Tabell’s Market Letter – January 09, 1959

NEW YORK -. \-.FILElmPV Walston &Co. Inc. Members New York Stock Exchange SAN FRANCISCO LOS ANGELES PHILADELPHIA' CHICAGO OffICES COAST TO COAST AND ABROAD TABELL'S MARKET LETTER January 9, 1959 After almost approaching the 600 objective mentioned in my recent letters, the Do /. Jones Industrial average deelined from a high of 594.31 on Monday to a low of 581. 07 on Wednesday. A rally at the end of the week carried to an intra-day high of 5 94. 8 on Friday, a new high for the average. Probably the market is in need of a consolidating period around these levels. is strong support at 570-560, and any technical decline not accompanied by unfavorable news factors should not carry below that level. Some individual issues have reached up- side objectives, but from a technical viewpoint there are a great many more that indi- cate considerably higher objectives. As always, the action of individual issues will be more important than the action of the market averages, The objective of my recommended list is to select individual issues which should show above average action, The issues recommended are long term holdings meant to be retained six months or longer and are not suggested for trading turns. When object- ives are reached, individual stocks are dropped from the list. In this connection, we are now dropping three stocks Anchor Hocking had an objective of 80-90 and has reach- ed 80 3/4, Container Corporation had an objective of 30-32 and has reached 30 1/4, and Lily Tulip, with an objective of 95-110, reached 106. The complete list follows, together with a separate list of low-priced speculations originally recommended on November 7, 1958. Recommended Price Current Price Current Dividend . /0 Yield American Can 5 Family Finance .,.. Flintkote5 Getty Oil – 4222 46 28 5304 57 rsd 26 vJ 0 2.4 4.0 4.7 -4.2 Gimbel s 27 '\/ 1.80 4.9 Gulf Oil -' Heinz, H.J. 115 56 2.50 2.20 2.0 3. 1 Hercules Powder Hoffman Hooker Chemic V 40 37 1.10 1.00 1.00 2. 1 2.5 2.7 Intern'l Minerals 29 1.60 5.5 Magnavox 52 1.50 2.9 Monsanto Chemical National Distillers National Gypsum s 38 27 42 .40 1.00 2.5 '32 1.00 3. 1 62 2.00 3.2 Newport News Shipbuild. . 47 46 2.00 4.3 Pan Amer. World Air, 15 26 .80 3. 1 Pennsalt Chemical 71 80 1.85 2.3 Philip Morris s 48 64 3. 00 4.7 Royal Dutch 48 48 1. 32 2.8 Shell Transport 22 21 1.04 4.9 Singer Manufacturing 48 53 2.20 4.2 Wilson & Co. 15 34 1. 40 4.1 Recommended Price Avco 9 Chemway 11 Curtis Publish. 15 Decca Records 18 Divco Wayne 17 Fruehauf 17 LOW-PRICED STOCKS Current Recommended Price Price 12 Hotel Corp. 7 12 National Can 14 15 Pacific Pete 18 19 Publicker 11 23 Rayonier 19 20 United Industrial 13 Current Price 8 14 18 13 21 17 I i I I EDMUND W. TABELL ThUj market letter is not. and under no ci'rcumst;ances IS to be construed as, an to sell or sohcitat!6r'l It& The mformatlOn contained herein 18 not guaranteed as to accuracy or completeness and the furmshmg thereof IS not, and under no clreumstances is to be conetrued as, a representa- tion by \I.'alston & Co Inc All expressIOns of opIniOn are subJect to chanRe without notice Walston & Co, Inc, and Officers, Directors, Stockholders and thereof sell and may have an mterest In the securities mentIOned herem ThiS market letter is Intended and presented merely as a Reneral, JtcommenUtry on day to day market news not as a complete analysIS. AddltJona.! InformatIOn wlth respect to any securitJes referred to herem flll nlsherl upon re'1uest