Viewing Month: November 1951

Tabell’s Market Letter – November 02, 1951

Tabell’s Market Letter – November 02, 1951

Tabell's Market Letter - November 02, 1951
View Text Version (OCR)

—- — -/1 , ' ' ,, ,' NEW YORK 5, N Y 35 Wall Street DIGBY 44141 PHILADELPHIA 2, PA 1420 Walnut Street PENNYPACKER S 5917 LOS ANGELES 13, CALIF 550 South Spring Street MADISON '22 SAN FRANCISCO 4, CALIF, 265 Montgo,ery Street sunER 1'2700 TABELL'S MARKET LETTER , I, – ,' l ,, ,- ,. ..' I', '' As expected, the market continues to hold in a trading area bounded ',– roughly by 267 and 256 in the Dow-Jones industrial average. The October ;;; r 22nd low of 259.46 was followed the October 30th low of 256.39. by a This rally to 266.79 and then a decline to week's rally carried back to 265.82 r;,, on Thursday where it temporarily entered overbought terri tory. The average ;' declined again to 261.01 on Friday. In my opinion, it is necessary for the market to undergo a further ,f consolidating movement in the 255-269 area in order to form a new technical,'; pattern. When this formation is completed, a clearer indication of the I; – near term trend of the market will be given. The direction of the next move'.—', is as yet uncertain. However, the weight of technical evidence at hand leans toward the side of lower prices. Would continue to maintain 75 rI,;,'' liquidity in intermediate term capital appreciation accounts. 'I,I,'', Since April, when most issues in the group reached their highs for ;,; the year, the airlines have done little marketwise. As older readers know, ,, this letter originally recommended the airlines in November, 1949. Since ,',,, that time they have advanced sharply in price. What is the outlook for the ' group now I,, I stated earlier in the year that the airlines would be one of the , few groups whose earnings would probably be substantially above 1950. It ;., now appears that many of the airline companies will show record earnings ;; for 1951 and the present outlook is that 1952 earnings will be even higher .' , – This, coupled with the favorable long term technical patterns, indicates ; that the selected airline stocks should continue to be held and purchased ,,; during periods of market weakness. In my opinion, at the April highs, the f airlines completed only about 50 of the indicated long term advance from ,; the 1949 lows. There is no indication of an immediate move and the airlines;-t might even work moderately lower in a general market decline. However, there; is good support not too far below present levels and the group appears to L,; be in good defens i ve position. r, Listed below is the list I originally recommended on November 25, -;; 1949, together with other pertinent data. It will be noted that most of I these issues are selling substantially below 1945-1946 highs Last , Sale 1 ' Alaska Airlines 7 1/2 Amer.Airlines,3 pfd. 84 1/4 American Airlines 14 7/8 Braniff Airways 13 Capital Airlines Eastern Air1ines 13 23 71//88 ' Northwest Air.pfd. 20 3/8 Northwest Airlines 12 1/2 Pan American Air 10 1/8 United Air.4 pfd. 118 3/8 United Airlines 27 1/2 Western Airlines 12 7/8 Price 11/25/49 4 3/4 65 1/4 9 1/8 8 1/4 8 1/4, 14 1/4 17 5/8 9 7/8 8 1/4 81 13 1/2 7 High 1951 10 5/8 88 16 7/8 16 17 1/4 26 1/4 24 1/4 15 3/4 13 1/8 131 31 16 High 1945-46 16 1/2 98 19 7/8 37 1/2 49 3/4 33 1/2 27 1/4 -A 63 1/2 29 120 7/8 62 1/2 40 1/2 , .'., L II' (c.. ,, ,; t, , '-.' I f'; I'; I .- . A 1948 High Believe American Airlines, Eastern Airlines, Northwest Airlines, pfd .i United Airlines and Western Airlines are the most attractive issues in the list and should be held and purchased on minor price dips. The long ,,/,,/ c Hterm price objectives on all these issues are considerably above present i', I' levels and this group offers excellent possibilities for further capital appreciation. '' , November 2, 1951 Dow-Jones Ind. 261.94 ', Dow-Jones Rails 79. 83 EDMUND W TABELL WALSTON, HOFFMAN & GOODWIN ,;,'', .- –,——–,—,———–,—-c– / Thi, mllmorllndum i5 not to b. condrued III an off..r or IOlidtafion of off,,. to buy or sell IIn'l' securitiu From time to time Walston, Hoffman &- Goodwin may h.we an interest in some or all of the s.curllles mentIoned hereIn The fore;olng matenal has been prepared by us a a maer of In'ormatlon only, It i, bued upon informatIon beneved reUable but not neceuartly complete, is not u/lrantud al accurate or fInal, and i1 not Infended to foreclose independent inquiry, ,'i, ;', ,-',' /- – , ;,' ,- '; — '-' ;,';;' -.,.' -,''' rt– O-f ' '-','; – -',;.' -' ,, -' -, ';;-r.,, '' ' 7r-;.'-..'' .- ' ''-,',,,.;;-f.,,-'-.,';.''

Download PDF

Tabell’s Market Letter – November 09, 1951

Tabell’s Market Letter – November 09, 1951

Tabell's Market Letter - November 09, 1951
View Text Version (OCR)

,, I ' ,- p' NEW YORK 5, N, Y Wolston.Hoff.uoll &- Goodwin q;PeJhN..e,d –'C.l'; -'''''.'- tfA1,,'1-';' ,/, … – ,!.,f,' ,.' ,-,,//1 , . !, CYN PHILADELPHIA Z, PA, (//C'- LOS ANGELES 13, CALIF SAN FRANCISCO 4, CALIF, 'V I, 't',,, /l \' – 35 Wall Street ,' DIGBY 44141 10420 Walnut Street PENNYPACKER 55977 pI''I- ,!,' TABELL'S MARKET LETTER – f,I,; r ,,1) 550 South Spring Street t.4ADISON '.1212 2605 Montgomery Street sunu 12700 / ,r;.r;' t,'-7.-/. (''1 '/ r,'. tAV; II The market continues the process of building a new technical pattern,;; r'The decline from the September high of 277.51 on the Dow-Jones industrials ', , reached a low of 254.91 this week as compared with last week's low of 256.39'', ,Between present levels and the June low of 240.72, there are several support',, tP.evels. The first is around 255 followed by 250 then by 245 and finally the !l ;,June low. It must be remembered that the general market, regardless of spec -'',; ,'tacular moves in individual issues, has held in comparatively narrow range I,;' 'since the first of the year. The low was reached the first day of the year \'' at around 236 but, with the exception of four or five trading days, the mar-; I,,ket has held in the 240-277 area for the entire year. This range of about liS h,- ;iS comparatively moderate and is one of the narrowest percentage trading ;,'I , ranges in the past fifty years. Only time will tell whether or not this com-o'i, 'paratively narrow trading area is a period of distribution or a period of ;;'1.; -re-accumulation prior to a further rise. The situation is uncertain enough h, to warrant a continued cautious attitude in intermediate term trading accoun;8 , concerned mainly with capital appreciation over a six-month period. I continue to ad,vise a 25 invested position and 75 of funds as a buying reserve. iF\' r From a nearer term point of view, the market appears to be wedged ir,';, ,between a support level at 255-240 ',overhead supply at 270-277. It may in the Dow-Jones industrials, take considerable time before and a eithe rheoafvy',' .' these levels are penetrated. The short term indicator became oversold this '; !week and gave a short term buy signal at the close on November 8th. The in- I,,' ;,termediate term indicator is entering oversold territory and could give a ,' jy;,buy signal in the next ten or twelve trading days. This might result in a (;;; ', rally to the overhead resistance at 270. The dec line from the September highs has resulted in bringing a 't;; num' 'ber of issues down to what appears to be interesting levels for long-term ,' 1;'-'!-;'m'ayp preciation. recommended Several o list and f these should issues are reviewed below. They are part of be purchased on weakness provided accounts ;,), t//'- ,',;still have a sufficient buying reserve after purchase. They are also inte- ;;, I,' resting switch possibilities from issues in vulnerable groups. F' \ CARRIER CORP. (22 1/4) is the largest independent manufac turer of rc',; 'air-conditioning equipment. 40 of volume is in smaller units and another V , 40 is large, heavy equipment for industrial plants. The company has a strong ,growth potential. Sales have increased from 4.8 million in 1930 to 13.0 i', 'million in 1940 and 62.4 million in 1950. The stock has a very strong tech- ;; \ nical pattern with a long term objective of more than double its present j, ,price. There is strong support not far below present levels. The low of the ;\\ cpas t eight years has been 12 1/8 and the high has been 34. Should be bought ' 'on all price dec lines for long term patient holding. ,i,,' . , PHILCO CORP. (24 1/2). This company also has tremendous growth possi; ,','billties as a participant in the electronics and television field. 1950 sali;l ' 'were more than six times the 1939-1940 level. Net worth has more than quad- '/; rupled in the same period. The company is one of the largest producers of ' ; television sets with a capacity of over a million annually. In addition, thE! , company manufactures radio receivers, radio-phonographs, refrigerators, I' ',' freezers, air-conditioning equipment, electric ranges, radio and television ,i, cf;;;'', tubes, micro-wave relays and computers. The technical pattern is good with ,long term potential of over 40. f)i ,,' SYLVANIA ELECTRIC (33) was originally recommended in the low twentiJ's. ;; A high of 39 was reached earlier this year and the stock appears to be an t,,; i','attractive purchase near current levels. There is very strong support at 30-' ;',28. Earnings, despite a dip in the third quarter, are expected to show up (!, ';well against the 1950 total of 5.37 a share. Company is one of the leaders r, in the electronics field and, as such, has excellent growth possibilities. ,Company is one of largest manufacturers of radio receiving tubes. In 1950 i', i',made 20 of fluorescent lamps and 10 of r..candescent lamps. Sales of tele- ';vision tubes were about one-sixth of the industry total. Dividends have been- i;, paid each year since 1931. The stock has an excellent long term technical ; ;' r;, pattern and should be bought ln the 32-28 area. EDMUND W. TABELL , November 9, 1951 WALSTON, HOFFMAN & GOODWIN ' / It This memorandu;i Is not to b. con,trued 4I1.an off., r 'olieil,'lon of off.,. t buy or II 01'1' …curiti., From ,jme to time Wb'on, HeU,,.,,,, ! G-();;;;Il-;';;- l ' , haYI upon .n Inrut In lome or Information b,U,nd .11 of the .ecurlhes mlntlonld h.ln Th, r.llabl. but not nluullrily compl,t., I, nfoort.t;oulnl.lJntmadt'r.lnll h.u bun pr.p,..d by u. In accur.t, or final, ,and i, not matter int.nd.d of 10 tnforrr'It'n ,,'Iy 11 bMd lotttiou incn,Pl'lohn! inqu1fr. . ..- – -'ir-,S'D,1-.!',L,',r..,'.,'….-.'.It'.J;i,',',-Z.-J,–….-.,.- -l.–,', ., '- .',. '.–.l,;;'-t, -. .','I''.,.,.' ….'.-,' ,– I .! – – –.- , – – ,', . , – – –. ,- – -. – …;… . ,-,,-..–.!-,-J,.-.,. ,t''–'-r-…'–'7..;,t..- .,,.7- .'/'-. –I..,. ,' ' — —

Download PDF

Tabell’s Market Letter – November 16, 1951

Tabell’s Market Letter – November 16, 1951

Tabell's Market Letter - November 16, 1951
View Text Version (OCR)

———–.,.————– – — rti;'''J, ';-,–,;,;,c,-;r,,'J1', WoIs tOil.HoffIn0 n &Good win 1';'1',-';f';'ri-;,,,','Z,;;'F,t';;'!'3i t',r I,; J HI,lie/ NEW YORK 5, N. Y 35 Wall Street h''''''fM'''C-n& U…/.,/eCl! PHILADELPHIA 2, PA 1420 Walnut Street LOS ANGELES 13, CALIF. SAN FRANCISCO 4, CALIF. 550 South Spring Street 2615 Montgomery Street f; i'it;; I,' r'Ii i'li DIGBY 4-4141 PENNYPACKER 50;'71 MADISON '322 SUTTER 12700 … L\ ;; TABELL'S MARKET LETTER n 17 ..,' i;!; the At first last week 1 S low of 254.91 the Dow-Jones industrials had support level of 255. The sharp decline resulted in an reached oversold ;;; f-' condition on my short-term technical indicator and a resultant buy signal ,; I, on November 8th. The rally carried to a high of 262.29 this week. However, i-'J' !)!\ the market seemed to encounter considerable resistance at 262 and a short ;-,J, f term sell !-; sentiment signal was given late Thursday. These quick shifts in trading could continue for some future time while the market is building i t;; .a new pattern in the 255-270 area. The direction of the next intermediate q';;' tnrmove is not yet clear. Further weakness over the next few days might result 0-Jz 1' in an oversold condition on the intermediate term indicator which gave a i' i;',i; sell signal in September near the year's high. At the present writing, this ; Isignal is still in effect. r,' fl I continue to advocate the policy of holding substantial cash reser- ;; !hes in accounts mainly interested in intermediate term capital appreciation ! i ,This, of course, does not apply to long term investment accounts whose main 1'1 k1concern is income and long term appreciation. There is nothing in the long -t f;term picture that necessitates disturbing sound investment holdings. ;, '''' However, for intermediate term accounts, the price pattern for the ,'; ;next six months is uncertain enough to warrant keeping 75 of funds liquid 'i;as a buying reserve to purchase undervalued issues at the proper time. The ''; \-'remaining 25 of available funds should be invested in situations that have -, C!sound long term patterns and have not been unduly exploited in the 117 point l.',lrise from the June, 1949 lows. There are a sizeable number of such situa- ; 1Itions available. They may not necessarily move higher against the general ' ;.;market trend but their patterns suggest that they are in a good defensive / !'IipoSition and should be the first to advance when the uptrend is resumed. Fi The following issues comprise my entire recommended list at the mo- l;ment. They should be bought during periods of market weakness ,i, f,'J BETTER GRADE Ci.American News (34) MEDIUM GRADE American Radiator (17) SPECULATIVE ,- American Air. (16) ; 1'(,Armstrong Cork (54) Associated Dr;y Goods (21) Central Foundry (9)',,'.; \'Endicott Johnson (27) 'Fairbanks Morse (44) Haxel Atlas (21) Iarshall Field (28) l.i,iasonite (37) 1'I;,1'1cGraw Electric 55 ) ;til,Montgomery Ward 70) Blaw Knox (18) Bliss (E. W.) 15) Bucyrus Erie 22) Burroughs (17 Carrier (22) Certain-teed (16) City Stores (19) Columbia Pictures (13) Cornell Dubilier (ItO Cuneo Press (12) Eastern Air. (26) , Gray Mfg. (15) ; Gulf,lloblle (29) Int. Te 1 & Tel. (16) ' iptis Elevator (3 ) Dwens Il1.Glass (81) Columbia Gas (15) Columbia Broad. (29) No.West Air.pfd.(22r Poor & COoB (19) ;' J''Western Auto Supply (48) Ellhiottfn(2i8) \ 19 RardioCno(rpH.)(22) ' '1(; Hewitt Robins 25 United Air. (32) ,' n Lerner Stores 24 Universal Pic. (12) ',! Lowenstein (30 Western Airlines (15,') . j National Supply (29) I N .Y. Air Brake (21) ; ; Pac Hic Mills (32) ;.. '1 Paramount (26) ' 1; , co 25I/'I/'',;/11I' Phil ( ) I,;', P'NI' Ii' Shamrock Oil (fl) Smith, A. O. (36 ,t j Std.Steel srPinf (23) i; !;l bag!t;c Fox32 ) nit! November 16, 1951 ' Dow-Jones Ind. -260.39 Dow-Jones Rails- 81.08 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN ' if !,' W,'''o'IHo''m'' m. 'r'' '0' 0'hI, m.m..dom h '0 b. ,o,,,.d .. ,, 0' ,.lid,.,;o, 01 o.n 1o bo, 0, ..11 ' ,Hi… om m. '0 ';m. ',Go;;dib have upon lin int.r.st in informatIon 10m. or b,n.,flt .11 of thl curitil5 mlntioned herein. r.liabl. but not nlulsarily compl,t Th. h lfIoort 'r;;Jouinaqranmtee!d!teriilallhc.alra,b,'e,n,prepn.aIr' edbyI.Su,lnItI,S;.8, ' ,m'a'ttu,to.ffInrocrmoat.olnn,o;n,;y,. ,i,I,;,aq;s., '' ,,J ;'f'i;T.'',';'5,;; '1-' ,'.,,,,/J- , ' '.,'\';-,''',''- , , –. — -.. , ,\ -..-

Download PDF

Tabell’s Market Letter – November 23, 1951

Tabell’s Market Letter – November 23, 1951

Tabell's Market Letter - November 23, 1951
View Text Version (OCR)

..- – . .–,– – –…. – . …a.. .. –….,. ……….. k-i ' ;.-'-'';' 07'-,!-'';;- Wols ton. Horfn-lOn &- Goodwin -;'–''';,;;'-'-';';;-;';-if;J,,Z. I.'i 7i. ;,;' – / I. –q;4thNA;'n& c;/oJ! (Y/e!1. ; , , NEW YORK 5, N. Y. PHILADELPHIA 2, PA LOS ANGELES 13, CALIF SAN FRANCISCO 4, CALIF. I' 3S Wall Street DIGBY 4-4141 1420 Walnut Street PENNYPACKER 55971 f, !, TABELL'S MARKET LETTER 550 South Spring Street MADISON 9232 265 Montgomery Stree-t sunER 12700 ',' , , – ;,1; – The market approached a testing of the lows of this move on Friday .; ;;- when the industrials reached a low of 255.93 and the rails declined to 78.41;. ', The previous lows reached earlier in the month were 254.91 and 78.02. There,' ; is fairly strong support in the industrial average at 255-250 and, despite; i,– my longer term bearishness, I believe there is a good chance that the market,; ;' will hold in that area. Tax switching may cause some further irregularity , I', but continued weakness would result in an oversold condition on the short ,; term indicator which gave a sell signal last week. The intermediate term ;;,'; i' indicator has not yet changed the sell signal given in September near the ,; ; year's high but further weakness would also result in this indicator reach-'; ing oversold territory. So far nothing has occurred to warrant a change ;!; ! in my recommended policy of 75 liquidity in capital appreciation accounts. t; , However, if the necessary technical indicators are given, I will advise increasing invested position to 50 on further weakness. ,,';, ;J C The rail pattern is not quite so clear. This is due primarily to the , fact that individual rail issues show extremely diverse technical patterns. ,c' ,; – This has been true for a long time. Over two years ago, I advised switch- ,ing out of New York Central and Pennsylvania into Seaboard Air Line R.R. ,,; ', when all three issues were selling around 18. This seemed a rather startling,; -, sritch at the time but it worked out very nicely. New York Central and ,-'. ,,' Pennsylvania are still selling at 18 while Seaboard is around 60. \,\ ,-, Both Pennsylvania and New York Central continue to have mediocre ; – technical patterns and I believe better appreciation possibilities are ,' i.; present in other rail situations. Holders of both of these issues would, 'J -' in my opinion, improve their longer term position by switching out of — these issues into Minneapolis, St. Paul and S.S. Marie (Soo Line) and 0\' Western Maryland. All four issues are selling at around the same price level. I am preparing a short analysis of these four roads which I will ' be glad to send you upon request. ,, I am repeating below my recommended list of individual issues -,,-',,.' , —..B;;E,T…ToE.R…..G..R.;AD.;E- MEDIUM GRADE SPECULATIVE ;;J , American News (33) Armstrong Cork (52) Endicott-Johnson (29) Fairbanks Morse (53) Hazel Atlas (21) ,- Marshall Field (28) . Masonite (36) lMcGraw Electric ( 53 Montgomery Ward (70 ' OtiS Elevator (35) Owens Ill.Glass (80) American Radiator (16) Associated Dr Goods (20) Blaw Knox (17) Bliss (EoW.) (15) Bucyrus Erie (24) Burroughs (17 ) Carrier (22) Certain-teed (16) City Stores (19) Columbia Gas (15) Columbia Broad. (28) FiAmerican Airlines (16 Central Foundry (9) ,;') Columbia Pict. (13) ;-,,'! Cornell-Dubilier (18) -'i Cuneo Prfss (12) Eastern Airlines i- (25) i Gray Mfg. (15) ,,;;, Gulf,Mobile & 0.(28) F, Int. Tel & Tel (16) ,ie' Minn.St.Paul SS (17) .,,,\ Northwest Air.pf.(21) ,;. Western Auto Supply (46) Elliott (26) Fruehauf (25) Hall Printing 19 Hewitt Robins 24 Poor & Co. B (18) Radio Corp. (22) Raytheon (101 Spiegel (11) ';, ,, , , Lerner Stores 23 Lowenstein (29) National Supply (29) N.Y. Air Brake((2Q) Pacific Mills 31) Paramount (25) United Airlines (30) ,\ Universal Pic t. (12) Western Air.(14) i Wes tern Maryland (19) ) \,b ,,; ',,'/'', Phllco (26) Shamrock Oil (30) Smith,A.O. (37) !, ' -, Std.Steel Sprin (23) Sylvania Elec. (32) 20th Century-Fox (20) November 23, 1951 Dow-Jones Ind. Dow-Jones Rails 256.95 78.65 EDMUND W. TABELL WALSTON,HOFFMAN & GOODWIN

Download PDF

Tabell’s Market Letter – November 30, 1951

Tabell’s Market Letter – November 30, 1951

Tabell's Market Letter - November 30, 1951
View Text Version (OCR)

– – – — -,————,—– –… -.– ift;J'r!lv'fJ;;,,'i'\,\1'\';fn;J' Wols ton. HoffIll on &- Goodwin ,-,;p,,''';;'''-'(''';''j;,;!;'of!l 'l!- 7;P1 ,P I; ',(r; NEW YORK 5, N. Y. 35 Wall Street PHILADELPHIA 2, PA 1420 Walnut Street )'.. 'i, D'G'Y 4.4' PENNYPACKER 5-5977 TABELL'S MARKET LETTER LOS ANGELES '3, CALIF. 550 South Spring Street MADISON '322 SAN FRANCISCO 4, CALIF. 265 Montgomery Street SUTTER 11700 \\, tI1k,fl E, hi.'., ,industTrhiealms arke for t t th he i s f week ourth tested the 255 support level in the Dow-Jones ,t1'-r time. It also broke the series of descending lowJ3 L;that has been in effect since October 22nd,. The table below outlines the ma ,moves of the industrials since the year's high reached 0,1 September 11th I) i;J fHigh Sept.ll 277.51 Oct.22 Oct.24 266.79 Oct.29 Nov.l Nov.8 265.82 Nov.15 262.29 Nov.26 i1 'Ill ,'I,Low t'l, i'.!, f,') 259.46 256.39 254.91 255.20 ;1,g1; It will be noted that the highs also have been in descending sequence.p (jAbility to break out of this downtrend channel would be an encouraging tech1 'I, lnical indication. Other technical gauges have also shown potential improving,, i'i;action and apparently substantiate my opinion expressed several weeks ago il1' ,ithat this phase of the decline would not carry much below the 260-255 supporjl', 1 ,.',level. lihli' .' An advance at this time would be in accordance with the usual traditio/);i- ial pattern. On many occasions in the past, the market has reached a low in l -November or December and then staged a sharp advance into January or Februa1j. ',''I'he present technial pattern suggests that such an advance is possible at ;;;thiS time. Just how far such an advance could carry in this particular inst-;, (',ance is extremely problematical. There is a very heavy supply area at 270-27'71,, ,,;.,;that will furnish strong overhead resistance. However, indications are prom-,',! !;ising enough to advise increasing invested positions, in accounts concerned 7,;'; t,,;'mainly with capital appreciation, from the 25 invested pOSition formerly i,;'iadvised to 50 invested and the balance held as a buying reserve. This in noli ;I';'I1way alters my longer term opinion that the market is in the process of buildi1'. t;dng a broad distributional top in an area bounded roughly by 240 and 280 in ; ''the industrial average and that the market in 1952 or 1953 will eventually ;' ,;decline to the i,,commitments in 220-200 level before the major advance is resumed. Increased the 255-260 area Should be considered only by those accounts , F 'interested in a speculative turn and willing to abandon such positions in ,. l;;,the event that technical indications again turn unfavorable. I,;, The individual issues showing the best technical action during the i;i let,l i;o tipeptember-November decline were the secondary issues of the type carried in vi (.my recommended list and in which I have advised continued holding up to 25 'r; ;pf available funds with the remaining 75 liquid as a buying reserve. The fj' ,-,efensive action of most of these issues has been above average and price l!' ''ideclines, in the main, were relatively moderate. On the other hand, many of k Jthe top grade If growth issues If that had advanced sharply over recent months bi f;'I,nd had overdiscounted their immediate prospects and which I advised avoicl.- J;ing, sUffered a sharp decline. The industrial average dropped 22 points or 1';; ,.pproximately 8 from the high of 277 to the recent low of 255. The follow- i' ;,;tng high grade issues declined more than double this percentage drop from , rthe year's high ili 1951 High Recent Low Percent .Decline t; ;c), American Cyanamid ,''' Corning Glass 131 78 102 63 22 ';l 19 ;; Dow Chemical I',,', duPont Freeport Sulphur ; Hooker Electro .Chem. Merck & Company .i Minnesota Mining 119 102 49 69 38 54 98 82 36 54 29 41 18 19 ' / 26 'i,1I;, 21 ; 23 24 .!,,' i'-' Pfizer 46 36 I SqUibb 29 22 ;i;!, Union Carbide 66 55 21 , 24 16 ''',, ;;) Even a prime investment issue can be a speculation if the price moves i,.!' 'r, too far ahead of near term potentials. At the recent lows, these issues l('t,' ,,; were undoubtedly selling on a more realistic basis. However, from a techni- \',i 1; cal viewpoint, these issues may have to spend more time in building new j; H1l1\ pat terns . t For price appreciation over the next few weeks would concentrate on 'i the elec tronic issues, airlines, se lec ted rails, building supplies, machine- t';l;i \1 ry issues, utili ties, office equipments and undervalued soft goods stocks. \i . . '. – , . ' ..-;Yt','.lhi,,',;l,'NIFrre.MOWzVt.bh,'l',tr,m.'f\IJ('r.IM1i'I!\7it.i,',fo-df,QSt\;.j!,.c,fjo.,nm,ovr,t6el.tQ1I!I9o)1J;,,j;d9fCQf;wMu'beu,d.tcOunorStilitnin.'eocfmflener.anr-to-iirolynseodclolchml'lo;rptl,lii.on',ne,,T'o.Ihf;seOnf,fo.of-t.rf-el;'tJoo-ulan.brgWuyHlAl.Po-I.rrtyl,.I.,ILIlJri,aJn\uyrab'lIl'JcnutOr1lrJt-.lIu1Jt.pPiFinr1'jodbm,-w'it;ilum.lenoattso..GntOtimm.(neateRtedWraJtloosftofoIn.r'efoer.mool,ae!t,i,aonn'n.opnnlyd.0I0tIlnb;iml'.la.dL,,,,,,–rI';J'ft,I;\;1''!/yJ

Download PDF