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TABELL'S MARKET LEnER 35 WALL STREET. NEW YORK S. N. Y. Digby 4-4141 The downside penetration of the month-old trading range has changed the minor trend to down 0 After reaching 179.19 on the Dow-Jones industrial average on March 30th, the average held above the previous March 23rd low of 174.32 until Thursday. Friday's low was 172.64. The rail average at Friday's low of 46.83 also penetrated the previous low of 46.98. Outside of the minor trend, there is no change in the other trends. The intermediate trend has been down since the June-July highs of 194.49 and 65.23. Both averages have held above the February lows of 170.56 and 46.04. There has been no change in the major trend which is still holding in the narrow sidewise 15 range which it has occupied for thirty-two months since September, 1946. I have consistently maintained that this sidewise movement of the last thirty-two months is an accumulation area with stocks passing from weaker into stronger hands. During this period various industries have gone through a deflationary and re-adjustment process. In a great many instances this adjustment appears completed. It continues to be my opinion that the market is in a buying range whenever the 170-160 area is entered or approached. Whether this area will be entered again is open to question. The important thing to bear in mind is that periods of weakness at or near the 170-160 level offer a buying opportunity in selected issues. I repeat my December 15th forecast that the low of 1949 will most likely be reached in the first three months of 1949 and will not be mUCh, if any, below the 170.35 low of November and certainly above 160. The following issues offer better than average appreCiation possibilities. Closing 4/22/49 American Cyanamid Amer. Home Products American Seating Avco Bendix Aviation Bigelow Sanford Borg -Warner Brooklyn Union Gas Cities Service Commercial Credit Commonwealth & Southern Cooper Bessemer Denver Rio Grande Eastman Kodak Eastern Airlines Electric Power & Light Firestone Tire & R Firth Carpet Flintkote Fruehauf Trailer Hewitt-Robins Holland Furnace International Min.& C 39 1/4 27 28 6 3/8 32 1/8 25 1/4 43 26 1/8 44 1/8 50 3 3/4 30 3/4 25 1/8 44 1/4 15 23 1/4 48 14 23 1/2 IB 3/4 17 23 25 1/2 Offered by Prospectus only. April 22, 1949 ClOSing 4/22/49 Intertype Corp Johns Manville Joy Manufacturing Kresge (S.So) Lowenstein Niagara Hudson Paraffine Companies Penn-Dixie-Cement Pressed Steel Car Radio Corp Reynolds Metals st. Regis Paper Schenley Sears Roebuck Shamrock Oil & Gas Sharon Steel Shell Union Oil Sperry Corp Standard Steel Spring Sylvania Electric Sunshine Mining Wheeling Steel White Sewing Machine Youngstown Sheet & T 26 34 1/4 38 1/2 37 3/4 22 1/4 10 7/8 17 1/4 21 1/2 6 liB 12 liB 20 7/B 7 5/B 25 3/4 3B 30 1/2 29 1/8 34 3/4 27 3/B 15 liB 21 1/2 9 3/B 39 7/B 22 3/4 63 liB EDMUND W0 TABELL WALSTON, HOFFMAN & GOODWIN mIlThis memorlndum I. not to b. conlfrved as an offer or solicitation of offers to buy Of ,.11 anv .ecurltles. From tIme to tlmo Wellton, Hoffman & Goodwin heY. lin Int.rut In some Of aU of ttle securltle. mentioned herein. Th' foteQoln; melte,lel hal been prepared by us as a matter of Information only. It II bue upon Informetlon bolloved r.llabl, but not necessarily complete, Is not 9uafantetd a. accurate or final, and Is not Intended to foredose Independent Inquiry.