Tabell’s Market Letter – July 29, 1949

TABELL'S MARKET LEnER 35 WALL STREET, NEW YORK 5, N. Y. Digby 4-4141 The market has been going through a period of consolidation in approximately the 174–177 range for the last nine trading days, A downside penetration, if it ,occurs, should not carry the industrial average much lower. An upside penetration could continue to 180-183. The important thing to be deduced from the technical action of the market over the past two months is, in my opinion, that while the averages may have some difficulty in moving sharply higher, special situations can now be bought with much less fear that sharp downside liquidation in the general market will also carry favorable situations downward with it. Listed below are the remaining issues in my recommended list. This portion consists of the more speculative issues. Stocks marked with an asterisk show above average action and should be purchased during periods of market irregularity. American Airlines American Power & Light Avco Brooklyn Union Gas Budd Company Carrier Corporation Cities Service Combustion Engineering Continental Baking (-a-GQBpeT-Besme Denver & Rio Grande Eastern Airlines -F1r Illinois Central International Min.& C Lowenstein Niagara Hudson Penn-Dixie-Cement Pressed Steel Car Radio Corporation Reynolds Metals St. Regis Paper Schenley Shamrock Oil & Gas -Sharon-St'eei- Studebaker SUnshine Mining Western Pacific -Whe'e-n1'lg-SJ;ee-l Wh1.te-Sewing-M-ac-h1ne Closing 7/29/49 10 10 7/8 5 1/4 30 1/2 9 3/8 14- 1/44-7 1/424 1/2 14- 3/8 22 3/8 22 1/2 14- 7/8 11 1/2 24 7/8 26 1/2 23 1/4 12 21 5/8 6 1/8 10 1/2 19 3/8 6 5/8 26 1/2 25 3/4 2422 3/4 9 24 5/8 34 3/4 22 1/2 (a) Adjusted for 50 stock dividend. Approximate Originally Recommended Level 9 3/4 9 3/4 7 26 1/2 9 13 40 24 7/8 13 1/2 18 24-27 15 3/f; 16 1/2 24 1/2 25 1/8 22 1/2 9 19 1/4 6 1/2 11-13 21 7 3/4 26-30 31 33-35 19 10 20 1/442 ..44 19 1/2 July 29, 1949 EDMUND W. TABELL WALSTON,HOFFlfillN & GOODWIN Thll .morondum II not to b. construed ill an offer or solicitation of offe… to blly or ,.11 an, securitIes. From time to time Walston. Hoffmu & Goodwin mey ha…. an Intereat In SCrM or all of the securitIes mentioned bereln. 'e foroln9 material hal been prepared by UI as a matter of Information only. It Is baled upon Information bellev.d relleble but not necessarll, complete, It not qllarant..d al accurate or final, and I. not intended to foreclose Independent lnqulry.