Tabell’s Market Letter – April 27, 1949

TABELL'S MARKET LETTER 35 WALL STREET. NEW YORK 5. N. Y. Digby 4-4141 For the speculator who likes to purchase well deflated issues, I am listing below a group of stocks that are now selling at a price of approximately one-third 'of their 1945-1946 highs. All of these issues paid dividends in 1948 but that is no reason to assume that such payments will be continued in 1949. To eliminate issues that were purely war beneficiaries, I have added an additional requirement – namely, that at present price no issue is selling at more than ten times 1940 earnings. From a technical viewpoint, while most of these issues appear to have reached their approximate lOWS, very few have built up sufficient base patterns to indicate any important near term move. Undoubtedly, considerable patience will be required. However, even if these, issues regained only half of their three-year declines, the percentage appreciation would be sizeable. Approx. Price 19451946 High 1940 Earn. 1948 Earn. 1948 Div. Air Reduction Allegheny Ludlum Amer.Machine. & Foundry American Stove loom Idwin Locomotive Iron Works 11 Aircraft lumenthal (Sidney) Aluminum Stores lard Company limax, Molybdenum ol1ins & Aikman Columbia Broad. An Consol.Coppermines Cudahy Packing Products General Precision Equip. Hollander & Son Kalamazoo Stove Lehn & Fink Carbonic Truck ttan Shirt ional Can iles-Bement-Pond ific Tin Ivania R.R. ington Rand 1, Inc. Brands Chemical Mining ton Gould .S.Ldustrial Chern. Pump e Motor e & Towne 21 22 13 9 10 11 13 12 6 24 17 14 14 16 18 3 1/2 7 8 13 10 10 10 15 12 16 6 1/2 8 1/2 3 1/2 15 8 8 17 7 9 1/2 4 1/2 19 12 15 ,21 59 3/4 61 1/8 45 1/4 38 7/8 30 38 7/8 39 3/4 35 1/2 26 3/8 78 48 1/4 46 7/8 44 1/2 63 1/2 47 10 3/4 20 33 3/4 4-0 1/2 40 36 33 43 1/4 38 3/8 46 1/2 21 3/4- 26 1/4- 11 1/8 47 1/2 23 7/8 24 7/8 55 24 1/4 24 16 7/8 62 47 1/2 47 1/8 61 1/2 2.38 2.78 1.35 2.17 1.04 1. 75 4.90 .95 1. 79 4.09 1.92 6.15 2.40 5.15 2.92 .51 1.00 .91 1.45 2.10 1.96 (b) 1. 54 2.21 1.51 2.20 .72 2.29 .90 3.51 .77 1.67 2.72 .86 1.82 1.1-7 2.14 3.18 2.84 2.90 2.36 5.05 1.66 1.06 2.65 1.26 1.31 (d) .80 1.31 2.76 3.05 1.58 1.04 (a) .46 2.94 .13 .36 (d) .38 1.56 1.01 2.10 .30 3.01 1.56 2.32 .19 1.55 .68 2.61 2.00 3.00 2.05 .70 .80 .28 (a)(d)3.92 (d) 1.13 4.98 4.17 Adjusted (d) Deficit j Nine months. Adjusted for change in fiscal year. 1.00 2.00 .80 1.20 1.00 1.00 1.00 1.00 .60 1.00 2.00 .50 1.20 1.00 2.00 .30 .60 .50 1.00 1.00 95 .25 1.00 1.50 1.75 .25 .60 .20 1.00 1.00 1.00 2.00 ,50 .60 .50 2.50 1.50 1.45 1.00 11 27, 1949 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN This memorandum Is not to be construed 01 an offer or solicitation of offen to buy or 1111 any s.curltlel. From time to 11m. Walston, Hoffman' &COdin may have an Interelt In lome or all of the IIcurlt'e. mentioned hlreln. Th. foreQoln; mat.rlal has bun prepal1ld by VI 01 a matter of Information only. It Is bated upon Information belJ'YlId rell4ble but not necenonlv complete, Is not liIuaranteed 01 occurate or final, and Is not Intended to foreclose Independent Inquiry. – –