Tabell’s Market Letter – September 11, 1959

– — – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – . Walston &- Co.– Inc Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFF-ICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER September 11, 1959 After declining on the first four days of the week and reaching a new low at 630.45, market rallied on Friday, reaching a high of 641. 33. The Rail average, having reached a low of 153.78 on Thursday, carne back to a peak level of 156.91 the followmg day. As noted in last week's letter, the downside breakouts on both the Rail and averages indicate that lower levels are a possibility. Possible downside potentials would be 620 on the Industrials and 143 on the Rails. The longer term pattern,however, indi- cates that selected stocks are probably buys on any further weakness rather than sales at this time. . As.always;, the performance. ofindividual issues i,sJarmore fluctua tions in the averages. One way of gauging the probable future market performance of a stock is by the use of relative strength measurements. These measurements, very plot the price of a stock in relation to a given market average in an effort to find stocks which are performing better than the market. Frcm time to time, this letter has published elementary relative strength tabulations based on the price levels at V-.UCIU low points in the Dow-Jones Industrials. Such a tabulation follows. Llsted below are all the stocks on the New Yprk Stock Ex change which, at their low on Thursday, September 10th, were 50/0 or more above their low of Wednesday, August 19th. This is in contrast, of course, to the Dow-Jones a which, on Thursday, was 1 1/2 below its August bottom. A logical expectation, of course, is that the strength shown by these stocks in a poor market can well continue when the market turns stronger Stock Aug. 19, 1959 Low Reeves Bros. 23 1/2 American Motors 40 5/8 Ruppert 11 Conde Nast McLean Trucking Consolo Studebaker-Packard Reynolds Metals 9 3/8 8 1/2. -\'\\ 1 – \). \Y /'W! 'Wy o 8 \ – Carpenter Ste International Si Stanley Warner White Dental Litton Industries r 3 1/4 43 3/4 32 1/4 40 103 101 47 1/2 34 7/8 43 1/4 111 1/4 Mercantile Stores Stevens,J .P. West Indies Sugar Vick Chemical Ward Industries Bliss & Laughlin Fairmcnt Foods Brooklyn Uion Gas Oxford Paper Boeing Air Cluett-HealJody Douglas Air. McKesson & Robbins Peabody Coal Youngstown Sheet & Tube Curtiss-Wright Federal Mogul United Airlines Wheeling Steel Gladding McBean Madison Square Garden 33 1/4 35 7/8 281/2 30 3/4 35 1/2 38 1/4 131 1/2 141 1/2 9 7/8 10 5/8 27 1/2 29 3/8 33 1/4 35 1/2 54 3/4 58 1/4 32 34 30 1/2 32 3/8 7./8. .,-. .- 55,.,.. 44 46 1/2 38 40 1/8 15 1/2 131 3/4 16 3/8 139 28 1/8 295/8 623/4 66 36 1/2 38 3/8 585/8 61 5/8 20 21 15 15 3/4 Advance o 27.1 27.0 18.2 16.0 14.7 12.4 12.4 10.7 10.6 9.5 8.6 8.1 8.1 8.0 7.9 7.9 7.7 7.6 7.6 6.8 6.8 6.4 6.3 6.1 B..0…-.. 5.7 5.6 5.6 5.5 5.3 5.2 5.1 5.1 5.0 5.0 AWTamb Thi.s cnntntii'et1 hon !Ke IS nOl guIaRrnn as t; EDI\MLiUiHNPDNOW. TABELL .llf; CO Il1i C -mformatton01racy' 9f IS to be construed as, an offer to sci&X0J completeness and the fUrnIshmg thereof too1 hon is not, and under an slcun les fcfcrred no circumstances is to be to herem construed The as, n rellresenta- i!!)Hnlon are subJect to wltllout notice Walston & Co, lnc, and OffIcers, Directors, Stockholder Dnd 8e a.nd an interest In the securities mentioned herein ThiS market letter IS Intended and prescnted merely ns a gcneral, mformal commentnry on day to day market not as a complete nnaiysl; Additional information With respect to any seeurltles referred to h!rcin Will he furl1lshed upon request. WN 301