Viewing Month: March 1950

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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Tabell’s Market Letter – March 03, 1950

Tabell’s Market Letter – March 03, 1950

Tabell's Market Letter - March 03, 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 PITTSBURGH, PA. RIVERSIDE SANTA ANA STOCKTON VALLEJO TABELL'S MARKET LETTER 35 WALL STREET. NEW YORK 5. N. Y. Digby 4.4141 HOTEL WALDORFASTORIA PLaza 9-6860 While the industrial average continues to meet resistance in the middle of this 200-213 area, individual stocks which have-worked out of their base patterns continue to reach new highs. The rails as a group have for some time appeared ready to take over the leadership of any possible advance from these levels. Today's closing figure in the rail . average of 56.42 constitutes another new high and its favorable indications ,are backed up by the general excellent action of the rails despite the un'favorable coal strike situation. Long term optimism is still justified by the market's technical position at these relatively high average levels. Generally speaking, top formations are not being built and the strong long term trend conti;nues with increasing 'force. Purchases of well situated stocks are ad'vised and aggresssive short term buying on weakness appears to be a very safe course. list. Below are further comments on some issues in the recommended ARMSTRONG CORK – The stock has been showing improving actiono The June low held at the 1947 low of 39. Most of the top formations indicated a decline to about 39. Ability to penetrate the 1948 high of 56 wouid indicate a long term uptrend. A drop below 39 would indicate a downtrend but there is strong support at that level and such a develop- ment appears doubtful. Would buy in 50-40 range. BOEING – The recent action of the stock has greatly improved the pattern. The stock has formed a good base in the 18-25 range and 'penetrated upsideo The initial objective is 33. Would buy on all dips. CROWN ZELLERBACH – The 1947-1948 top of 35-32 indicated a decline to 21. The June, 1949 low was 20. The stock rebounded sharply into the overhead pattern, spent some time working in the 25-30 range and has recently broken out sharply above 30. This action has improved ,the basic pattern. Would now advtse purchase between 30-35. GENERAL AMERICAN TRANSPORTATION – This stock built an ex- cellent base in the 41-46 area during 1948-19490 It broke out clearly at 48 two or three months ago and the last few days has risen in a relatively stagnant market to 53. Its near tArm indication seems to be roughly 52-57 and it now appears to be a candidate for profit taking on strength as some reaccumulation in the 50-55 area seems likely. Eventual higher levels may be indicated in the future but at t'1is time other situations could show larger appreciation. Armstrong Cork Approx. Price 50 1949 Div. 3.00 Yield 6.0 1946 High 65 1949 Estimated Earnings 6.57 a Boeing 28 2.00 7.0 35 3.50 – Crown Zellerbach 33 2.00 6.1 40i- 6.20 b Gen'l Amer.Trans. 52 300 5.7 71 550 a – Actual earnings b – Fiscal year to end April 30, 1950 March 3, 1950 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN This memoralldum Is 1I0t to be cORstrued as o!In offer or sollcito!ltlon of offers to buy or sell lillY securities, From time to tIme Walston, Hoffman Golodrl'b maJ hilve an intered In some or all of the securitIes montlORed hareill. The foregoln9 material has beeR prepared b'l us as a matter of Information on y t lase upon information baU.ved reliable but not necenarlly complete, It not guaranteed as accurate or final, and Is not intended to foreclose indepeRdent InQuiry.

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Tabell’s Market Letter – March 10, 1950

Tabell’s Market Letter – March 10, 1950

Tabell's Market Letter - March 10, 1950
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Ir—- — Wolston.Hoffmon &. Goodwin' SAN FRANCISCO, CALIF. NEW YORK, N. Y. PHILADELPHIA, PA. LOS ANGELES, CALIF. BAKERSFIELD BEVERLY HILLS EAST ORANGE, N. J. LONG BEACH ., MODf5.TO..,. ….OAKLAND PASADENA. SACRAMENTO SAN DIEGO SAN JOSE EUREKA FRESNO HAGERSTOWN, MD. HARRISBURG, PA. PEBBLE BEACH PITTSBURGH, PA RIVERSIDE SANTA ANA STOCKTON VALLEJO TABELL'S MARKET LETTER 35 WALL STREET, NEW YORK 5, N, y, Digby 44141 HOTEL WALDORF,ASTORIA Plaza 9-6860 The area of heavy supply between the 200 and 213 Dow-Jones in- austrial average, which we have repeatedly emphasized for many weeks past, continues as an effective barrier to any general market advance. The long term impetus which has developed during the rise in the June, 1949 lows has seemingly spent at least its first upward drive. During the last few days some of the trend indicators have given the first real warning of an intermediate correction, although individual stocks have in many cases been correcting themselves independently during the last two months. Also, during these last two months the market has been characterized by a slowly increasing amount of selling accompanied by a drop in what can be termed short term buying. Simultaneously, however, and serving as a steadying factor, has been a continuing high level of investment buying. This general Situation still remains. As stated pre- viously, no general top formations have as yet been built on the point and figure charts and we continue to feel that any intermediate correction from these levels would be both moderate and selective — its eventual' downside objective not exceeding 190-195 in the industrial average. During such a selective correction there is no need for 'disturbing or changing one's long term optimistic viewpoint. Technically, the rails still appear very definitely stronger' than the industrials as a general group. For trading accounts we would continue to advise purchases on weakness but again emphasize the main- tenance of at least 50 liquidity in periods of strength. Below are reviews of four rails on our recommended list ATCHISON,TOPEKA & SANTA FE The stock appears headed for a testing of the 110-120 reSistance area. The long term objective is difficult to figure but the stock appears to be a purchase on all dips. GULF, MOBILE & OHIO – The stock has shown aboveaverage action inasmuch as the June low of 9 held considerably above the May, 1947 low of 6. A base has formed in the 10-14 range. The present upside ob- jective is 17-19 followed by an eventual 23. Action may be slow but would buy on all dips. MISSOURI, KANSAS-TEXAS,PFD. – The stock has a very interesting pattern. The 1948 top at 34-20 indicated a decline to 19. The June, 1949 low was 16 which held at the February low. The strong potential base pattern formed in the 16-25 range has been penetrated upside. I The intermediate objective is 31-34. Would buy on all dips. I SEABOARD AIR LINE R.R. – The stock has broken out of the 14-17 range on the upside and indicates an intermediate term rally to 24-28. The longer term pattern is also favorable. The stock has held in the broad 12-26 range for over three years. An upside penetration would indicate 38-40. Atchison, Top. & S.S. Gulf,Mobile & Ohio Approx. Price 108 15 1949 Div. 8.00 .50 Yield 7.3 3.3 1946 High 121 30t 1949 Earninss 18.06 2.52 Missouri-Kan-Tex-pfd 24 none none 52 7.30 Seaboard Air Line .24 2.00a 8.1 37 3/4 5.16 a Dividend just increased to 501 a quarter. . Carries accumulated back dividends of 128 a share. March 10, 1950 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN Thh memorandum Is not to be construed as an aUgr or sollcitatTon of oHan to bllY or sell any sec.urities. From lima to time Wallton, Hofman & Goodwin may have an Interest In some or all of the securities mentioned herein. The foreqolng material has been prepared by us as a matter of Informatton only. It Is based upon Information believed reliable but not necessarily complete. is not glltHonteed as accurote or finol, and is not Intended to foreclose Independent Inquiry. .. i,

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Tabell’s Market Letter – March 17, 1950

Tabell’s Market Letter – March 17, 1950

Tabell's Market Letter - March 17, 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 01 EGO SAN JOSE EUREKA FRESNO HAGERSTOWN, MD. HARRISBURG, PA. PEBBLE BEACH PITTSBURGH, PA. RIVERSIDE SANTA ANA STOCKTON VALLEJO TABELL'S MARKET LETTER 35 WALL STREET. NEW YORK 5. N. Y. Digby 4-4141 HOTEL WALDORFASTORIA PLaza 9-6860 The market weakness which carried down to the closing low in the Dow industrials of 202.33 on March 9th, was the strongest attempt we have witnessed to break through the resistance line that has furnished downside support since June of last year. From the March 9th low point, investment buying, demonstrated by the high quality of the market leadership, again firmed the entire list, carrying the industrial averages to new highs. As this is written, the short term market measurement is again overbought, as it was on February 3rd at 205.03. As we said at that time these minor overbought conditions within the framework of the strong long term uptrend are not necessarily serious but often serve as a limiting factor in the rate of advance. These waves of strength should be utilized for taking short term profits, maintaining liquidity for aggressive buying on weakness. The long term investor should continue to maintain a highly invested position and further purchases are advisable in well situated stocks. Additional reviews of stocks on the recommended list follow ALLIS CHALMERS – A very strong pattern has been built up in the 26-30 range and penetrated upside. The first objective is 39. Would buy on all dips. 1949 earnings of 6.99 a share set a new record. three y e aErLsE. CTARICst BOAT rong – The stock pattern has held been in the formed 11-17 range for over with the June low at 13 holdIng above the 1947 and 1948 lows of 11. The recent up- side penetration to 19 7/8 indicates 25 followed by an eventual 35. Would buy on all dips. ELLIOTT 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 28t was recently reached. An initial objective of 36-37 is indicated. Would buy on all dips. PENN-DIXIE CEMENT – The stock has penetrated the strong head and shoulders base pattern formed at 18-14-16 over a threeyear period. The initial objective is 39 followed by a possible eventual 53. Approx. Price Dividend Yield 1946 High 1949 Earnings Allis Chalmers 34 2.00 5.9 62 3/4 6.99 Electric Boat 18 1/4 1.50 8.2 35 3/4 N.A. Elliott Company 25 1/2 1.75 6.8 39 1/2 6.85 Penn-Dixie Cement 27 1. 75 6.4 30 3/4 4.37 N.A. – Not available as yet. Will be below 2.49 of 1948 due to non-operating writeoffs. Backlog of 45,780,000. March 17,1950 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN Thls memorandum Is not to be construed a. an offer or .olicltation of offerl to buy or .ell any securities. From time to time Walston, Hoffman & Goodwin may have !In 1ntere.t In lome or ell of the securities mentioned hereIn. The foreQolnQ m.!lterial hat been prepllred by us as .!I m.!ltter of Information only. It Is b.!lsed upon InformatIon belhllved ,ell.,ble but not necess'lrl1y complete, 15 not gunntead liS IIccur.!lte r flnlll, and Is not Intanded to foreclose independent InquIry, '- — – — ,–, I' r .(';.. – – – — – – , , – –

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Tabell’s Market Letter – March 24, 1950

Tabell’s Market Letter – March 24, 1950

Tabell's Market Letter - March 24, 1950
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– Wolston.Hoffmon &, Goodwin' SAN FRANCISCO, CALIF. NEW YORK, N. Y. BAKERSFIELD BEVERLY HILLS EASTORANGE, N. J. LONG BEACH MODESTO OAKLAND PASADENA SACRAMENTO SAN DIEGO SAN JOSE ,. PHILADELPHIA, PA. . -, – , -, LOS ANGELES, CALIF. EUREKA FRESNO HAGERSTOWN, MD HARRISBURG, PA PEBBLE BEACH PITTSBURGH, PA. RIVERSIDE SANTA ANA STOCKTON VAllEJO – TABELL'S MARKET LETTER 35 WALL STREET. NEW YORK 5. N. Y. Digby 44141 HOTEL WALDORFASTORIA Plaza 9-6860 , The Dow-Jones industrial average reached a new high on Thursday at '210.67. This is the highest level since June 1946 and less than three pOints below the 1946 intra-day high of 213.36. Of course, the action of the averages is somewhat deceptive. This has been primarily an investment market and has been led by the better .grade stocks such as those contained in the various stock market averages. While these averages are close to the 1946 high, the great majority of stocks are well below not only their 1946 highs but 'also their 194e highs. 'The action of these stocks, of course, is not reflected in the majority of the averages. Investment grade stocks continue to show much better action than the more speculative issues, and I would expect this type of action to conti- , .nue until such a time when'the abnormal spread of approximately 6 on better jgrade common stocks and the yield of 2 3/4 on highgrade bonds is narrowed .. !There is no change in the longer term favorable outlook. There are as yet 'no signs of high volume climactic buying which is usually present at a major top. . From a shorte term point of view the action of the market in breaking out of the five-week trading shelf between roughly 200 and 205 was ,constructive. The Dow-Jones industrial average reached an intra-day high Iof 210.67 on Thursday. A nearby penetration and confirmation by the rail ;average would imply that the long trading shelf of the last five weeks took the place of a correctionary decline and that any near term weakness will meet support at the top of the trading shelf in the 206-205 area. However, failure of the rails to confirm within the next few days would be a warning sign. Additional reviews of stocks on the recommended list follow CENTRAL FOUNDRY – This is a new addition to our list. The 1946 top at 17-14 indicated a decline to 9-5. A low of 7 was reached in February, 1948. A sizeable potential base has been formed in the 7-11 range with a near term objective of 14 foll0l1ed by much higher prices eventually if the 7-11 range is penetrated upside. Would buy on' all price dips .. ELLIOTT COMPANY – This stock has declined a point or more since our re-recommendation last week at 25 1/2. This stock has been on our recommended list for a long time. There is good support underneath the market and we would buy the stock on all dips. GENERAL TIRE – This is also a new addition to the list. The tire and rubber stocks have been showing increasingly favorable action recently, and while this stock is one of the more speculative issues in the group, it appears to be an interesting speculation. It has been in a long downtrend from the 1946 high of 60. The June 1949 low was 16. The fair base formed in the 16-21 range has been penetrated upside and appears to indicate an initial rally to 26-28, but the pattern forming has a very strong long term formation. Would buy on all dips. SIDUOCK OIL & GAS – This stock has been on our recommended list for a long time and while it has not shown very much price appreciation 'it has strengthened its pattern. The stock reached a high of 36 in'1948 and the November 1948 low at around 25 was tested again in June, 1949. A strong pattern seems to be building up in the 25-30 range and an up-' side penetration would be very constructive. The stock appears attract- ive for purchase around current levels. 'Central Foundry Elliott Company General Tire Approx. Price 10 1/2 24 3/8 23 3/8 1949 Div. .60 1.75 2.00 Yield 5.7 7.1 8.5 1946 17 3/4 39 1/2 60 1949 Earnings 1.59 6.85 .94 Shamrock Oil 27 1/2 1.60 5.8 32 1/2 3.63 Std.& Poors estimates General Tire will earn at least 5 in 1950. March 24 '950 This memoranum b not to be construed as an offer or solicitation of offen to buy or sell any EDMUND W securities. From time to TAREI.T, time Walstnt Hoff.man & Goodwin mav have an Interest In some or all of the securities mentioned herein. Tho foregoing materllil has been prepared bV us as a matter of InformatIon on IV It Is based upon Information believed reliable but not necessarily complete, Is not ejluarllnteed as accurate or final, and i, not Intended to foroclose Independent Inquiry. i

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Tabell’s Market Letter – March 31, 1950

Tabell’s Market Letter – March 31, 1950

Tabell's Market Letter - March 31, 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 PITTSBURGH, PA. RIVERSIDE SANTA ANA STOCKTON VALLEJO lABELL'S MARKEl LETTER 35 WALL STREET. NEW YORK 5. N. Y. Digby 4.4141 HOTEL WALDORF.ASTORIA PLlIla 9-6860 The shar'p selling wave on Thursday, with heavy VOlume, brought the industrial average back to the top of the trading shelf between 205 and 200 in which the average had previously held for the month and a half period between late January and mid-March. The rail average reacted also but still held within the even longer trading shelf between 57000 and 53.52. The rail average has thus far failed to confirm the upside pene- tration by the industrials in mid-March. Thursday's intra-day lows were 205.53 on the industrials and 54.05 on the rails. So far, action has been normal and has held within the bounds of a minor technical correction. However, from here on, the pOints of 205 and 53.50 become rather important. If both averages should penetrate these levels it would indicate, from a technical viewpoint, that some further correction of an intermediate importance is probable. There are two very strong support levels below the market in the industrials. One is at the 200-202 level and the other is at 195-190. On the rail average there is comparable support at the 50-49 level. Such a decline to these levels, if it occurred, would not be abnormal considering the fact that the market has advanced 'for' nine months without any correction of even intermediate importance. It is obvious that at some time along the line a correction will occur. Whether it will occur at this point,or after the industrials have penetrated the 1946 highs of 213.36, is problematical. The rail average may give the clue to the next important near term move. Ability of the rails to penetrate 57.00 and confirm the pre- vious advance by the industrials would undoubtedly bring new strength into the market. Whether or not this can happen is problematical. Some of our internal market gauges are beginning to show signs of unfavorable action. Selling pressure has been increaSing and buying power has been ' diminishing. Even though the market has met support so far at the first support levels, more time is needed fo see whether or not the market is ;. strong enough to hold at 205 and 53.50, or whether it may be necessary to work to somewhat lower levels before the market becomes oversold. As yet, neither the short term nor the intermediate term gauges have'yet indicated an oversold condition. In any event, the long term uptrend remains intact and any fur- ther weakness into either the 202-200 support level or the 195-190 support level should be used to add to long term holdings. At the moment would confine purchases to issues with attractive technical patterns but which have not yet had any sharp rise and which appear to be less vulnerable to any sharp drop even in the event of a further sell-off in the averages. There are many such issues available. One excellent example is Twentieth Century-Fox. It is still holding within the 18-25 range which it has occupied for over two years. With earnings of over 4 and a 2 dividend, it appears attractive in the low 20s. Other issues in the same category are Allied Stores, Columbian Carbon, Distillers-Seagram, Lerner Stores, Lowenstein, Montgomery Ward, Schenley and Shamrock Oil & Gas. A second group which also appears attractive are stocks which have broken out of the accumulation ranges and have had a temprary reaction back to strong support levels. In this group might be mentioned American Export Lines, Electric Boat, Elliott, Penn-Dixie-Cement. Another group that has formed a strong base pattern but has had only a moderate upswing is the airlines. The strongest stocks in this group appear to be American Airlines, Eastern, TWA and United. Western Airlines also appears to have speculative promise for long term capital gains. March 31, 1950 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN Thl, memorandum Is not to be construed, an offer or solldtatlon of offers to buy Of sell any securitIes. from time to time Walston, Hoffman & GoodwIn may hlIve an Interest In some or all of the securities mentIoned herein. The foregoIng material has been prepared by us as a matter of Information only. It I, based upon Information believed reliable but not necessarily complete, Is not ljIuaranteed as accurate or flIla, and is not Intended to foreclose Independent Inquiry.

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