Viewing Year: 1950

Tabell’s Market Letter – January 06, 1950

Tabell’s Market Letter – January 06, 1950

Tabell's Market Letter - January 06, 1950
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, ………….. SAN FRANCISCO, CALIF. NEW YORK, N. Y. BAKERSFielD BEVERLY HILLS EAST ORANGE, N. J LONG BEACH MODESTO OAKLAND PASADENA SACRAMENTO SAN DIEGO SAN JOSE TABELL'S MARKET LETTER PHILADELPHIA, PA. LOS ANGELES, CALIF. EUREKA FRESNO HAGERS10WN, MD. HARRISBURG, PA. PEBBLE BEACH PlnSBURGH. PA. RIVERSIDE SANTA ANA STOCKTON. VALLEJO 35 WALL STREET, NEW YORK 5, N. Y. Digby 4-4141 Listed below are forty better grade common stocks that, on the basis of dividends paid in 1949, are yielding 6 or over at present prices. With the exception of nine issues, all have paid some dividends for the last ten years or more. All of these stocks have the added qualification of being in a fa'Jorable technlcal position and should, in my opinion, show above average price appreciation over the longer term. Advantage should be taken of all price dips to add these issues to your holdings. Additional informat-on on any of these stocks can be obtained from your customers' representative. il! t Allied Stores Alpha Portland Cement Armstro'ng Cork Atchison, Top. & S.F. Boeing Airplane California Packing Cannon Mills Colgate-Palmolive-Peet COlumbian Carbon t. , Combustion Engine Commercial Credit Super. Continental Baking f – De ere & Company Elliott Company Endicott J6hnson Fairbanks Morse Firestone Tire , General Amer. Trans. ; -1 General Motors i, International Harvester Intertype Corporation Lerner Stores ;' Libby-Owens-Ford Lorillard (p) – -, Lowenstein (M) & Sons r,lay Department Stores McCrory Stores McGraw Hill ,- McKesson &; Robbins ,-, MelVille Shoe Otis Elevator Public Service E1 & Gas I Purity Bakeries Schenley Industries , – Southern Pacific t, 1 ' Southern Railway Twentietp. Century-Fox Union Pacific Western Auto Supply Youngstown Sheet & Tube Approx. Pr! 34 37 50 104 25 35 48 42 33 27 59 18 39 26 33 41 54 46 71 28 32 23 63 27 25 48 35 32 40 26 40 25 31 32 52 36 25 87 40 75 1949 Dividend B.OO 2.50 3.00 8.00 2.00 2.50 3.75 3.00 2.00 2.00 4.00 1.60 5.00 1.75 2.00 2.50 4.00 3.00 8.00 1.80 2.20 2.00 5.75 1.75 2.00 3.00 2.50 2.35 2.65 1.80 2.50 1.60 2.40 2.00 5.00 4.00 2.00 6.00 3.00 6.00 Some Dividend /- Yield Each Year Since 1 ! 8.8 1942 i E 6.7 1935 6.0 7.7 1934 1940 \ B.o 1942 7.1 1940 7.8 1890 7.1 1895 6.0 1916 7.5 1911 .-' 6.7 1934 8.8 1943 12.8 1937 6.7 1905 6.0 1919 6.1 1936 7.4 1924 6.5 1919 11.2 1917 6.4 1910 6.8 1935 8.7 1935 9.1 1933 6.5 1932 8.0 1942 6.2 1911 7.1 1937 7.7 1937 – -' .' 6.6 1941 6.9 1916 6.2 1903 6.4 A 7.7 1928 6.2 1941 -9a.s6 1/1 1942 1943 8.0 1942 6.8 1900 7.5 1928 8.0 1940 Indicated Rate A New stoc issued in 1948 EDMUND W, TABELL WALSTON, HOFFMAN & GOODWIN \ \- This memorandum i, not to b. construed as an oHer or solicitation of offers to buy or sell any securities From time to time Walston, Hoffman & Goodwin may have en interest in some or all of the securities mentioned herein. The foreo;lolng material has been prepared by us as a mlltter of information only. It Is based upon Information believed reliable but not necessarily complet., Is not f;iuaranteed as accurate or final, and Is not Intended to foredose Independent Inquiry. …….. ……….. ' …… ….. ….. , .,..t,., (.0 . ………………….. . ,,

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Tabell’s Market Letter – January 13, 1950

Tabell’s Market Letter – January 13, 1950

Tabell's Market Letter - January 13, 1950
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r- ,J,'…'.. . . ,. ,..;Wolston.Hoffmon &, Goodwin ,i SAN FRANCISCO, CALIF. NEW YORK, N, Y. PHILADELPHIA, PA. LOS ANGELES, CALIF. BAKERSFIELD BEVERLY HILLS EAST ORANGE, N. J LONG BEACH MODESTO OAKLAND PASADENA SACRAMENTO SAN DIEGO SAN JOSE EUREKA FRESNO HAGERSTOWN, MD. HARRISBURG, fA PEBBLE BEACH P1TISBURGH, PA RIVERSIDE SANTA ANA STOCKTON VAllEJO TABELL'S MARKET LETTER 35 WALL STREET, NEW YORK 5, N. Y. Digby 4,4141 The long expected technical correction came unexpectedly. After ; ; s9veral days of heavy profit taking on incl'easing volUJne the market broke .', suddenly and sharply on Thursday afternoon on final hour volUJne of 1,350,000 shares. he decline continued on Friday and by mid-day the industrial average had dropped to 193.95, a decline of 8.97 pOints from Monday's high of 202.92. The rail lverag! also sold off sharply with an intra-day low of 52.17 as compared with Wednesday's high of 56.09. This sharp precipitate decline caused the short term indicator to become deeply oversold. After remaining in an oversold position for four hours, the re- .. qUisite buy signal was given in tile final hour. The market rallied sharp- ly and at the day's close of 196.81, the industrials regained the greater part of the earlier decline. Th9 rails closed 201 higher on the day at 54.01. .' The technic2.1 correctlon retraced onl;y a small part of the forty- three point advance in the DOH -Jon,es industrials from the June lows. A one-third to one-half correction 'ilould carry the averages back to 189-178. T)1ere is, in my opinion, no indication of a decline of such magnitude at the moment. Before such a decline coulJ occur it would seem probable that a much broader distribution area will be formed. The formation of such an ;.!j area wOl,ld take time and would mean continued backing and filling in a, range bounded roughly by 194 and 204. Such action, of course, has not yet .11 , i occurred. I; 1 While the market gave a Ellort term buying signal at the close,it ; i would appear that. increasing caution is needed from here on, particularly , ,; in intermediate and short term t.rading accounts. Two alternatives appear ! ! ' probable at the moment. ' I .''''. First, and more likely n my opinion, is that the market will rally back to approximately the l1ighs of last week and, after two or three , . weeks of heavy volUJne, a broad (ist.ributlon pattern will be formed. During . such a period there may be excellent short term trading possibilities as individual issues will undoubtedly reach new highS as the general market ! \ . tops out. After that would expect a more complete correction of the seven-, imonth advance. It must be remembered that the market has reached its in…. termediate term upside objective of 199-203 in the Dow-Jones industrials ' ; lnd approximately reached ..!omparable levels in the New York Times and New i York Herald-Tribune averages. A complete correction could result' in a decline to the 190-185 area. The second alternative is t.hat the market has had sufficient ; correction in the nine-point decline of the past two ,days and after some ; further consolidation will move ahead to new high terr.itory and a testing 01' the 1946 high of 213. I While I consider the first alternative the most likely of the two,. 1I believe that after a full normal correction of the forty-three point .j advance that the upward trenu \,ill be resumed and that the averages will 'ireach a minLUJn of 225-230. Would become increasingly cautious from now .; on and suggest taking profits in short and intermediate term trading \accounts on further strength. Believe that such accounts should gradually ;. reach at least a 50 liquid condit'ion over the next two or three weeks. 'ILong term holdings for income and appreciation need not be disturbed as II believe the market will reach a much higher level later in the year. l For purely short teF.1 trading purposes I like Schenley, American Export, Twentieth Century-Fox and Radio Corporation, if available near lFriday's lows. I also contInue bullish on the airline issues and believe lthat later in the year they will sell considerably above present levels. 'They should be accumulated during all periods of price weakness. ; .. January 13, 1950 .j ,i – EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN – f ……. r …. . . . . . . . . . . . .

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Tabell’s Market Letter – January 20, 1950

Tabell’s Market Letter – January 20, 1950

Tabell's Market Letter - January 20, 1950
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– – – —– — . , '',' …; . . . . … v.'.,,,.,. . . ' . .. ' . .Wolston.Hoffmon& Goodwin '',,'–'– SAN FRANCISCO, CALIF. NEW YORK, N. Y. PHILADELPHIA, PA. LOS ANGELES, CALIF. '. BAKERSFIELD BEVERLY HILLS EAST ORANGE, N. J. LONG BEACH MODESTO OAKLAND PASADENA SACRAMENTO SAN DIEGO SAN JOSE EUREKA FRESNO HAGERSTOWN, MD. HARRISBURG, PA PEBBLE BEACH PITTSBURGH, PA. RIVERSIDE SANTA ANA STOCKTON VALLEJO TAB Ell'S MARKET lETTER 35 WALL STREET, NEW YORK 5, N. Y. Digby 4-4141 '. , The market at Friday's intra-day highs, 200086 industrials, and 55.94 ., rails, had regained most of last week's decline to 193.94 and 52.17. Volume on the recovery has been relatively small. ,.' Last week's decline was from a level of tremendous overhead supply 0 The market spent most of the first half of 1946 in the 200-213 area. While four years have passed there may still be much stock coming into the mar- ,ket at this level. Some time may be needed to penetrate this supply and ..', while so doing the market may back away more than once . .j Expect a consolidating market in the next two monhs while enough tech- . nical strength is generated to penetrate the 200-213 area. During this – . period a trading range in the industrials between 205 and 190 is likely ;.. with an outside possibility as low as 1850 Dur.ing such a trading market . , special situations could have worthwhile moves. Listed below are my ; recommended issues. Buy on market weakness. These issues will be reviewed individually over the next few weeks. BETTER GRADE Approx.Price Allied Stores 34 3/4 Allis Chalmers 32 3/4 ., ………. Alpha Port. Cement !1 ,-.-Alner. Cyanamid 36 3/4 50 1/2 . –Amer. Home Prod. -Amer. News 34 1/2 35 Armstrong Cork 50 1/2 .!'! 'Atchison, Top. —'b'Jeing Air & S. F. 109 26 ,. CIT Financial i .;california Pack 60 3/8 35 7/8 ,I.I.. —…… Cannon Mills i COlgate-Palm-Peet 49 3/4 43 1/4 …! — Columbian Carbon 1 Commercial Credit 32 3/8 59 1/2 (,,- Crown Zellerbach 30 3/4 ! —Deere & Co 42 1/4 '!-…………. Elliott & Co 26 1/2 Endicott-Johnson 32 7/8 Fairbanks Morse 40 Federated Dept.Stores 36 1/8 Firestone Tire 54 7/8 General Amer. Trans. !8 1/4 General Motors 73 Hewitt-Robins 17 Inter.Harvester 27 3/8 Intertype 30 1/2 Kresge 41 1/4 Lerner Stores 23 Libbey-Owens-Ford 63 1/11 Lorillard 26 May Dept.Stores 47 1/2 McCrory Stores 34 1/2 McGraw Hill 31 1/8 McKesson & Robbins 39 1/2 Melville Shoe 26 '3/4 Montgomery Ward 56 7/8 OtiS Elevator 38 1/4 Public Ser.El & Gas 25 7/8 Purity Bakeries 32 3/4 ; ..' SouthernPacific 52 5/8 Southern Railway 36 Twentieth-Cent.Fox 23 7/8 G Union Pacific 86 Western Auto SupPly 40 5/8 Youngstown Sheet & T 76 1/2 ' January 20, 1950 SPECULATIVE Approx.Price Alaska Airlines 4 1/8 Amero Airlines 10 1/4 Amer. Airlines,pfd 71 1/4 Amer. Export Lines 23 1/4 & Braniff Air 8 1/2 Budd 13 3/4111 Capital Airlines 9 3/4 Carrier Corp 18 3/4 Combustion Eng. 26 Continental Baking 19 Distillers Seagram 18 1/8 Ii Eastern Airlines 14 5/8 D Eastern Stainless St 11 1/8 Elastic Stop Nut 9 1/8 Electric Boat 17 1/4 0 Eversharp 10 3/8 Gulf, Mobile Lambert 14 5/8 22 Lowenstein 25 1/2 Miss.KanoTexas,pf 26 0 National Airlines 8 North West Air 12 3/8 North West Air,pfd. 20 Pan American Air 9 3/4 Penn Dixie Cement 25 7/8 Radio Corp 13 5/8 Reynolds Metal 22 St.Louis-San Fran 11 3/4 Schenley 32 3/4 Seaboard Air 22 1/8 Shamrock Oil & Gas 26 o Studebaker 26 3/4 Sunshine Mining 10 3/8 United Airlines 14 3/4 CII United Air.pfd. 84 1/2' United Stores,2nd 10 3/4 Western Airlines 8 1/4 EDMUND W. TABELL WALSTON,HOFFMAN & GOODWIN ; Il i ,.; L- j , I i i. . i —-,;;- , ;'., ….. J . ,.J

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Tabell’s Market Letter – January 20, 1950

Tabell’s Market Letter – January 20, 1950

Tabell's Market Letter - January 20, 1950
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I\1 ' . '….;…-', -.' -Walston.Hoffman (\ Goodwin, I'.,. . 'SAN FRANCISCO, CALIF. NEW YORK, N. Y. PHILADELPHIA, PA. LOS ANGELES, CALIF. I , t BAKERSFIELD BEVERLY HillS EAST ORANGE. N J. LONG B-EA.CK MODESTO 4 OAKLAND PASADENA i. SACRAMENTO SAN DIEGO SAN JOSE \, EUREKA FRESNO HAGERSTOWN. MD. PEBBLE BEACH PITTSBURGH. PA. SANTA ANA STOCKTON HARRISBURG. PA. RIVERSIDE VALLEJO TABELL'S MARKET LETTER 35 WALL STREET, NEW YORK 5, N. Y. Digby 4-4141 .i i' , , …' The market at Friday's intra-day highs, 200.86 industrials, and 55.94 ., rails, had regained most of last week's decline to 193.94 and 52.17 . ,.' Volume on the recovery has been relatively small. , Last week's decline was from a level of tremendous overhead supply. 1'1 The market spent most of the first half of 1946 in the 200-213 area. While four years have passed there may still be much stock coming into the mar- , ket at this level. Some time may be needed to penetrate this supply and while so dOing the market may back away more than once. Expect a consolidating market in the next two monhs while enough tecn..,,,-,. ' .J nical strength is generated to penetrate the 200-213 area. During this i period a trading range in the industrials between 205 and 190 is likely \l..' 'j with an outside possibility as low as 185. During such a trading market ,.. –, special situations could have worthwhile moves. Listed below are my i' ,; ,I recommended issues. Buy on market weakness. These issues will be reviewed j ' 1.-1 individually over the next few weeks. ; ., BETTER GRADE Approx.Price SPECULATIVE APprox.pric Allied Stores Allis Chalmers , i Alpha Port.Cement . !I;… ').S'j .'I.Hler Amer. gyal'lillllj,9 Home Prod. Amer. News I Armstrong Cork 34 3/4 y 32 3/4 2. 63 4 36 3/4 1 iO 1/3 34 1/2 35 ',UjJ'l'l1'. g- 50 1/2 50 Alaska Airlines Amer. Airlines Amer. Airlines,pfd Amer. Export Lines Braniff Air Budd Capital Airlines 4 1/8 qq 10 1/4 f' '( 71 1/4 23 1/4 I' , (IY8 13 9 1/2 3 /4 3/4 tYe'VJ II . l' t \ ..A.tchisOIl.,T-op .-&-S..F-.– .. 109 B'Jeing Air 26 lOLl Carrier Corp Combustion Eng. 18 3/4 I'd;, 26 24g !, 7 CIT Financ ial 60 3/8 5S'f4 Continental Baking 19 1'3'/L California Pack 35 7/8 35 Distillers eagram 18 1/8 10 Cannon Mills Colgate-Palm-Peet 49 3/4 -1 43 1/4 Lj2. Eastern .Eae'eeIIi A.litiarllinl.elsils-8tJ 14 11 5/8 1;'0 )53 /8 I.'! Columbian Carbon 32 3/8 '33 Elastic Stop Nut 9 1/8 , 61 Commercial Credit 59 1/2 'Sl t-. Electric Boat -17 1/4 Crown Zellerbach 30 3/4 '2..8'1'( Eversharp 10 3/8 , ' Deere & Co Elliott & Co 42 1/4 '6Cj 26 1/2 ')..Ib GLaum;tfb.',eriM- obile0'/z.. . ' 2 14 2 5 /8 I' Endicott-Johnson 32 7/8 \'h.. Lowenstein 25 1/2 '2.2'1'/… Fairbanks Morse Federated Dept .Stores ,,rw,one Tire p e!91 .'Iiller, 'I'HWS. 40 36 1/8 !5to4 7/8 17'4 41. ''1Ic.r,1/dj q Miss.Kan.Texas,pf National' Airlines North West Air North West Air,pfd. 26 8 12 3/8 ;.;. ep g- , . 20 ll-!' General Motors Hewitt-Robins L1ter. Harves ter 73 '11 17 11-1 27 3/8 '2 Pan American Air Penn Dixie Cement RadiO Corp 9 3/4 25 7/8 IC' fl'J/i 13 5/8 1\-1 Il!-ter tlk Kresge ;.1 Lerner Stores Libbey-Owens-Ford 30 41 1/4 'vli 23 'L Reynolds Metal St.Louis-San Fran Schenley 63 1/4 CD' …. Seaboard Air 22 2.1 11 3/4 ! 32 3/4 2(ir30 22 1/8 i ; ..j Lorillard .'' 1 .- l May Dept .Stores McCrory Stores 1i.'''1 McGraw Hill McKesson & Robbins lelville Shoe Montgomery Ward \ OtiS Elevator Public Ser .El & Gas Purity Bakeries 2 47 34 61 1/2 1/2 . 7'-ll J,' 31 1/8 f.-I 39 1/2 3(0') 26 3/4 56 7/8 'LsStg3/t 38 1/4 25 7/8 32 3/4 31 Shamrock Oil & Gas Studebaker Sunshine Mining United Airlines United Air.pfd. United Stores,2nd Western Airlines – – – . I ,,- ' – -,.. 26 8\ 26 3/4 19 10 3/8 1() 14 3/4 84 1/2 I 1e0 , 3/4 l/4 '1 ;,.; .' , Southern Pacific 52 5/8 5L …. Southern Railway 36 ,(p Twentieth-Cent.Fox 23 7/8 Union Pacific 86 l …. Western Auto SupPly Youngstown Sheet & T , ,- , . J anuary 20, 1950 WV40 5/8 4D 76 1/2 EDMUND W. TABELL WALSTON,OFFMAN & GOODWIN mentlrr Tr l '. This memorudum II not hllve an intereri in some to or be all cOJ'lStrued Itl an of the securities offer or ,olldtatlon od herelt' of e b offOfeergsOtnornuy'Orfa,ssle 11;uuy,eneu()ritr!feielalrefdraonmblltsuimsneoasttoainttmlemnafatlteedWr etoolfstfoIonnrfeocnHlnooasfetfimoInanndoen&plvenGdoeIontdtwisitnnbqaumsireayvd. upon Information believed reliable but not ecass.!!r y comp It e, S no 9\1 'V . . . . . . . . . . . . . . . ……' …. '.; '.'.,., – …….- ' … ,–, ;. . … ,' . , -. c', . n ,.,. , ……………………. … ………… ..- – , . ….-.c .. ' ……… . ' ',.. …. ; ………….. – ……. , – . …. –…. – – – –.–

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Tabell’s Market Letter – January 27, 1950

Tabell’s Market Letter – January 27, 1950

Tabell's Market Letter - January 27, 1950
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(,,'''''''' .Walston.Hoffman \\ Goodwin . SAN FRANCISCO, CALIF. NEW YORK, N. Y. PHILADELPHIA, PA. .' . LOS ANGELES, CALIF. AKERSF\ElO BEVERLY HillS EAST ORAHGE. H. J lONG BEACH MODESTOt OAKLAND pASADENA SACRAMENTO SAN DIEGO SAN JOSE EUREKA FRESNO HAGERSTOWN, MD PE8BlE BEACH PITTSBURGH, PA. SANTA ANA STOCKTON HARRISBURG, PA RIVERSIDE VALLEJO TABELL'S MARKET LETTER lS WALL STREET, NEW YORK 5, N, Y. Digby 4-4141 , No material change has occurred 1n the market's pOSition or outlook since last week. Another sharp, late tape sell-orf took place on Tuesday, again followed by a selective rally. I . 1, .; Still expect irregular consolidation between roughly 205 and 190 in the industrials. Recommend trading purchases of issues which have completed good basework during periods or sharp weakness. The \ longer term outlook remains strong and selective investment buying is advisable. . Listed below are brief resumes of some merchandising issues on our recommended list. This group has received relatively little attentioh over recent months but the action has been good and the technical formations promise worthwhile future appreciation. Some of these issues were originally recommended at much lower prices but are still attractive for purchase as indicated. ALLIED STORES – Has shown improving action for the past two years. The June, 1949 low of 26 held above the 1948 figure of 25. Appears to be rounding out major base and ability to reach 37 would indicate long term uptrend. Has near term upside reSistance at 35-36 but should be bought on all dips. FEDERATED DEPT.STORES – This issue has done very well over the last two years, coming from a low of 19 to present 36. Still has strong potential pattern, and on recent dividend increase should make its minimum objective of 40 followed by possible 48. Buy on any reaction. ! ….! oj KRESGE (S.S.) – The stock has broken out of the long 32-41 . accumulatIon area in which it had held for over three years. The first objective is 45 followed by a later 53 and 64. Buy on all dips. LERNER STORES The stock appears to be forming a head and shoulders bottom at-22-17-2l with a top at 26. An upside penetration would indicate 32-34 followed by an eventual 42. Would buy on all dips in expectation of eventual breakout at 27. McCRORY STORES The stock has penetrated the upside of the 24-33 range and has an upside potential of 45 followed by 55. Would purchase on all dips. Approx. Dividend Price Rate Yield 1946 1949 est. High earnings Allied Stores 35 1/2 3.00 8.4 63 3/8 5.00 Federated Dept.St 36 2.50 6.9 42 3/8 4.50 Kresge S.S. 40 1/4 2.30 5.7 45 1/2 3.50 Lerner Stores 23 2.00 8.7 44 1/2 3.25 McCrory stores 34 1/2 2.50-A 7.2 43 4.00 ,i ,. -Div.rate on Fed. Dept.Stores increased on Jan. 6th to 2.50 annual rate against 2 previously A-Including 50 extra paid in March 1949. -Including 30 extra paid in Dec.1949 January 27, 1950 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN , T\1hIhe memorllndum en inhHe1i.t In Is not 1i.Ot!\e to Of be all construed as an of tile lecurities ., offer Qr sol,dta.tlon mentio,ad here,,' Tofe b offofre,resgtorn'utreotdrr,se II;enuyteuorItrflesalr.eFdaronbmdy htuimsne.o11ttoianttmeimnadetteedWr taoolfdo'infnof,orerHdmooaftefimoinnandoenp&leyn.G.doeIontdtwIsiinnbqaumsleafl)dl upon information believed reliable blrl not netessarl 'f cemp e e, 15 no 9 .. . …. -.. . …… . . . .—.– .. — …… … ….. ' . …………. -.-., c,..'.,…;.'……..'……..,………. ,.';,;;;… ……', '. ' .N.. .'…. ……,,' ' , ,

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Tabell’s Market Letter – February 03, 1950

Tabell’s Market Letter – February 03, 1950

Tabell's Market Letter - February 03, 1950
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SAN FRANCISCO, CALIF. NEW YORK; N. Y. PHILADELPHIA, PA. LOS ANGELES, CALIF. BAKERSFIELD BEVERLY HILLS EAST ORANGE, N. J, LONG BEACH MODESTO OAKLAND PASADENA SACRAMENt'O SAN DIEGO SA.N JOSE EUREKA- FRESNO HAGERSTOWN, MD PEBBLE BEACH PITTSBURGH, PA SANTA ANA STOCKTON HARRISBURG, PA. RIVERSIDE VALleJO t ,, 35 WALL STREET, NEW YO.RK ,N.y.' , ..i TABEll'S MARKET lETTER ' Digby 4-4141 . ,;, .' The apparent consolidation in the upper part of the 195-205 indus- trial average range continues, With today's intra-day high being 205.-39, '. the short term market measurement has been slightly overbought for seven or eight 'trading hours. This is not necessarily serious in view of the steadily increasing strength of the longer term market but it does dictate I' ., inued caution in trading activities and selectivity of investment buy- !., I Still believe 190-195 in the industrials to be the rough limits of this consolidation area, with any reaction over the next few weeks having a probable downside objective of about 194. Also, such a reaction should be very selective, as the rise has been. . If, unexpectedly,the averages should run appreciallly above 205 during.' ; this ; same period, an overbought condition reaction should result. could well develop from which much the;! I Below are resumes of those merchandising issues on our recommended ' 1 I list which were not covered last week, together with the two liquor stocks .. we presently favor. i I' ,.' ,'; and a JVJ.I\.Y DEPARTMENT STORES half years. It has now This made issue held in the 36-48 range an upside penetration leaving for two ,. underneath i'.. .' it a heavy accumulation base. First objebtiye is 62 followed by 71. Would I…. buy this on even moderate weakness. i MONTGOMERY WARD – The stock has had a sharp decline from the 1946 I top of 104. It appears to be building up a broad accumulation area in 1' ; i I' , 1 1 the 48-65 range. The 49-48 low has held on three attempts. At the moment,' i Iithe stock is faced with the strong overhead supply area at 54-59 which may! f 1 take time to absorb. Ability to reach 60 would be very constructive. The i., I stock should be watched closely as it has an initial upside potential of I i i!,. v,i 8 0 – 9 0 . Would buy on all dipS or on a penetration to 60. I; .1 WESTERN AUTO SUP,PLY – The stock has an extremely irregular pattern !i but now has the appearance of forming a potential base pattern in the , .,33-46 range. The stock appears headed for the 60-70 range. -'ii .' I,.l DISTILLERS-SEAGRAM – On an adjusted split basis, the stock reached a high of 30 in 1946. The distributional area indicated a decline to 11. , iA low of 12 was reached in May, 1947 and tested both in March 1948 and June. 1949. A potential baoopattern has been built up in the 12-19 area. An 'upside penetration would indicate 23 followed by an eventul 32. Would buy ;,,at present levels and on all dips. ,. , SCHENLEY INDUSTRIES – The stock has been in a long downtrend since the 1946 high of 100. However, a potential base pattern has been building .;uP in the 23-28 range Since May, 1947. Ability to reach 31 is the first !gigtdOtt;e m ;;! rytahe5;Oar38 .1 Would buy between 30-34. 1 1,,1 May Dept .Stores i.jlj Montgomery Ward '1 i Western Auto Supply Approx. Price 49 58 3/4 44 Dividend Rate 3.00 3.00 a 3.00 Yield 6.1 5.1 1946 High 70 1949 Est. Earnings 5.00 104 1/4 6.50 c 4.75 Distillers-Seagram 18 1/4 1.05 b 5.7 30 3.98 e 1 j … Schenley Industries 33 2.00 6.0 100 6.00 f a. Including 1 extra. b. Total paid 1949 c. Year ended Jan .1950 ., i .j e. 12 mos.ended Oct.1949 f. 12 mos.ended Nov.1949 ;. EDMUND W.TABELL .r,,' February 3, 1950 WALSTON,HOFFMAN & GOODWIN This memorandum II not to be construed as an offer or solicitation of offers to buy or lell any securities. From time to time Walston, Hofman a Goodwin may have an Interest In some or all of the securities mentioned herein. The foregoing materIal hal been pte pared by us as a fT!Iatter of InformatIon only It 11 based upon Informlltion believed reliable but not neceuarily complete, 11 not guaranteed as accurate or final, and is not Intended to foreclose Independent Inquiry. . .. ……………….. . … .. .. … ''', ,… .. ……. –'''.'.,.', ….. ,','.,' ;,,,………… . . . . ………… , , , ' ,………….,. '. ……………f … …. . . . – — f

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Tabell’s Market Letter – February 10, 1950

Tabell’s Market Letter – February 10, 1950

Tabell's Market Letter - February 10, 1950
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,f' Wolston.Hoffmon &, Goodwin / SAN FRANCISCO, CALIF. NEW YORK, N. Y. PHILADELPHIA, PA. LOS ANGELES. CALIF. BAKERSFIELD BEVERLY HILLS EAST ORANGE.. N. J. LONG BEACH MODESTO OAKLAND PASADENA SACRAMENTO SAN 01 EGO SAN JOSE EUREKA FRESNO HAGERSTOWN, MD. HARRISBURG, PA. PEBBLE BEACH PITISBURGH, PA, RIVERSIDE SANTA ANA STOCKTON VALLEJO TABELL'S MARKET LETTER 35 WALL STREET. NEW YORK S. N. Y. Digby 4-4141 HOTEL WALDORF.ASTORIA PLo.. 96800 The minor overbought condition mentioned in last week's letter served,' as expected, to limit the rise in the industrial average at the 205 level. So far it has not led to any sharp near term weakness, but during this period of consolidation, which will probably extend well into March, irregularity can be expected at any time. . While the averages lost ground over the past week, stocks with favorjable near term bases – steels, televisions and aircraft manufacturers 'prominently – moved ahead, in some cases to new highs. This situation – long term strength coupled with near term irregularity and selectivity creates excellent trading opportunities of which advantage should be taken. , Investment action should remain definitely optimistic. However, it .seems the course of wisdom at this relatively high level of the averages to confine buying, where possible, to those favorably situated issues which have strong bases from which they have not advanced too markedly. Such issues have done their work, during this consolidation period, at a relatively low level and consequently have strengthened their accumulation areas. On the other hand many stocks which have been favored and run up .. over the past seven months may well be making minor or intermediate dis- i 'jtributional tops, the downside objectives of which could be realized in isome future period of weakness. , Appended are short reviews of four more stocks on our recommended list. Again,' some of these issues were originally mentioned at lower levels, but their purchase is still advised as indicated. ALPHA PORTLAND CEMENT – The 1946 top at 39-35 indicated a decline to 26. A low of 25 was reached in October, 1946. Since then a large poten!tial base was built up in the 25-35 range and penetrated upside. The initial long term objective is 49. Would buy in 33-37 range. OTIS ELEVATOR – The 1946 top at 39-37 indicated a decline to 21 . . The low reached in 1947 was 24. A strong potential base pattern has been i formed in the 24-33 range and penetrated upside. The ultimate objective .' is 54 followed by a possible 65. Would buy on all dips. REYNOLDS METALS – The stock has held in the 17-26 range (on an ad- justed basis) for more than two and a half years. There is some supply at 27-32; but an upside penetration would indicate 35 followed by a , possible 48. Recommend purchase at present levels. PENN DIXIE CEMENT – This stock has penetrated the strong head and shoulders base pattern formed at 18-14-16 over a three-year period. The ;initial objective is 39 followed by an eventual 53. Would buy at present levels and on any dip. Approx. Price DiVidend Rate Yield 1946 High 1949 Est. Earnin!!is .Alpha Port'd Cement Otis Elevator Reynolds Metals Penn Dixie Cement 35 1/2 38 3/8 21 3/4 27 1/2 2.50 2.50 1.10 1. 75 6.9 6.5 4.9 6.4 39 7/8 39 1/2 45 1/2 30 3/4 5.50 5.50 4.25 4.75 , . February 10, 1950 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN This memorandum Is not have .!In Interest In lome to or bIeI construed as an of the lecuritlel offer Of solicitatIon of mentioned herein. The offofreersotlon9bumyteOrfiaslellhaalnybesMecurpirtieepsareFdrobmy time to .us as a time Wo!IIston, Hoffman 3 GoodwIn may matter of information oniy. it Is based upon Information belle'fed fellable but not necessarily complet., Is not guaranteed as accurate or final, and II not Intended to foreclole Independent Inquiry. J r;j .

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Tabell’s Market Letter – February 17, 1950

Tabell’s Market Letter – February 17, 1950

Tabell's Market Letter - February 17, 1950
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r ' Walston.Hoffman &, Goodwin SAN FRANCISCO, CALIF. NEW YORK, N. Y. PHILADELPHIA, PA. LOS ANGELES, CALIF. BAKERSFIELD BEVERLY HILLS EAST ORANGE, N J. LONG BEACH MODESTO OAKLAND PASADENA SACRAMENTO SAN DII;O .. .QSE ,, …H EUREKA FRESNO HAGERSTOWN, MD HARRISBURG. fA. PEBBLE BEACH PITTSBURGH, PA RIVERSIDE SA'NTA.AI'l'10CKTON .. ..Y.rEJP TABELL'S MARKET LETTER 35 WALL STREET. NEW YORK 5. N. Y. Digby 4-4141 HOTEL WALDORFASTORIA 1 PLaUi 9-6860 I Despit the uncertainty of the coal strike, the market has , acted well from a technical point of view and while the industrial average declined for five successive days, it held above the 200 level. Friday's rally carried back to a high of 203.49. The action of the rails is encoura- ging and ability to penetrate the January high of 56.09 would be constructive. Friday's high was 55.89. ; Still believe the market will spend more time in an area 'bounded roughly by 205-195. However, during such a consolidating period, 'individual issues and groups could move ahead. There are no signs of any important distributional patterns although the action of some of the television issues was a bit disturbing. The airline issues moved ahead and they continue to be my most ; favored speculative group from a longer term viewpoint. Most of these ; issues have formed exceptionally strong base patterns. . The following issues are in my recommended list. Last Sale High 1945-1946 Low Convertible Into 1948-1949 Shs.of Common iAlaska Airlines 4 1/4 16 1/2 2 5/8 Amer.Air.3t pfd 72 1/2 98 47 ,, Amer.Airlines Braniff Airways Capital Airlines 11 3/8 9 1/8 11 3/8 19 7/8 37 1/2 49 3/4 6 1/8 6 1/4 3 7/8 Eastern Airlines 16 33 1/2 12 1/2 National Airlines No.West Air,pfd. No.West Airlines .. Pan Amer. Air 7 7/8 21 3/8 12 1/2 10 3/8 41 3/4 27 1/4 63 1/2 29 4 1/2 14 1/8 1 1/2 United Air 4t pf United Airlines Western Airlines 1948 High 83 15 5/8 9 120 7/8 62 1/2 40 1/2 57 1/2 9 5/8 5 4 AMERICAN EXPORT LINES – The stock has been in a slow downtrend since the 1946 top of 28-24. The indicated downside objective was 15. A low of 14 was reached in December, 1948. A potential base pattern was built up in the 14-20 range and penetrated upside. The first objective is 30 to be followed by a possible 40-50. Would buy on all dips. ELECTRIC BOAT – The stock has held in the 11-17 range for over three years. A strong pattern has formed with the June low at 13 holding above the 1947 and 1948 lows of 11. The recent upside penetration to 19 7/8 iindicates 25 followed by an eventual 35. Would buy on all dips. ELLIOT COMPANY – The stock has been in an uptrend since the October, 1946 low of 15. The 1948 low was 16 and the June low was 18. A new three year high of 28 was recently reached. An initial objective of 36-37 is indicated. Buy on all dips. TWENTIETH CENTURY-FOX – The stock has been in a sharp downtrend! from the 1946 top of 63 However, the downtrend appears to have been broken. A strong potential base pattern has been built up in the 18-25 range . An 'upside breakout would indicate 31-36. Approx. 1949 1949 Price Div. Yield 1946 High, Est.Earnings American Export Lines ,Electric Boat Elliot Company Twentieth Century-Fox 23 18 26 22 2.00 1.50 1. 75 2.00 8.9 8.3 6.7 9.0 28 5/8 35 3/4 39 1/2 63 7/8 4.85 1.80 6.80 3.75 .February 17, 1950 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN ThIJ memorudum II not to be construed as an offer or solldfatton of offers to buy or sell lIny securltles From time to time WlI,ston, Homan & Goodwin may have lin Interest In lomo or lIli of the lecurltlol mentioned herein. The foregoing mllterial hal been prepared by us ,n a mlltter of information only. It II based upon informllflon believed reliable but not necasslI.rily com plate, Is not guaranteed liS accurate or final, II.nd Is not intended to foreclose Independent Inquiry.

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Tabell’s Market Letter – February 24, 1950

Tabell’s Market Letter – February 24, 1950

Tabell's Market Letter - February 24, 1950
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Walston.Hoffman &, Goodwin SAN FRANCISCO, CALIF. NEW YORK, N. Y. PHILADELPHIA, PA. LOS ANGELES, CALIF. BAKERSFIELD BEVERLY HILLS EAST ORANGE, N. J. LONG BEACH MODESTO OAKLAND PASADENA SACRAMENTO SAN DIEGO SAN JOSE EUREKA FRESNO HAGERSTOWN, MD. HARRISBURG, PA. PEBBLE BEACH PITISBURGH, PA. RIVERSIDE SANTA ANA STOCKTON VALLEJO TABELL'S MARKET LETTER 35 WALL STREET, NEW YORK 5. N. Y. Digby 4-4141 HOTEL WALDORF.ASTORIA PLna 9-6860 ,- The market is meeting upside resistance in the broad 200-213 area which marked the 1946 top. This is an entirely expected develop- ment. It will take more time and considerable volume to push through this overhead supply. However, technical indications favor the probability that this barrier will eventually be penetrated on the upside. Before that occurs, the market might dip temporarily below recent support levels. The broad pattern remains mainly favorable. It is only the near term pattern that is doubtful. From a short term and intermediate term point of view, I have advised taking profits on strength in issues that have had sharp price advances. There is no reason to disturb issues that have not advanced sharply. Individual issues with good technical-formations could advance while the market is resting. – Below are some comments on issues in the recommended list. AMERICAN CYANAMID. Tpis stock was originally recommended for purchase in the 38-40 range. During that time it built up a very strong accumulation area in the 43-34 range. The stock reached a high of 55 1/8 today, which is about the upside objective indicated by the technical pattern. It would appear that some consolidation is now needed to form a new pattern and action may be temporarily slow. Would advise no new purchases until a new pattern forms. , . , ALUMIN1.m COMPANY OF AMERICA. This stock has recently shown ,, 1, , improving action. It reached a three-year low in December, 1948 of 46. This low held again during the June 1949 reaction. Since that time it has held in the 46-54 range. Recent ability to penetrate this range is constructive. Would add the stock to recommended list on all price dips. CHICAGO PNEUMATIC TOOL. The 1948 top built up around the high of 40 indicated a decline to 24. A low of 21 3/4 was reached in June, 1949. The stock appears tobe building up a potentially strong pattern in the 22-30 range. An upside penetration would indicate an initial rally to 33-34, followed by eventwUlyhigher levels. Would buy on all dips. ,- Aluminum Co.of Amer. Chicago Pneumatic Tool 1948 High Approx. Price 55 28 1949 Div. 2.00 .2.00 Yield 3.6 7.5 1946 High 90 1/2 40 1949 Est. Earnings 5.50 7.50 February 24, 1950 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN This memorandum II not to be construed as an offer or sollcltatlon of offers to buy or lell any secur1tles. From time to ttme Walston, Hoffman & Goodwin may have an Intored In some or all of the lecurltlu mentioned herein. The fore;olng materilll hu been prepared bv us III II matter of information only. It lSI bated upon Information belleyed reliable but not necenarlly complete, Is not toIuaranteed as accurllte or final, and Is not Intended to foreclose Independent nqu ry.

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Tabell’s Market Letter – March 02, 1950

Tabell’s Market Letter – March 02, 1950

Tabell's Market Letter - March 02, 1950
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I- –,'q;,;,,,, lCi';; F,',,,-, Wolston.Hofflnon &- Goodwin C, ,, –1'f'''/ ,'' ';,z l' , , '- o'neu (Jkc ; f ' fi, If NEW YORK 5, N. Y. PHILADELPHIA 2, PA. LOS ANGELES 13, CALIf SAN fRANCISCO 4, CALIF. ff,.' t.,,1 35 Wall Street !;; D'GBY '.'1, 1420 Walnut Sheet ''977PENNYPACKER 550 South Spring Street '32MADISON 265 Montgomery Street sum. '.27 IX) TABELL'S MARKET LETTER c,' .), – 7 'J- p The market continues to hold in a narrow trading range. For the iCfourteen trading days from February 2nd to February 18th, the industrial fvaverage held in a range between 257.06 and 250.66. Since that time, a , imatitlerhof nhine tradiing days, it has held between 254.47 and 248.78. The I,,ra s ave a d a s mi lar pattern with the exception that they reacted be- ''', ll',low last week's low of 85.58 to reach a new low at 84.12 while the indus- , F19,t0r.i8a2l average high in held above its comparable low. the rails has been much greater Also the decline percentagewise. from the All of this tk ' ';action has been accompanied by slowly decreasing volume. Today' s volume t;(j1'','ofwou1l,d56n0oA,t00be0xrepasehkcaot rueitstowtfoatshceaarn2rey5w7v-2leo4rwy9 for several months. trading area could occur far in either direction. shortly but The technical ' , (Ipattern suggests that an upside breakout might carry to 260-262 and a ,', i' downSide breakout would meet support at 240-236. My work favors the possi- \' t'bility of a downside breakout. ;; i';;' I have continually stressed the diverse patterns of individual ;,' )',' groups and issues. While many stocks have advanced sharply and have !;,reached their upside objectives and appear vulnerable, there are other 1.;'situations that have had little price advance and still appear to be , If;'building potential base patterns. While these groups may not move imme- \', idiately, they should be in a much better defensive position in the event (of a general market decline. l' i;', One such group is the motion pictures. This group has done little Vimarketwise for five years. Recently, the fear of television competition ihas held this group near its five-year lows and substantially below the ril946 highs as illustrated below II I'! Recent Price 1946 High ,'\', 'hi,-, Columbia Pictures 14 36 3/4 II I' Loew's /, ,./ L , Twentieth-Century Fox Universal Warner Bros. 18 23 11 12 41 63 7/8 49 7/8 28 , i The picture does not appear as black as current prices indicate. ,, Undoubtedly, television will hurt the motion picture industry but most ;f.likely not as badly as the investing public believes. For example, all timoving picture companies own extensive libraries of old films that are r' amortized to 1. The re-issue of these films to televiSion could be ex- 1 treme ly profitab Ie. '; For example, Zenith Radio's commercial test of Phonevision in , !'Chicago recently indicated that if the results there could be approached L on a national scale by the ten million TV sets now in use throughout the country, these film inventories, now written down to nothing, could be ', worth millions of dollars. ,-;; In addition, most companies have improved their financial pOSition ;;, ' over the past few years. Columbia, as of June 30, 1950, had net current i',' ,'''assets per share, after all prior obligations, of 26.60 as against its , present price of around 14. Twentieth Century-Fox, as of the 1949 year- ',i' end, had a net current asset Also, most companies of 14.15 have very a share. favorable EPT bases because of ;,;;;, C ;;0. large earnings in the 1946-1949 period. Twentieth century-Fox earned an ) average of 5.68 for the best three of the four yearso Columbia Pictures .. i'' showed a comparable figure of 3.66. The technical formations of the group ;',,', are potentially favorable 0 Long base patterns have been built up and while , ', they have not been penetrated upside, the ultimate objectives indicate the ;;';,' j; possibility of substantially higher levels. Three issues are on my ; recommended list. Twentieth Century-Fox (23) is paying a 2 annual dividend \ to yield over 8. The other two, Columbia Pictures (13 3/8) and Universal r'i(1L), are more speculative but have good appreciation possibilities. March 2, 1951 EDMUND W. TABELL ',, \ ;', flosing Averages WALSTON, HOFFMAN & GOODWIN ( Dow-Jones Industrials 253.61 ;; ;,',i, Dow-Jones Rails 86.26 , 711 Thll memorandum il not to b. conltrud al lin off.r or solicitation of offers to buy or sell any securities From time to time Wahto Hoffman I Goodwin mily ,,,, h.ve II. inl.r,!' In lome or ell of the securities m.ntlned her.in. The for'90in; mat.rial h.n bun prepared by III III a metter of Iformtion only. It is billlHd .'- , upon Informahon b,neved r,lIbl, but not nlunarll, compl'h, not ;uarant..d as accura', or finr, and is not intended to foreclosfI independenl inquiry .; F-./ /t,J;;;l/;.i'!,;;!'—;'F;l.e;',',,;t—' ',-.,./-'t'.;;.,..,.t. -r;;,– C,7(,-; ';.'.,.-t'!!;).,. '-.,.j;;'1-;'- -.,.' ;/'J-;'

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