Tabell’s Market Letter – May 15, 1953

Walston &Co. MEMBERS NEW YORK STOCK EXCHANGE AND OTHER lEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO ISw,hed.,dJ OFFICES COAST TO COAST CONNECTEr) BY DIRECT PRIVATE WIRE SYSTEM TABELL'SI-\\T V,y letter I stated that Most constructive action would be a dip, on moderate volume, to approximately 275. This would build up a strong technical pattern and suggest, after some further consolidation,an attempt to push through the heavy supply at 280-285. The market has con- solidated for the past few trading days and reached a low of 275.10. The favorable action of the rails encourages the thought hat the industrials may move ahead also and pass last week's high of 280.01. LONG TERM INVESTMENT. In accounts concerned mainly with income and longer term appreciation, I advise 100 invested position – Buying -Buying – Price Rane Price Rane General Rwy.Signal 33 33- 2 Abbott Laboratories 43 42- 0 Glidden 34 34-33 Allis Chalmers 54 53-50 Great North.pfd. 56 55-53 Alpha Port. Cement 49 49-48 Hall Printing 17 17-16 Amer. Chain & Cable 30 30-28 Hershey Chocolate 43 -43-42 American News 36 36-34 Hewitt Robins 28 28-26 American Radiator 14 14-13 Industrial Rayon 45 46-42 American Seating 19 20-18 Joy Mfg. 36 36-35 Amer. Tel & Tel 156 156-154 Lone Star Cement 33 32-30 Armstrong Cork 53 52-49 Louisville & Nash. 60 59-56 Babcock & Wilcox 38 38-36 Lowenstein 33 33-32 Bendix Aviation 61 58-55 Mont. Ward 62 63-60 Blaw-Knox 19 20-19 National Gypsum 22 22-20 Briggs Mfg. 37 38-36 N. Y. Air Brake 20 21-19 Bucyrus Erie 28 28-26 Otis Elevator 41 42-40 Burlington Mills 13 13-12 Owens Ill. Glass 78 77-75 Burroughs Add.Mach. 16 16 Parke Davis 37 40-37 California Packing 25 26-24 Penn Salt (p) 44 46-44 Chain Belt (p) 31 32-30 Pfizer (Chas.) 30 28-27 Chic.,Rock Island 72 70-68 Phillips Petroleum 58 58-55 Columbia Gas (p) 14 14-13 Pillsbury (p) 35 35-33 Consol.Natural Gas (p) 52 53-51 Shamrock Oil 39 39-37 Cornell Dubilier 24 24-22 Smith, A.O. 30 31-29 Corn Products 72 70-68 Sylvania Elec.P) 36 36-34 Crane Company 31 32-30 U. S. Gypsum 113 114-110 Eagle Picher 20 21-20 Vick Chemical 24 24-23 Elec. Auto Lite 47 50-47 Western Auto Supply 54 54-51 Elliott Company 239 30-28 Yale & Towne El Paso Natural Gas(P) 4 34-33 37 38-36 Flintkote 29 29-27 CAPITAL APPRECIATION. In risk accounts concerned mainly with capital appreciation over a six-month period, I advise a 75 invested position – Buying Buying Price Range Price Range Admiral (p) 27 26-25 Hercules Motors 19 19-18 Alleghany Corp. 5 5-4 Interchemical 24 24-22 Allegheny Ludlum 34 34-30 Int. Tel & Tel 17 17-16 Amer. Encaustic Tiling 7 7-6 Masonite 21 21-20 Baltimore & Ohio 25 25-24 Minn.St.P. & SSM 14 14-13 Beaunit Mills 19 20-18 Miss.Kan.Tex.pfd. 66 65-60 Bell & Howell (p) Canadian Brewing 20 20-19 National Distillers 19 18 18 New York Central 22 20-18 22-20 Celanese 28 27-26 N.Y.,Chic. &,t.L. 41 41-39 Certain-Teed 14 14-13 Northwest Airlines', 12 13-1 Chic.East Illinois Chic.Great Western 20 20-19 Pacific Mills 26 21 22-20 Paramount Pictures 27 26-25 27-25 Climax Molybdenum 40 39-37 Penn-Dixie Cement 37 36-34 Columbia Broad. 43 42-41 Pittston Company 26 27-25 Collins & Aikman Decca Records (p) Denver, Rio Grande 20 20-18 Raytheon 13 12 12-11 Serve1 11 81 80-75 Standard Packaging 14 13-12 12-10 14-13 Dome Mines 20 20-19 Universal Pictures 16 16-15 Eastern Airlines 25 25-24 Vanadium Corp. 40 40-38 Fansteel Metal. 32 32-30 Warner Bros. 16 17-16 Ferro Corp. 24 24-23 Warren Petroleum 37 35-33 Goodall Sanford 17 17-16 Western Airlines (p) 11 11-10 G MtfMttPanilirfs 1 1 –,J1.6 WesternnFrMa la&nedWII-Iton 2 2 -25SJ,-;;- may mhGavI;eu-II.Dw'.d,.ur1intllren , – WALSTON &,O.M2vynfol5honbaseoi som1!. 1!9J3 realriraobrlet.\Ueoarrlnlu1rot4fJfe,rr.leosirimseFntiolaniHefdonb1oer.feStns rThae foaurywgqoltrE9s'ieLlrlhT1tu'tQenatl ;hlas blT.ep(!tf.j….by orJ.1iUtIl!\ltH'S w & or any pdtt ,'Ii(. , uIsIlltetoc'0f'\U1NMU'ltkHt'UrJi'ilfotQ/n1rm5'hOI!t!)p.1MS'iTIl'TIwI yIS I,