Tabell’s Market Letter – May 18, 1949

TABELL'S MARKET LETTER 35 WAll STREET, NEW YORK 5. N. Y. Digby 4-4141 There is no change in the market pattern. The market still re- mains deadlocked in the trading range of fifteen weeks duration between 170.56 and 179.19. In my opinion, the chances favor a nearby upside penetration of the trading shelf. . Listed below are the issues in my recommended list, together with their approximate price level at the time of their original recommen- dation. Electric Power & Light, which was originally recommended at 21 and is now selling at 26, is dropped from the list as stockholders will shortly receive their distribution of United Gas Corporation and Middle South Utilities, Inc. This list as a whole has shown better, than average market action. CloSing Approximate Originally 5/18/49 Recommended Level American Cyanamid 43 36 1/4 American Home Products 29 25 1/4 American Power & Light 10 1/4 9 3/4 American Seating 29 3/4 27 A.vco 67 Bendix AViation 31 3/8 32 Bigelow Sanford 24 3/4 28 3/4 Borg Harner 44 3/4 48 Brooklyn Union Gas 29 26 1/2 Cities Service 47 5/8 40 Commercial Credit 51 1/4 51 . Commonwealth & Southern 4 3 1/2 (a) Cooper Bessemer 34 1/4 26 7/8 Denver Rio Grande 26 24-27 Eastman Kodak 43 3/8 44 Eastern Airlines 15 15 3/8 Federated Dept. stores Firestone Tire & Rubber 28 49 1/4 27 1/2 46 Firth Carpet 12 5/8 16 1/2 Flintkote 24 1/4 24 3/4 Fruehauf Trailer 19 1/8 19 3/4 Hewitt-Robins 17 3/4 17-19 Holland Furnace 21 3/8 22-24 International rUn .& C 28 1/4 25 1/8 Intertype Corp 28 26 Johns Manville 35 1/2 36-34 Joy r1anufacturing 38 35 Kre sge (S. S. ) Lowenstein 39 1/2 22 3/4 36 3/4 .'. 22 1/2 Niagara Hudson 10 3/4 9 Paraffine Companies 17 7/8 17 1/4 Penn-Dixie-Cement 22 1/2 19 1/4 Phelps Dodge 41 3/8 42-38 Pressed Steel Car 6 6 1/2 Radio Corp 11 3/4 11-13 Reynolds Metals '22 1/4 21 St. Regis Paper 7 1/8 7 3/4 Schenley 25 3/4 26-30 Sears Roebuck Shamrock Oil & Gas 37 3/4 27 3/4 39 31 Sharon Steel 29 33-35 Shell Union Oil 35 37-33 Sperry Corp 26 26 Standard Steel Spring 14 7/8 14 1/2 Studebaker Sylvania Electric 20 21 3/4 19 20 3/4 Sunshine 'Iining 9 3/8 10 Jheeling Steel 40 1/4 42-44 White Sewing Machine 23 19 1/2 Youngstown Sheet & T 64 1/2 66 (a) Hill go ex-dividend 50 stock June 7th. Offered by Prospectus only. I.lay 18, 1949 Em1UND W. TABELL 'wALSTON, HOFFMAN & GOODWIN m,Thll memorandum II not to b, c.onstnlld l1li1 an offer or IOUcltatlon of offll'l to buy or .111 flY s.c.urltl.s. From time to fl,ml Walnon. HoHman & Goodjlnb ma he…. an Int.rlHt In some or all of the securities mentIoned hereIn. 'or'901n4 met.rfal hili been prepared by us al a matter of Information only. It ale upon Informetton bell.ved …lIable but not necessarily compl.t., 11 not Quaranteed al aecurat. or final, and II not Intended to foreclole Independ.nt Inquiry.