Viewing Month: January 1953

Tabell’s Market Letter – January 02, 1953

Tabell’s Market Letter – January 02, 1953

Tabell's Market Letter - January 02, 1953
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– – – – – – – – – – – – – – – – – – – – – ——– ' ; I ''' -i I I .!- NEW YORK 5, N, Y 35 Willi Street DIGBY 44141 PHILADELPHIA 2, PA 1420 Walnut Street PENNYPACKER 5-5977 ;–, ,— TABELL'S MARKET LETTER f,' LOS ANGELES 13, CALIF 550 South Spring Street MADISON '3232 ,,'c,' cc' , , -I ,, -I ;r,'-, ' -; -…. SAN FRANCISCO 4, CALIF f,,', 2bS Montgomery Street SUTTER 12700 ;-' ,',2 c'; 5 1'- r-; ,;'-, ,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 prices similar to that of 1914 to 1929. I believe the advance started in 1942 from 95 in the Dow-Jones average and is still headed upward The World War I advance lasted for fifteen years. Considering that, the present advance started from a relatively low level of stock prices,and after ten years of a low level ofibusiness and economic conditions,it appears reasonable to expect that the present long term advance may last some' what longer than the 1914-1929 mafket. I project it forward to approximately' 1960-1962. It also appears reasonable to expect that the 1929 high of 386 ,, will be substantially surpassed. An advance of only 40 from present levels ' would bring the industrials to thEl 1929 highs. This does not appear to be ;'' an unreasonable expectation over a period of the next eight years. Many;' ', issues are now selling considerably above 1929 levels. Quite obviously – such an advance will not be in a straight line. ;\; c' ,' eleven In the moves o f last more two years, than 5. StihxElIhDavoew-bJeoennesonintdhuesturpiasildeavaenradgefivheashhavade , been on the downside. However, the action of individual issues has been , quite different from that of the averages. The steels, for example, reached '-, their highs in February, 1951 wherl the average was only 254. The chemicals .-' c and textiles reached their 'in January, 1952. I expect highs in September, 1951 this selective action to and the oils and continue in 1953 metals with r, Fmoves in both directions by both the averages and by individual stocks. I do not expect 1953 to be a bull of a bear year, but rather a combination ofr 'both with private bull and bear markets in individual securities. ,' I, Since 1949, I have stated Ititat the market leaders would be the high grade blue chip issues with the speculative issues doing little or nothing This has been the pattern up to now. I believe the market leaders on advan-, cing phases over the next two yearl.s will be the light blue chips — the ,,, issues slightly below the quality lof the blue chips. These are issues with t, good dividend records, good growth prospects and high yields. There are a / ',great many that have just started Ito move. I do not believe the very specu- '-; –,lative, low-priced issues are reaqy to move ahead on a broad scale. They ,;; will come into the picture at a l!j-ter date after the consolidating and re- i ' adjusting phase is completed. Group action in 1953 will be extremely diverse, 'and selection will be all important. ,c Listed below are a number !of issues that I believe fit into the 5 ,– light blue chip or speculative investment category I 12 Mos. , ;-;; American Chain & Cable 'I Price Div. 30 2.50 Yield 8.3 ; ;–, Armstrong Cork Babcock & Wilcox Bendix Aviation Blaw Knox Briggs Mfg. Bucyrus Erie Crane Company General Railway Signal Hall Printing Joy Manufacturing Lowenstein Penn-Dixie Cement Smith, A.O. Vanadium 53 3.10 5.8 37 2.00 A 5.3 A 61 3.75 6.1 18 1.25 7.0 37 3.00 8.1 25 2.00 8.0 31 2.25 7.3 35 2.50 7.1 16 1.30 8.1 36 3.12 8.7 33 2.00 6.0 32 2.00 6.1 35 2.00 5.7 43 2.40 5.6 I, ,' Western Auto Supply 56 3.75 6.7 ,, , II ' I January 2, 1953 A Plus stock dividend. EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN , , .- ' '',–,- ,; '-, Thh memorandum II not to b. construed as an offer or solicitation of offers to buy or sell any securities from time to time Walston, Hoffman & Goodwin may hav an 1ntrst in lome or all of the securities menhoned hrein. The foreQoing matrlal has been prepared by us as a matter of Information only It is baled , . . ,-. 1 …,. ';; ,,,,, . . '. …'''';. ',. '''''', ;. –

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Tabell’s Market Letter – January 09, 1953

Tabell’s Market Letter – January 09, 1953

Tabell's Market Letter - January 09, 1953
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-. \ ; ,' ,, , 'c NEW YORK 5, N. Y PHILADELPHIA 2, PA 35 Wall Street .. ; ; DIGBY 4-4141 ,; f 1420 Walnut Street PENNYPACKER S 5977 0- . TABELL'S MARKET LETTER — -,- ,''.,'./';,,I' ,. LOS ANGELES I J, CALIF. SAN FRANCISCO 4, CALIF 550 South Spring Street 2b5 Montgomery Street MADISON 9 3232 SUTTER 12700 '' The market declined sharp on Friday with the Dow-Jones industrials ,'.' reaching a low of 286.09 and rails falling to 108.47. This is a de' f cline of almost nlne points froml the recent 295.06 high in the industrials; 'and a drop of six points from t;h'e 113.94 high on the rails. At the lows, ;., ! the industrials had lost only a , 25 of the thirty-two pOint rise from ;'' the October lows. The rails retraced about 30 of their seventeen point , ' ,rise. Normal technical correctionSusually retrace a third to a half of the I advance so the decline could carry down to 284-280 and 108-105. However, !', ;', no important tops have been formed as yet. This would require more time. Action of the market should be watched closely on the next rally. \,- LONG TERM INVESTMENT I cohtinue to advise a 100 invested position . ; in accounts concerned mainly withl income and longer term appreciation. Pre-';;, sent holdings of recommended iSsuys should be retained, but would add to , -', holdings only during periods of market weakness. The following issues appea, I 'attractive around present levels , , OTIS ELEVATOR (39) appears to be an attractive issue for longer term, ,,',holding. 'Ehe 1950 low was 30. Sinpe then the stock has been in a slow up- .', r'-'i,utrpesnidde. For almost two penetration to years the stock held in the 41 1/2 indipates a probable 35-39 range. The recent move to the 45-55 area. \ ,There is downside support at 38-31. The' stock yields 6.4 on the 2.50 f,; ';dividend. Earnings for 1952 are estimated at Slightly above 4.00 a share. ') . In risk accounts concerned ainly with CAPITAL APPRECIATIOH over a F' . ,', six months period, I advised in December that invested positons be cut .' ; from 60 to 50. Remember purchass in this account are to be held for a'.;.! tminimum period of six months so that the outlook for that period must be ;;. ). considered rather than the near term trading outlook. On advances to the ; 295-300 area in the Dow-Jones industrials, would be inclined to further i; ; cut invested pOSition to 33 1/3.1 ,., '-i ; The WESTERN MARYLAND(28 1/2) was recommended in the 21-19 buying area. stock has been strong recently and reached a high of 29 1/2 on Friday. ,.-i- –lOn my technical work, the upside penetration of 18-24 base indicates a ,., .;potential of 30 followed by 38. Whether it will be necessary for the stock ', ;. to consolidate before attempting to reach 38 is problematicaL The stock '' 'would meet strong support on the downside at 25. The longer'term objective , of this issue is considerabl;r higher. ( ) ., NORTHWEST AIRLINES (14) has I been a laggard issue for a long time. '/ ,,', Like all the airlines, it declined sharply from the 1945-1946 highs. In '; the case of Northwestern, the decline was from 63 1/2 to 7 in 1949. The ,.; I, ,stock shows signs of forming a base pattern of considerable size. It has ',held in an area bounded roughly by 12 and 16 since 1951. There is consi- derable overhead supply at 20-22 hat would undoubtedly temporarily halt 'any advance but the potential base suggests a long term possibility of higher levels. The issue presentsian intersting speculation long term capital appreciation. The stock pays no dividend so if income is of im- portance, suggest Northwest Airlines preferred which is convertible into ,1 1/2 shares of common. The prefrred is selling at 23 3/4 as against a value of 21 for 1 1/2 shares of common. The preferred has paid divi',dends intermittently but is cumulative. Quarerly dividends are 28 3/4 .or 1.15 annually to yield approximately 4.8. It should advance 1 1/2 ;'points for every 1 point advance in the common. .I I EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN January 9, 1953 ' -I ',0 . , ;- – /! This memorandum is not to be construed as an offer or solicitation of offefs to buy or sell any seCUrities From t.me to time Waldon, Hoffman & Good…. n may ,'( have an Interest in lome or aJl of the ,ecuritles mentioned herein. The fore90ln9 mllter..,r has been prepared by UI III II mtltter of informllhon only. It IS bllsed l,, ;. upon Informlltlon believed reliable but not neuutlflly complete, is not ;Iuaranteed al accurate or final, lind is not .ntended to foreclose Independent InqUiry /f., -',,- , ' ',' -,' ','2',!,'' ',',,!';.,i.,,t) ',,tJ ' ',',,' , , '''- ,-.. -.,. . '-, ;' -','-'.,. -,',,- ,''- ,',, -'-.,.', ,',;-!'' ,,-,' I

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Tabell’s Market Letter – January 16, 1953

Tabell’s Market Letter – January 16, 1953

Tabell's Market Letter - January 16, 1953
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Walstoll.Hofflll011. &- Goodwin 4'W-N.c a/dcerUetl -….. -., ..7, i ' NEW YORK 5, N, Y. ,', 35 Wall Street ' DIGBY -4141 PHILADELPHIA 2, PA 1420 Walnut Street PENNYPACKER 5-5m '1 ! TABELL'S MARKET LETTER ,; ,, I, LOS ANGELES 13, CALIF 550 Sopth Spring Street MADISON '3232 SAN FRANCISCO 4, CALIF 265 Montgomery Street SUTTER 12700 ..h,…, ., 'J ,\ , ' At Monday's lows of 284.29 n the Dow-Jones industrials and 108.42 in.; ,;the rails, both averages had ret ed about one-third of the advance from ,, ,'late October. Both averages also Id above the support levels mentioned in ;';last week I s letter. These support ranges are at 284-280 in the industrials '. – and at 108-105 in the rails. So ,the technical action has been good, but ' ,,;the market mU2!; be watched close I on the next rally. Inability to push ,;,. ;.,through the 290-295 area on the se,cond attempt would indicate the need of ' . . a larger correction than the recent relatively mild decline. ;. ,i The light blue chips mentined in my 1953 market outlook have shown .,; , ,above average action recently. Not only have they advanced moderately with,. ;,, several reaching new high territorIy, but they have also shown excellent ' . . 'downside resistance during periodS of market weakness. This favorable actioiL-. ,;'should continue. Many of the highr grade blue chips have reached levels , I',that have amply discounted the pre1 sent favorable earnings and growth possi-'' , ,,bilities. Yields on issues of this type are down to 2-4 level. The light'.. (plue chips, while of lesser investment quality, are available to yield ,.' , .from 5 1/2 to 8. However, these 'light blue chips are also of good invest-,,, ment quality. Elliott Company, foJ example, has paid some dividend each ,year since 1905. It also has grOl'lth as witness an increase of sales from .;.' J5.20 million in 1940 to 40.32 mllion in 1951. Also its research projects.; !,en gas tm'bines could result in a !considerable increase in sales in the ;,future., j , I am listing below a number of isses that are in the light blue f, L dhip category. The upside objectLves are from my technical graphs and are, 7,,' ;bf course, for the very long term !of the next several years. However, some ., ';'of the issues like General Railway, Signal, that show a relatively moderate price advance, may achieve their 0lbjectives over the intermediate term. ,,. hFitch iRating \..; BB B ,, B BB BB BB , BB ,, B ',; B /, B ' BB ;'; B \. BB B BI,' .. BB ,. B ;'; B ; B B 'I BB ,'- B , 13;-' ,iii B ,! BB Allis Chalmers Alpha Port ,Cement, Amer1can Chain American Radiator Armstrong Cork Babcock & IHlcox Bendix Aviation Blaw Knox Briggs Mfg. Bucyrus Erie Crane Company Eagle Picher Lead Electric Autolite' Elliott Company GeniI Rwy.Signal Hall Printing Joy Mfg. Lowenstein National Gypsum New York Airbrake Otis Elevator penn-D.(Lie clement Smith A.O. Vanadium West Auto Supply ; 1952-53 Upside Esti. .yo Price Range Pro,L.. 52 Earn. Div. Yield 578 ,6 \ 5/386146t 60 90 . 2400 4 .00 7 , O ,;, 4 49y- – 75 't. 3 0 0 6.2 ' 32 822-27 1/8 50-60 4.05 2. 50 .8 -.. 15 ;t6 341.6-1331'-!80250-35 10705 1025 .4 L. 52 57- 2 -;' 5.3 3.10 5.9 ,. 37 39t-3lt 55-65 6.00 A-2.00 5.3-A.'.. 61 64-45 1/8 0-90 6.50 19 9 y1t-157;8 40-45 2.75 3.75 6.1 .' 1025 6.6 . 39 39 3/4-33 70-80 5.00 3.00 7.9 25 27 5/8-22t 35-40 31 38t-28 5/8 60-65 3.00 3,75 h.2.00 8.0 ,., 2.25 67 . 3 22 25-19 32-3'; 3.00 1050.9, 54 t6t-443/4 63-70 6.75 3.00 5.5 31 1325;8-245,13 50-60 5.50 2.10 6.8 37 37 3/4-25 45-50 4.50 2.50 7.1 17 17t-15t 25-30 3 7 B'8 VIi -3l11 70-8 0 32 33 7/8-2't 55-60 22 23t-18t 35-40 2.47 5. 40 5.75 3,20 L30 7.6 3.122' 8 .5 2.00 6 1 1.40 6 3 \Ii;,',.;,, ;'; 21 2218 35-50 39 326 3413 ;2 2- 33 5 3f 65-70 55-60 3 38y-32;yv 6 0,-70 2.60 4,70 4.25 5.00 1.60 2.50 2.00 2,00 7.6 6.5 6.1 5.5 .t 'J, , 42 45r34 55-60 3.60 2,40 5.7 (c,; 54 562 -46 3;13 80-90 6 50 3075 6.9 A – Pls Stock Dividend. EDMUND W. TABELL WALS'I'ON, HOFFMAN & GOODWIN , ,… 'I' ,,'\, '., L-;;t; This memorandum is not to b, cOnJlrued liS /In offer or solultaflon of offrs to buy or sell /Iny lecuTHill' From time to trme W/llsto. HoHman & Good!,'n may 1, .\.,',-' o. nl, ; hu L1pon an int.rest in information some or bell.ud .al.lIoaf',t'h,e..securitt.ienseamsentrioInY edoher.e'in.The forego/iIngmell.te.riual, hur.beeenpfre/pIa'r-;e;d/1by,1u1s,noa's, ,/,ItmnadtetedrtofOInfoCrmIlltlonly.eItt 15,. bua!red ''''''t-'''',-,.'7'—d–' -\j—, ,-, 4

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Tabell’s Market Letter – January 23, 1953

Tabell’s Market Letter – January 23, 1953

Tabell's Market Letter - January 23, 1953
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f — Wolsion.Hoffnl0n &- Goodwin, NEWyO-RK 5, N\', nV/,,''M/,M'C cYecmn'ed .. . ..-..– -' – PHILADELPHIA 2, PA LOS ANGELES 13, CALIf, SAN fRANCISCO 4, CALIf 35 Willi Street 1420 Walnut Street 550 South Spring Street 265 Montgomery Street DIGBY 4.4141 i'-''''r'' PENNYPACKER 55977 ', TAB Ell'S MARKET lETTER MADISON '232 SUTTER '2700 , 'i' t',I', I, The averages have held in ther narrow trading areas after reach- – — ring January highs of 295.06 and 113'.94. News developments may cause a move – !in either direction, but do not believe the industrial averages will move much more than ten points or the ails five pOints in either direction over, ithe near future. A mixed market i in prospect and individual issues should ;'be watched rather than the averages. -, ,,, LONG TER1 INVESTMENT I continue to advise a 100 invested position ', ;;in accounts concerned mainly, withl income and longer term appreciation, Pre- ,sent holdings of recommended issues should be retained but would withhold ,'neVI purchases until the buyng raJjlgs noted below are reached I, Buying Buying ' , Price Range Price Range 'Abbott Lab.(P) 46 45-42 Elliott Co. 32 32-30 !;Allis Chalmers 58 55'53 General Rwy.Signal 36 34-33 fAlpha Port .Cement 48 46-44 Hall Printing 17 17-16 ;,l'l.mer.Chain ' Cable ,American Radiator American Seating 33 15 23 30-28 14-13 20-18 Joy Mfg. Lone Star Cement Lowenstein 37 30 36-34 29-28 ,- 32 31-30 American Tel 160 lS!2-156i Montgomery Ward 63 61-60 ,il.rmstrong Cork 53 51'49\ National Gypsum 22 21-20 'i3abcock & Wilcox 36 35-33 New York Airbrake (p) 21 20-19 I31aw Knox 19 19-18 I Otis Elevator 40 39-38 ,Briggs Mfg. '-Bucyrus Erie 39 38''36 Owens Ill.Glas's 25 2523 Parke Davis 80 77-75 42 42-40 LBu;'lington Mills 16 16.,.15 Pennsylvania Salt (p) 50 50-48 ,Burroughs Add. ')Celanese i-Chain Belt (p) 17 36 17-16 3634 Pfizer (Chas.) Phillips Petroleum 30 61 31-28 58-55 ,- 35 3533 t Shamrock Oil 39 37-36 ;,Columbia Gas (p) 15 14-131 Smith, A . 0 . 3 6 36-34 \' '/CI'aneCo. (.-'Eagle Picher f'IElec'CYiC Auto Lite 31 22 55 31-291 21-20 53 ll Sylvania Elec. U,S . Gypsum 38 119 Western Auto Supply 54 38-36 115-112 ,;— 53-11 i'- ' CAPITAL APPRECIATION In riSk accounts concerned mainly with capital -,,-,appreciation over a six-month period, I advise a 50 invested pOSition with– ;,the remaining 50 kept liquid to a,wait buying opportunities. On further ' strength to the 295-300 area would further lighten accounts to 33 1/3 in- i— tvested Buying Buying — /, t'Admil'al (p) Price Range I 31 30–29 I Interchemical VPrice Range ;' 23 21-20 ('Allegheny LudL1n 37 34-30 I Inter. Tel 19 ,'Dc,c.&;Ohio 28 25-241 Minn.St.Paul&SSM 18 18-17 I 18-17\ ;Bealnit Mills 19 18-17 I Miss-Kan-Tex,pfd. 65 63-60 '— , Canadian Brewing 19 Mkt National Distillers 23 22-20 '1 Certainteed ,-CChhiicc .East. .Great Illinois Western i''Climax Molybdenum iCoi.umbia Broad. 14 22 25 37 40 14-13 ' 21-19 25-231 36 -34 38-36 N9rthwest Airlines Pacific Mills Paramount Pictures Penn-Dixie Cement Pittston Co 14 27 27 34 30 14-13 L,27 -25 26-25 \o ,;,' 32-30 29-27 t– /'Collins & Aikman 21 20'18 1 Universal Pictures 15 14-13 1' ;.. Den,;er, Rio Grande ,,Eas,ern Airlines ;'-Fansteel -,',Ferro Corp. (p), 80 26 28 28 78–76 25-24 28-27 28-26 Vanadium Corp. Warren Petroleum Western Airlines (p) Western Maryland 42 34 12 28 42-40 ), 33-31 1,-' 11-10 26-25 hri–'- r,Gray Mfg. 19 18-17 Western Pacific 62 57-55 k, ;Hercules Motors 18 18-17 (p) .- ,Offered by prosp/,ctus only, copy of which ;,,,', is available' by '\ir'equest. t' ;i EDMUND W. TABELL ', 'Janllary 23, 1953 WALSTON! HOFFMAN & GOODWIN j-I This memorandum 11 not to be construed 0/1, an offer or solicitation of offrs to buy or sell any securities. from 'Ime to time Waldon, Hoffman & GoodWin may -F,', l ( have In interest In lome or all of the securities mentioned herein. The foregOing materllil hIlS been prepo/lred by us o!IS lI mlltter of Information only I' IS based , ;. upon Information believed reliable but not necelsarily complete, Is no uiUanteed 0111 accurate or final, and b not Intended to foreclose independent inquiry. I, t'-, -', ,- '' – -7'' -'- Iy!;,t. -, -'.1,',1 ', 7' I ',' ''- , 1,' ,', -,' ,,' – ' , ',- . , 7' '.f' 0-0' , — ',) – — – ' ' ,,-.f

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Tabell’s Market Letter – January 30, 1953

Tabell’s Market Letter – January 30, 1953

Tabell's Market Letter - January 30, 1953
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, ,\',' ;;,; — ,- – – ' '- ' ,-!.,,I',!t' ,I NEW YORK 5. N. Y , 35 WlI Street PHILADELPHIA 2, PA 1420 Walnut Street ' DIGBY 44141 PENNYPACKER 55977 f. ' -,. TABELL'S MARKET LETTER LOS ANGELES 13, CALIF. 550 South Spring Street MADISON 9-3232 SAN FRANCISCO 4. CALIF. 265 Montgomery Street SUTTER I 2700 !- i (' The market has broken out 'i, since early January and appears ;of 295.06 in the Dow-Jones indusVlJ,a.O shelf in which it has held a probable testing of the highs 113.94 in the rails. However, , – ,the advance has been selective must continuously be stressed that ithe action of individual issues i much more important than that of the /- averages. , ,-,'-…..-' , The leaders in the e 1949 have mainly been the blue '' – chip investment issues. These issues' have been showing excellent ;;, 1- price advances but are reaching \ rat.her low as, for example – t Present point where the yields obtainable are Present ,); ,, – ' , Allied Chemical Price Yie , 74 4.05 Goodrich Price 79 Yield 3.35 ,, -, ,'-Aluminum Co.Amer. 94 3.19' Minnesota Mining 46 2.11 – AmE'rican Can 34 4.12 Monsanto Chemical 94 2.66 ,, ' ' i Corning Glass -Dow Chemical 77 41 2.60 2.44, Owens Ill. Glass 79 Pitts.Plate Glass 53 5.06 3.77 ,,-'- ;–DuP'ont 100 3.55 Procter & Gamble 67 3.88 , Ger,eral Electric 69 4. 351 Union Carbide 72 3.47 ,estill In contrast there are available on a 5 1/2 a to re7lalYilt2iveylyie lar ld ge number of basis. These issues issues that are are not of .- the same highgrade investment quality as the issues noted. They are a i ;grade or so below and might be caled the light blue chips. From a tech- (' nical point of view, they have formed potential accumulation patterns that ' indicate the possibility of substartial percentage advance over the longer ,, Lterm. Also, it would appear that these issues are not too vulnerable in ' the event of a market decline. Thy have not advanced too sharply and ' there are support levels not far brlOW present market. The table below' ;-indicates the long term upside potential and support levels on a number , of issues of this type. 'I , ,- FITCH SUPPORT UPSIDE POSSIBLE POSSIBLE !- RATING PRICE YIElD ; B B Allis Chalmers 58 6JB B Alpha Port. C. 48 6.2 AREA OBJECT. ADVANCE 54-50 90 35 45-40 65-75 53 DEC1LI5NE' 18 i- B American Chain 33 7.5 27-25 50-60 90 25 BB Amer.Radiator 15 8.5 14-12 25-35 L BB Armstrong Cork 54 5.7 50-46 85-95 BB Babcock & Wil. 38 5.3-A 37-33 55-65 130 74 40 20 15 13 t,,—– BB Bendix B Blaw Knox 63 6.1 90 50-45 19 6.1 17-15 30-45 48 136 27 21 . -,' I , B Briggs Mfg. 42 7.1 35-32 70-80 95 24 B Bucyrus Erie 26 7.8 23-20 40-35 58 22 BB Crane Co. 32 7.0 30-28 50-60 90 12 B Eagle Picher 22 6.8 21-19 32-39 '\ BB Electric Auto. 55 5.4 50-45 63-70 B Elliott Co. 32 6.1, 30-28 50-60 77 27 87 12 10 12 , ,' B Gen'l Rwy.Sig. 34 7. 32-28 45-50 47 17 , BB Ha1i Printing 16 8.1 16-14 30-36 125 12 B Joy'Mfg. 38 8.2 33-30 60-70 84 21 B Lowenstein 33 5.9 30-25 55 67 23 .B Nat'l Gypsum 22 6.3 20-18 35-40 82 18 B N.Y. Airbrake 21 7.8 19-17 33-48 154 19 BB Otis Elevator 40 6.3 37-35 60 50 12 B Penn-Dixie C. 33 6.0 30-26 39-58 75 21 BB Smith, (A.O) , B Vanadium 36 5.6 32-28 60-70 42 5. 37 – 35 55-60 94 42 19 16 BB West'Auto Sup. 54 6.8 50-45 80-90 62 16 .– January 30, 1953 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN A – Plus Stock. P – Offered b,y prospectus only, copy of which is available, by request. ,- r , lhls memorandum is not to be construed as an oller or solicitation of off.f. to buy or Jell any securities From time to time Wahton, Hoffan & Good!'ln may oIIYa an int.red In lome or 0lil11 of the securities mentioned herein The foregoing material hal been preparCld by UI al a m4tter of Information only It II b!lsed j' . ;;;;;.-.;;.. ' .t' 'JI'';..,';\; . ,,; '';,.'''' —…….,…. — – –

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