Tabell’s Market Letter – November 07, 1952

NEW YORK 5, N, y, 35 Wall Street DIGBY 44141 PHILADELPHIA 2, PA 1420 Walnut Street PENNYPACKER 55977 TABELL'S MARKET LETTER LOS ANGELES 13, CALIF, 550 South Spring Street MADISON 93212 SAN FRANCISCO 4, CALIF, 265 Montgomery Street SUTTER 12700 , ,,' The 'Eisenhower landslide resulted in a strong opening on Wednesday with, ',volume for the opening hour at 820,000 shares, the highest since early 1951. Wednesday's highs of 274.77 on the Dow-Jones industrials and 102.24 on the , rails were followed by a decline to 268.89 and 99.15 on Thursday but the mar; ket recovered to 274.77 and 102.49 on Friday. Except for a fractional pene- ,' 'tration by the rails, Friday's rally failed to carry above the initial rally;, highs. There is quite heavy overhead supply in both averages.' ,;, I continue to believe that the beneficial effects of the election will ; be felt over the longer term rather than the near term. I look for a conti-'' nuation of the diverse action of the past year while the market ,unc,ergoes a,,; ',re-accumulation and re-adjustment area prior to a resumption of the long term uptrend. –i LONG TERM INVESTMENT I continue to advise a 100 invested position in accounts concerned mainly with income and longer-term appreciation .Holdings ' of sound,good quality, dividend paying issues should be retained, particular;' iy when bought at considerably lower price levels. The longer term trend in – , dicates ultimately higher price levels and good grade issues should continue''; dividend payments at approximately present rates. Weakness should present 'buying opportunities in oelected issues Price Buying Range Price Buying Range Abbott Lab. (A) Allis Chal. ,Amer. Chain ,Amer. Rad. Amer. Seat. 'Amer. Tel (A) ,Armstrong Cork Babcock & Wilcox Blaw Knox ,ucyrus Erie 'Burlington Mills Burroughs Add. Celanese 9hain Belt (A) ,Oolumbia Gas (A) Elliott Co. 45 54 27 14 20 154 47 34 17 23 15 17 35 35 13 28 45-42 52-50 27-25 14-13 20-18 Mkt. Mkt. Mkt. 17-16 23-22 15-14 17-16 37-33 35-33 13-12 27-25 Hall Print. 16 Joy Mfg. 33 Lone Star C. 28 Lowenstein 30 Mont.Ward 60 Owens Ill.G. 71 Parke Davis 42 Penn. Salt (A) 49 Pfizer 31 Phillips Pete 58 Shamrock Oil 39 Smith,A.O. 35 Sylvania Elec. 37 U.S.Gypsum 109 Western Auto 50 16-15 33-30 27-25 30-28 60-57 70-65 42-40 50-45 32-28 53-50 38-35 34-32 35-33 110-105 49-46 , ,' , CAPITAL APPRECIATION During recent weakness to 262.01 in the Dow-Jones,' ,industrials and 96.87 in the rails, I advised increasing invested positions -'' ,in risk accounts concerned mainly with capital appreciation over a six months.',' period from 25-50 to 60. Would maintain this ratio leaving 40 liquid ' until further notice. Recommended issues follovl ', Price Buying Range Price Buying Range', idmiral (A) 'Allegheny Ludlum BaIt. & Ohio eaunit Mills Briggs Mfg. Canadian Brew. Carrier (A) Certainteed Chic.East.Ill. Chic.Gt.West. Climax Molyb Columbia Broad. Denver,Rio Grande Eastern Airlines Fansteel Ferro (A) Gen'l Rwy.Signal Gray Mfg. 30 34 22 17 34 18 31 14 17 21 34 36 73 24 24 26 32 14 29-27 33-28 21-19 19-17 35-34 18-16 29-27 14-13 17-16 20-18 33-30 33-30 70-65 22-20 24-22 28-26 32-30 14-12 Hercules Motors 18 Interchemical 19 Inter. Tel 18 Missouri K.T.pf. 60 Minn.St.P & SSM 17 Nat1. Dist. 21 N.Y.Airbrake (A) 19 Pacific Mills 25 Paramount 23 Pittston 27 Southern Rwy. 72 Universal Pic. 13 Vanadium 40 Warren Petroleum 30 Western Air.(A) 10 Western Md. 20 Western Pac. 59 18-16' 20-18 ' 17-15, 58-55 ' 17-15 21-20 20-18 25-24 23-21 !, 27-25 65-60 12-11 40-37 28-25 11-10 20-18 55-50 A – Offered by prospectus only. — , November 7, 1952 EDMUND W. TABELL , WAL!roN GOODWIN ',' ,&' HOFFIJAN This memorandum is not to be con1frued as an offer or ,olidt,ation of offers to buy or sell any lecurities From time to time Waillon, Hoffman & Goodwin may ,; , – havo upon an int(lrest In some or information beHoved all of the .ecuritllfll mentioned her.ln. The reliable but not neCl1uarily complete, Is nfoorteC)uoainrganlmeaetderia.sll has been prepared by us III accurate or final, and Is not II matter of Information only It is bued Intended to foreclole Independent inquiry 1; ,-l r.(.c ';r 1-.;,, ……1-,j,W '–'171,-' . -!… -. f..1;; ….–..' .. – .- …. . -; .. – – -cc;-7!.-S '…… ;;… '-.'; 7,,. r.,J…;' .; ,….-…, .. ..X I