Tabell’s Market Letter – January 20, 1950

– – – —– — . , '',' …; . . . . … 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