Viewing Year: 1952

Tabell’s Market Letter – May 16, 1952

Tabell’s Market Letter – May 16, 1952

Tabell's Market Letter - May 16, 1952
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– – …. — ….- – – – – – – – – – ');'i;V;;,,- T/–'—j' -, lVolstoll.Hoffnton &-Goodwin,,' '.' -',' .' ,', '.' ,/ 1,,'.., ;11., &p'6flU.n,eN& (,ket!e-r , '' f i,k It;; NEW35DIYO,R'.KS.t5,,.Nt Y 4 'll PHILAYDELKPHEtI.At2;,;,'P/A 550 5t,..t .,oS'llt,.et ;;;olOS ANGELES 13, CALIF SAN FRANCISCO 4, CALIF, 2b5 .- ,',' 1',1 1A!E!.!S MARKET LETTER .. , — i, . W, ,. y ; ;;' The Dow-Jones industrial average was in a slow downdrift most of the ',,', \week. The intra-day low was reached on Thursday at 258.66, but the low \;,- losing was on Friday at 259.62. The industrials have been in a downtrend . ince the January high of 276.26. The March high was 270.40 and the May high' i'flras only 263.77. Ability to cross above the downtrend line 'connecting the ,- 1IJanuary and March highs would be very constructive technical action. The , ('line now stands at about 266. However, a decline below the 255-254 support r, ;,I!-rea would be discouraging and indicate a further decline to most likely the, 145-235 support level. ,' 1/'1'1,' vlhile the industrials have been in a downtrend since January and a ;I, iiSidewise movement since August, the rail average has been in an uptrend. The,', ;,uptrend line from the February low of 82.51, which now stands at 92, still ,, ',emains intact although it was closely tested at Thursday's low of 92.40. ;';f this uptrend line were broken, it would indicate a testing of the more ., ,,i1mportant uptrend line from the June low of 71.78. This uptrend line cur- / ' 'rently is at about 87. A oownside penetration of this line would be almost 'Cas important. to the rails as a dC;/nside penetration of the 255-254 support ,i,,', Vi!-evel would be to the industrial average. On the upside, the rail average ; , as still as its upside objective the broad 98-94 range. The high so far ; '. ,bas been 95.73. , i) Regardless of the ultimate action of the averages, the important thing' ( ' ,t o watch is the action of individual issues and groups. Many groups still ',,-, ;;,1jI.ppear technically vulnerable but others are approaching what appears to be — ,buying pOints. I have mentioned the textiles and airlines in recent letters . ','l'his week Celanese reached a new low at 36 7/8. I have brief technical !iomments available on almost every issue on the New York Stock Exchange and p,. Qn quite a few New York Curb issues. My technical analysis on Celanese now ,. ;x-eads ', At the August high of 58, the stock had reached the long term ( i;' objective of 56-64. The downSide penetration of the 58-48 area i' ; indicates a decline to 40-35. This objective has been approxi- ,. r;;; mately reached at the recent low of 37. Some time may be re- ,,1 quired to form a base, but the stock should be bought in the ;; i( 40-35 area. ,. 'd J; Another group that appears to be approaching a sold-out condition is 'I,,' ;,;f,he distilling group. The liquor companies have also been facing adverse ;,. – ;90nditions. Whisky price controls probably will soon be suspended because ',' '-the industry- faces an oversupply. Sales have dropped sharply since the tax ; 1was raised 1050 a gallon on November 1st and inventories have increased. iI;!owever, as noted in the tabulation below,these issues have declined cfrom 2 i,to 39 from their 1951 highs and are approaching their downside objectives F' ;'!bn my technical work. The prices below are to the hearest full figure I', f;j Price 1951 1952 De- Earnings '( 5/16/52 High Low Cline 1222. 1951 1952-A ,', I;Amer.Distilling 38 58 37 36 4.71 5.22 1.74-B 'i' jBrown Forman 11 18 11 39 4.71 .75-C N.A. ',' wistilling Co. 213 31 22 29 4.77 4093 2. 23-E Glenmore Dist. /'National Dist. 4 20 14 30 3.56 2.95 26 37 26 30 3.45 2.87 .40 ''-.38 ., ,;!'ark & Tilford 37 57 37 35 5.10 4.04 .27-D 'Schenley 26 41 6 37 8 . 47 5.10 1.94-F ;',,iram-Walker 43 56 it3 23 9 68 7.23 2 .52-F ' !! ' \1, I,',. A-three months March, 1952. B-Six months March,1952. C-Six months Oct.195h,' ) D-Deficit. E-Six months January, 1952. F-Six months February 1952. ;,'- , ).1 1 National Distillers and Schenley appear the most attractive. They l,should be bought during periods of price weakness not on strength. '!',; May 16,1952 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN , t!,',,1'11 Dow-Jones Ind. – 259. 82 ',,, Q Dow Jones Rails 93 56 i', , Thil memorandum i5 not to b. COI'lltrued U 0111'1 offer or solici'ahon of offers to buy or sell lIl'I'f ulc\H,ties From hme 10 'Ime Waldon, Hoffman & GoodWin may),!., ;' holl ….. an in'ered in some or all of the securities mentioned herein The foregoing material has bel!ln prepared by us as a m;1lttlllr of information only It It bated J!' 'I' l.I;on information believed r'!!llbl. but not neceArlly complete, is not ;uaranleed III accurllte or IIMI, and is not intended to foreclose Independent Inquiry,,', (,!I.'',-',.,,'-;''r\i,'-';,';',' ,',',',' ', , , ,,',;' ,-. ',

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Tabell’s Market Letter – June 20, 1952

Tabell’s Market Letter – June 20, 1952

Tabell's Market Letter - June 20, 1952
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–. – -;rC;'7.-' ,. .c…,'.,. Wolsn.noffI110n &GOOd o'';''''''''' ..'/ , 1 ; /utJ7ten.c c;/cpn'&ed , J-I 1'- – , NEW YORK 5, N Y PHILADELPHIA 2, PA lOS ANGELES I J, CALIF. SAN FRANCISCO 4, CALIF , ';, 35 Wall Street , .' DIGlIY 4414) , ,If , 1420 Walnut Street PENNYPACKER 5-5977 550 South Spring Street MADISON '321 265 Montgomery Street SUTTER )1700 ,; TABELL'S MARKET LETTER ,' ' I . K tiThe old adage that sometimes one can't see the forest for the trees ;'also applies to security investment and speculation. Quite often one gets soZ engrossed in the near term movement of the averages or in the sudden rise or; fall of an isolated security that he loses sight, of the broad overall pat- ' , tern. Perhaps a review of my thoughts on the probable outlook for security';, , .' prices over the longer term based on my interpretation of technical market ;,, ;.',action and a discussion of the prudent policy to follow under such probable i ' ,circumstances, is in order. I, .' It has been my belief for a conSiderable period of time, and it is , '–still my belief, that we are in a long term war and postwar upward cycle in I '.prices similar to that of 1914 to 1929. I believe the advance started in 1942 '',from 95 in the DOW-Jones industrial average and is still headed upward. The ,. i,',aWdovraldn War I advance l ce started from as a ted for relative fif ly teen low years. Considering that th level of stock prices, and e present after ten ' I .Iyears of a low level of business and economic conditions, it appears reason. ',iable to expect that the present long term advance may last somewhat longer . than the 1914-1929 market. I project it forward to apprOXimately 1960-1962. i) ' ;It, also appears reasonable to expect that the 1929 high of 386 will be sub,t n(\stantially surpassed. An advance of only 48 from present levels would bring' 'the industrials to the 1929 highs. '.I does not appear to be an unreason- , able expectation over a period of1'rgFit years. OfnJ-( IS .c!tPi;().' j Quite obviously such an advance will not be in a straight TIne. Long ;,',term upward cycles of this nature usually consist of five phases. The firs ,-phase is a broad advance from a depression level with the entire market paJL. ;,'ticipating – investment stocks, secondary stocks, marginal stocks and als r-' ; . the very speculative issues. This phase occurred from 1942 to 1946 with an ;. , advance over 125 from 95 to 213. The second phase is a sharp correction ofc' t. the overspeculation. This occurred in late 1946 when the market dropped 25' in six months from 2131 to 16011, but with many overexploited speculative si..' , , tuations suffering declines of' from 60 to 80. After a long period of con-, ', !' solidation, the third phase started in June, 1949. The third phase generally is an advance more moderate than the first advancing phase. The better grade'' ; securities and special situations are featured while the lower grade stocks.. ;usually partiCipate to only a minor extent. ,This has beeyof the presep,l; '21Jf!1J'J,–; rise. The average has advanced '9 from 160 to the Septe5il high of f; but the leaders have been the better grade institutional type issues. (' j, There has been very little overspeculation with the possible exception of ,; ; the Canadian oil stocks and possibly some rather high grade overinvestment ;c.' r in excellent quality growth stocks that has forced prices up to twenty or ''. , . thirty times earnings and yields down to 2 to 3. The fourth phase is a i corrective phase of relatively moderate proportions in line with the rela- ; . . tively moderate previous advance. After a decline and a period of con'.–'J ,tion, the fifth and final phase begins. This phase usually lasts for a con- ' siderable period of time with. a heavy volume of trading and broad market par j;icipation similar to-but on a more moderate scale-the 1924 to 1929 period.';; – I believe we have either reached the end of the third phase at the ;,. ,'September high of 277 or we are very close to the high. The advance from the' , June, 1949 low has lasted for three years and we must now not only ask our-;''ll !selves the question how high can the market go from this level, but also v , the question how low can it golfo I can see the possibility (but not the prpll, ,ability)of 285-300 in the industrial average. That is slightly more than 10, above present levels. I can also see the possibility of a decline to 235 aniJ,. ; even the possibility of a decline to 200. That is slightly less than 13 in.; – the first case and slightly more than 25 in the second case 0 Obviously, the' ;,. odds are not as favorable as in 1948 when I envisioned a possible 50 ad- C ;; vance as To against a possible 10 drop. the longer term investor, this shOUld cause no particular co . ncer n 0' , i ' Holdings of sound, good quality dividend paying issues should be retained -' , (, particularly when bought at considerable lower price levels Holdings should;. ' be upgraded,however, with a good percentage of funds in defensive issues btt,1.' k';, a 100 invested position should be cates higher price levels and good maintained as the longer term trend indi;',. grade issues should continue dividend pay';' ments at approximately present rates. The individual concerned primarily wih ;' capital appreciation over a six months period rather than income,however, .' I. ' / I !!r'',;P, VQ..1…….'..r..c. '-l!,iLIe1'iill!jL'tLJlI!not 0 EDMYt.N.2I fW'I upon In orma Ion IIl1ev, a'J1rIb(IIiltmJa'sI.tI!!f!.,I!l)I.!.!.!1.E.!d.hlimd&h'ov!l'kUl&f.rso'lnq uy or sell materllt' rei ab II but not neceulflly complete, is not ;1UMlinteed any 1 securlttes From time to tim, Wahton, Hoffman & GoodWin may be..ltM,epreda'AtI,MM' Jldme05dttef of to Information on'l' It foredose independent IS btlsed inqulf). t952',I,;,, ',.';'.','' . ',',' .8c'GOODWIN .' '.,\jl!1,/VlUM9,r,;8,O) f''' . . ''WALS'l'ON;'lIOFF1I!AN Z Zrl'

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Tabell’s Market Letter – June 27, 1952

Tabell’s Market Letter – June 27, 1952

Tabell's Market Letter - June 27, 1952
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– kf'(,-,- -;,,',''; —–'-;.'!,' — ,, Wolston.Hoffl1101l ….',.. Goodw,on ,- , ' /- k- v; NEW YORK 5, N, Y, PHILADELPHIA 2, PA II,'! iJ I' 35 Wall Street 1420 Walnut Street t . DJGBY 4-4141 PENNYPACKER 55977 k;; ———– TABEll'S MARKET lETTER 0, \.. …… I , , . LOS ANGELES 13, CALIF, 550 South Spring Street MA.DISON 9-3232 SAN FRANCISCO 4, CALIF, 265 Montgomery Street SUTTER 12100 iIff),-; ,;',, ,/,; LONG TERM INVESTMENT I continue to advise a 100 invested position ;!'p accounts concerned mainly with i'eyer, at this stage of the market income and longer term appreciation. Howpattern, would concentrate holdings in ,',,– Undervalued issues with defensive characteristics – '– ;Lr't,, Price 1951 Earnings 1951 Dividend Yield RMSTRONG CORK 50 5.35 3.10 6.2 ;', The company manufactures a wide range of products including linoleum, ;sphalt and rubber tile, corkboard insulation, molded plastic closures, lprown caps and numerous other specialties. The common stock is a better rade equity and appears reasonably priced at current levels. The average price over the past ten years has been approximately 45 and the average ' ' yield has been 5. The company has shown good growth with sales 201 million, in 1951 as compared with 78.6 million in 1941. The company's capital expen' ;iture program Since 1946 has resulted in a modern and highly efficient plant. arnings for 1952 are expected to approximate 5.00 and the present dividend fll-ppeal's secure. ,'; j From a technical viewpoint the stock has a favorable pattern. The 1951 high was 59 and the stock is now at the very strong 50-45 support area. he long term upside objective is considerably above present price levels. — if;Purchase is recommended for excellent yield for a stock of this quality and '-or long term price appreciation. Price 1951 Earnings 1951 Dividend Yield ; Ql!C';S'-ILLINOIS GLASS 72 5.57 4.00 5. 5 JII \0 – \; The company is the largest manufacturer of glass and glass containers',, ;1,J.sed by the food; drug, milk, liquor, beverage and brewing industries. Other',, ;products include structural blocks, electric insulators and scientific ap- 1'paratus. The company 1 s television tube diviSion is expec ted to increase in ' hine with the addition of new television stations. The company recently solo.,\ ;90,000 shares of Owens-Corning Fiberglas stock but still retains a one-third– ;4nterest in the company whose growth record has been ,sensational. In April, r—- 1,t1'lenc-Illinois sold its American Coating Mills division to Robert Gair Com- , ;,pany for over 3 million plus 400,000 shares of Robert Gair common. An i,', 'additional 100,000 shares has been purchased. Owens-Illinois also has a , ' , i;large interest in natural gas producing properties in West Virginia and (len!1syAlvtanpirae. sent levels, the common stock of Owens -Illinois, a high grade ;'; ''equity with substantial growth prospects, appears undervalued. The stock sold, ;;as high as 89t in 1951. Possible selling by Allied Chemical who owned 208,309 ;'hE es of Owens-Illinois may account for recent weakness. Earnings for 1952 i-;, f',should approximate the 5.57 earned in 1951. The technical pattern is excel; 'lent. The stock is in an uptrend channel with present outer limits of 70 and l95. The long term objective is considerably above 100. Purchase is advised ; /if'or equity, income and appreciation over the longer term. , ,', CAPITAL APPRECIATION In risk accounts concerned mainly with capital' rjl.ppreciation over a six months period, I continue to advise a 50 to 75 ;-,,' (liquid position. The market has built a technical pattern that could possibly hitndicate a sizable potential top.This by no means is certain but it places I, t.i,/the market in a very vulnerable position in the event of unfavorable news ;, developments. Price 1951 Earnings 1951 Dividend Yield V,– ;.',1 ;;GULF ! MOBILE & OHIO 36 5.42 2.00 5.5 )1; This issue has long been on my recommended list 0 It was recommended (;, in the 10-15 area in 1949 and 1950 and again at around 25. The stock recent-i,–' ;'(,ly reached 37 3/8. The longer term upside objective on my technical work is ',,-' i,36-40. Suggest taking profits. ', t,! The mailing list for this letter has grown to such enormous propor- ;' l;;tions that we have been regretfully forced to eliminate all regular mailings, I,except to those who have accounts with this firm or to those who are re- tceiVing the letter because of some' special reason. .', ,i EDMUND W. TABELL II, F1/' ….,,1 JLJ;fi.crntlmaF7ndurnlrObJ. b. an Tnt1mf!t In 'td, or all coofndthreuesdeciunriatinesofmfeenrtoirmseodlichitearteiionn of offer. to bl.! Th. forec;101ng materIal has CJltlt bn prepared . by us to as II matter of iformatmioan n Goodwin may only. It is based upon Information believed rellabl. but not neceslarll), compl.t., Is not guarantd as accurate or final, and b not intended to foreclose Independent inqUiry, ,. , , I'z.. If c ' tilf,/.' ,0/i;'fU;'-;.'-.;,!!,' .,-!\;.f.'' …. ',,7 '\,' ;'-. Jj''-,'. 0…- .r.-,..'- . -; – r – – -.-' … .' .' ,' .,,-.-.,. '-. -.- . -;; ,I '.. -.– '. ,'' ……– !.i, ,…. !-,\. –

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Tabell’s Market Letter – July 03, 1952

Tabell’s Market Letter – July 03, 1952

Tabell's Market Letter - July 03, 1952
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– NEW YORK 5, N, y, PHILADELPHIA 2, PA 15 Wall Street 1420 Walnut Street DIGBY 1-4141 , PENNYPACKER S5917 ,. TABELL'S MARKET LETTER , LOS ANGELES 13, CALIF, 550 South Spring Street MADISON 9232 SAN FRANCISCO 4, CALIF 265 Montgomery Street SUTTER 12700 , At Tuesday I s high of 276,25, the Dow-Jones industrial average was very'' lose to the September high of 277.51 and had practically equalled the an ,uary high of 276.26. Under Dow Theory interpretation a new high in the in- '; '-austrial average would confirm the new high in the rail average first ,eached in March when the 90,82 high of February 1951 was penetrated. A c,onfirmation by the industrials would indicate that the long term advance ,that started in June 1949 is still in effect. If it is attained, how much 'importance should be attached to a new 'high in the industrial average In ';.' my opinion, outside of the ,)ossible temporary psychological effect, a new ;high would have little important significance. As always, the action of individual issues is much more important than the action of the various averages. In fact, if all the stocks in the Dow- , 'qones industrial average had reached their individual highs of 1951-1952 t the same time, the average would have reached a high of over 298. A new bigh in the average at this time would indicate that the possibility of '285-295, but it would not change the potentially vulnerable patterns in in- 'oividual issues. The market patt'ern in the industrial average is almost the 'reverse of that of June, 1949. At that time this letter was extremely bull- l;sh and constantly reiterated the opinion that the market was in a long ran- ,ge buying zone in the 160-170 area. The 160 level had been tested on three separate occasions prior to June, 1949 and was again in,the process of test- 'fng the 160 support level. My opinion expressed at that time was that a ' , , downside penetration would have little significance because if each stock in, the average had reached its low at the same time, the average would have ,told below 150. The important factor was that individual issues 'ad form-' ,ed strong technical patterns. , Returning to the present situation, we find a number of other technicaL factors that appear to work against a broad rise at this stage. Both my ,hort term and intermediate term technical indicators have entered overbough 'territory. The short term indicator gave a sell signal early Wednesday. As yet, there has been no sell signal given on the intermediate term indicator C' 'but further strength in the market over the near term would take this indi- ,, dator deeper into overbought territory. ,,' , Also the moving totals of advancing volume, number of advances and mum-t!, ber f new highs are all below the totals reached in advances of February, ,– '951, of September-October 1951 and of December-January. On the last two occacions, the industrial average reached approximately the same level as ''; the present. This indicates that each successive advance has been led by a –, ',maIler number of issues and that the number of issues doing little market- ,'–wise has been increasing despite the advance in the averages. This is also ' ,evealed by the fact that at the highs of the past week the ten-day total of —j;ssues unchanged in price reached a new high despite the fact that the market was advancing sharply during the same period. -.; –' ' LONG TERM INVESTMENT I continue to advise a 100 invested position in ', iccounts concerned mainly with income and longer term appreciation. However, ' -at this stage of the market pattern, would concentrate holdings in under- alued issues with defensive characteristics. , There are a large number of individual issues that appear to be of goodt, jialue despite the general market. pattern. During periods of price weakness, ' ,the following issues appear interesting for income and long term appreciatiOj merican Radiator – Armstrong Cork Celanese – Joy Manufacturing – Lowensten ontgomery Ward – Pacific Mills – Western Auto Supply. t ', CAPITAL APPRECIATION In risk accounts concerned mainly with capital ap- ipreciation over a six months period, I continue to advise a 50 to 75 liquiS11 ;Position. The market has built a technical pattern that could possibJ,y indi- date a sizable potential top. This by no means is certain but it places the ,market in a very vulnerable position in the event of unfavorable news develoR 'nients. ';' However, there are groups that have already dec lined sharply and appear, fo be i1dr oversold territory. The airline and moving picture groups appear , to be in this category. Also some of the textile issues and other selected '1ssues in various groups. These will be mentioned in subsequent letters. ',' //1 Eml\ffimII This mflmorandum is nol to be construed as an offer or IOfidtalion of offers fo buy or nff any rJult'lvn 1ntlQtqrOsome or aJl of the securities mentioned herein The foregoing materiel has tieen ra ilia Wme fit sn;ewe.fft.on, Hoffman by 1/, t-i'ffiatr'ettI' inlormlltion &IlG..o…o!!dwisinbumeady \!!'.ON'!, po il.formdfcrr'Delieved r.UlIbl. but not necessarily complete, is not gUl'Irllnleed as lIccurJtfh ,IS flONfo&loQ)1!JINl1.rtJ'inqu'ry. '-;', rI 'rft,7!.(','–ijlt!'t 7l- –';, 'Y , F. – ,,, -…- -'C – , – ,', r'o. – – .' ,.;r'.'' – -'-J;!.- 1 — -;- ',',5.' f '. ','-,I'., –; — – – '.' – –''\

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Tabell’s Market Letter – July 11, 1952

Tabell’s Market Letter – July 11, 1952

Tabell's Market Letter - July 11, 1952
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r;'' ,– ) -, , L , I i NEW YORK 5, N. Y i- 35 Wdll Streef r,!. DIGBY 414141 WoIstol1.Hoffnl0n &- Goodwin 4.t''e-…tf c.tr PHILADELPHIA 2, PA /420 Walnut Street PENNYPACKER 55917 LOS ANGELES 13, CALIF. SAN FRANCISCO 4, CALIF 550 South Spring Street 265 Montgomery Street MADISON '322 SUTTER 1.2700 / t,,', t',-, t L. ' – o' TABELL'S MARKET LETTER – During the past week, 1-, ' Dow-Jones industrials nor the rail/ (were able to reach the July 1st highs of 276.25 and 103.42. Moderately low-,, Ler levels prevailed during most of the period with the industrials declining I,',;to a low of 271. 73 and the rails to 100.42. The Eisenhower victory and hope .-Df a steel strike settlement lifted prices from the lows on Friday. , o,-; For the market to retain a sound technical pattern, any near term de- fi'cline should halt in the 270-268 level. There is support at roughly 270 ' i-'Whldl .is the area of the April high of 270.40 and the June high of 269.92. ,– (,''Secondly, a dec line below 270 in the next four days would bring the short ,, r'term indicator into oversold territory and, thirdly, the uptrend line from ;'!'the May low of'254.70 nOli S';-l' at about 268. Thus, any decline halting at!,- Vroughly 270-268 would m03t likely be followed by another attempt to pene- ,'— Vtrate the 277.51 September peak. A successful breakthrough would indicate 3; ;-.the probability of 285-295 over the intermediate term. However,a break be- (- '-low 268 would definitely put the mark!'t on the defensive and would have l;some rather ominous downside possibilities. It would imply the second fail-;;- iure to break through the overhead resistance and would create a triple top.- ;;,'It would also imply another test of the November and May lows of 254.91 and-, 254.70 but in this case, it would appear doubtful that 255-254 support level ' ;Vlould again hold. A downside penetration would indicate 235 followed by a' r'later 220-200. The 268 level should be watched closely. The compara.ble L'point on the rails is 98. l- LONG TERM INVESTMENT I continue to advise a 100 invested position r, i',;in accounts concerned mainly with income and longer term appreciation. How-f ever, at this stage of the market pattern, would concentrate holdings in f,- undervalued issues with defensive characteristics. ,,- (i- st o c k s Listed should below a now be 7re tw nty is consdered su as es my i n e my ntir recommended e Long Term list. These twenty Investment List. ;- ' ;If held, I council retention. For new purcc1ases would await periods of ;' I', ,moderate price dec line. l- i;'; They are all issues of better to medium grade investment quality. The (—–. ;longer term tec;mical pattern of these issues continues to suggest higher ',- ;pricelevels. In the event of a general market decline, these issues should!' tshow above average market action , ,- ,;' , l-;caftor – 7/11/52 Price 51 16 1951 Earn. 8.19, 2.16 1951 Div.-A 3.50 1.50 Yield 6.9 9.4 1951 – 1952 Range 54 o 17 – 12 ,,–, , r;'Armstrong Cork l',iBlaw Knox LBucyrus Erie – r- Burroughs Add .Machine -Celanese It;''CHoalullmPbriainGtiansg – Joy Manufacturing ; Lone Star Cement – Montgomery Ward 1, – O\ens Illinois -' ;kM6iis v;,;;,-Smith, A. O. t!WSyelsvtaernniaAEutloe ctric SU1)ply 51 17 26 17 42 14 16 4 34 39 36 35 49 5.35 2.55 3.67 1.52 3.56 1.06 2.4'7 b6 t;i .94 3.87 7.00 4.19 7.43 3.10 1.25 2.20 .90 3.00 .90 1.22 i6 tg 2.00 2.00 1. 60 2.00 4.00 6.1 7.4 8.5– 5.3 7.1 6.4 7.7 J tt 5.9 5.1 4.5 5.7 8.2 59 46 20 15 27 – 19 , ,, — 18 – 13 ,F- 5836 — 16 – 12 !, 19 – 15 ;/ – ,y- j'i 49 – 28 ,- 40 – 29 39 – 32 ,,,-' 39 – 23 ,- 54 40 !- A – Inc luding Extras. – Prospectus available on request. ;;,' CAPITAL APPRECIATION In risk accounts concerned mainly with capital r ) appreciation over a six months period, I continue to advise a 50 \0 75 r,; liquid position. The market has built a technical pattern that could poss- I' ';- ibly indicate a sizable potential tOjJ. This by no means is certain but it ,- i'. places the market in a very vulnerable position in the event of unfavorable ;', news developments. A list of recommended issues will be included in next ;'-, i. week I s letter. EDMUND W. TABELL '- 1952; Jll J Y 11. lnSTOj\! HOFFMAj\! & GOODWIj\! TMs memori!lndum 15 not to b. construed illS lin off.r or solic/fallon of offers to bur or self IIIny secutit1es From time to lime Walston, Hoffman a Goodwin may \ have an Intefest in some or all of the securitle, mentioned herein The foret;oin9 material has been prepared by us .!II II mett.r of information only. It Is based -C'' '– '-,- ' — -,' ,s.kI,;y;;u,p;o-nI-nform'',alt'l'otn''bel,i-e-v'-e-d'i'r'eliable but not ncelllm'., completfl', 'S not ;ullranteed ' accurate or Iinal lind is not intended to foredole-Independent inqUiry c —';;——-'-',—–' -' – –. -J

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Tabell’s Market Letter – July 18, 1952

Tabell’s Market Letter – July 18, 1952

Tabell's Market Letter - July 18, 1952
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-, '1 ; ; , ''',,' ''''';''' Wolston.Hoffn10n &- Goodwin,' –,'-,''–' ',';7- oez;i,J 6 'tMMNe;ZC rJkcprd&f ;,'. ,i;,f,; NEW YORK 5, N. Y PHILADELPHIA 2. PA LOS ANGELES 13, CALIF. SAN FRANCISCO 4. CALIF. );, 35 Wall Street 1420 Walnut Street i'('; DIGBY 4-4141 ;;1', PENN'(PACKER 55'77 (c c; TAB Ell'S MARKET lETTER 550 South Spring Street MADISON 9.3132 265 Montgomery Street SUTTER 1.2700 r ,.' f-,,' tV I L f; r–. )/'''' ,j,,,' (,-,- if-' t.! I',1/', ,f-,',- ,, , , I (; ,The DOW-Jones Industrial average reached an intra-day high of 278.05 on r\ iWednesday before declining for the balance of the week to a low of 27.1l ,,- jh Friday. The rail average failed to better the early July high of 103.42 ;' d declined below the July 10th low of 100.42 to reach 100.23. The relat- ; yely unfavorable action of the rails and the EmaIl volume of trading at a ;\ ,1me when the indutrial average is at the top of tl'\e ten month t!'ading ,, ange casts considerable doubt on the ability of the market to move higher , ,t this stage. The action of the industrials has created a potential triple \; ;tpp at the September high of 277.51, the January high of 276.26 and this h weeks high of 278.05. The fact that my intermediate term indicator gave a ;,', Sell signal on Friday also suggests caution. The first support level in ',.. the industrials is at 270-268. A decline below that level would indicate a esting of 255-254 support level of November and May. The first support 'o' 'evel i;1 the rails is at 98. A decline below that would indicate a probable ;testing of the main uptrend line at 90. ' ,,'ccounLtOsNG TERM concer INVESTMENT ned mainly I wit continue h income to advise a 100 invested position in and longer term appreciation regard- ', i' tt!;Less of interme'diate trm fluctuations. However, at this stage of the market ;Pattern, would concentrate holdings in undervalued issues with defensive f .haracteristics. Twenty issues of this type were listed in last weeks letter,l, ;',c CAPITAL APPRECIATION In risk accounts concerned mainly with capital i appreciation over a six months period, I continue to advise a 50 to 75 l ;,t,iquid position. The market has built a technical pattern that could poss- '– tbly indicate a Sizable potential top. This by no l7lee.ns is certain but it p'laces the market in a very vulnerable position in the event of unfavorable ',, ews developments. Listed below are ten issues in my recommended list. These ten ;.i'tocks should be considered as my entire Oapital Appreciation List. If held, iJ; counsel retention. For new purchases, would await periods of price decline i-,' r;;' 1951 51-52 r, , '' ,1,; Dividend-A Yield-B Range ', I', , arrier Corporation C'ertain-Teed 1.00 1.00 3.9 6.8 28-1' 18-1 1I,,;' !Eastern Airlines .50 2.2 30-19 Oray Manufacturing nternational Tel.& Tel. Minn. St .Paul & s. S.Marie 1.00 .60 1.00 6.8 3.3 6 .2 r17-10 i' 19-14 ' 21-14 1aramount Pictures Universal Pictures Western Airlines () stern Maryland 2.00 .60 .50 9 5 4.5 fl A – I(;tds' aval;bsOnrsvidend. 33-21 14-9 16-10 29-18 l(ist';,- l -' , \';, July 18, 1952 ; , Dow-Jone s Industrials – 273.90 ;, Dow-Jones Rails 100.60 '7 'y '-, ,/,'\ (i,' – , 1,',- EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN ' i,. , t- f– .. , 'I,' ' Z(,' I ,, , ' L rtl( This memorandum i, not to be construed oil an offer or lohdtation of oHeu to buy or sell any seeunli.. From time to time Walston. HoHman & Goodw;n may have an interest in lome or all of the securities mentioned herein The foregoing malerlal has been prepared by us a, II matter of information only. It is b.ned 7,.-'- upon information be!1eved reliable but not nec.euarily complete, is not ;uaranteed liS accurat. or final, and is not intended to foreclose independent inqUiry. -, I – – ''\, ,I, I -, ,,'- , , , , .-

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Tabell’s Market Letter – July 25, 1952

Tabell’s Market Letter – July 25, 1952

Tabell's Market Letter - July 25, 1952
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r-.-./ .'. .' -,.,' ,–.—-' Wolston.Hoffl110n &GoodwinT' .',–, —— ,–,' —'Y 't,1,-, , IIf- NEW YORK 5, N. Y. PHILADELPHIA 2, PA. LOS ANGELES '3, CALIF. SAN FRANCISCO 4, CALIF. r',7', 35 Wall Street I!;,' r,; OIGBY 4411 1420 Walnut Street PENNYPACKER 55977 550 South Spring Street MADISON 93232 265 Montgomery Street SUTTER 12700 l TABEll'S MARKET lETTER J'' , ,- r— The ten-month trading range between 277.51 and 254.70 in the Dow- –, !- ' d,, Jones industrial average was decisively penetrated on Thursday when an in- '–' 1tf tra-day high of 280.05 was reached. The rails and utilities closely approach- f. ' ed their former highs. .' Ii; I would not attach any great significance to the upside penetration. F;,, At the best it signifies a continuation of the selective markets of the past year with issues with favorable prospects moving higher while others remain II dormant and still others work lower as a result of unfavorable trends of '. ; earnings and outlook. The volume pattern does not indicate a wide upswing at t; this pOint. Not only volume but the number of advancing issues and the num'.' (', ber of new highs has decreased on each rally since February, 1951. At Thurs';.. h day'.s high of 280.05, the industrial average was about 1 above the Septem' 1,- and January highs of 277.51 and 276.26. Yet the great majority of issues are ; below their individual highs reached ten or six months ago. The new highs i-ti e'- the average were largely the result of strength in a relatively small number ;', of issues. The upside penetration by the industrials may result in further' , rise to the 285-295 level but the indications are that such a rise, if it b' occurs, will.be extremely selective. As 2..1ways, the action of individual .-c' ofI issues is more important than the averages. There are a sufficient number ;;' individual issues with vulnerab Ie patterns to sllggest continued caution at . i,;; this stage. , Z' LONG TERM INVESTMENT I continue to advise a 100 invested positiori,' , in accounts concerned majnly with income and longer term appreciation re- ;, gardless of intermediate term fluctuations. However, at this stage of the ' .i, market pattern, would concentrate holdings in undervalued issues with deW; fensive characteristics. Twenty issues of this type were listed in the '; ,,i letter of July 11th. AMERICAN TELEPHONE . & TELEGRAPH () is the world's largest non- ,' governmental commercial enterprise. At Friday's close of 153 7/8, the stock' to, was selling at about its average price for the past ten years. The 9 divi' 1 dent gives a yield of over 5.8. Gross operating revenue has increased frorii ' 1,107 million in 1939 to 3,639 million in 1951. Vast growth continues. '.. ii' Technically, for the past five years, the stock has held in a narrow trading 1/, range between 138 and 163./The present pattern has an initial upside pot en..,; \ tial of 173 followed by a possible price over 200. The jiownside 'potential / i' ap-peaTs-to lte1-lt6-1lhl-wH-h-good-supp.orL,at around -150 ./The stock has reach-;- ;, ed the upside potential several times in the past while paying the 9 divi-, Ie dend. The 1929 high was 310. The 1937 high was 190 and the 1946 high was .,' r' 200. It would appear reasonable to expect that AT.& T. could sell closer \) 'C- to 5 yield basis. The stock would yield 5 at 180. Despite the numerous ; , denials, it is possible that the stock might be split in the future. The ' ' 1'1 fact that there are over 1 millibn shareholders with the vast majority hold,, ;' ing small lots of stock would cppear to make this a feasible operation. A ;'–' ,; 4 for 1 split with the possibility of a 2.25 to 2.50 dividend could move '.' rI, the stock to the 200 level. There is also j;he possibility of a distribqt p..'i(n ' to ;t('c'cholders of the Western Electric subsidiary. American Telephone cortr-,' mon stock appears to offer fair appreciation possibilities together with ex', ;, cellent defensive qualities and a good yield. It is an interesting purchasEr ;', at this stage of the market pattern./It is added to my recommended inves.t- l 0', ment list. I' ,– ;;, CAPITAL APPRECIATION In risk accounts concerned mainly with capittt (,;, appreciation over a six months period, I continue to advise a 50 to 75 !!f; ii-' liquid position. The market has a technical pattern that suggests the possi-.. i-' bility that it is in a distributional phase. There are a large number of in.-, I. dividual issues that appear to be in a vulnerable pOSition in the event of ';' I',' unfavorable news developments and a sizeable portion of capital appreciation' !i; funds should be in liquid form in order to take advantage of possible buy- '. r,(, ing opportunities. . U Offered by prospectus only, I', which is available on request. 6'- EDMUND W. TABEL WALSTON, HOFFMAIj & GOODWIN rI, ' July 25, 1952 I' , ,, This memorandum is not to be corntrued as an offer or lolicitlltion of offers to buy or sell any lecurlties From time to time Waldon, Hoffman & GoodWin may han an interest in lome or all of the securities mentioned herein. The fOfegoHuiI malerial has been prepared by us as a matter of information only It Is based It- upon Information believed reliable but, not necenarily complete, is not ;ulIranteed liS accurate Of fInal, and is not intended to foreclose Independent inqUiry 0.'- . -,/,'7 'J'.;- — ,;.t.',-'—-;.–;- ''. .'—-7 .'-'-.– .,.'- ,li7'—- .–'.,. '.—- —'t .t ;'..-'.'';'—,. 7 – ' -s.-;; '.;' -;-'-,-.,.– .,.- –'- – ….4

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Tabell’s Market Letter – August 01, 1952

Tabell’s Market Letter – August 01, 1952

Tabell's Market Letter - August 01, 1952
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… . '..; .c …..''- .-….. .' .. , '- 7-, –,- — PHILADELPHIA 2. PA. LOS ANGELES D. CALIF. SAN FRANCISCO 4. CALIF 't,– …,',; 35 Wall Street 1420 Wo!Ilnut Street II' DIGBY 44141 PENNYPACKER 55977 ;(/' I 'I 1'.; TABELL'S MARKET LETTER 550 South Spring Street MADISON Ii 3232 265 Montgomery Street sunER 12700 ,,, .' .. I' I '.11..'. I\- it;ff,;1 All of the Dow-Jones averages reached new high territory during the t',A';' i'. t.past week. The industrials bettered the previous week's high of 280.05 at –) i'friday's top of 280.49 and the rails moved sharply above the early J u l y ; '.,;' ';'-'peak of 103.42 to attain a new high at 104.38. The utilities passed the ;.. !.,'arch high of 50.47 to reach 50.65. The combined 65-Stock Average, of ', Hourse, also entered new high territory at 108.21. . '.' . The upside penetrations indicate that the possible upside objectives . ; are the 285-295 area on the industrials, 105-110 on the rails and 52-54 on '.' !;he utilities. The fact that the upside objective on the 65-Stock Average )cis 110 apparently indicates that the lower part of the areas are more J.ikely to be reached than the upper zone. r.ie,, i;.; It is strange that the advance has not resulted in more speculative . ;'nthusiasmo Volume has been small with no seSSion totalling above 1,300,000 .' i\Shares and the new highs in the averages have been caused by strength in a '. ,relatively small number of stocks. At the sa!!le time that a few stocks are ;eaching new high territory, there are others hat are selling near their ,',,,' ;respective lows. This implies a lack of breadth and indicates caution des- '.' lpite the seemingly strong action of the averages. ,' LONG TERM INVESTMENT I continue to advise a 100 invested position, '. ;'j1.n accounts concerned mainly with income and longer term appreciation re- i. ,gardless of intermediate term fluctuations. However, at this stage of the ;', (lj1arket pattern, would concentrate holdings in undervalued issues with de- ' , f'ensive characteristics. Twenty issues of this type were' listed in the i.itetter of July 11th and American Telephone & TelegrapQ () was mentioned i' ,. /In last week's letter. ., r';',' All of these issues appear to be interesting long term holdings if iavailable around originally recommended levels. ,,) CAPITAL APPRECIATION In risk accounts concerned mainly with capital ….,. ;ppreciation over a six months period, I continue to advise a 50 to 75 i', ).\liquid position. While the market may move somewhat higher over the nearer . '. ,'term, it would appear that lower levels will be reached before the expira- ,., 'tion of the six months long term t;ain tax period. Therefore, it appears ' ,prudent to have a cash reserve in capital appreciation accounts to take ad- '.c wantage of possible buying opportunities. Such an opportunity was presented l;;1n June, for example, when Celanese reached 36 3/4, a 37 dec line from the (.' 71951 high of 58 1/4. The distributional pattern formed at the top indicated ;'.) ;!to-35. The stock has since rallied almost ten pOints since its recommenda- ;. ;,tion. Another group to be watched closely is the wonder drug group. This . !.1etter has long mentioned this group as being in a vulnerable technical ' ,position. Howev.er, they now have declined sharply and are approaching their ',' i;downside objectives, as noted in the three issues listed below ; ,. 1951-52 High Recent Low Downside Object. , c' Abbott Laboratories '.. Parke Davis & Co. ;,; Pfizer (Chas.& Co.) t!' 64 1/2 49 1/2 63 1/8 42 1/8 465/8 333/8 . 45 40 32-27 ;.. r. ; – ;' In the event 'of a moderate further decline, these issues would appear).; i.to be in a buying zone. There are many other groups that have built up po- ;' ;'!tentially vulnerable patterns and will eventually reach downside objectives . .i'. irhere is usually less risk involved in purchasing issues on weakness after i' h steep decline than in buying them after a sharp advance. Obviously, how- ;, ;ver, some funds must be kept liquid in order to take advantage of buying ,i 'bpportunities. Potential bargains cannot be acquired if funds are already ;\–. c''.;.j;ied up in other issues bought at higher levels. This is why this letter (,has advocated a partially liquid position in capital appreciation accounts (.,; i'itor long term holding. This may involve missing the last. 5 or 10 of a ; , ' \lnove in some issues, but may also allow the purchase of individual issues -With good basic patterns at 25 to 40; below their 1951-1952 highs. This r;a.dvice, of course, applies to those who,because of tax reasons, are inte- i. .i,' '. i-ested in six months gains. For the near term outlook, consult the Daily;' tWalston Letter and my daily wires. f Offered by prospectus only, ;';- which is available on request. WEDAMUNDLOSNWHTOABEF & GOODW,,T T , ………. ,u. p; ,. (,AutaU-i or m b. construed as an offer or solicitation of offers to buy or HIli ,any securities From time to time Wahlon, HoHman & Goodwin may ,,f'If have an interest in some or all of the securities mentioned herein. The foregOing material has been prepared by UI ,U a matter of lnformatin only It IS baled lipan information belloved reHllble but not necessarily complete, Is not ;uaranteed ,51 accurate or final, and is not intended to foredole Independent lnqulfy. W/;,;//li'/f;.!,!,,-,,–, '.'\'I,,''- — – ', , ' , ',, ,' – ,,,, – ' '' ,I', 1'1 1- I .\

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Tabell’s Market Letter – August 08, 1952

Tabell’s Market Letter – August 08, 1952

Tabell's Market Letter - August 08, 1952
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,, NEW YORK 5, N Y ,' 35 Wall Street , OIGBY 44141 PHILADELPHIA 2, PA 1420 Walnut Street PENNYPACKER 5-5'177 LOS ANGELES 13, CALIF 550 South Spring Street MADISON' 3232 SAN FRANCISCO 4, CALIF 265 Montgomery Street SUTTER 12700 , TABELL'S MARKET LEnER – I, ; During the past week, the market continued to hold around the highs' 'of the year. The rail average showed the best action with a new high of /',105.55 as compared with the previous July 31st high of 104.38.The indus triaJ,3 , appear to be running into considerable resistance in the 280 area. The re- ;, cent closing range of this average has been extremely narrow. At no tim in– ',, the past eight trading days has the average closed above 280 or below 279. ', ), 'This .week' s intra-day high of 280.92 was approximately the same as the 280 if9 , reached last week. ' , , The market continues extremely selective. A recent. compilation of , 1441 issues listed on the New York Stock Exchange prior to March Ist.1952 , ,'indicates that approximately 40 of these issues reached their highs between ,';;January 1st 1951 and March 31st 1951 or more than eighteen months ago. Ap-;', ,proximately 70 reached their highs in 1951 and only 30 in 1952. Since July ,lst, with the market in new high territory, only 15 have reached new high '-', 'territory. In other words, since January 1st of this year only about one in', ',;four issues has reached new high territory. LONG TERM IlNESTMENT I continue to advise a 100 invested position ,,'in account.s concerned mainly with income and longer term appreciation,l'e- ,,,gardless of intermediate term fluctuations. However, at this stage of the ',Cmarket pattern, would concentrate holdings in undervalued issues with de- , fensive characteristics. ,,' , CAPITAL APPRECIATION In risk accounts concerned mainly with capitar ',appreciation over a six months period, I continue to adVise a 50 to 75 ' ;,,liquid position. While the market may move somewhat higher over the nearer 1, ,term, it would appear that lower levels will be reached before the expira- t, ,tion of the six months long te,rm gain tax period. Therefore , it appears ;', ;';prudent to have a cash reserve in capital appreciation accounts to take ad- ',vantage of possible buying opportunities. ''- , In December, I mentioned the favorable technical pattern on Ruppert '''' ',Brewing. The stock was then selling at 11 1/8. The stock has reached a high ' of 17 7/8 and is now selling at around 16. The issue below appears to be a , ibetter 'immediate purchase. ,' – CANADIAN BREWERIES, LTD. is listed on the New York Stock Exchange and , ,is selling at 19. It is the largest brewing concern in Canada, doing ap- ,,,proximately 30 of the malt beverage bUSiness in the country and 50 of the'–, ' business in Ontario. The company has eight well equipped plants in Ontario,,' , with a combined capacity of 2 million barrels annually. Major brands include ; O'Keefe's, Brading's Ale and Stout, Carling's Red Cap Ale and Black Labe i, ; Lager Beer. In addition, the company owns 95 of Brewing Corp. of Americ-. ; 'which owns a large and modern'plant '1.5 million barrels annually. Other in Clevela interests nd, inc OhiO, lude V with ictory a c M apacity o ills,Ltd., fa , .' processor of soy beans and other oil-bearing seeds, and Dominion Malting , i ',Company, Ltd., which is the second largest 'producer of malt in Canada. Also,, rhas an interest in Dow Brewery, Ltd.,' which distributes in lontreal and ,, ;Quebec. For the fiscal year ending October 31, 1951, the earr,ings were equat' ;to 2.25 a share. It is estimatj that earnings for the 1952 fiscal period ' ; 'will 'be slightly lower at 1.90-1.95. Dividends for the period are esti- , , ,;',mated at 1. 25 a share to give an estmated yied of 6.6 at 19. Based on \(;,' ,,1' the October 31,1951 balanc e sheet, the net tanglble assets per common were f', ' equal to 15.76. The company appears to have excellent growt.h prospects in L. , a growing country. Nearly 20 of assets in Brewing Corp. of America and Dowf' ,'Brewery, Ltd. are not. contributing to earnings. It is expected that this 'If , situation will change. ' ;', From a technical point of view, the stock has a constructive pattern', ',A high of 29 1/2 was reached in 1946. Since 1947, the stock has held in a ',I irange bounded by 14 1/2 and 21. An upside penetration of tl'.i8 potential basi!''' ' formation would indicate a probable 26 followed by a later 34. More time maYc i'be needed to broaden the pattern but the st.ock has interesting long term ,;appreciation possibilities combined with a good yield while waHing. ,, EDMUND W. TABELL ' L, ;;', August 8, 1952 ,' Dow-Jones Inc,. Dow-Jones Rails – 279.84 104.78 WALSTON, HOFFMAN & GOODWIN ,, (' , ,'\ – This memorandum it not to be construed as an offer or olidtation of offers to buy or sell any securlhes From time to time W1Ilston, Hoffman & GoodWin may ;!- have an interest In some or all of the secunties mentioned herein. The forru;loing milterlllli hu been prepared by U lIS a matter of information only It 15 blUed I. ! I upon information believed rehable but not neeeneI, complete, h not utlranleed 45 accurate or fllltll, and is not intended to foreclose independent inquiry',.,… ,-, -, -'';,-'5- –.–.. -;-'- — .- -'- – -'— –..'–'J,!', S'- ——-.,,-.. -'-'.. – -,.- -.. -.,.7- –.,…….'.—.,'i.- -. – -t'-., t …–,,',,','.. ;' ,, —.- , ….

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Tabell’s Market Letter – August 22, 1952

Tabell’s Market Letter – August 22, 1952

Tabell's Market Letter - August 22, 1952
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c- -, , ', '/ ,, Wolsioll.Hofflll01l Goodwin ' ' ' ' NEW YORK 5, N Y 35 Wlill Street DIGBY 44141 PHILADELPHIA 2, PA 1420 WlIlnut Street PENNYPACKER 5-5977 TABELL'S MARKET LETTER LOS ANGELES 13, CALIF 550 South Spring Street MADISON '232 SAN FRANCISCO 4, CALIF 265 Montgomery Street SUTTER 11700 —. This letter has continually stressed the extreme seTectivity of the '; '' market since January Ist3195L During this twenty-month perIod, individual issues have undergone bear markets of their own despite the fact that the ;- ' industrial averages advanced from the February 1951 high of 257 to a recent —- ,- ,high of 281. If the general market averages should enter a dec lining phase, , ' the graphs of individual issues indicate that the decline might be as se- , lective as the advance. Some of the issues that have already declined sharp' ly would undoubtedly be less vulnerable than tbe over-exploited issues that' are still selling near their highs. Also, the first group would most likely reach their lows in the earlier stages of any general decline, when,as and ' if it occurs. I am listing ten such issues below. I do not advise their im- mediate purchase but suggest watching their action closely if the downSide objectives noted below are reached. After the downside objectives are reach 'ed, they undoubtedly would have to undergo a period of backing and filling , to 'build up abase, so no immediate move would be indicated. However, these, issues, if they reach the downside objectives indicated, would appear to be — good long term purchases regardless of whether the general market was in a ' 'declining or advancing phase ,', ,ABBOTT LABORATORIES (49) is a prominent manufacturer of pharmaceuti- , cal, medicinal, chemical, biological and vitamin products. It is a growth , 'situation. The stock reached a high of 64 1/2 in January. The recent low,,, ' was 49 1/4. The top formed indicates a possible decline to the 47-43 area. , ' There '; sales ais!goodsudpLprorrtast46-4e2;. 7t! wc!C;ii lifcs ',', ,hot rolled sheets. Titanium Metals Corp. is Jointly owned with National Lead. The stock reached a high of 52 1/8 in October. Recent low was 35 1/4. ''' ',' The downside indication is 33-28 which is also a good support area. ' , BURLINGTON MILLS (IS) is the largest producer of synthetic fabTics. ' , Long range prospects are good. The stock reLched a high of 25 5/8 in early – 1951 and gradually declined to the May low of 15 1/2. The top formed at the', , 25 area suggested a decline to 14. There is good support at 16-14 where the,', ,stock should be bought. , CELANESE CORP. (43) is the leading producer of cellulose acetate. Two' Canadian subsidiaries produce cellulose from wood pulp, chemicals and rayon' , yarns. Reestablishment of growth trend is in prospect following recent re- ,-'adjustments in the industry. The stock reached a high of 5S 1/4 in 1951. ,The top formed indicated a decline to the 40-35 range. A low of 36 3/4 was reached in April. Stock has since rallied to 46. Would buy on a return to 'the 40-35 area. FERRO CORP. (29) is the largest producer of porcelain enamel frit. , , Growth prospects are enhanced by recent entry into titanium metal powder, , glass fiQers. ceramic coatings and powdered metal parts. The stock reached ',,' a high of 38 1/2 in 1951 earlier this year. The recent low was 28 1/8. The ',' ,- technical pattern suggests a return to the 28-26 area. ,; ', NATIONAL DISTILLERS (27) is the third largest factor in the distillip,g , field and is increasing its representation in the chemical and petro-chemi- , cal field. A high of 37 1/4 was reached in 1951. The top pattern formed in 't, the 37-32 area indicated a decline to 26-23. The May low was 25. Would buy , on further weakness. ', , and PACIFIC finishers. MILLS (33) At current is one of the prices. stock world's largest textile is selling below equity manufactures in working !i' capitaL A high of 49 1/4 was reached in 195L A distributional pattern was' , formed with a downside indication of 32-29. A low of 28 1/4 was reached in February. Would appear to be an interesting purchase on moderate declines. ' PARKE, DAVIS & CO. (44) is a leading ethical drug manufacturer. It reached peak of 63 1/8 in 1951. Top pattern suggests a possible decline to 40. Recent low was 42 l/S. Would buy on weakness to around he 40 level. PENNSYLVANIA SALT (52) A high of 71 was reached in 1951. Technical , pattern indicates decline to 52-45 area.Recent low 50 1/2. Buy on weakness. ' PFIZER (CRAS.)CO. (33) Advance sharply to 46 5/8 in 1951. Top pat- , tern suggests decline to 32-27 area. Recent low was 33 1/4. Buy on furcher weakness. ' EDMUND W. TABELL ll'Ii,IIllt'!l.ani\, nDtltQhonltrU.d as an offer or elicitation of offers to bur oWAbVIlQN,t.l.es lfuGFFti'& v.QGQDlif & Good ….'n may ''hil11an liere1t'in iome td 11rof the securities mentioned herein. Th. for.90in9 material has been epared by us as a matter of information only It IS based , upon information b.ll…..d reliable but not necananly complete, b not ;Iuo/Ifo!lnteed liS accurllte or final. and iI not intended to foredose independent ,nqulrY ,j'',',''',',''; f',''''''' ',' ,'',,,',,''',',,'' ,'j/' ,-,''-' –,,, ,','

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