Viewing Month: August 1951

Tabell’s Market Letter – August 03, 1951

Tabell’s Market Letter – August 03, 1951

Tabell's Market Letter - August 03, 1951
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f.' -', , !( 1;'1 1, t,/,' ,,, , ' , I I,',',f, NEW YORK 5, N Y ), ' 5 WU Street PHILADELPHIA 2, PA 1420 Walnut Street LOS ANGELES 13, CALIF, SAN FRANCISCO 4, CALIF 550 South Spring Street 265 Montgomery Street t' ,1' 1l/1l', /I, DIGBY 44141 PENNYPACKER 5 5977 t.,i' ;'l , '; TABELL'S MARKET LETTER f;' MADISON' 3232 SUTTER I 2700 1', ;',11 hl,'i,II,'' til The Dow-Jones industrial average slightly topped the May peak of ',' ;)264.44 at the week's high of 264.78. The rail high of 82.18 was still a -;; I'considerable distance from the February high of 90.82. ,I 0 ,It is still uncertain whether the long trading range in which the ,,' v,' imarket has held since the first of the year will turn out to be a broad top (, r!.resulting in a steep decline later in the year, or whether it will turn out ,-,', \;-,to be a period of re-accumulation prior to a continued advance. The answer ,, i!,/iShould be given before very long. ,, ;,;,; Under the present Circumstances, I see no reason to change the ,,',' investment policy advocated by this letter recently. If the advance is to ;'( , 'continue to much higher levels, new stocks must take over the leadership. i., i','That is why I have advised that 50 of available funds be invested in se- , i,/lected secondary issues that have good prospects, high yields and favorable' ')long term patterns. Stocks of this type could advance 25 or 50 in the ',' Vevent of a further rise in the averages. If the market declines, it is ;;'1 ('probable that these unexploited issues will meet support in an area not , ;'much below present levels. Would continue to keep 50 of' speculative funds, ',1 iI)liquid until the uncertain pattern clarifies. , ;',;, I consider the moving picture s,tocks as an outstanding opportunity, ; 'for substantial capital appreciation. The unpopularity of these issues sinc' l,1946 has been justified by a series of adverse happenings that resulted in a i)sharp decline of over 60 in the general price average of the group. The i;, imajor part of the decline occurred in 1946 and 1947. Since 1948, most moving'; ,picture issues have been holding in a narrow trading range. f',i Today, they are selling at close to their eight-year lows in a ;, ' (,,market that has advanced almost 100 since that time. The motion picture '; 1d'.iICOmpanies are a major segment of the amusement industry. If' we consider I ,, ,this industry as a whole, it would appear that the outlook is extremely;,' ,'favorable. People today have more time, money and desire f'or amusement than ; 'ever before. The pattern is distorted by the advent of a new form of amuse–. i ment – television. The fear of television may be greatly exaggerated. It is II , possible that the moving picture industry will ultimately turn out to be ',- cthe dominating factor through control or alliance with TV. Radio did not ,–J !i',kill moving pictures in the 1920' s and there is no reason to believe that ,,;television will do so. The amusement field know-how is still largely con- Lcentrated in the moving pic ture companies. ;;,- i' As of' today, the moving picture stocks appear to be sharply over- 'I, ft,tshorlede. Technically, they have years. I recommend the been under long following seven term accumulation f'or the past , stocks as candidates for sub- ' ;;';,stantial term price appreciation in speculative accounts. 1, , I;' ' Est. 1951 Estimated '1, Price Earnings Dividends Columbia Pictures 12 7/8 2.05 -A .75 -A Loew's 16 3/4 1.65 -B 1.50 -B Paramount Pictures 24 3.00 2.00 Twentieth Century-Fox 20 5/8 2.75 2.00 United Paramount 20 4.25 2.00 Universal Pictures 10 1/4 1.65 -C .50 -C Warner Bros. 13 3/4 1.35 -B 1.00 -B A – Fiscal year ending June 30, 1951 B Fiscal year ending August 31, 1951 C – Fiscal year ending October 31, 1951 Previously on recommended list. , / 1 August 3, 1951 EDMUND W. TABELL WALSTON; HOFFMAN & GOODWIN Dow-Jones Ind. 262.98 Dow-Jones Rails 81.47 7- 'I , ,I This memorendum is not to b. construed 115 an off'!r or solicitation of offen to buy or sell Iny secl/nties From time to time Walton, Hoffman & Goodwin mollV have an tnt.!ut in \(11'1. (I! all ai h.. t..C\,Ifm.S menianed ….,..In The ofeqolnq materiat has been prep4red bv \,IS 4S 4 metter of In'o,maon only It II based upon information b.li.y.d r.liebl. but not n.Clnuity compl.t., b not ;uaranteed as accurat. or final, and is not intended to for.clole independent inqUirY ',,' I'll , , ,-, , ' -'/lI' , , ,'. .'1' , I , . ', ,

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Tabell’s Market Letter – August 10, 1951

Tabell’s Market Letter – August 10, 1951

Tabell's Market Letter - August 10, 1951
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————————————————— f,'i.; . . .s, ;-;;'f;';,'1,C WoIston.Hoffl1101l &- Goodwin ;;,f'l'jc;;-;c'';.'c-; –r; 1- t!ji- ,p6;t.e-nc (/j'/ec ,– ft'1 .',-' f; ; .i', NEW YORK 5, N. Y. PHILADELPHIA 2. PA f,b,/\,'1 3S Wall Street DIGBY 44141 ,'; 1420 Walnut Street PENNYPACKER 5 5917 ,,-'7,Cr TABEll'S MARKET lETTER 1 Ij LOS ANGELES 13, CALIF. SAN FRANCISCO 4, CALIF 550 South Spring Street 265 Montgomery Street MADISON ,)232 SUTTER 12700 ; 1,'' t',.!, ,,-,lcY; I' I P;', ; i t;; I am reprinting below the letter I wrote on May 11th because the r;, 1,',i',(;' I,odpuinstiroinasl expressed then a average declined ptpoly24e1q.u8a9llyinwlealtle t oday. May, Since rallied that to time 255.23 the in eianrl-y;iii1… k,June, dec lined to the June low of 240.72 and rallied to a new high last ,.nweek at 266.52 while the rails reac hed a high of 83.38. -. I!hil. It t,,, '-'f- ;,1 For the longer term my thoughts have changed but little from my ,'- ;.,;forecast of 1948. At that time, I stated that the stock market appeared to kibe in a long uptrend similar to the war and post-war period of 1914 to 1929,.\ r/;'The present uptrend started in 1942 and, if the same time span were used, Ui eWOUld continue to 1957. Such long term moves obviously have their interruPt11 lcions. Usually they consist of five phases – three of advance and two of de- !,;; f,icline. The first phase f;in June 1942 to 213 in was May the advance from 95 in the Dow-Jones 1946. The next phase was the decline industrials from 213 to ,;; t;; b160. This low point was tested each year from 1946 to 1949. In my 1948 fore,,' rlicast I expressed the opinion that the next advancing phase would carry from ;.;;1 (I;a low of 160 to about the 250 level with 5 leeway either side. The advance ;1. ',would be followed by a decline to about the 200 level. After that, there ;, i' ;would be the final dynamic advance phase that would carry the average well '1, ;above the 1929 high of 386 to probably 450 or higher. I see no reason to i); r'change Fi; the broad outline of this pattern. The present advance is, in my opinion, nearing its end. Whether , ;the industrials will rally somewhat above last week I s top of 264.44, or (iy, p)whether the rails will rally somewhat above the February high of 90.82 is l, , (Vt1 iiu,cnopnrceedrincdet.a bIl e n and of minor significance my opinion, the market is as far as the long term only in the early stages trend is of forming ,C)'.;'t tt;(Ia distributional top. It may require considerable time and wide fluctua- ptions in a broad twenty-five point range in the industrial average before ;hhe top is completed. The downSide implications of such a pattern are not fi'e-l) fpredictable until the formation is more complete but, in my opinion, the de' ilUcline will be relatively mild as compared with the 1946 or 1937 deCline, Nt' i!;both as to price and as to time. The 1942-1946 advance lasted four years 1 ;',and was 123. The 1949-1951 market has advanced 67 in a two-year period. 1- i, The next decline will most likely be about in the same ratio when compared V nto the 1946 decline of 25. That would mean a decline of about 15 or 20, f1 l.l0r about forty or fifty pOints to approximately 225-215. Of course, a broad; ,,;lening of the top may occur later but that appears to be all that is indica- r ;;-1;ted at the moment. The duration of such a move is guesswork but, as a !-;; ;'guess, I would say it would occupy a time period of six months to a year. I; 1 'r.',I'i'i;stocks This have had does not mean that all securities Will decline little price advance during the past two years 15. Many and are not !,'; ;,,'-, (J;overbought'- Their decline would be comparatively moderate. There are other V );issues that could even advance moderately ;;'ment. The most vulnerable issues would be during such a period of those that have advanced res-haadrjpuslyt-\,';;i;,; r(from the 1949 lows and are in need of consolidation and re-accumulation at to;, ';;lower levels. 1 111!1,'/1 (I To the longer term investor such a decline as envisaged should '- j,\.be of no great signif'icance and hardly warrants disturbing sound holdings. ,/New funds, however, should be invested only in defensive-type issues. For i' '' i those interested in intermediate term capital gains of six months or so, f. rithe pattern has much greater significance. While some issues may work tem- ;; ;-';porarily higher, it would appear that most will be lower six months from no; L;,.(,and, therefore, the greater part of funds should be liquid awaiting buying l!opportunities. For the short term trader, it would appear that the market ;''. il,iS no longer a one-way street and a great deal more caution is necessary. V.,j f,,l H rl A!t!s 261.92 EDMUND W0 TABELL WALSTON, HOFFMAN & GOODWIN tr;;; ii Dow-Jones Rails – 81.00 fl''\ Pfr) ' /' ny 'fThh memorandum it not to b. confruld .11 an offltr or ,olicltation of Off'fS to bur or 'ell SltUfltlt15 From t1ml to tim. Wablon, Hoffman& Goodwin may l1 have ,an Int.,.11 In some or 01111 of the 'Ieurlt! mentioned h,r,in. Th, f01.qoin1;1 maler,11 has been prepared by UI as II mattn of InformatIon only It is based 1\0' 1 upon Informflhon b,II .,.d r.nable but not nlclnarily omple'., Is ;ua,ant..d oIlS accurate or final, and b not intended 10 foreclose Independent inquiry 1;,' 'IJ /''-' ..k;. ';;,…2.7;.'!t.;D!j.-!ii.',tl,-T!!,;.j.,,;.–' -7'-'.,. –. .-;'!..!….,J'Z–.,….l'i-'EJ..'.(.IJi(;'j;,;\;.-,;J!,iv L..,

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Tabell’s Market Letter – August 17, 1951

Tabell’s Market Letter – August 17, 1951

Tabell's Market Letter - August 17, 1951
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Walston.Hofftnan & Goodwin.- – , -',',,c';,\j un,e.n& c/eo., '-l 3S WallStreet -PHILADELPHIA 2, PA. 1420 Walnt Stroet .. LOS, ANGELES 13, CALIF, SAN FRANCISCO 4, CALIF, 5sq South Spring St,eet 265 Montgomery Street ll;; J DIGBY 44141 PENNYPACKER 55971- MADISON 93232 SUTTER 1'2700 f;',-', TABELL'S MARKET. LETTER ,''-,;;, 1- 'I- \'r .t, 7,' .. ;1/1, , ,'; i' 1', ,,', , a ) ''', r The Dow-Jones industrial average reached a new high this weelc at li; ,,207.44. This compares with last week's high of 266.51 and the May high of i,;' L264.44. By comparison, the rail average continues to lag. This week's high b,; ti'ii'was 81. 25 as against last week I s high of 83.38, and the February high of )90 .82 . c' In addition tOJthe divergent action of the , two , averages, there are ' ,inany ther technical sighs that continue to indicate extreme caution. The ;(j f,'breadch-of-the-market graphs are very unfavorable. Each successive rally in t Utheavrll-gesb.,,, .been carriedforwaI'd,)y; ,q.D,inc,r,eas,ingly s!1la,ller number of !( stocks. This is shown by graphs of volume new highs anq lows, advances and ;;1, i 'declineF,,'moving average action, .etc. These signs of weakening internal ac-l,';! ,tion hae occurred while the average is making neY highs. Such a pattern i;;i ;' has been present 'at every important' top in the past twenty-five years. When ili! i ;the stocks that-are leading the, advance reach levels that over-discount 'the t.' i ,future and buying' cea'ses, the u'Pward momentum of the marKet 'stops llllless ii,, f.'new leadership' takes over. , ,., 7,, L The leaders of the present;advance hav'e, in the great majority of (k ,.;cases, reached their upside objectives. They should be sold on strength'. \,Iovlever, there are a, number of. secondary issues that have favorable long ;'t;erm patterns and have, as yet, shown little market advance. These issues 'ocould e,dvance while the erstwhile leaders are building up wider distribu- IG r !tional tops. If the market declines, these issues should act better defen- r ;;;sively than,'the, general market. ' ' , 'Earlie'r ,in the year, I advised a 25 invested position in long term f;, I ,capital appreciation accounts. This was increased to 50 in June. Would now (,; ',;,advise 'a reduction,back to 25 after the twenty-five point advance from the ;';/' ,'June 10l'/s. ThiS;ad,;Lce ,is substantiated by a sell signal on my intermediate ,.' ).'term gauge ,given taii! week. . I,; i;, , The 25 invested position should be only in the secondary type of p;- tiissue'mentioned-'above'. I am listing below suitable issues of this type. ;,,; ',',The list below should now be considered my recommended list. Some issues ;',1 ;formerly in my . !ist a!,e eliinated- I consider the issues beloVT more su1t-; able under. pesent conditions. ; j- BETTER GRAIJE . ' i;EDJ— GRADE AmericancNews -(33) . ' -1-A/soc .Dry Goods (21) ;.JiL!;, Armstrong cor- (59) , Bucyrus Erie ('22) Endico,tt Johnson (2)'. -Burroughs (17)' 1,,/ Fairbanks 'Iorse' (50). -Carrier (24) t; SPECULi\'l'rITE ri,' ,American Airlines l5P 'Central Foundry(9) I'; Columbia Pictures Eastern Airlines ('(2153) )..,., i-.. rasonite',C31), ' . 'City'Stores (19) Gray Mfg. (15) 'i l ,,' Montgomery tard (69) Columbia Gas (14) Gulf ,Mobile & Ohio (21-). i' Western Auto (49) Elliott (26) Inter'. Tel & Tel (17) j. 'i Freuhauf Trailer. (26) Radio Corp. (23) (' ;' ; l ,' , Hall Printing (18) Hewitt-Robins (26) Lowenstein (30) Raytheon -( 10) . ;.'/ Piegel (11') ,''', United Airlines (28) k,; ' J ; ;' !'; i ' , '.. ' , ' '- National Supply (27) Universal Pictures (lO'r ,'Pacific Mills (38) Western Airlines (13) b Paramount (25) Shamrock Oil (34) '1- i,-'i Smith, A.O. (35) Sylvania (33) Twentieth-Cent.Foy. (20) \,- ,- , ..,7,-'',' ',

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Tabell’s Market Letter – August 24, 1951

Tabell’s Market Letter – August 24, 1951

Tabell's Market Letter - August 24, 1951
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.,;,. '''''''',' Walston.flofflnan &- Goohviu t;'';',',,;,',;,ii, ,r' \ ,'\ ' , 1-,,' NEW YORK 5, N. Y. , ';,l' ; 35 Wall Street DIGBY 4-41.11 , ,,'./, '''' TABELL'S ,,ft. ', ' I) of0;!'4tf;U7z& &er PHILADELPHIA 2, PA, 1420 Walnut Street PENNYPACKER 5-51177 LOS ANGElES 13, CALIF 550 South Spring Street MADISON' 3232 SAN FRANCISCO 4, CALIF 2b5 Montgomery Street sunER 12700 LETTER i ,p.',,,,! p'/! I1J (I'; '(' 1',/ 1-,1, ,! -,' ,fIJI' , ' -L ' \ When mei1tion .is made of growth stocks , the average investor F, ,,';Iusuall thlnks of clemicals, ethical drugs or oils. 10st of the cO1panies , ;,)n 'he above categories have had sharp 'market advances n recognition of ,', '.cheir excellent long term prospects. Today's prices, particularly in 'I', '.'icheaicals and drugo, are at levels that very liberally discount these fa- !' ;vorable developments. lliany of these issues are selling at very high price t, g ;..to earnings ratios and yields are very small. i'i There is one growth group, however, that has not yet discounted ;;; ; ,li ts xtremely favorable longer term prospects and wher-e the individual ,,; '.'issues in the group are still selling at l'easonable price levels. It is the ;1, 1/,,'1elec ,.ronics group. . !',, I', One reason, perhaps, is because the industry, its products and \' ,. their application and growth possibilities are not fully understood by the I ;,generl public. I' Electronics, to the layman, was first associated with the electrldl. ';eye and then with radar in World War II. Of course, television is what brin.;s electronics to mind today. But there are many o'her uses, both pre- r i' , sent and poteatial. Electronic research is causing great changes in the ;., ,,fiel( of business and accounting machinery, in micro-wave relays, automatic ;, !,',contl'ols and two-way communication systems. And, of course, electronics ;'has a very important place in the defense program. Military electronics 1,''' ''';,production is expec t;ed to reach a peak annual rate of 2.5 billion in 1952. \,,; I ';, Host of the better known electronic stocks are in the television '/' ;' ;field. Most television stocks have very favorable long term technical ;,0;' 7jpat terns. However, third quarter earnings are expec ted to be poor because .iof the heavy inventory of dealers and somewhat lO'.er stock prices may be I'd witnessed when these reports are issued. Television issues should be !i,,,',,i, (bought on moderate price dips. I favor issues t!1at also have an 'electronic ; , ..,.t research background as well as television assembly. Such issues include , -'Radio Corp.(22), Motorola (47), Philco (24), Dumont (16), Zenith (60). v,' These issues appear more attractive than stocks like Emerson (14), Magnavox ,,; .(16;, and Admiral (24). ;-, ,, There are other issues that are mainllr suppliers to the electronics ' , . indus try. In this group are inc luded suc h issues as Sylvania (34), Raytheon ;; ,(10), Cornell Dubilier (17), General Instrument (8), International Tel & c,'; 1''.,lToenlg (17), term and Standard patterns. Coil (13). Most of these stocks also have favorable , ' ' '! There is a third group of issues that are in electronics indirect- ';, ;. )y. The office equipment industry is a case in pOint. Such issues as 1,' ,'jBurr'oughs Adding Machine (17), Gray Manufacturing (16) and Remington Rand 'I ;i'ip(2a0r)t . are companies in which electronics may play an increasingly important ;'I The issues above that are underlined are part of my recommended i) list. I advise their purchase for intermediate term capital apprec iation, I;provided such purchase does not bring such accounts below the 75 buying i.',;; , L ',,;.','.reserve advised by this letter for accounts of this type. I, ,, , , , August 24, 1951 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN I, Closing Averages Dow-Jones Industrials 266.30 Dow-Jones Rails 79.04 .' rf- 'lt' – . , , ,/' , , '-, , I' ' ' Thb memorandum is not to b. conltrued o!IS iIIn offlr or lolicltation of offer, to buy or sell any securilles From time to time Wa.hton, HofflriJn & Good….' may ' hovi lin interld in loml or all of the securihes mentioned herein Th. fore90in9 material h/ll bun prepared by us as /Ii matter of informdtlt'ln arly , I bdUd , ,; upon informiltion beHeved r.liabl. but not necessarily complete, Is not uaranteed .'11 accurat, or final, and is not intended to forec\o1! Indt'pndf!nl InqUIry. .,'',,,', ,- – '-'',-';'I;-,'r-,,-, ,';-,';7',' ' 7 I', ',' \.. ..-, ' ,',

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Tabell’s Market Letter – August 31, 1951

Tabell’s Market Letter – August 31, 1951

Tabell's Market Letter - August 31, 1951
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&Wolston.Hoffn10n.y, ''.;I t,,t;t;,-;. , .. ,.,.. , ' Goodwin,,',' '–, ,'.. ' ,) ct J 1', NEW YORK 5, N. Y. 6.-4M;e;zC (!curUfed PHILADELPHIA 2, PA. LOS ANGELES 13, CALIF. SAN FRANCISCO 4, CALIF. ' t' H t.. 35 Wall Street '., DIGBY 4.4141 , .. …1 1420 Walnut Street PENNYPACKER ss'm ,' TABELL'S MARKET LEnER !'I' li The Dow-Jones industrial 550 South Spring Street MADISON 9322 2b5 Montgomery Street SUITER 12700 e during the past week reached the rI' r.,.. ,—,,' Lt. . . /.', ;j ,I highest price level since June, lS'30 at 271.64 The Dow-Jones rail aver;', ;If' age, on the ot her hand, was still ten pOints below the February high. The 1,''1., r;, New York Times 50-Combined stocks average did not quite reach the May highF;, Recently, severalbalance sheets of the business and financial out ; look have been issued citing both fworable and unfavorable factors in an ;;'' I attempt to arrlve at a decision as to the course of business and the stock; 3 market for the, next, six to twelve Lonths. Perhaps a balance sheet ;of– th i(;/; technical ,condition of the market might be appropriate at this time . . ';.. o!, ; FAVORABLE FAC'l'ORS would inC'lude the following ' ,,' … , !i;, E1. – 'fher'e has been no speculative excesses in the low-priced ,;stockscthat-usually mark the'top of the market. Low-priced stocks-avei7')/.;i ,';. done little market\lise'. The leaders of the market have been the better ;/;, 'd' grade stocks. ii ,,, 2. – A. great many secondary issues have very strong long term, I,, ; technical 'patterns. In some cases, they have been under accumulation for i,'; two years or more and indicate substantial price appreciation eventually. ';,', i' They have done i,, yielding 7 to little 11arketv.J'ise J are 10. They also appear showing excellent earnings J and are to be in an excellent defensive ;' position. 1- . V are low 3. ,There is no selling pressure at the and, in the'main, stocks are firmly held by moment. Brokers institutions and loans lon g 'c. ; term investors. It would apparently tae a decided change in business. ,pros- , ,,. pects to dislodg, e , ' large' amounts of these holdings. . .. 1-. ' . /,'. ,;; on t,f,,; been , 4., formed )WY ith a potnt few and exceptions, no figure graphs heavy distributional tops have '&, of individual issues. Of course ,', these distributiqnal patterns can form rapidly and usually form at a level''c, i/; below thehigh'However, the patterns do not look too dangerous at the ,.,i moment . .Rec('nfL., 'it appeared that some tops were forming but it eventuall!!., ,,' turned out thatthe offerings were absorbed and the trading areas Ilere. pene; j; trated on'the'upside.. . ' . – , ,' ' cl . …. JJI…. , , . ;,7.' Ic'J UNFAVORABLE FACTORS would include the following ., ;/ fj; . ,-.i'. ,;'pespie the advance to new highs in the industrial averageit i the inter,nal action of the market is poor. This unfavorableaction could b ,',' reversed, but until it' is, it suggests caution. While it appears that ,the , 'j ! market is Thursday, strong- 'as ,measured only249 stocks of by the averages, actually up to the close 1422 listed issues reached their high for on' the ; rt, U year in August. ,This is only 17 of the market. In contrast, 376 highs were,/ ,', reached in Jal'vary and 409 in February. To the av('rage holder of stocks, d ;' , the market reached its high in February. '. ,1,/, i The same pattern is present in advances and declines. Over the past;' ' twenty'five'weeks ending August 24th, there have been a total of 14,447 , ; issues advancing ,as against 15,692 that declined. This is despite the 'fact , that the averages are at a new high. The same is true of volulne. At the i ; February top, t''le twenty-five week total of volume was c lose to 300 mil1iOI;1' i' shares. At the week ending August 24th, the twenty-five week volume had, … t';,; l;' dropped to 186 million. Upside volume; has dropped even more sharply. on ,the' c' ,,' tllenty-five week totals. It was c lose to 200 million in February, arid was F, ',/', around 99 million for the week ending August 24th. 2. – On the point and figure charts, the great majority ' of ,, the r,;',' issues that have led the market have about reached their objectives .. They .,' must re-form accumulation patterns at these or, more likely, 10l)er .levels. /, ', For the market to carry forward, new leadership must bo found. . i, , Some groups appear to have formed tops and seelO to be in long ,term ;,' ! downtrend., Motors and steels are examples. Some of the papers have poten- I '. I, tially dangeous patterns. ;,; —n.. Tmarket in '1 921t. , -i'9G51enaenrda l Mot 1946 o,rGeirieiaichracli-.Moitt6srsl-lr.iegahc long neCl. be its fo n re igh 'tOllfe,54…..n,374r-aol'n-7;',,,I ',; Oct.5, 1950. It closed at 50 on Friday. ' i-' , 4. – The rails have acted as a barometer since 1942. They have',, \i led almost every.advance and decline of ioportance. Present action is un- 'l favorable as witness successively lower highs of February, May and A)lgSt ', ;;—- ; !,t7'/' 11. Ifran n onltrued as an offer or lolicltation of offers to buy or have all Ifered in lome or all of the 'securities mentionld herein th. foregoing mater IJ'\Jt'.'hbi,J.J'.!clI,1iV.fpite.s parF.qqUrlp(. i'Ib' -. efuWar lfJd2WG.t!tlf'W\T'1..wo.lq\l,..1&'IyGooItdwIillbumeady; — /i' upon informtlon bllilVtld rlnable but not neceulIrlly complete, b not ;Juarllnteed a5 accurate or flilal, and j, not intended to forecl05e indtlpendent inqUiry. , V'; ' !!tL\0;,'i,''in;);, ,.;7;;''' ,'.,. J.';,!.;,'),;.;,' ,,; '7 ,;'! , ', …'..!– ,. .I'. '!-'.'i.' ',; ,. /' ,! c , '….., …. ' . , .' /

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