This section is from the book "The Science And Art Of Phrase-Making", by David Wolfe Brown. Also available from Amazon: The science and art of phrase-making.
246. The circle word-signs, is, his, as and has, are freely used in phrases, initially, medially and finally. Each of these words, when beginning a phrase, should be written in its normal position, as required by the general rule already given; that is to say, when beginning phrases, as well as when standing separate, is and his should be written above the line; as and has, on the line. But in the midst or at the end of a phrase, where distinction by position is impracticable and generally unnecessary, the circle in any position may ordinarily represent any one of these words.*
 
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