Tabell’s Market Letter – September 11, 1953

Walston &- Co. , , MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCICO LUGANO (SwH,.d.,d) Off1CES COAST TO COAST CONNEC1Et. BY OI!lECl PRIV,ATE WI'R SYSTEM TABELL'S MARKET LETTER . .. '.' September 11, 1953 , , As anticipated, the advance from the previous lows did not carry ', very far. Volume indications on the slight recovery that did develop ,' were unfavorable. On Friday, the Dow-Jones Industrials and Rails had declined to 258.94 and 92.05, respectively, as compared with the pre- '..,' ' vious week's lows of 260.32 and 95.24 . The decline may be extended somewhat further but the 95-90 level , in the Rails and the 265-250 zone in the Industrials offer strong sup- port. Both intermediate-term indicators are now in oversold territory and are in position to give a buy signal at any time. Would use present ',, weakness to add to holdings. Believe we are near.ing a rather important ',,, intermediate-term buying pOint. , '. ,.. ' One week ago I published a list of 74 rather prominent stocks '',',j 'o'Ihich had declined to, or nearly to, downside objectives or support ' ,..i levels. This week, I am listing 56 more issues which are at, or near, ' ';heir downside objectives. However, these are secondary type stocks , and, of course, will move more slowly than the market leaders and also ',' may require more time to build up new base patterns. Furthermore, many , ' of these secondary issues may be under further tax-loss selling ,, pressure between now and the end of the year. …. Approx. Downside Price Potential .. erne Steel A.ldens ',' ' Amer .Broad -Para. , ' 4merican Distilling American Fgn.Power Ilnerican Mach .Metal American Potash ',merican Radiator ,' Amer .safety Razor ssoc.Dry Goods Austin Nichols ..' ' J,vco Mfg. Bayuk Cigars Budd Co. P,ulova Watch Byron Jackson Calgary & Edmonton , Carpenter Steel Central of Ga.Rwy. Chicago & East. Ill. Chlc.,Mil.& St.Paul , Chic.,& No. Western Colorado Fuel Consolo Engineering , Consolo Textile Continental Baking Decca Records ',' , Elastic Stop Nut 21 18 13 1/2 32 8 1/4 17 28 3/4 13 1/4 7 19 5 3/4 5 3/8 9 5/8 11 3/4 36 3/4 17 409 31 1/2 14 13 7/8 13 3/4 15 3/4 12 9 21 3/8 8 3/4 13 3/4 23-20 18-17 12 33-27 8 16 29-26 13-12 6 18 5 5 9 11 36-34 19-16 10-8 40-36 35-32 15-13 16-14 14 16-14 12-10 9-8 21-19 8 14-13 Approx. Downside Price Potential Gaylord Container General Baking General Instrument General Time Gleaner Harvester Kaiser Aluminum Lane-Wells Lees, James Liquid Carbonic Magnavox Minneapolis Moline Minn. , St.Paul,SSM Moore-McCormack Motor Products Mueller Brass Murray Corp. Nat'l Mall.Steel Oliver Corp. Pacific West.Oil Pepsi Cola Reading Co. St.Louis-San Fran. Schenley Ind. Sinclair Oil Standard Brands Stewart Warner Universal Pictures Western Maryland 22 1/4 12 11 1/4 27 3/4 11 3/8 25 19 25 16 17 11 7/8 10 7/8 13 24 1/2 22 1/4 17 3/4 24 9 1/2 32 12 27 3/4 25 20 1/2 30 1/2 25 3/4 17 3/4 15 1/2 21 3/4 24-22 12 10-9 30-27 13-12 25-22 18-17 25-23 16 17-16 16-12 13-12 15-12 28-24 22-20 19-16 26-21 12-10 34-31 12 29-27 24-23 24-20 36-32 27-25 19-17 14 23-21 (Written in San Francisco) EDMUND W. TABELL WALSTON & CO. lhh memorandum 1, not to be construed as an oHer or solicitation of offers to buy or sell ,any securities From Hmo to time Waldon & Co, r any partner thereof. may h,.,e !In Int.,est in some or ell of the securities mentioned herein The foreQolng materlal has been prepard by ,!S as a matter of Information only It I' bllsed upon Information b.II ….ed rellllble but not necenarily complete, I, not guaranteed as accur!lte or final, and IS not Intended to foreclose Independent Inqult'l'