Tabell’s Market Letter – January 20, 1950

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 .. ' ……… . ' ',.. …. ; ………….. – ……. , – . …. –…. – – – –.–