Viewing Month: October 1960

Tabell’s Market Letter – October 07, 1960

Tabell’s Market Letter – October 07, 1960

Tabell's Market Letter - October 07, 1960
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Walston &Co. Inc. Members New York Stock Exchallge FILE NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER October 7, 1960 Last week's market action provioed little comfort for either the bull or the bear. On the bullish side, the popular averages did advance,and volume on the last three days of the week when the market moved ahead was considerably heavier than was the case on Monday and Tuesday when the averages were off. A short-term buy signal was regis- tered in the earlier part of the week on a rebound from an oversold condition. Advance- decline figures, however, could have been more impressive,and, on an overall basis, volume was light compared with the trend of recent weeks. There is,therefore, still no. certainty that the September 29th low of-565.49 Dow-Jones Industrials will be the final bottom of the current declining phase. It is possib however, to reiterate the thesis with which we concluded last week's letter, namely, that current weakness provides an opportunity for the purchase of carefully-selected commo stocks on a long term basis. In other words, now more than ever, it is a time to forget about what the averages mayor may not do and concentrate on attractive investment op- portunities. While such opportunities do not appear to be in prolific abundance, they certainly exist. One of the oldest of the stock market's numerous old saws is the one about the best stocks to buy after a decline being those that have acted the best and those that have acted the worst. As is the case with all such aphorisms, this one contains much truth. Along these lines, we can pick out two broad groups of stocks which appear currently attractive. The first group is composed of stocks which went down little, if at all, during the market break. Selected aircraft-missile shares are an example. Martin Co. (52 1/2) for example, closed at 56 5/8 just before the Dow broke it never got lower than 48 l/4,and the subsequent reboun in 0 bottom of the decline IdW 50's was sharp and decisive. The stock, currently,is selling for earnings of 4.60, with improvement projected for wIt' s estimated 1960 It' e ely identified with the missile-electronics phase of the defense ss u -or a — -portion which has recentlyproved sodisas – as ependence on the airframe er ofc;mpanies. While the – – – possibility of cancellation of a su s that for the Titan weapon system, is a risk that must be Meanwhile, the stock s str g smaller than many investors suppose. p t 45 with an upside objective of 87-97, making the investment od s' c rather strong. Other stocks in the defense group appear equally a 1 . s reasons,notably,North American Aviation (41 1/4). At the other n of scale from the aircrafts are those stocks which have been in private bear marke their own, some for as long as four years. This includes oils, papers,airlines an ailroads, many of which are selling at discounts of more than 50 from their bull-market highs and have come very close to downside objectives. Paper stocks provide a case in point. International Paper (89) has declined from a high of 144 in 1956 to a recent low of 85 1/8. The downside objective, based on the 1959 distribu- tional top, was in the 90-85 range. Current prices mark it at some 14 times projected 1960 earnings at a time when excess capacity in the paper and paperboard industry is slowly being utilized. It would certainly appear that in the mid-80's, its prospects are being rather soberly valued. Other paper companies seem to have a similar fundamen- tal and technical outlook. It is, of course, not enough to buy stocks siIllply because they are down from earlier highs. First of all, in issues such as the papers, no bases have yet been formed, so there appears to be no excessive hurry to make immediate purchases. They can be bought, rather, on additional weakness. Furthermore, buying levels should be consider- ed in the light of downside objectives of the original tops. Vihile the papers for the most part were fairly close to these objectives at recent lows, there appears to be the possibil ity of more room on the downside in many steels and chemicals. Purchase of these issues should be deferred until the pattern clarifies. ANTHONY W. TAB ELL WALSTON & CO. INC. NOTE My father has asked me to convey his sincere thanks to the hundreds of readers of this letter all over the country who sent him cards and letters during his stay in the hospital. His recovery has progressed normally and he will probably leave the hospital searlThIS market letter is not and under no circumstances IS to eofsg.uJll. er I T n ration a;iIIQQi, 8 rOQ'ed accuracy or completeness and the (urnishmg thereof IS not. and under no CIrcumstances is to be construed DB, a repreenta- of OPinIOn are subject to change Without notIce Walston & Co, Inc. and OffIcers, DIrectors, Stockholders and ll9l1ll have an mterest m the secUrtties mentioned hereIn. ThIS market letter is intended and presented merely ns 11 general, news ang not as a complete analySIS Addlttonal mformatlOn With respect to any securItIes referred to herem ..

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Tabell’s Market Letter – October 14, 1960

Tabell’s Market Letter – October 14, 1960

Tabell's Market Letter - October 14, 1960
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Walston &- Co. Inc – – – – Members New YOTk Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA OFFICES COAST TO COAST AND OVERSEAS FILE COpy CHdCAGO TABEll'S MARKET lETTER October 14, 1960 Probably the best wayto',irritate the average investor is, when asked whether the bear market has come to an end, to blandly inquire What bear market Strangely enough, there are always a few astute investors who can make just such an answer, for, as this letter has repeatedly stated, the best protection against possible weakness in the general market is proper security selection. Along these lines, it may be of interest to repeat and bring up to date the tabu lation originally made by this letter more than two years ago. It divides the market into the five major Pl1ases which have existed from August 1956 to the present. (1) The de- cline in the Dow''Jones Industrial average from 33 to 453.07 in 1957, (2) The rise to 523.11 in July 1957, (3) The decline to 416.15 in October 1957, (4) The rise to 683.90 in August 1959, and (5) the dip to an intra-day low of 565.49 on September 29, 1960. For each of these phases the percentage change in the Dow-Jones Industrial average is listed together with the percentage rise or fall of the three best acting in- dustry groups as measured by Standard & Poor's Industry averages. For the two ad- vancing phases, the three worst acting groups are also tabulated. Table 1 Aug.1956 – Feb.1957 D.J.Ind.Aver. – 130/0 Aircraft Mfg. 50/0 Agric. Mach. 10/0 Mach.,Gen'l 10/0 Tab Ie 3 July 1957 – Oct. 1957 D.J.Ind.Aver. – 200/0 Cigarettes 70/0 Dept. Stores 4/0 Food Cos. – 40/0 Table 5 Aug. 1959 – Sept. 29,1960 D.J.Ind.Aver. – 170/0 Soft Drinks 19/0 Office Equip. 160/0 160/0 Table 2 Feb. 1957 – July 1957 D.J .Ind.Aver. 150/0 Table 4 Oct. – 1957 D.J Ind.Aver. Ts'4!iil .Bus. & O. Equip. E1ec.Equip. 7' n \).\Y Air Transport Cigarettes ' 100/0 Oil vVell Equip. 50/0 The above ta give rise to some interesting assumptions. Let us assume that Investor A had en absolutely correct in predicting the course of the Dow-Jones average since August 1956. He bought at the absolute bottom and, in addition, sold short at the absolute top on everyone of the major moves. Unfortunately,however, he was so busy guessing the averages he did not have time to try to pick the right stocks and was unlucky enough to divide his investment among the three worst acting groups in the bull markets and the three best acting groups in the bear markets. Despite the fact that he called every market turn correctly, his capital would have suffered a 90/0 loss during the period. Investor B, on the other hand, forgot about the market and concentrated only on buying the groups he thought would act best. He was long of stocks during the entire period. Despite the fact that the average on September 29th was only forty points higher than on the day he started, his capital has shown 2120/0 'appreciation in four years. It is obvious that the two above instances represent extremes which are unattain able. They nevertheless point up the fact that a good deal of energy is wasted in predict- ' ing the course of the averages which could more profitably be devoted to selecting attractive stock commitments. In the type of market we foresee for the next few years, it can be expected that this will continue to be the case. 00w-Jones Ind. 596.48 Dow-Jones Rails 127.62 ANTHONYW.TABELL I'ALSTON & CO.INC. This market letter is not, and under no Cllcumstances IS to be construed as, an offer to ;cU or 1\ sohcltabon to buy any securities referred to herem The Information contamed berem is not /nlnranteed as to accuracy or completeness and the furnlshmg thereof 15 not. and under no cIrcumstances 18 to be construed as, n l'!.prescnta hon by Walston & Co. Inc. All expresSions of opinion are subJect to change without notice Walston & Co, Inc, and Officers, Directors, Stockholders and Employees thereof, purchnse, sell and may have an interest In the secUrities mentioned herem ThIS market letter IS mtended and presented merely as a general. informal eommentary on day to day market news and not as a complete analysIs AdditIonal mfOrmatlOn with resPl!'Ct to any securltles referred to hereIn wI!1 be …..

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Tabell’s Market Letter – October 21, 1960

Tabell’s Market Letter – October 21, 1960

Tabell's Market Letter - October 21, 1960
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———————,——–. Walston &Co. …;.. .;…. Inc. – – – – Members New York Stock Exchange NEW YORK SAN FRANCISCO . ' LOS ANGELES PHILADELPHIA OFFICES COAST TO COAST AND OVERSEAS FILE COPY CI-UCAGO TABEll'S MARKET lETTER Riverside, Conn. October 21, 1960 I arrived home from the hospital late last week and expect to spend another two or three weeks at home after my recent operation. With the limited amount of work I have been able to do, it has not been possible for me to follow individual stocks to any great extent, but I have been checking the price movement of the averages over the past sever weeks. My conclusions are somewhat as follows. The top formed in the Dow-Jones Industrial averages at around the 685 level of July 1959 and January 1960 indicated the triple possibility of 600, 578 and 550. This pattern was outlined earlier in the year.-The firstcobjective held three times, but was finally penetrated last month. The market has declined to about midway between the two lower objectives at the September low of 565.49. There is an outside possibility that the rally to 663.64 in June may have broadened the top. If this proves to be the case, the downsid potential is 500. I consider this rather doubtful and would be more inclined to go along with a low somewhere around 550, with possibly a very temporary low somewhat below this figure during a selling climax. In terms of the Standard & Poor 425-Stock Industrial average, the comparable July 1959-January 1960 top indicates a decline to 55 1/2 – 52. The recent low was 55.52.It also must be borne in mind that the areas around the triple top formed in both averages during 1956 a.nd 1957 should furnish strong support. On the Dow-Jones Industrials,these three tops are between 524 and 523, so it would be expected that support should be met around the 530-510 area. On the Standard & Poor's Industrials,tops are around the 53-52 level, so here again support should be met at 53-50. All of this implies that if the 550- level in the Dow-Jones Industrials does not hold, there dip to some where around the 530-515 level and comparable levels 0 e & Poor's. Another approach would be to use the two clm the last fifteen years as yardsticks for a possible decline in the mar The Dow-Jones Indus- tI'ial ave.-ages f,!'0!!l8. .rtI1)', 1946 a of approximately ,sr a decline of roughly 25/0. During he dard & Poor average declined from a high of around 18 to a low 0 r 1 /('Jq, decline of approximately 22. In the 1957 decline, the 1 20 from 524 to 416, while the Standard & Poor's Ind sm r around 52 1/2 to about 43, or a decline of 17. In the pre t D ones Industrials have declined from 688 to 565, or approximately 0 h t & P's have declined from 64 to 55, or approximately 14. Declines comp ra 1946 and 1957 would bring the D-J Industrials to 550,based on the 1957 decline, 510 based on the 1946 decline. In terms of the S & P Industrials, the equivalent to the decline would bring the Industrial average down to around 50, while an equivalent of the 1957 decline would bring the average down to around 53 1/2. All of this implies that while there is a distinct possibility that the September lows might be broken in both averages, any further weakness would probably be a long term buying opportunity. However, when such a point is reached, the action of individual groups and individual securities will be of prime importance. The recent action of the gold stocks brings a certain amount of near-term uncer- tainty into the technical pattern. Issues in this group broke out on the upside of trading ranges in which they have held for ten years. A reaction on Friday brought them back to support levels. Obviously, these are extremely speculative situations based on fear of possible devaluation of the dollar. This, according to info-rmed sources, appears rather remote at the moment. The effect appears to be psychological, but just what form it will take is uncertain. As far as the general market is concerned, it would appear that the result will probably be bearish over the shorter-term and possibly lend an in- flationary background over the longer-term. As far as the gold stocks are concerned, higher prices seem indicated over a period of time. In a nutshell, I still feel that the market will hold in a wide trading area for sev- eral years. The lower boundaries of this range are somewhere between 550 and 500 on the Dow-Jones, and 55 to 50 on the Standard & Poor's Industrials. Beli'eve a dip below 550, if it occurs, would be largely temporary. On further weakness, the tech- nical pattern suggests the purchase of selected issues. . lnd no 'tt c cumstances is to be construed as, an offer to IHiNec'I!N\!jlefrefcrred to herem 'the informatIon nW illJlAo aqqracy or completeness and the fU'I'mstllng ill to 1xl 8.\, a. of opinion are subject to change Without notice. Walston & Co, Inc., and Officers, Directors, Stockholders and Fmployces thereof purchase sell and may have an interest in the secuntles mentIoned herein TillS market letter IS mtended and presented merely as a general, on day to day market news an4 not as a complete analysts Addittonallnformation vnth respeet to any securItIes referred to herem will be . . WN 301

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Tabell’s Market Letter – October 21, 1960

Tabell’s Market Letter – October 21, 1960

Tabell's Market Letter - October 21, 1960
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———— ,/ Walston &Co.– Inc, \ Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA OFFICES COAST TO COAST AND OVERSEAS FILE CHICAGO TABELL'S MARKET LETTER Riverside, Conn. October 21, 1960 I,arri;ved horne from the, hospi!a11ate last week and expect'to spend another two or three at home aftftr my recent operation. With the limited amount of work I have been able to do, it has not been possible for me to follow individual stocks, to any great extent, but I have been checking the price movement of the averages over tq.e past sever weeks. My conclusions are somewhat ,as follows. , The tqp formed in the Dow-Jones Industrial aver-ages at a'round the 685 level of July 195'9 and 1960 indicated the triple possibility of 600, 578 and 550. This pattern wa,s earlier in ,the year. The first obj held thr.ee,times, but was finally penetrated last month. The market has declined to about midway between the two lower objectives at the September low of 565.49. There is an outside possibility that the rally to 663.64 in J.une may have broadened the top. If this proves to be the case, the downsid potential is 500. I consider this rather doubtful and would be more inclined to go along with a low somewhere around 550, with possibly a very temporary low somewhat below ') this figure during a selling climax. terms of the Standard & Poor 425-Stock Industrial average, the comparable July 1959-January 1960 top indicates a decline to 55 1/2 – 52. The recent low was 55.52.It also must be borne in mind that the areas around the triple top formed in both averages during 1956 and 1957 should furnish strong support. On the Dow-Jones Industrials, these three tops are between 524 and 523, so it would be expected that support should be met around the 530-510 area. On the Standard & Poor's Industrials, tops are around the 53-52 level, so here again support should be met at 53-50. All of this implies that if the 550- level in the Dow-Jones Industrials does not hold, there temporary dip to some where around the 530-515 level and comparable levels 0 e & Poor's. Another approach wO,uld be to use the' two clin the last fifteen years as yardsticks for a possible decline in the mar Dow-Jones Indus- .triill d,eclired from decline of roughly 25. During of he dard & Poor average deciined from a high of around 18 to a low 0 1 decline of approximately 220/0. In the 1957 decline, the 20 from 524 to 416, while the Standard & Poor's Ind rdhl around 52 1/2 to about 43, or a.decline of 17. In the pre t D ones Industrials have declined from 688 to 565, or approximately 0 h t & P's have declined from 64 to 55, or approximately 14. Declines comp 1946 and 1957 would bring the D-J Industrials to 550,based on the 11157 decline, 510 based on the 1946 decline. In terms of the S & P Industrials, the equivalent to the 1957 decline would bring the Industrial average dqwn to around 50, while an equivalent of the 1957 decline would bring the average down to around 53 1/2. All of this implies that while there is a distinct possibility that the September lows might be broken in both averages, any further weakness would probably be a long term buying opportunity. However, when such a point is reached, the action of individual groups and individual securities will be of prime importance. . The recent action of the gold stocks brings a certain aIJlount of near-term uncer- tainty into the technical pattern. Issues in this group broke out oll the upside of trading ranges in which they have held for ten years. A reaction on Friday b'rought them back to support levels. Obviously, these are extremely speculative situations based on fear . of possible devaluation of the dollar. This, according to informed sources, appears rather remote at the momt;lnt. The effect appears to be psychological, but just what form it will take is uncertain. As far as the general market'is concerned, it would appear that the result will probably be bearish over the shorter-term'and possibiy lend an in- flationary background over the 10nger-term;As far as the gold stocks are concerned, higher prices seem indicated over a period of, time .In a nutshell, I still feel that the market will'hold,in,a,wid,e tracJing area for eral years. The lower boundaries of this range are somewhere between 550 alld on the Dow-Jones, and 55 to 50 on the Standard & Poor's Industrials. a dip below 550, if it occurs, would be largely temporary. On further weakness, the tech- nical pattern suggests the purchase of selected issues. ,ltnd d 'h cumstances IS to be construed is, an offer to to herein. The informatIOn tinned-be . JII2)c K\QlT'WtCCtt or completeness and the furnJshmg thetVMikbwIi) 6s to be construed WI, a representa of opinion are subJect to change wlthout notice Walston & Co. Inc, and Offleers, Dlreetorn, Stockholders and Employees thereof sell and may have an mterest In the securities mentioned herein. This market letter 18 intended and presented merely as a general, mformsl on day to day market news any not as a complete analysis. Addltional informatIon With respect to any securities referred to herein . ., —– — — – — —–.

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Tabell’s Market Letter – October 28, 1960

Tabell’s Market Letter – October 28, 1960

Tabell's Market Letter - October 28, 1960
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– – – – – – – – – – – – – – – – – – – – – – – – – – —— Walston &Co. lnc —– Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CI-\ICAGO OFFICES COAST TO COAST AND OVERSEAS Riverside , ConnecHCllt TABEll'S MARKET lEnER October 28, 1960 At Tuesday's 5f 564.23, the Dow-Jones Industrial average just about equalled the September low of 56.(.'49. The subsequent rally carried to a high of 583.80 on Thursday,and retraced 550/0 of the 36-point decline from the October high of 600.03. The Industrial average has now formed a double bottom at the September and Octo- b er lows. However, the potential base formed in this area is still relatively small and does not indicate much more than a possible rally back to about the 600 level where there is considerable overhead supply. The refore, it would appear that a broadening of the base is essential before a determined effort can be made to push through the heavy overhead supply at 600 and above In the process of forming the base, the Industrial aver– age mayor may not reach new low territory. As outlined in last week's letter, the down- side potential is somewhere around the 550 level, with a possible temporary downside penetration of this level during a selling climax. The Rail pattern is very similar to that of the Industrials. The rails also have formed a double bottom at the September low of 122.58, and at this week's low of 122.92. Here again the base is not broad enough to indicate much more than the October high of 128.55, and further broadening of the base pattern is probably necessary. While the general market will continue to back and fill in a trading area, there are a great many groups that have already formed substantial bases over a period of time, and it is here that the best technical action will probably occur for both the short and intermediate term. Issues in the following groups are suggested for purchase during periods of market weakness. Yv'ould not follow strength at this juncture. The Aircraft group is outstanding. Among the are Martin Co. (52), North American Aviation (41), and Northrop (40). e e is already part of our recommended list and also suggest purchasW,.Jle 1 tw ntioned issues. The Airlines appear to be in the process of base is may require some further time. United Airlines (31) ssues and..is–being-added- – to the recommended list. The Electronics en e ply, and while some of these issues are approaching their downs e t e time appears needed to build up new patterns. Among the su e Microwave (32) and Varian Associates (41). Finance stocks . d provement in relative strength, and Seaboard Finance (22), is t as addition to the list. A Food issue that appears behind the market is Gerbe Pr s (56), purchase of which is recommended. The recent act of the Gold group indicates that, at least from a psychological point of view, these lssues might work higher. They have reacted from recent highs and I am adding Dome Mines (25) to the recommended list. The Land Holding companies are also showing improving technical patterns. Kern County Land (49) and Louisiana Land & Exploration (50), seem attractive and the latter is being added to our recom- mendations. The Meat Packing group has been one of my past favorites and I continue to feel that the industry is attractive. Wilson (40), is already part of our list. Suggest the ad- dition of Swift & Co. (44). The Moving Picture group is showing good technical action and I suggest Columbia Pictures (22) and Twentieth Century-Fox (37) as speCUlations. The Natural Gas group has been under accumulation for a long period of time. Panhandle Eastern Pipe (48) is one of the most interesting issues in an attractive gro,-!p. The action of the oil stocks is also encouraging. Royal Dutch (33) is part of our recom- mended list. Suggest Richfield Oil (84) as an addition. McCall (30) is suggested as a representative in the Publishing group. and Freeport (25) is recommended in the Sul- phur group — a group which has already suffered a drastic decline and seems to be headed for a price reversal. The addition of the following miscellaneous issues is also recommendedAnderson Clayton (37) in the Cotton Products group, and Thompson-Ramo- Wooldridge (58) 10 the electronics-aircraft field. To take care of these new additions to the list, I suggest profit-taking in Decca Records (35), originally recommended at 18, and taking tax losses in National Distillers T2or;–SChenley (20) and West Virginia Pulp & Paper (32). ptseJlW..e…tll to buy any securities referred to herein The Informa.tIon ikMlr'lsrtdtVffimntWt! ad under no circumstances IS to be eonstrued as, Ii representa- .,….Jlo'\,by Walston & expressions of opimon are subJect to change without notice n & ep…. an fflcers, Directors. Stockholders and tltreM' and maY have an mterest m the securltJes mentIoned here t leW 1 resented merely as a general, . !I1arket news – notasa complete analy;lS WALSIoTn DWlNth &C IDLC secUrities referred to herem be IV' 301

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Tabell’s Market Letter – October 31, 1960

Tabell’s Market Letter – October 31, 1960

Tabell's Market Letter - October 31, 1960
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October 31, 1960 RECOMMENDED LIST OF STOCKS SELLillG ABOVE 20.00 A SHARE. Current S & P Price Rating American Viscose Anderson .Clayton 36 1/2 36 3/4 .' Bestwall Gypsum 38 Cluett Peabody 55 1/4 Coca Cola Columbia Pictures 63 3/4 21 7/S Daystrom 28 7/8 Diamond National Dome Mines 323/4 25 1/8 Elec. Storage Battery 46 1/2 Fansteel Metallurg. Freeport Sulphur 47 1/4 24 7/8 Georgia Pac. Plywood 4S 1/2 Gerber Products 56 Great Northern Paper 41 3/4 Great Western Sugar 295/S Johns Manville 51 3/8 Louisiana Land Explor. 50 1/2 Magnavox Martin Co. McCall Corp. Microwave No.Amer.Aviation 405/8 52 1/2 29 7/8 33 l/S 41 1/2 Northrop Corp. Panhandle East. Pipe Richfield Oil 40 1/8 47 7/8 84 Royal Dutch Seaboard Finance 323/4 22 1/4 Singer Mfg. Swift & Co. Thompson-Ramo Twentieth-Cent. Fox United Airlines 543/4 44 1/2 57 3/4 36 3/4 30 3/4 U.S Foil Varian Associates 31 1/4 40 3/4 Westinghouse E1ec. 467/S Wilson & Co. 4') 1/4 Winn-Dixie 52 1/2 B B B A-' B B B B B B A B A B B A A B B AA A B B A B B B B B A New additions to list. Indicated Dividend 2.00 2.00 30/0 stk. 2.50 2.40 50/0 stk. 1. 20 1. 60 .70 2.00 1. 00 1. 20 1. 00 1.40 1.00 1.60 2.00 1. 80 1. 00 1. 60 . 60 0/0 Yield 5.5 5.4 4.5 3.8 4. 2 4.9 2. S 4.3 2. 1 4. S 2. 1 2.5 2.4 5.4 3.9 3.6 2.5 3. 1 2.0 2.00 1. 60 1.80 3.50 1. 00 1. 00 2.60 1. 85 1.40 1.60 .50 .30 4.S 4.0 3.8 4.2 3. 1 4.5 4.8 4.2 2.4 4.4 1. 6 1. 0 1. 20 1. 60 1.32 2.6 4.0 2.5 Comment Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold for 70 -SO Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-froId Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold for 55 Hold Hold for 63 -68 Edmund W. Tabell Walston & Co. Inc. ,;

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