Viewing Month: June 1958

Tabell’s Market Letter – June 06, 1958

Tabell’s Market Letter – June 06, 1958

Tabell's Market Letter - June 06, 1958 page 1
Tabell's Market Letter - June 06, 1958 page 2
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NEW YORK Walston &Co. —–Inc —- Members New Ym'k Stock Exchange SAN FRANCISCO ' LOS ANGELES ' PHILADELPHIA OFFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM CHICAGO TABELL'S MARKET LETTER June 6, 1958 The averages have worked deeper into the heavy supply overhanging the market at 460-525 in the Dow-Jones Industrials and at 45-50 in the Standard & Poor 500-Stock Index. My forecast has been for a probable high for the year in the 460-480 area in the Dow-Jones Industrials and at around 45 in the Standard & Poor 500-Stock Index. At this week's intra-day highs, the industrials reached 470.69 and the combined index was at 44.83. The short term action of the market continues favorable, but I would use current strength to lighten commitments in the less desirable groups. In order to build up a broad base pattern strong enough to penetrate the heavy overhead supply in the averages, I peV.eve it is necessary for the averages to coniilme to fluctuate in a broad trading area for a long period of time. This will mean many ups and downs withn the range, of roughly 480 and 420 on the Dow-Jones Industrials and equally roughly in the 45-39 area of the Standard & Poor combined Index. During this period, which I believe is comparable to 1946-1949 and 1951-1953, all groups will not act the same. If market action since October, 1957 is broken down into group action, we come up with quite a different picture from that of the averages. The Dow-Jones Industrials declined from a 1956 high of 524.37 to an October low of 416.15. Since October, the average has recovered approximately 5070 of the 108 point decline. The action of the various groups since October can be roughly broken down into three categories. In the first category are the groups that have reached newall-time high territory above the highs of 1955 -1957 despite the fact that the industrial average is only at 470 as compared with a high of 524. Included in this category are drugs,finance (small loans), food products, grocery chains, meat natural gas, soaps, sugar, telephone, tobaccos and utilities. It will be seen that mo 0 gJIoups are in the consumer or soft goods industries. They also migh)rbe de i ensive type groups. It is probable that these groups will contirl.kM m h' and they do not appear vulnerable in the event of a general market In the, category the hav overed approximately or more of theIr declmes from the -e-October lowS. Included m- this category are (glass, metal and paper) far publishing, retail st e building materials, containers y0 pictures, office equipment, pipelines, t es. It will again be noted that the only really heavy industry g Here probably the action of U. S. Steel, which has recovered 7370 of it e line rgely accounts for the 510/0 retracement of the steel group average. In t is ond category will probably be found the groups that will also reach newall-tO e high territory during the next advancing phases. In the third category are the groups that have recovered less than 5070 of the decline. I have broken down this category into two separate classifications. In the first are the groups that have recovered more than 2570 of the decline and could soon ad- vance into the second broad category. Included in this group are aircrafts, auto trucks, electrical appliances, electronics, mining and smelting, oils, paper, radio-TV, rails, shipbuilding and shipping, sulphur. In the classification of issues that have recovered less than 2570 of their decline are airlines, autos, aluminum, chemicals, coppers, elec- trical equipment, lead and zinc, machinery, metal fabricators, rayon, rubber and steel alloys. Most of the groups in this classification will probably show below average action over the nearer term and will be the last to complete their accumulation bases and join the general advance. As.a number of thesecgroups are Just.a.shade.above the October – 0 lows, they could reach new low territory in the event of a fairly sharp technical decline in the general market. The combination of the three categories listed above will probably result in a stock market that will hold in a relatively narrow trading area for the next year or two. I anticipate neither a broad upswing nor a broad decline, but rather a market in which individual issues seek their true level in line with earnings, dividends and future pros- pects without the undue influence of a pronounced bullish or bearish trend. EDMUND W. TABELL WALSTON & CO. INC. Thl'f market Jetter IS riot, and (lnder no c!lcumst,mces 15 to be construed lIS, an offer to sell or n sol/cltatmn to buy any seCllrltles refcrrei! to berem The informlltlon ('ontllined herel!) 1S lIot gual'llotcerl as to '\CCUIIlCY 01 completeness nnd the furnishing thereof 18 not. und unrler no CII cumstullcC'S IS to be construed ns, a repre'lenta. tl'n hy \\ .d'lto!) & Cr Inl' All c'lllrc'l&wnq of opUllon nre sUbJedt to ehanl,rO \Hthout notice \Valston .t Co, Inc. and Oft'lcers, Directors, Stockholders and Emlllnyees acll .lI1d may hnve an IntCICSt m the seCUrItIes mentIOned herem ThIS market letter 18 mlenderl and presented merely as n general, mrltlllli (mmcntl1l\' on dlly to ,iny nl.llket news and !lot a complete annh'lOls AddltlOnallnfolnmtHln wIth respel't to any !;CCllrltlCs referred to herem Will be Illllln request \\ N 301 . LIST I WELL ESTABLISHED, GOOD QUALITY ISSUES WITH AN OBVIOUS GROWTH TREND. PRICE DIVIDEND AMERADA PETROLEUM AMERICAN CYANAMID DU PONT ; FOOD MACHINERY 109 2.00 72 2.50 206 7.00 67 2.00 1.8 3.5 3.4 3.0 HOOKER ELECTROCHEMICAL 45 1.00 2.2 SCOTT PAPER t 68 1.80 2.7 SPERRY RAND 25 0.80 3.2 SYLVANIA ELECTRIC 52 2.00 3.7 THOMPSON PRODUCTS 72 1.40 1.9 UNION CARBIDE 122 3.00 2.5 LIST II EITHER NEWER OR SMALLER COMPANIES WITH A RELATIVELY SMALL NUMBER OF SHARES OUTSTANDING BECKMAN INSTRUMENTS BERYLLIUM CORP. PRICE 35 59 DIVIDEND 0.60 YIELD 1.0 CONSOL.ELECTRODYNAMICS 32 0.40 1.3 FOOTE MINERALS 45 0.40 1.0 G. RAY McDERMOTT 42 0.60 1.4 MINERALS & CHEMICALS 35 2.00 0.6 RORM & HAAS STRATEGIC MATERIAL3 432 32' 2.40 0.6 VERTOL AIRCRAFT 5 VISKING CORP. 39 .0,) 2.5 LIST III COMPANIES NOT IN ESSENTIALLY GROWTH INDUSTRIES BUT WHICH, BECAUSE OF RESEARCH, NEW PRODUCTS, OR GROWTH IN TERRITORY SERVED, HAVE AC- QUIRED GROWTH CHARACTERISTICS. PRICE GULF OIL 121 DIVIDEND 2.50 YIELD 2.1 IDAHO POWER 26 1.20 4.6 LILY TULIP LINCOLN NATIONAL LIFE MONTANA DAKOTA UTIL. NORTHERN NATURAL GAS PANHANDLE EASTERN SHELL OIL 59 225 26 49 97 88 1.60 1.55 1.00 2.60 3.00 2.00 2.7 0.7 3.8 5.3 3.1 2.3 PACIFIC WEYERHAEUSER TIMBER 74 40 3.00 0.80 4.1 2.0 LIST IV OF HITHERTO MEDIUM-GRADE QUALITY THAT HAVE OR ARE IN PROCESS OF IMPROVING INVESTMENT QUALITY AND SHOULD SELL IN THE FUTURE AT HIGHER PRICE-TO-EARNINGS RATIOS THAN IN THE PAST. PRICE DIVIDEND YIELD BELL & HOWELL 42 LOO 2.4 BRISTOL MYERS 38 1.60 4.2 CARBORUNDUM 43 1.60 3.7 CARi1IER CORP. 58 2.40 4.1 CRUC IBLE STEEL 65 3.00 4.6 GENERAL DYNAMICS 52 1.60 3.1 GENERAL RWY.SIGNAL 87 3.00 3.4 MAGM.l\. COPPER 113 MARTIN (GLENN L. ) 40 J..60 4.0 UNITED AIRLINES 39 1.50 3.8

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Tabell’s Market Letter – June 13, 1958

Tabell’s Market Letter – June 13, 1958

Tabell's Market Letter - June 13, 1958
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NEW YORK W—-a–l-s-tIoncn–&–C–o–. MembeTS New York Stock Exchange SAN FRANCISCO LOS ANGELES PHILADELPHIA OFFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM CHICAGO TABELL'S MARKET LETTER June 13, 1958 The market spent all of 1956 and most of 1957 in an area bounded by 460 and 524 on the Dow-Jones Industrials and 45-49 on the Standard & Poor 500-Stock Index. This area now constitutes what is technically known as overhead supply and resistance to an advance should be felt at the lower limits of this supply at 460-480 and 45-47. During the past week the general market, lead by the rails, aircrafts and coppers, advanced sharply and on Friday reached an intra-day high of 476.56 on the Dow-Jones Industrials and 45.18 on the Standard & Poor 500-Stock Index. It will be seen that the advance has now carried to the supply area mentioned above. Furthermore, most average have reached the upside ranges outlined by the broad base pattern formed between Octobe and February.' 'Normal technicaiaction'\v'otilci cail' fora 'corie6tiori-to the base and it is further unlikely that the supply areas will be penetrated on the first attempt. It is more likely that several attempts and a long period of time will be needed before the averages push through the overhead supply. The majority of stocks have been moving downward since the high reached in April, 1956. In the June 2nd issue of Barron's, Roger W. Bridwell has a very interesting and informative article showing how the present stock market is following the course of past declines. He says – The four maJor downtrends of modern market history — 1916 to 1921, 1929 to 1932, 1937 to 1942 and 1946 to 1949 — have more than one common denominator. For one thing, all lasted a minimum of 163 weeks, or seven months longer than the present decline. Second, the initial leg of each of these bear markets, except for the 1929-1932 catastrophe, accounted for an average of 94.5 of the maximum drop. If history repeats, the 400 level in the Dow-Jones e or take a few pOints should define the lower limits of this bear market. Fina I fo'Ur ca.ses, the maximum rally, which commonly was mistaken at .!4n 0 t enning of a new bull market, recovered more than 50 of the He also pOints out that in earlier 'fu overy following the initial sell-off lasted an average of eight . 0 The present rebound has lasted almost eight months 53.4'1aminimumand71.8 i ' Ie over 50 of the decline as against While the ig.ti m the 1956 high to the October low is rela- tively mild as co imum of 50.2 in 1937-1942 and 49.3 in 1929-1932, this is probably acc n d y the investment type, regulated markets of the present, as compared with the ulative, low-margined, unregulated markets of the past. The initial 1946 dec e was only 25.1. This interesting study indicates to me that the averages will probably have to spend a longer time in basing out in a long trading range before an advance to new high territory is indicated. A necessary preliminary is many moves up and down in. the averages and individual issues similar to the 1946-1949 period when the averages, after reaching 213 in May, 1946 ,declined to 160 in October, 1946 and spent about forty months in the 160-195 range until this area was finally penetrated on the upside. The present market has had only eight months since the October lows. The action of individual issues and groups will, of course, be quite different from that of the averages. As pOinted out in previous letters, individual groups fall into several categoriesofpl'-ice future and the. indicated '- trading range will present some very interesting profit possibilities. It is interest- ing to note that the leaders of one advance are seldom the leaders of the next advance. My technical work shows that this will be true of the present market. A quite differ- ent group of stocks may be the leaders of the next dynamic upswing. It will be wise to prepare for this eventuality. EDMUND W. TABELL WALSTON & CO.INC. , ThiS mllrket letter IS not. nnd under no Circumstances IS to be construed !lB, nn offer to 'lell or It soliCitatIOn to buy any r;c('untles referred to herein The mformation cunlnmcd hc.t em IS not gullrantccd 11'1 to .lccurllcy or cowplctenlSS Ilnd the furnlshmg' ther(Of IS not, nnd unrlel no Clrcumstnncll to be construed as, fI repre-;entn. tHIn by 'nlston & Co. 1m' All expres'IlOn! of oPinion are subJcct to chnnge Without WaJ'Iton & Co, Inc, und Officers. Directors, Stockholders and r,mpluyees thcleof. purchn,e, nnd may have an mterest m the securities mentIOned herem ThiS maret Ictter IS Intended and presented merely as a general, 111ft! mnl commentary on day to 'lny market news and not ns a complete analySIS Addltlonal mformnhon With respect to any !ecurltles referred to herem Will be fUI tlllOll request \\ 301

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Tabell’s Market Letter – June 20, 1958

Tabell’s Market Letter – June 20, 1958

Tabell's Market Letter - June 20, 1958 page 1
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NEW YORK Walston &Co. Inc. MembeTS New York Stock Exchange SAN FRANCISCO LOS ANGELES PHILADELPHIA OFFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM CHI!AGO TABELL'S MARKET LETTER , June 20, 1958 In January, 1955 this letter made a compilation which aroused a good deal of interest. The introduction to this compilation read as follows Few people realize how diverse the action of the market has been over recent years. Regardless of the fact that the Dow-Jones Industrial Average has advanced for over five years with Just a few minor interruptions, the action of various types of secu- rities has been quite different. Many holders show losses on individual securities des- pite the fact that the general market has been in a broad advance since 1949. As always, . it hl-s the wrong wrQ!lK..1ime. main,it -has definftely pal.dio own-'qu-ali(Y-issues over years. The following compila'iion may be of interest. It presupposes an investment of 100,000 in four different groups of stocks at the 1946 highs. The first group is composed of twenty growth issues and presupposes an investment of 5000 each in such growth companies as Dow Chemical, Corning Glass, IBM, etc. The second group is composed of twenty stocks of invest- ment quality. It was selected from the twenty favored issues of 130 Common Trust Funds of leading trust companies. It includes such issues as General Motors, Stand- ard Oil of New Jersey, General Electric, National Dairy, Sears Roebuck, etc. The third group consists of good quality dividend-paying issues a bit below the investment quality of the second group. It consists of issues like Allied Stores, Allis Chalmers, Babcock & Wilcox, National Gypsum, Sylvania, etc. The fourth group consists of lower-priced, more speculative issues. It comprises the twenty most actively traded issues in 1953 selling at around 20 or lower. It includes the issues in which the general public usually trades. It consists of issues like Tele- phone, New York Central, Pennsylvania Railroad, Pepsi (iJ The conclusions drawn from this study in 1956 when it was repeated, were pretty well cut and Tlksltudv that the growth -group-outperfOl-med..all-the otheI' gl'OUpS -oy- cS taitt(a. argin.' -next best–per- – forming group was the he medium-grade and then by the low-priced issues. So of the last group that the buyer at 1946 highs showed a . g of the period and, indeed, could have recouped his 1957 high. i ti (y-Y Y selling each stock at very close to its 1956- The same ra in ained during the 1946-1949 bear market. During this period the growth gr aepreciated to only about 88,000, the investment group to 80,000, the medium-grade group to 56,000 and the low-priced group to 36,000. Thus, the study showed that in both an up and a down market the buyer of growth stocks had a clear advantage over the purchaser of other types of securities and that the lowpriced trading issues would have turned in an amazingly poor market performance. As shown below, the study has now been brought up to date. The value of each portfolio has been refigured taking (1) the price of each stock at its 1956-1957 high, (2) the price of each stock at its 1957 low, and (3) its current price. The con- clusions to be drawn today are not so clear cut. Loss Net – – – – 1946, 1956-57 High 1957 Low Decline Current Regail'.cd -Lo-ss Growth 100,000 580,012 357,508 38 442,931 38 24 Investment 100,000 314,654 211,821 33 260,841 48 17 Medium 100,000 210,326 114,173 46 134,800 21 35 Low 100,000 103,792 56, 537 46 85,046 60 18 — As is shown, the usual pattern of relative performance continued. as far as the 1956-1957 high,with a 100, 000 in growth stocks appreciating to over This mnrket letter IS not, Bnd under no circumstances IS to be construed IS, an offer to sell or a sohCltation to buy any sC'Cuntles referred to herem The mformatlon ('ontnlned herem 15 not guaranteed as to accuracy or completeness and the furnlshmg thereof IS not, nnd \mder no Circumstances IS to be construed as, a representa- lIOn by \\'nl;ton & Co, Inc All ell.preSSlons of opmlOn arc subJect to Without notice Walston & Co. Inc., and Officers, Stockholders and Employees lhCTf'Of, purchnse, sell and may have nn mter(!1lt In the secuntlC!! mentioned herem ThiS market letter IS mtended and presented merely as a Informal commenlary on du) to da mdrket news and not us a complete Adrhtlonal mformatlon With respect to any SeCUrities referred to herein …. Ill be furlli!ohei upon r e J u e s t ' \\ 301 -2- 580,000, while the low-priced stocks barely recovered to their 1946 prices. Since that time the record has been somewhat different. The two most startling performers have been the investment-grade issues and the low-priced issues. The former had the smallest loss during the 1956-1957 period, depreciating only 33. 48 of this loss has been recovered at current levels for a net loss of only 17. The low-priced issues issues,while having the largest loss (46),have also shown the largest recovery since their lows,and current prices are only 18 belowihe 1957 high. The growth issues, formerly the leaders, had a 38 decline and recovered only 38 of their loss, so that they are still 24 below their highs. Meanwhile, the medium-grades acted the worst with the largest loss and the smallest recovery for a net loss of 35. Some clues as to the reasons for this change in pattern may be gathered from comparative earnings. The following table shows price earnings ratios for each group in 1946, 957.highs, … Growth Issues Investment Issues Medium-Grade Issues Low-Priced Issues 1946 16.5 15.4 12.9 18.0 P ERa tio 1956-7 High Current 30.8 17.9 16.2 10.8 23.5 14.9 10.4 8.8 It will be seen that a large part of the good performance of the growth stocks stemmed from the fact that the PiE ratio increased from 16.5 in 1946 to 30.8 at the 1956-1957 high. Meanwhile the PiE ratio of the investment-grade group increased relatively little so that most of the rise was due to actual improving earnings rather than a change in investor sentiment. The poor performance of the low-priced group is also explained by the fact that the PiE ratio in 1946 was a ridiculous 18.0 and at the 1956-1957 high was only 10.8. Thus, despite the fact that earnings improved, declining investor sentiment caused very poor price action. ,, ….. It will be seen that except for the growth group, earnings are now being valued con- siderably lower than they were at the 1946 tops. However, in the growth group, the piE ratio still stands at 23.5, considerably above the 16.5 figure of 1946. Thus it is possible that the same type of action may continue. The conclusions of this latest study are not quite so easy to state. There is no doubt but what the buyer of growth stocks had a definite advantage during the 19461956 cycle. Preliminary work shows that this advantage has not continued during the current bear market. While it is not conclusively demonstrated that the former advantage pessessed by the growth equities is entirely absent, the possibility that an entirely different type of stock may be the leader of the next upswing cannot be over- looked. '- EDMUND W. TABELL WALSTON & CO. INC. AWTamb – – – Note The names of the individual issues in the four groups mentioned above will be furnished upon request. Tne following are the stocks mentioned in the Tabell Market Letter of June 20,1958, together with the number of shares which would be owned as of this date, adjusting for all stock dividends, split-ups and capital changes since 1946 GROWTH ISSUES 750 Aluminium, Ltd. 226 Amerada 147 Carrier 350 Corning Glass 389 Dow Chemical 91 DuPont 500 El Paso Nat! Gas 172 Goodrich 135 Intern'l Bus. Mach. 294 Minn. Honeywell 712 Mmn. Mming Mfg. 312 Monsanto 367 National Lead 192 Pfizer 266 Owens Corning Fiber. 263 Radio Corp. of Amer. 87 Rohm & Haas 333 Scott Paper 267 Shell Oil 132 Union Carbide INVESTMENT ISSUES 208 American Can 334 Amer. Cyanamid 91 DuPont 312 General Electric 196 General Foods 417 General Motor s 151 Gulf Oil 196 Johns Manville 86 Kennecott 232 National Dairy 91 Penney,J. C. 286 PhillIps Petrol. 315 Sears Roebuck 260 Socomy Mobil 186 Stand. Oil of Calif. 208 Stand. Oil of Ind. 396 Stand. Oil of N. J. 318 Texas Company 132 Union Carbide 143 Westinghouse Elec. MEDIUM -GRADE ISSUES 84 Allied Stores 172 Allis Chalmers 584 Babcock & Wllcox 204 Blaw Knox 217 Bucyrus Erie 250 Burroughs 125 Chain Belt 294 Clevite 108 Crane Co 178 Distillers Corp 98 Carrier 312 Joy 228 Mead 173 National Gypsum 156 New York Air Brake 561 Penn Dixie Cement 143 Rheem 156 Sylvania 215 Yale & Towne 328 Lowenstein LOW-PRICED ISSUES 277 Amer.Airlmes 32,3 Armour 385 Avco 18 Balt. & Ohio 294 Canada Dry 385 Columbia Gas 505 Emerson Radio 104 Gimbel 200 Intern'l Tel & Tel 125 Loew's 209 Mack Truck 147 N. Y. Central 454 Studebaker Pack. 250 Pan Amer.Air. Exchanged for original investment m Elliott Co. 119 Penn. Railroad 143 Pepsi-Cola 238 Raytheon 294 Rexall 239 Servel 143 Splegel Edmund W. Thlbell Walston & Co. Inc.

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Tabell’s Market Letter – June 27, 1958

Tabell’s Market Letter – June 27, 1958

Tabell's Market Letter - June 27, 1958
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NEW YORK ' SAN FRANCISCO ' LOS ANGELES ' PHILADELPHIA ' OFFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM CHICAGO TABELL'S MARKET LETTER June 27, 1958 After declining to a low point on Tuesday of 467.37 on the Dow-Jones Industrial Average and 44.52 on the Standard & Poor 500-Stock Index, the averages rallied back to intra-day highs of 478.09 and 45.18 on Friday. This falls within the classification of a half to two-thirds retracement of the decline from the June 17th highs of 482.11 and 45.57. The important points to watch for near term technical action are the highs and lows of the past two weeks. Because of the heavy overhead supply in the averages, a downside penetration would be of more significance than an upside penetration. A decline 455-450 and 43-42. ' '–. -,,– – – –at Most of the averages have reached the lower part of the long trading areas of 525-460 and 49-45, in which the averages held from late 1955 until the Autumn of 1957. This huge overhead supply of almost two years duration constitutes a definite upside barrier for the averages that may take considerable time to penetrate. It is, in my opinion, highly improbable that this overhead supply will be penetrated on the first attem t While the above is true of the industrial and combined averages, the rail averag s are still quite a bit below the overhead supply at 138-1BO. The Dow-Jones Rail Average has shown good technical action in the recent decline. At Friday's intra-day high of 119. 2 it had recovered most of the decline from a June 17th high of 120.44 to the week's low of 116.34. The utility average, of course, has an enhrely different pattern. It never had the overhead supply that existed in the other averages and is now in all-time high territory. From the viewpoint of the upside potentials bases, most of the industrial and combined averag7fohav The rail average, however, has an upside could work somewhat higher. It is probable that at (\l,t9\md r 0stober-February e objectives. an e utility average highs, the industrial average has about reached its potential for sohfe furtlier strength inlne rails — g- move. The posslbihty of com15ine-d average-s'to a — slightly higher level. As stiedi e y, I continue to anticipate a broad trading area in the averages 't' e of roughly 4BO-430 and 45-40, with ex- tremely selective acti l i, ' . I l ' A further broadening of the base is needed for an eventual ' e t n e heavy overhead supply. I continue to advise lightening undesir i ts in the upper part of the wide trading area in the averages and adding 0 h gs in recommended issues in the lower part of the trading range. In lookmg over my recommended list (last reviewed in letter of May 29th) I find that profit-taking appears indicated in two situations. Raytheon was originally mentioned in the 1B-20 range. It has reached a high of 35 and closed Friday at 33 l/B. It has reached its initial objective of 33, and while it could work somewhat higher, I am suggesting taking long term profits. The last sale on First National Stores was 69 and the high has been 69 3/4. It is approaching its objective of 70-75 and we are dropping it from the recommended list. I would continue to hold the balance of the recommended list, most of which show nice profits at present levels. The only two that have shown relatively poor action are International Minerals & Chemical (26 7/ B)and United Biscuit (31 5/B). However, both of these issues have interesting long term potentials and I would continue to hold despite poor immediate action. The balance oLthe list-follows, American Can (49 l/B) Anchor Hocking Glass (52 1/2) Carolina Power & Light (31 3/B) Container Corp. (21 1/4) Family Finance (2B 1/4) Hoffman Electronics (2B 1/2) Lily Tulip Cup (75 3/4) National Gypsum (47 l/B) Pan American-World Air (16 3/4) Philip Morris (52 1/4) Wilson & Co. (21 7/ B) Zenith Radio (83) I intend to add to this list during periods of market weakness. EDMUND W. TABELL 3UAJ STON Sr CO mc, mnrk('t letter not, nnd under no circumstances IS to be construed ns, an offer to sell or a !!OhClwtlOn to buy nny securities referred to herein The infrormntlOn rnntame.\ hf'rem 1'1 not ns to IIccura('y or completene!.s and the urnlshmg thereof 1'1 not, and under no ClrCUm&tances IS to be construed as, a reprcsentn- tlln by . Co, Inc All e,preSSlOns of opmHm are 'lubJcct to IIntll'C \\'nl;ton & Co, Inc, and OffIcers, Dlrectrs, Stockhulder'! and thereof, purchase, sell and may ha\'c an Interest III the securitIes mentIoned herelll market letter IS Intended and prCClenled merely tUI II genera, Inrrm,11 cnmmentnr on tin)' to dny market news and not II.S a complete annhSl' Addltl,onuililformatlon '\lth rc'!pe('t to securlbes rderred to herein .,111 be fUi m ..h(1 \111()fI X JOI .- —

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