dynamic pattern but the first ttern seems the more probable. Both patterns envision substantially gher levels in selected issues over the longer term. I am reprinting below excerpts from an editorial in the New York of July 21st. It is an excellent presentation of the present pic- There is one area in which Mr. Truman would have a difficult time, we imagine, persuading the local citizenry this week that Government controls are neededo prevent a runaway inflation of prices. That is Wall Street's investment and speculative community. Before they staged a modest recovery yesterday, share prices on the New York Stock Exchange had undergone three consecutive sessions of severe decline, accompanied by a mounting crescendo of trading excitement. Monday's recession, as measured by the Dow,Jones index of industrial share prices, was 4.70 points, making it the 'wides't since April 14, 1947. The decline in the rail shares, 2.58 points, was the severest since SeRtember 9, ,1946. 'Commodities shared to some extent in the liquidation which car- ried shares off so sharply, but not sufficiently to suggest that the two occurrences had a common cause, such as a top-heavy price structure or a condition of credit hyper-saturation. If it had been a question of restoring price relationships, the brunt of the liquidation would, it is to be supposed, have fallen on commodities, which have enjoyed a vastly greater wartime and post-war rise than that of industrial shares. Indeed, while commodity futures have risen by more than 200 per cent since 1939, the net rise in share prices,up to early last week, had been omy slightly more'than 30 per cent. Moreover, this record of restraint, which makes Wall Street today almost an island of speculative conservatism in a sea of inflation, has been made in the face of an increase of 110 per cent in corporate earnings and more than 75 per cent in corporate dividend payments. It is equally certain that this three-day break in share prices doesn't represent the stretching of a stock market credit bubble to the breaking point; for here again, Wall Street is the clear. Its conservatism in the use of credit has been even more pronounced, if anything, than has its performance pricewise. ) When the stock mapket turned down last week, the cuse most widely advanced was the President's decision to call a special session of Congress and to renew his efforts on behalf of price controls and industry allocations. In the latter stages of this downward readjustment, however, it seems to be rather generally agreed that the chief disturbing element has been the present war of nerves in Berlin. It would hardly seem necessary to look further for an understandable explanation of what has been happening in Wall Street. The question of whether the stock market is or is'not an accurate barometer, or forecaster of events to come, may be debatable, but over the years it has usually reflected with reasonable accuracy the immediate emotional mood of the public. The last sentence is of'particular importance. In the past two s, the market has had severe sudden sinking spells caused by fears of ssible happenings that never transpired. . EDMUND W. TABELL . 1948 The opinion. exprossed in 1M, letTer aro 110 penonal inle,reIlon & COMPANY Mr. Edmund W. label! and are 1101 presented as the opinions of Shields &. Company. .1

, Technical Market Action So far, the market has acted in accordance with norma techni- cal procedure. The recent reaction, which reached a low of 179.58 on July 19th, was almost a one-half correction of the February-May rally of from 164.07 to 194.49. The rails, at their recent low of 58.39, retraced 38 of the advance from the February low 47.48 to the July high of 65.23. Now both averages have rallied and at Monday1s highs of 186.37 and 61.45, had retraced almos,t 50 of the recent decline. The market has now reached an interesting short term stage. industrials have not only regained about half of the recent decline have about reached the lower part of the 186t – 194t upside resist- ance level. This brings us to the two alternatives outlined in our let- ter of July 21st. The first alternative would be resistance around these levels followed by a sag back into the approximately 183 – 181 lev- el, some dull backing and filling and then another attempt to penetrate the 186t – 194t overhead resistanc second alternative is an im- mediate further rally into the 62 1942 with any subsequent dip hold- ing above 186t. This would be a ery strong pattern. Which of the two alternatives is the more probable is not yet quite clear. In either event, consider the recent reaction a correction in a bull market with much higher prices in selected issues indicated over the longer term. Believe the present market offers an excellent opportunity to switch out of issues with doubtful prospects into issues with more clear- ly defined technical patterns. With this thought in mind, I am making a few changes in my recommended list by adding some new issues and dropping a few stocks that have developed uncertain patterns. I am issuing the first section of the list below. I have divided it into two groups. The first group consists of medium grade or semi-investment stocks and the second group consists of speculative issues that entail a larger risk factor. New issues, that have not been mentioned before, are marked with an . I have only included issues in the first group that have an upside potential of 50 above present price levels over the longer term. In the second group, I have a requirement of 100 upside potential. Addressograph-Multigraph Allis Chalmers Alpha Portland Cement American Car & Foundry American Chain American Smelting American Steel Foundries American Viscose Armco Steel Armstrong Cork Atlantic Coast Line Atlantic Refining Atlas .Plywood Bigelow-Sanford Carpet Bliss (E.W.) Borg Warner Briggs Stratton Burlington Mills Medium Grade Last Sale Iill 35i 29 45 231. 611. 362255408968543111f1. 33! 30 61 311 2234. (a) Adjusted Alleghany Corp. American Airlines Arkansas Natural Gas A Baltimore & Ohio Baltimore & Ohio Pfd. Bell & Howell Bullard Co. Speculative Last 71-Syale 7 21751 21704f July 27, 1948 EDMUND 1M TABELL SHIELDS & COMPANY The opinJons expressed In .hls letter are tho personal interpretatJon of cttarts by Mr. Edmund W. labell and .re not presented as lhe oplnio'n, of Shields &. Company. , I

Technical Market Action After reaching highs of 187.00 on the industrials and 62.07 on the rails on Wednesday, the market backed away from the overhead resistance and drifted lower on reduced volume. Independent strength in Santa Fe and General Motors failed to arouse the market on Thursday and volume of trading declinec'. to 750,000 shares. Barring some sudden shift in the news, would expect further backing and filling and a test- ing of last week's lows. Continued below is the revised list of recommended issues with favorable technical patterns. As mentioned in my last letter, the present seems a propitious time to switch out of issues that have either about reached their near term upside objectives or have developed uncertain patterns. With this idea in mind, I am adding a number of issues to the list and also removing some. For the reasons outlined above and because other issues appear to have more attractive technical formations, the following issues are being removed from the list bf technically attractive stocks — American Express, Atlas Corporation, Crane & Company, Dome Mines, Interlake Iron, Iternational Tel & Tel, Johns Mansville, Lone Star Cement, Minneapolis Honeywell, Oliver Corporation, Pepsi-Cola, Rayonier, Simmons, Visking Corporation, Westinghouse Air Brake. About half of these issues are selling above the price at originally recommended. Gains total about 50 points and losses about 40 points. Previously, since the first of the year, sale of twenty-two issues was recommended. All of these issues showed some price appreciation, totaling approximately 270 points. Believe the issues listed below, together with the group listed in my last letter and those to be reviewed in the letters to follow, have technically attractive patterns. At around current prices, the stocks mentioned in the medium grade group have a long term upside potential of at least 50 and the issues in the speculative group have a long term upside potential of around 106. Issues marked are new additions to the list. Medium Grade Last Sale 1948 Range 1946 High American Cyanamid Atchison,Topeka & Santa Fe C.I.T. 1l'inancial Celotex Chain Belt Chicago, North West Commercial Credit Commercial Solvents Crown Cork & Seal .l..,…. 38 114 45 301. 28! 20 3/4 50 22 3/4 21i 41t – 33t 63 3/4 1151 – 84 121 3484Je – – 36 22 3/4 58t 38 1/8 33 – 24 43 22 14 3/4 43 511 – 36i 59 3/4 29 – 20 32t 26 e – 17i 31 (a) Speculative American Radiator American Seating Byers (A,M.) Canada Dry Carrier Corp. Certain-teed Products Chicago & Eastern Ill. R.R. A Chicago Gr.Western cum.pfd Chicago,Ind. & Louisville A Chicago,Milwaukee & St.Paul pfd Colorado Fuel' Columbia Gas Consolidated R.R.of Cuba,pfd Consolidated Vultee Copperweld Steel 16 26t – 1126 23 331. 26151 – 1162 351 19 3/4 (a) 19 3/4 – 14 34 20 – 13i 25 II -i!V. – 7i …t4 – 127 261 3135 35//84 ,Be – 30 82 3/4 192 – 12 3/4 23 3/4 '8 – lOt 14 27 3/4 – 19i- lj.7 16i – loi 33 20 e – 13 23; (a) adjusted EDMUND Wl TABELL July 29, 1948 SHIELDS & COMPANY P.S, The freight rate increase, announced after tne close, may provide the needed news item to change market sentiment. EWT The opinktn' expressed In this letter ere the personal Interpretation of charts by Mr. ldmund W. label! and are not presenled as the opinions of Shiekh & Company.

Technical Market Action The market continued its downtrend in the first three nours of Frlday I s market and the averages reached an intra-day low of 180.04 on the industrials and 59.520n the rails. On both averages, Friday's lows were above the July 19th lows of 179.58 and 58.39. The market rallied from the lows in the fourth hour and regained a portion of the day's losses. At the close the industrial average at 181.33 was down 2.24 on the day and rails at 60.15 were down 74 cents. Volume increased to 1,310,000 shares but the hours of heaviest trading were between noon and one o'clock when the market was meeting support at the lows and in the final hour when the market was in a rallying phas Subject to some further irregularity on Monday, believe market is at or approaching a buying area. There are no important distributional tops on either averages or individual issues. Dow-Jones Industrial average downside indication remains 182-178. Top on rails is indefinite. Dow-Jones 65-Combined Stock average,which includes industrials, rails and utilities, could work down to 65-64 level. New York Times average, which reached a low of approximately 118 on July 19th, could dip to 116-114 and N.Y,Herald-Tribune average, which reached 123, could dip to 121'. Both of these are also combined averages. That is the maximum I could Visualize on the downside at this point. In addition,the technical indicator which signalled turn in market at bottom on July 19th, reaChed an oversold position and gave an upside signal at Friday'S close. Believe market is at or near a turning point, both from a trading and long term viewpoint. Listed below are the remaining issues in my revised list of recommended issues with attractive technical patterns. As the market appears to be at or approaching a buying point, I have included all the remaining issues in one letter with only the last sale rather than issuing a few at a time together ith data on the recent price range. These issues, together with those in the two preceding letters, comprise the entire recommended list . InCidentally, in the letter of July 29th, the 1948 price range was from the first of the year to July 1st. The issues below are divided into medium-grade and speculative Those marked with a are new additions to the list — Medium-Grade Deere & Co.,37t, Distillers-Seagram 16 3/8,Doehler-Jarvis 3, Eagle Picher 21t,Eaton Mfg.63t,Fairbanks Morse 47, Flintkote 342,Food Machinery 38t, Foster Wheeler 33t,General Amer. Trans. 53, General Railway Signal 23i,General Time Instrument 26t, Gimbel 19 3/4i Gulf Oil 70i, Hewitt-Robbins 22, Holland Furnace 264 ,Howe Sound 392' Industrial Rayon 47t,Inland Steel 43t,Inter.Minerals & Chemical 30t, Jones & Laughlin 34t, Kelsey Hayes Wheel wA 24, Koppers Co.32t, Lehigh Portland Cement 34k, Libby-Owens-Ford 51t, Magma Copper 20t, Masonite 63, McCrory Stores 30t, Mesta Machine 43, Midland Steel li, Montgomery Ward. 54 3/4 Mueller Brass 20t, Nash Kelvinator 18, Natl.Cash Register 43, Natl. Lead 32i,Natl.Supply 2li,N.Y.Air Brake 39t,Northern Pac. 22i,Otis Elevator 33, Pacific Mjlls 43,Panhandle stern Pipe Line 60i,Phelps Dodge 54i,Rheem Mfg.21t,Royal Typewriter 21iSt.JOseph Lead 394 , Smith (A.O.) 2549i2S' cShoenultehyer Corp. -17i, Timken-Detroit Axle 29i,Sharon Steel 40,Sheel Union Oil n Pacific 56k, Square D 19t, Tennessee 20i,Underwood Corp. 53 3/, Union Bag 33i, Union Carbide 39i, United Biscuit 22i, United Merchant 16i, U.S.Plywood 31, U.S. Pipe & Foundry 47, Victor Chemical 39 3/4, West- inghouse Elec. 28i, Wheeling Steel 50i Worthington Pump 19i, Yale & Towne 29i, Youngstown Sheet & Tube 802 , Youngstown Steel Door 18, Zenith Raaio 31. Speculative nn lJ.I.'Tare,Lack.& Western lli,Denver & Rio Grande 35i, Devoe & Raynolds A , Eastern Airlines 14t, Eastern Stainless Steel 17t,Electric Power & Light 21, Elliott 24, Fansteel 12 3/4, General Cable 13i, Gulf,Mobile & Ohio 16i, Hercules Motors 17k, Hudson Motors 17i, Illinois Central 37i,Kansas City So. 41t,Minn.St.Paul & S.S.Marie Ilt,Mullins Mfg.29k, Pacific Tin 5,Penn-Dlxle Cement 19t,Pub.Serv.Elec. & Gas 21t,Publlc- ker Ind.21 3/4,Radio l2i,Readlng 24, Revere Coper l8i,Reynolds Metal 23t,St.Louis-San Fran.13 3/4,St.Regis Paper lle,Seaboard Air Line 22 Seaboard A.L.pfd. 5St,Shamrock Oil 32t,Speigel 10t,Std.Gas 4.pfd.224 , Studebaker 2Si,Tri-Cod.8 3/4,U.S. & Fgn 27i, West Penn EJ,.17 3/4, st-Maryland 13f;West.Md.2nd pfd. 33 3/4, Western Pac.34,Western Union 2lt'-York Corp. 13. EDMUND W. TABELL July 30,1948 SHIELDS & COMPANY 'Ote C1)inions expressed ift fhis letter are lhe personal intrellitien of cherts by MI. Edmund . label! and Ire not presented aJ the opinions of Shle1cb & Company.