Viewing Month: January 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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