Tabell’s Market Letter – July 22, 1949

TABELL'S MARKET LEnER 35 WALL STREET. NEW YORK 5, N. Y. Olgby 4-4141 After Wednesday's high of 176.14 in the industrial average,the market has sold off moderately. The average has advanced sixteen pOints in twenty-five trading days. Whlle this advance has been rapid, it has been very orderly and at no time has there been any indication of climactic buying. Neither the short term or intermediate term gauge of market act has become overbought. There is no sign of distribution and the technical pattern remains strong with the short interest increasing. Any correction from this level should be extremely moderate. The longer term action also is improving and buying interest continues its slow increase. Until more signs of weakened technical conditions appear, would retain recommended issues. Listed below are half of the issues in my recommended list. Those listed today are the better grade issues which have paid dividends over the past ten years. The more speculative group will be reviewed in the next letter. Those marked with an asterisk show above average action and should be purchased during any periods of market irregularity. Addressograph Multigraph American Cyanamid American Home Products American Seating Atchison,Topeka & S.F. , Bend-i–JLIT.ia.t.1Qn …Bige.1.o.w-&a'ltford Borg Warner Commercial Credit a.stmaR-KQdak- Endicott Johnson Federated Dept. Stores 'Fletorre-TIre-&-Rubber -Fii11 L'kote Fruehal.1f-T-la-i..;J,er He\'/itt-Robins –Hel-ial!d Pttraa;l Intertype Corp Johns Manville -d'oy-Ma,R,y.tac.Uo!-ring Kresge (S.S.) -K,r-e&8-(-8..& ) -PaTa-f.in-e-B-empallile s Phelps Dodge S-ea;rs-Reebu'Ck Shell Union 011 Sperry Corp Standard Steel Spring -SyrvaR4aetrc .-surrsh1rre-i3'1scuit l',eung,s4l-Qwn-8he-et- & Tube Closing 7!..22!..42 31 7/8 44 27 5/8 30 1/2 86 1/4 29 3/4 24 1/8 46 5/8 50 3/4 41 3/4 31 7/8 28 3/4 45 7/8 26 17 15 5/8 20 3/4 25 1/2 38 1/2 35 40 59 17 1/8 42 40 34 7/8 24 1/8 15 18 1/2 48 1/2 62 1/4 Approximate Originally Recommended Level 31 36 1/4 25 1/4 27 83 1/4 32 28 3/4 48 51 44 31 1/2 27 1/2 46 24 3/4 19 3/4 17-19 22-24 26 36-34 35 36 3/4 52 17 lj4 42-38 v 39 37-33 26 14 1/2 20 3/4 41 3/4 66 r \ '. July 22, 1949 EDMUND W. TABELL '!lALSTON, HOFFMAN & GOODWIN Thll memorandum II no. have en Inrest In some to or be en conl'lrued 1III en of the ,ecarltlel offer or ,ollcltatlon of mentIoned he,..ln. The offers to fort90ln; buy or .ell eny .ecurltles From mte,lel hel b.en prepared by time to UI al a timmaetteWr aollf'loInnlorHmoafftmioann & Goodwin lTWIy only. It I, baled upon Information believed relleble but not nec..sarlly compl.t., Is not ;uarant..d al accurate or final, and II not Int.nded to toreclo Indep.nd.nt Inquiry.