Viewing Month: April 1953

Tabell’s Market Letter – April 02, 1953

Tabell’s Market Letter – April 02, 1953

Tabell's Market Letter - April 02, 1953
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Walsto .MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO ISw;twl.,d) , OFFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM 'rABELL'S MARKET LETTER 'The possibility of a tnlce in Korea brought about an abrupt dec line in prices on Monday and Tuesday and both the Dow-Jones industrials and railS bnoke below the February lows of 279.72' and 106.25 to reach new lows for the year at 277.53 and 105.50. The sharpness of the decline brought the market 111to temporarily oversuld territory and a moderate rally followed. This may cary somewhat further, but would expect a testing of the recent lows next week and possibly some further unsettlement. A decline to 275-270in the industrials and 103,-100 in the rails is a near ,term probability. L, See no reason to alter my opinion that 1953 will be neither a bull or a bear year, but rath-er–a-yed-oJ'-pt',iiTate–;bulland ,bear markets in indivi- ,dual securities. Individual patterns continue diverse and expect a conti- nuation of such action. Possibility of a truce in Korea ,and ,a peace offen stve by Russia might cause temporary unsettlement in some induries, ,but basically it is an extremely constructive development. It migfit mean a moderate cut in defense spending, but would also mean an 'increased possibil- ity of lower taxes. The decljne of 17 points in the Dow-Jones industnial average is the slxth such decline we have witnessed in the past two,years. Previous de- clines from February 1951 to October 1952 were 13, 23, 22 21 and 18 points, respectively. Each decline presented an,opportunitY,to buy' iSSl1es with favora,ble technical and fundamental patterns jus,t as each subsequent advance offered ar. opportunity to liquidate unfavorable situations .. I'expect,this trpe of action to be continued in 1953 and possibly 'into 1954 while 'the genera.l market goes through a re-adjustment and consolidation period. In both my Capital Appreciation and Long'Term Investment'Lists, I have recently advocated a partially liquid pOSition in order to take advant;J.ge u f possi'ole buying opportunities, Breaks like that of tne past week prove the advisability of havlng some cash reserves after' the market haEl advanced sharply However, on further weakness would become m.ore fullY invested. LONG TERM IN'lES'S'MEN'I' In accounts CO!'lcerned mainly with income and longer term price appreciation, I have been advising a 75 invested position antl- 25-in short term- governments, On further-weakness-.,-t-o-t-he' 2'7-5-270 area would now' again advise a 100 invested position. Purchases should be se- lective, however. The following issues appear attractive for both,income and price appreciation i Allis Chalmers Burroughs Add. Mach, Montgomery Ward Alpha Portland Cement AJ'lerican Telephone Crane Company Eagle Picher National Gypsum N. Y. Air Brake () Armstrong Cork Electric Autolite Otis Elevator Babcock & Wilcox Elliott Company Sylvania Electric (p) Blaw-Knox General Rwy.Signal U. S. Gypsum Briggs Mfg. Hall Printing Western Auto Supply Bucyrus Erie Lowenstein – (p) – Offered by prospectus only,copy of which is available by request. CAPITAL APPRECIATION In risk accounts concerned mainly with capital appreciatiQn over a six months period, I have been advising a 50 invested pOSition with the remaining 50 liquid in order to'take advantage of buying opportunities, On further weakness to 275-270 in the ,industrials or 103-100 in the rails, would increase invested position to 75, The following issues appear attractve for this purpose ,lleghany Corp. .' Ba t. & Ohio R. R– Beaunit Mills Certa,in-Teed Chic.East Illinois Climax Molybdenum CO-L'.1nbia Broad. CQllins & Aikman, Denver & Rio Grande Fansteel Metal, Interchemical'( Int, Tel & Tel. Miss.Kan.Texas,pfd, Paramount Pictures Penn Dixie Cement Raytheon .( Servel ,( Universal Pictur'es Vanadium Corp. Western MarylandX Western Pa,eific April 2, 1953 EDMUND W, TABELL WALSTON & CO, Thi. memorandum is '!t to be construed as an offr or sohcitation of offers to buy or sell any securities From time to time Walston & Co. or any partner thereof, mar have a Interest In some or all of the securlfles mentioned herein The foregOing material has been prepared by us as a matter of information only It IS ba!ed upon information -beleved reliable but not necessarily comDlete, is not gLlaranteed 03 accurate or final, and IS not intended to foreclose Independent inqUiry ,

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Tabell’s Market Letter – April 10, 1953

Tabell’s Market Letter – April 10, 1953

Tabell's Market Letter - April 10, 1953
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Walston &- Co. c,,,,,,timuzt DecuJutuJ- . ………. ,.,………. .- … -.. MEMBERSNEW YORICSTOCK EXCHANGE AND O1HER lEADING STOCK AND COMMOOITY EXCHANGeS ,, NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO (Swa,..lod) OFFICES COAST TO COAST CONNECTED BY DIRECT PR1VAlE WIRE S'1snM l'ABELL'S MARKET LEnER AL8ERr f. Dlsby srI4A,tA, '4/4/ . The market, earlier in the week, declined to our suggested buying levels of 275-270 in the Dow-Jones industrials and 103-100 in the rails. \ 'The week's lows were 271.99 in the industrials and 102.29 in the rails. ;The subsequent rally carried back to 278.85 and 106.05. There is over- ,head resistance at 279-281 and 107-109 that may temporarily halt any ad- iviantCing tendencides. A tCOnsiderable amount of irregularity and unctertiainty !' ,s 0 be expecte over he next ten days or so, but the 1mport ant h ng ito bear in mind, in my opinion, is that selected issues are a bt on. ' ,weaknes s The' market mayC'-again dec'line to the 275-270 and 103- 0 areas. Ag9.in advise purchases of recommended issues in the buying areas suggested. There is considerable bearishness and nervousness about. It has been suggested that we are now in a bear market and that prices may work con- siderably lower. I do not concur in that opinion. I continue to believe jthat we are in a selective market with some issues headed for higher and jsome destined for lower price levels over the next six months. I do not ;believe there is a probability of a bear market at the moment in the sense 'of a general decline such as witnessed in 1946 or 1937, much less than 1929. !TWit does not mean that some individual issues will not work lower. A igreat many have declined substantially during the past' year, while the general market advanced. ' I believe it is old-fashioned reasoning to speak of the market going up or down in the terms of the averages. To me, the averages are more or less meaningless except in the short term sense that I have used them in the first paragraph of this letter as denoting near term general buying or selling levelS. Over the longer term they have no significance 'exeept as a very general measuring yardstick. The market no longer moves as a unit. , — u 3' .. -..— –..,. – ,..;.. .– – ' —.!– After looking over the graphs of over twelve-hundred industrial ,1sflUes, I find no reason to be particularly bearish. The!'e aroe some issues and groups that look lower and should be avoided, but there are a great many more that appear attractive at current levels. , LONG TERM INVESTMENT In accounts concerned mainly with income and ;longer term appreCiation, I advised increasing invested positions to 100 during weakness to the 275-270 buying level reached last week. I continue this advice. In addition to the issues listed in last week's letter, I would also suggest – American Radiator Borg Warner Bendix Consolo Natural Gas Cornell Dubilier El Paso Nat. Gas Hershey Chocolate Hewitt-Robins,Inc. Joy Manufactuing Smith, A.O. Yale & Towne CAPITAL APPRECIATION In risk accounts concerned mainly with capital appreciation over a six-months period, I now advise a 75 invested position. Additional purchases should be made in the aforementioned buying zones. A list of recommended issues was given in last week's letter. To these may be added , … – American Encaustic Chicago Great Western Columbia Pictures Dome Mines New York Central April 10, 1953 EDMUND W. TABELL WALSTON & CO. This hmcy memorandum Is not to be have an interest In some construed Of all of 8S an, offer or the securities solicitation of offers to mentioned herein. The fbourey9olrnc;sledIIrnaayer!ea1ucratItS'leobsreefinFnraolpmreaptniadmreeids t o time Walston & Co or any partner thereof, by us as a matter oj information only It IS not intended to foreclose Independent Inquiry based upon Information 'believed reliable but nat ne1enanly earnolet!!, ,s not '9ua e. as a . .'

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Tabell’s Market Letter – April 17, 1953

Tabell’s Market Letter – April 17, 1953

Tabell's Market Letter - April 17, 1953
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—————— ..,. ', Walston &Co. ,/ 0df'JJ71pI nl Secu/u/ / MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO (Sw;twldj OFFICES COAST TO COAST CONNECTEIi BY DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LETTER The market is in the process of testing the early April lows of 271.99, in the Dow-Jones industrials and 102.29 in the rails. This week's lows have been 273.70 and 103.28. The, volume on the testing has been moderate. Another' week or so of this type of action would be technically encouraging. Would I add to holdings during declines to the 275-270 area in the industrials and /' the 103-100 area in the rails. Purchases must be selective, however. The technical pattern suggests that while many issues indicate higher levels, there are many ().the-rs' that look lower. Below is my recommended list. The issues marked with an asterisk appear to be most attractive at the moment. LONG TERM INVESTMENT In accounts concerned mainly with income and longer term appreCiation, I have advised increaSing invested positions fOm 75 to 100 during declines into the buying areas mentioned Buying Buying Price Range Price Range Abbott Lab. 43 42-40 ;Allis Chalmers 52 53-50 ;Alpha Port.Cement 50 49-48 Amer.Chain & Cable '30 30-28 American Radiator 14 14-13 American Seating 20 20-18 General Rwy.Sig. Hall Printing Hershey Chocolate Hewitt Robins Joy Mfg. Lone Star Cement 33 17 43 26 36 32 33-32 17-16 43-42 26-25 36-34 31-30 ;Amer. Tel & Tel 156 156-154 Armstrong Cork 54 52-49 ;Babcock & Wilcox 38 38-35 ;Blaw Knox 19 19-18, ;Briggs Mfg. 38 38-36 Bucyrus Erie 26 26-24 Burlington Mills 13 13-12 Burroughs Add.Mach. 16 16 Chain Belt (p) 32 32-30 Columbia Gas 14 14-13 Lowenstein Mont.Ward National Gypsum N. Y. Air Brake Otis Elevator Owens Ill.Glass Parke Davis Penn Salt (p) Pfizer (Chas.) Phillips Pete 6343 21 20 42 78 40 45 28 62 32-31 63-60 21-20 20-19 40-39 77-75 42-40 46-44 28-27 58-55 Consol.Natural Gas (p) 54 'Cornell Dubilier 22 Crane Company 33 Eagle Picher 22 54-52 22-21 33-30 22-21 Shamrock Oil 38 Smith, A.O. 32 Sylvania Elec.(P) 34 U.S. Gypsum 112 37-36 33-30 34-32 114-110 Elec.Auto Lite 51 Elliott Co. 29 'El Paso Natural Gas (p) 34 52-50 30-28 34-33 Western Auto S. Yale & Towne 54 38 54-51 38-37 CAPITAL APPRECIATION In risk accounts concerned mainly with capital appreciation over a six-month period, I have advised increasing invested positions to 75 from 50 during periods of decline into the buying areas mentioned Price Admiral (p) 27 Alleghany Corp. 5 ,f Allegheny Ludlum 34 Amer. Encaustic Tiling 7 'Baltimore & Ohio 26 ;Beaunit Mills 20 Canadian Brewing , \ Celanese Certain-Teed Chic.East.Illinois Chic.Great Western 19 27 14 20 21 Climax Molybdenum Columbia Broad. Collins & Aikman Denver,Rio Grande Dome Mines Eastern Airlines 'Fansteel Metal. Ferro Corp. Gray Mfg. Greer Hydraulics ,Hercules Motors 38 42 21 76 21 25 32 25 19 18 20 Buying Buying Range Price Range 27-25 Interchemical 23 23-21 5-4 34-30 7-6 Int. Tel & Tel 18 Minn.St.P.& SSM 14 Miss.Kan.Texo,pfdo 64 18-17 14-13 63-60 25-24 20-18 National Dist. 20 21-19 New York Central 21 21-20 Mkt. Northwest Air. 13 13-12 28-26 Pacific Mills 27 27-25 14-13 Paramount Pict. 28 28-26 20-19 22-20 . Penn-Dixie Cement 35 Pittston Company 27 35-33 28-26 38-36 41-40 Raytheon Servel 13 13-12 12 12 20-18 Standard Packaging 14 14-13 75-70 21-20 Universal Pict. Vanadium Corp. 15 15-14 40 40-38 25-24 Warner Bros. 16 17-16 31-29 26-24 Warren Petroleum 35 34-32 Western Air (p) 11 11-10 18-17 Western Maryland 27 26-25 18-17 Western Pacific 58 58-55 20-18 (p) Prospectus available on request. EDMUND W. TABELL Th,s memorandum is not to be contrued as an offer or solicitation of offers to buy or s . . 'IT\ I I to time Wahton & Co. or any partner thereof, ml'), have an Interest In some or all of the seCUrities mentioned herein The foregOing material has been prepared by uS as ,Ii mattflr of information only It n based upon Information believed reliable but not eceHarily comolete, is not guarantud as accurate Of final, and is not intended to foreclose Independent Inquery

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Tabell’s Market Letter – April 24, 1953

Tabell’s Market Letter – April 24, 1953

Tabell's Market Letter - April 24, 1953
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/'- ' '-Walston &Co. MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO (Sw,twl.nd) OFFICES COAST TO COAST CONNECTEC BY DIRECT PRIVATE WIRE SYSTEM , ;TABEL'lt below the early April lows of 271.99 in the Dow- riones industrials and 102.29 in the rails to reach intra-day lows of 269.25 .and 101.02 on Friday. The closing levels were 271.26 and 101.88. Penetra- tion to new lows has little significance in the present technical pattern. There is strong support all the way between 270 and 255 in the Dow-Jones 'injustrials. It is my opinion that the decline will halt in the upper levels. of this very strong support area. It is my belief that the market is at or near a very important buy- .'1g pOint. Both the short term and intermediate term technical indicators at in a position to give a buy signal during the next week. This is the fi'rst time since the January highs that both indicators have been in gear. Earlier in the year, this letter advised reducing Long Term Invest- lIIent Accounts from 100 invested to 75 and Capital Appreciation Accounts ft'om 75 invested to 50 invested; Recently, we have advised increasing nvested positions to'lGO in Long Term Investment Accounts and 75 in !;apital Appreciation Accounts on weakness to the 275-270 area in the indus- ';rlals and 103-100 in the rails. On further minor weakness, would increase c'1'iested position in Capital Appreciation Accounts to 100 invested. LONG TERM INVESTMENT In accounts concerned mainly with income and ,lODger term appreciation, I have advised increasing invested positions to JOO during declines into the buying areas mentioned. In addition to the issues recommended last week, would add the -z.. l)Llowing Buying Buying A'llt)l'ican News Price Rane 36 3b- 4 Glidden Price 5 Rane 34- 3 nimdix Aviation 57 57-54 Great No .pfd. 52 52-50 Caj ifot'nia Packlr.g 26 26-25 Indust .Rayon 46 46-42 r.h.c. ,Rock Island 68 66-64 Louis.& Nash. 59 59-56 Corn Products 70 70-68 PillsbuI7 (p) 35 35-33 Flntkote 29 29-27 Vick Chemical 24 24-23 In last week's letter, some copies carried the wrong figures on G.'Cneral Railway Signal. The price should be 33 and the buying range 33-32. CAPITAL APPRECIATION In risk accounts concerned mainly with capital ,,;oJ.'eciation over a six-month period, I have advised increasing invested r,ositions to 75 from 50 during periods of decline. Would become 100 in- 'rest;ed on further weakness. ' I a adding some additional issues to the list. Because of a typo- grcJ.p!1ial error on some copies of last week's letter, the prices and buying -,c.r,ges were in the wrong spaces. I an; reprinting the entire list below i,'5th additions Buying Buying Price Range Price Range A01T.ir'a1 (p) 26 26-25 Hercules Motors 19 ,tl.l'.eghany Corp. 5 5-4 Interchemical 23 AJlegheny Ludlum 34 34-30 Int. Tel & Tel 17 Amer.Encaustic Tiling 7 7-6 Masonite 21 Bahimo'e & Ohio 25 25-24 Be3.1Jnit Mills 20 20-18 3ell & Howell (p) 20 20-19 C',nadian Brewing 18 18 Celanese 26 26-25 Certain-Teed 14 14-13 Cicago East.Illinois 20 20-19 Chicago Great West. 20 22-20 Minn.St.P.& SSM 14 Miss.Kan.Tex.pfd.63 National Dist. 19 New York Central 21 N.Y.,Chic.& St.L.40 Northwest Air. 12 Pacific Mills 26 Paramount Pict. 27 Climax Molybdenum Golumbia Broad. Collins & Aikman Decca Records (p) Denver,Rio Grande Dome Mines Eastern Airlines Farstee1 Metal. FerlO Corp. Goodall Sanford Ci.ray Mfg. Creer Hydraulics 39 38-36 43 41-40 21 20-18 11 11-10 75 75-70 21 21-20 24 24 31 31-29 24 25-24 17 17-16 19 18-17 17 18-17 Penn-Dixie Cement 35 Pittston Co. 27 Raytheon 13 Servel 12 Stand.Packaging 14 Universal Pict. 16 Vanadium 40 Warner Bros. 16 Warren Petroleum 34 Western Air.(P) 11 Western Maryland 26 Western Pacific 55 Ap!'il 24, 1953 (p) Prospectus available on request. 19-18 23-21 17-16 21-20 1-13 63-60 20-19 21-20 41-39 13-12 26-25 27-25 35-33 28-26 13-12 12 14-13 16-15 40-38 17-16 34-32 11-10 26-25 56-54 This memorandum is not to be condrued as an offer or solicitatron of offers to bu 'M lfies 0 time Walston & Co. or any partner thereof, I may have an rnteret in some or all of the secuntles mentioned herein The foregoll11l1 /l1i1I!'t'IM\T be!Qf, ted by u as a matter of Information only It is . based upon information 'believed rehable but not necessarily comolete, is not guarantellllt-itcurlrti'or trna1, and' is not intended to foreclose independent InqUiry

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