Viewing Month: December 1960

Tabell’s Market Letter – December 02, 1960

Tabell’s Market Letter – December 02, 1960

Tabell's Market Letter - December 02, 1960
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Walston &CO. Inc – – – – – Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHJCAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER December 2, 1960 The market dropped out of the narrow trading shelf of 614 to 598, in which it had held since the post-election rally, to reach an intra-day low of 589.82 in the Dow-Jones Industrial average on Thursday. The minor top formed over the past two weeks indicated a decline to the 590-580 level. Any further weakness or irregularity brought about by tax-loss selling or switching, would, in my opinion, present an excellent buying opportunity. This letter has considered the 600-550 levelas a buying area, and technical action indicates that the market reached its low for the year at the September-October low around the 565 level. Unlike a year ago when this letter turned quite bearish on the market due to very poor breadth action, we are optimistic on the 1961 outlook. This opinion is based mainly on technical reasoning. Despite the fact that our breadth-of-the-market index and the various averages are still in downtrends, other technical factors indicate an improving pattern. For example, on our 25-week volume graphs, downside volume is at a new low for the yea.r and upside volume is very close to a new high. Also, the number of advancing stocks has been increasing and the number of declining stocks has slowly been lessening since early 1960. Other technical indications such as odd lots, short sales, etc., indicate an improving technical pattern. After some possible further irregularity during iJecember, I would expect the Industrial averages to advance to the upper part of the overhead supply at 600-645 by January or February and, after a technical correction toward the lower part of the area in early Spring, attempt to reach new high territory above 685 later in 1961. Leadership will change as the advance progresses. e . heOf ct that the aver- ages have been moving down since January, a e oving higher during most of this period. These groups fall into t road gories. The electronics glam().1ll' moveg the 1 and then. declined sharply. In some cases, the drop e. ere has been some recovery in this group, but probably four out f ,f our issues reached their highs in September for quite the best of the group will continue their strong growth tr dad category of groups that have advanced against the gener d tr t efensive groups, like the foods, tobaccos, utilities, soft drin ward trend in this group has been quite persistent, and most issues are t or e to their highs and quite a number have reached their upside objectives. W' few of the defensive issues appear vulnerable, some advan- tageous switching in 0 issues in the groups that appear to have just started uptrends might be advisable. For example, a switch of Borden (65 1/2) and National Dairy (62 3/8), both of which have reached upside objectives, into Gerber Products (63 3/8), which was placed on our recommended list at 56 early in November, or Pillsbury Mills (42 1/4) or General Mills (29 1/8) might work out advantageously. These three issues still have technical objectives considerably above the market. V/hile some of the defensive issues are reaching upside objectives, investment sentiment is still on the cautious side and some of the semi-defensive groups and issues will be the market leaders over the near term. It will require definite indiea- tidris of a turn in the business downtrend before the more cyclical groups enter the advancing pattern. One of the most interesting group-s that fit into this category is the natural gas issues. This group has very favorable technical patterns. Among the favored individual issues are Panhandle Eastern Pipe Line (45 3/8), which is on our recommended list, and American Natural Gas (75 3/4), EI Paso Natural Gas (20, Shamrock Oil & Gas (40 1/4), and Southern Natural Gas (38 3/4). Dow-Jones Ind. 596.00 iJow-Jones Rails 128.12 IDOMUN Yf. TABELL ,-rALSTON & CO. INC. This market letter 18 not. Bnd under no circumstances 18 to be construed as, an olter to sell or 8. soheitatlOn to buy 8.!1Y securities r.eferred to herem The mformatlOn contained herein fa not guaranteed IU! to accurney or completeness and the furmshlng thereof 18 not. and under no Circumstances IS to be construed ItS, a representa tlOn by Walston & Co. Inc. All expressions of opinion are subJect to change Without notice. Walston & Co., Inc, und Officers, Dlrcctors, Stockholders and EmployeeI'! thereof, purchase, sell and may have an intere'!t In the seeufltle!! mentioned herem ThiS market letter IS mtended and prcscnted merely as a \VMIInformal commentary on day to day market news anc. not as a complete analYSIS AdditIOnal mformatlon With respect to any securities referred to herein . .. —–

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Tabell’s Market Letter – December 09, 1960

Tabell’s Market Letter – December 09, 1960

Tabell's Market Letter - December 09, 1960
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—————————— Walston &CO. Inc Members New Ym'k Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LEnER December 9, 1960 Technical market action continues to improve. The Dow-Jones Industrial average is close to the 614.09 intra-day high of mid-November. A great many individual issues, however, have moved above the November highs, and others have broken downtrend lines that have been in effect for a year or more. Continue to maintain a constructive attitude and add to holdings in selected issues on minor declines, which, as pointed out below, are a possibility sometime during December. With recent market strength, there has been much talk abroad about the tJrmditional year-end rally. – The Dow-Jones Industrial average reached a lowof 589. 92 on the very first day of December, and has rallied persistently from that level to reach an intra-day high of 612. 86 on Friday. This strength has been blandly explained as a typical December upswing. A study of the year-end phenomenon over the past twenty-five years indicates that this explanation tends to oversimplil'-y the case. Analysis of December market action since 1935 indicates the following persistent tendencies (1) – In each year since 1935, there has been a year-end rally starting in December and carrying through into January of the following year. This continuance into January contradicts the widely-held impression that the rally is a purely December phenomenon. (2) – In the past twenty-four years, the market has moved up on the year in six- teen years, down in six years, and was unchanged in twelve of the sixteen years in which the market had moved up, the Dec b was reached in the first ten days of the month. In five of the six jp i h e ket moved down, the December low was reached in the last 0 ;2 tho This type of action leads one to regard the current ' 'sm, for, since the trend dufingT960-has rather been – – it i gicalto expecnheDecem– ber low to take place during the latt p e h. (3) – In every year 100/0 or more from the December low has p f owing year. (4) Since 1 low, if ever broken, has always been broken before mid-March – u al early January. Thus, if the December low is not penetrated early in the owing year, the trend for that year is, invariably, up. Conversely, an earl nd of the December rally, and an early penetration of the December low, often signifies a downtrend in the following year. 1960 was a typical example. The rally this year topped out on the first day of the year and the Decem- ber low was penetrated by mid-January. What .ensued is history. Applying the above analysis to todayI s market leads to some rather interesting conclusions. First of all, as pointed out above, precedent would be in favoring of the current rally petering out and a .low (probably above the September-October low of 565) being made some time later this month. If, however, this does not occur, the December 1st low of 589.92 becomes a very important figure. At Friday's high, the market had already advanced some 40/0 from that low. The extension of this advance to 100/0, or to about 649 in the Dow-Jones Industrials, would indicate the of a rising market in 1961. Furthermore, ability of the market to hold above this low for the first three months of 1961 would also be an extremely encouraging signal. Both lines of reasoning would apply to any new low that might be made later on in December. Thus, the action of the various averages in relation to the December low should be studied very carefully. Such action may well provide the first clue as to the course of the market in 1961. EDMUND W. TABE!..L Dow-Jones Ind. 610.90 WALSTON & CO.INC. Dow Jones Rails 127.77 ThiA m'nrkct letter IS not and under no circumstances IS to be construed as, an offer to sell or a SollCltation to buy any securltlCi referred to herein The information conhuned herein IS not g;arantecd as to accuracy or completeness and the furnIshing thereof not, and under no circumstnnces IS to be construed as, a repre!!enta tiOn by Walston & Co Inc All expresSIOns of opinion are subject to change Without notIce Walston & Co, Inc, and Officers, Directors, Stockholders and Employees thereof sell and may ha'\c an interest In the mentioned herein ThIs market letter IS mtended and presented merely us n genernJ, lDformnl on day to dny mnrket news uny not us u complete analYSIS AddlhonnJ informatiOn '\\Ith respect to nny securities referred to herem upon rC(1ucst.

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Tabell’s Market Letter – December 16, 1960

Tabell’s Market Letter – December 16, 1960

Tabell's Market Letter - December 16, 1960
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Walston &Co..;….Inc. Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CIICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER December 16, 1960 Technical market action continues to show the decided improvement noted in early November and the Dow-Jones Industrial average moved sharply above the post-election mid-November high of 614.09 to reach an intra-day high of 620.37 on Friday. Tax-loss switching is being well absorbed and it would appear that the low for December may well have been reached on the first day of the month at 589.92. rnTERNATIONAL MINERALS & CHEMICAL Current Price Current Dividend Current Yield 1. 60 5.0 International Minerals' & Chemical is a major miner of phosphate rock and potas and produces fertilizers and chemical Long Term Debt 29, 150,000 products based on these materials. The 4 Pfd. Stock 98,330 shs. common stock is currently available at ar Common Stock 2,365,164 shs. Sales – 1960 123,869,626 Earned Per Share-1960 3.00 Mkt.Range – 1960-1951 42 1/2 – 25 1/4 Fiscal Year ended June 30th eleven times fiscal 1960 earnings of 3.00 per share, yielding 5 on the 1.60 dividend, which has been paid for eight years. It has sold at, or close to, the current price at some time .during every year since.-195l.. The extremely modest capitalization of current earnings, and the generous yield would seem to indicate that Wall Street has little regard for the company. The reason is not hard to find. In 1950, the company earn ed 3.40 per share based on current shares outstanding. equalled that record since. The growth element which the investor custo)1t,aril e a mmon stock has been conspicuously lacking. A close analysis of the figures for the past tars, ever, provides some in- terestingfacts. .1.9.60 saleswer.e . .5 . The.increase -.. justed cash operating expenses for . d only 60. However, as pointed out above, the increase in net for the failure of income to K items, an up some 250. . c, e I s egligible. Thus, the entire reason . over the past few years lies in two 10 0 the 1951-53 average, and interest charge, d depletion are, of course, non-cash charges, cash flow has increase t as sales and, in 1960, was better than 6.00 pe r com- mon share. This lea s t e rather optimistic conclusions. International erals has, obviously, been engaged in a major plant replacement and expansion program. Capital expenditure figures indicate that something over two- thirds of current plant is less than ten years old. Depreciation, indeed, has leveled off, and is down somewhat from 1959 to 1960. Interest charges should probably begin to level off in 1961 or 1962. It would then be logical to expect sales growth to be more than re- flected in net. Indeed, this has been the case for the past three years when sales have grown 19 and net before taxes has risen almost 50. These figures by themselves would seem to prove that the company's years of earnings stagnation are at an end. A look at its operations would appear to bear this out. Development of a new potash mine and refinery in Saskatchewan is now under way. and initial production should commence next year. After a breaking-in period it is estimated that this plant by itself can contributefrom 50 to 1.00 of per-share earnings. Sales of Ac'cent, the company's brand of monosodium glutamate now account for 10 of compan volume and a program to expand capaCity by 25 is now under way. World demand for phosphate and potash products continues' to grow strongly, and fertilizer industry growth over the next fifteen years is expected to run at a rate some 20/0 of N . P … THerefore, International Mineral's earnings could well continue to grow at a rate closely approximating that of the past three years. The projection of this rate would indicate earnings of 5.00 during 1963-65. Capitalizing these earnings at a rather conservative multiple of 15, would lead to a price of 75. Coincidentally, this is the upside objective of a long accumulation base formed over the past five years between 25 and 35. The stock is added to our recommended list for purchasers interested in both generous yield and long- term capital appreciation prospects. -'\TJu.s..mRl'ls.ctJe.tt.c.r 1f,..Qcn. and nr,qrcumstances J8 to be construed as, an offer to AN''f'IION'Y W. 'f'AEELL referred to herein The mformatIon tb h\curacy or completeness and the furnlshing ….J\dI''Ndce.rno\ot)oo(I1Iab.'il&eeeis to be construed as, a rePresenta &rf.4t. iI).l; Aij of opmion are subJect to change Without notice Walston & Co, Jnc, and Officers, Directors, Stockholders and , acA6nH..-rG'-'bave an mterest in the securities mentioned herein. ThiS market letter is tntended and presented merely as a general, mformal commentary on day to day market-news anojl not as a complete analYSIS AdditIonal tnformatton WIth respect to any securlttes referred to heretn wIll be .. ..

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Tabell’s Market Letter – December 23, 1960

Tabell’s Market Letter – December 23, 1960

Tabell's Market Letter - December 23, 1960
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Walston &Co. ……;..;…;,;;;;,,;; Inc Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADElPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER December 23, 1960 Last year at this time,' despite the almost unanimous bullishness expressed in business and financial circles, this letter turned pessimistic on the stock market UCU'I of its unfavorable technical action, particularly on the breadth-of-the-market indices. The Dow-Jones Industrial average closed the year of 1959 at 676.97 and reached the peak for 1960 on the first trading day of the new year at an intra-day high of 688.21. At the October low of 564.23, the Industrial average had declined 180/0. At this Friday's noon average of 613. 79,the Industrials were almost 10 below the 1959 year-end price level. I am much more optimistic on the 1961 stock market outlook than I was a year ago on the 1960 market. In fact,for the last two months I have privately expressed the opinion that stock market action in 1961 will be the reverse of 1960.By that I mean that in 1960 the high was reached very early in the year and the low in the latter part, and in trast I believe that in 1961 the low will be reached in the early part of the year and the will be reached very late in the year. This indicates that 1961 will be a good market However, I do not expect a runaway market on the upside. The business trend is still downward and will probably continue so until Spring. The Industrial Production in- dex, now at 160, will probably reach a low around 155, compared with a January 1960 high of 168. The dip in business has been relatively mild so far and indications are that it will remain mild. As the dip in economy continues, recession talk will grow louder and more exaggerated. The stock market acts as a barometer rather than a thermometer and should reflect a change in the business trend before the reversal shows up in the actual business indices. While I am bullish on the 1961 market outlook, I do not anticipate a large percent- age rise. The market is too high on the fundamentals dividends to ex- pect another sharp rise on top of the 300 rise from 1949 t 1 5&)JHo ever, many indi- vidual issues today are undervalued. I visualize around 700 at the end of 1961, or an advance of abo . I ave at somewhere fro esent levels, and about f!-om tlJ–e Qc.to!Jer ,.1962 lows. 1), a ce will be.selective and many issues will do much better m will do much worse. As for the immediate mai a t , ,ustrial average has bettered the November intra-day high of a 33, but is still below the downtrend line extended from the . of 8. This downtrend line is now at the 633 level. The Rail averag a t t l omparable November high of 130.82, but is very close to doing so. r ' e in the Rail average extends all the way down from the July, 1959 high 0 1 4 and now stands at 134. On several of the other averages, comparable downtren es have been penetrated on the upside. I expect these down- trend lines in the Do -Jones will also be broken on the upside early in 1961. The selectivity in evidence for a long time will continue. On October 28th,this letter recommended eighteen issues for purchase. They are enumerated below. This list has appreciated, on average, 11.1 while the Industrial average has risen 6.10/0. 10/28/60 12/22/60 10/28/60 12/22/60 Anderson Clayton 363/4 37 1/2 No.Amer.Aviation 41 1/2 473/8 Columbia Pictures 217/8 22 1/4 Panhandle East.P 477/8 49 Dome Mines 25 1/8 233/4 Richfield Oil 84 89 Freeport Sulphur In,'r,,,,,, Products 24 7/8 56 29 3/8 63 Seaboard Finance 22 1/4 Swift & Co. 44 1/2 22 1/2 46 1/2 Louisiana-Land 50 1'/2 58 1/2 Thompson-Ramo 573/4 693/4 Martin Company 52 1/2 61 Twentieth Cent,Fox 363/4 42 1/4 McCall Corp. 297/8 393/4 United Airlines 30 3/4 35 1/4 Microwave Assoc. 33 1/8 35 7/8 Varian Assoc. 40 3/4 48; 3/8 All of these issues show above average relative strength and indicate higher Callumbia Pictures, Panhandle Eastern, Seaboard Finance and Swift & Co. ear attractive at these levels. Next week, this letter will feature a broad list of sues that are in uptrends and could be the market leaders of 1961. A VERY MERRY CHRISTMAS TO ALL 613.79 EDMUND W. TABELL Gr and the fUl'ntshing thereof –'.,,-, C'.,' opminitoenresatreInstuhbejescetcutoritciehsanllglentWlOintheodut an1 not as a complete analySIS. Add,,,,,,,,

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Tabell’s Market Letter – December 30, 1960

Tabell’s Market Letter – December 30, 1960

Tabell's Market Letter - December 30, 1960 page 1
Tabell's Market Letter - December 30, 1960 page 2
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Walston &Co.- lnc. FILE COpy MembeB New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CI-llCAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER December 30, 1960 Market action during the past week was mixed, with numerous cross-currents and heavy volume caused by tax-loss selling and other portfolio transactions that nor- mally take place atjlJ.e end of the year. The traditional year-end rally has, so far, gressed on schedule. At Thursday's high of 620.37, the Dow-Jones Industrials were close to their December high, and other averages, such as the Standard & Poor 425- Industrial index and 500-Stock index, and the New York Herald-Tribune 100-Stock ave actually reached new December highs. Readers of this letter have no doubt noted that we have been consistently optimis- tic about the 1961 market outlook. We continue to expect carry into January, perhaps to 640-645 in the Dow-Jones Industrials. After some irregularity and consolidation, we expect action for the remainder of the year to be constructive. For this reasorl, 'we are broadening our recommended list to include some one- hundred issues which we believe are suitable for purchase at this time, in order to par- ticipate in the expected 196i market advance. These issues are listed below. Those al- ready in the list are marked with an asterisk. Obviously, these issues vary widely in quality, yield, etc., and not all are suitable for purchase in all types of accounts. A complete tabulation of the list giving Standard & Poor's ratings, yields, and comments, will be available shortly at your nearest Walston office. Amer.Broad.Para. Gen'l Amer. Transp. North Amer.Aviation American Chicle General Mills Northern Natural Gas Amer. Metal Climax Gen'l Precision E Northern Pacific Rwy. Amer. Optical Georgia' Padfic Oklahoma Gas Elec. Amer.Potash Chem. Gerber Products Elec Amer.Smelt.Ref. Amer. Stores Amer. Viscose \YcGranite City Steel ((0 Great North. Paper E t.Pi;e y, Great West. Financial 1\ VA Phi' Petroleum \nderson layton' ' ..- -Great \/- sbury Milis–'- Arkansas Louis.Gas Haveg \.Y Pitney Bowes Audio Devices Barber Oil 90 Pitts. Plate Glass t Richfield Oil Bestwall Br-eing Airplan e or'l r .1 Seaboard Air Line R.R. Seaboard Finance CIT Financial d ement Singer Manufacturing Carnation Co surance Co. ,N .A. Southern Calif. Edison Caterpillar Tractor Intern'l Min. Chem. Southern Natural Gas Central & So. West Intern'l Tel & Tel Standard Oil of Kentucky Chicago Pneu. Tool,. Jewel Tea Sterling Drug, Inc. City Products Johns Manville Swift & Co. Cluett, Peabody Johnson & Johnson Tennessee Corp. Columbia Pictures Kennecott Copper Texas Gulf Sulphur Columbian Carbon Kern County Land Thompson-Ramo Wool. Consol.Mining &S Lone Star Gas TwentiethCentury-Fox Consol.Natural Gas Louisiana Lann Ex. United Air Lines Crown Cork & Seal Magnavox Co United Artists Deere & Co. Marquette Cement United Biscuit , Diamond National Martin Company United Shoe Machinery Eastern Gas & Fuel McCall Corp. U. S. Borax Chem. EI Paso Natural Gas McIntyre Porcupine Universal Oil Products Ex-Cello First Charter Finan. Food Mach.Chem. Freeport Sulphur Garrett Corp. Mesabi Iron Microwave Assoc. Miss.River Fuel National Aviation Newmont Mining Varian Associates Warner Bros. Pictures Winn-Dixie Stores Woolworth, F. W. Wrigley, Wm.Jr. Zenith Radio A VERY HAPPY AND PROSPEROUS NEW YEAR TO ALL. cto nhsetruemed BB, December 3C, 1960 RECOMMENDED LIST OF STOCKS SELLING ABOVE 20.00 A SHARE Edmund W. Tabell Walston & Co. Inc. Current Price American Broad. Para. 45 3/4 .American Chicle 76 American Metal Climax 24 5/8 American Optical 60 American Potash Chern. 42 7/8 American Smelt. Ref. 55 l/ 8 American Stores 77 3/4 American Viscose 42 1/2 Anderson Clayton 38 1/2 Arkansas Louis. Gas 35 3/4 Audio Devices 26 3/8 Barber Oil 71 1/4 Bestwall Gypsum 42 1/4 Boemg Airplane 36 3/4 CIT Financial 67 Carnation Co 66 1/4 Caterpillar Tractor 30 1/2 Central & So. West 40 1/4 Chicago Pneu. Tool 28 3/8 City Products 44 3/4 Cluett, Peabody 61 1/8 Coca Cola 80 1/2 Columbia Pictures 22 7/8 Columbian Carbon 52 1/2 Cansol. Mining & S 20 3/8 Consol. Natural Gas 51 1/8 Crown Cork & Seal 43 1/8 Daystrom 30 7/8 Deere & Co. 523/4 Diamond National 37 Dome Mines 233/4 Eastern Gas & Fuel 293/4 Ele ctric Storage Battery 50 3/4 EI Paso Natural Gas 28 Ex-Cello 353/4 Fansteel Metallurgical 475/8 First Charter Financial 29 1/8 Food Mach. Chern. 60 3/4 Freeport Sulphur 31 1/4 Garrett Corp. 51 7/8 General Amer. Trans. 793/4 General Mills 32 3/8 General Precision E 56 Georgia Pacific Ply. 55 Gerber Products 63 3/4 Granite City Steel 37 1/2 Great North. Paper 48 1/4 Great West. Financial 31 1/4 Great Western Sugar 29 Haveg Industries 865/8 Hercules Powder 80 I / 4 Hertz Corp. 65 1/8 Heyden Newport 23 7/8 Holly Sugar 30 1/2 S&P Rating B A B B B B A B B A- BoO B A A A B B B AB B B A BoO B B B B B B B A B A A AA A B B A B B B B A A B B Indicated Dividend 1. 00 2.00 1. 40, 2.00 1. 20 2.00 2.00 2.00 2.00 1. 00 4/0 stk. 3/0 stk. 1. 60 2.80 1. 50 1. 00 .96 1. 20 2.60 2.50 2.40 5/0 stk. 2.40 1. 00 2.20 1. 20 2.00 1. 60 .70 1. 60 2.00 1. 30 1. 50 1. 00 5/0 stk. 1. 40 1. 20 2.00 2.25 1. 25 1. 00 1. 00 1. 40 1. 40 1. 00 .30 1. 60 .60 1. 30 1. 30 .80 1. 40 /0 Yield Comment 2.2 2.6 5.7 3.3 2. 8 3.6 2.6 4.7 5.2 2.8 4.4 4.2 2.3 3.3 2.4 4.2 5.8 4. 1 3.0 4.6 4. 9 4.3 3.9 3.8 4.3 2.9 5.4 3.9 4.6 4.2 2.1 2.3 3.8 3.9 2.8 3.9 1.8 1.8 2.2 3.7 2. 0.96 5.5 0.69 1.6 2.0 3.4 4.6 Buy-HJld Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold / Bu;y'Hold .. /'l3uy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold for 85 Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold for 40 Buy-Hold Buy-Hold Hold Buy-Hold Hold Buy-Hold Buy-Hold Hold for 60 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-Hold Buy-Hold Buy .. Hold – . .. ., ii, Current Price Ideal Cement 26 7/8 Insurance Co. , N. A. 78 Intern'l Min. & Chern. 343/4 Intern'l Tel & Tel 48 .Jewel Tea 50 1/4 Johns Manville 57 1/4 .Johnson & Johnson 74 3/4 Kennecott Copper 74 l/a Kern County Land 53 Lone Star Gas 47 3/a Louisiana Land Ex. 62 l/a Magnavox Co 48 1/4 Marquette Cement 53 1/4 Martin Company 61 7/a McCall Corp. 39 5/a Mcintyre Porcupine 273/4 Mesabi Iron 86 1/2 Microwave Assoc. 35 Miss. River Fuel 34 l/a National Aviation 29 3/4 Newmont Mining 62 1/2 North. Amer. Aviation 47 5/a Northern Natural Gas 30 3/a Northern Pacific Rwy 42 l/a Northrop Corp. 447/a Oklahoma Gas Elec. 35 1/4 Pacific Gas & Elec. 75 3/4 Panhandle East. Pipe 493/4 Penney, .J. C. 41 1/2 Phillips Petroleum 53 7/a Pillsbury Mills 445/a Pitney Bowes 41 Pitts. Plate Glass 69 3/4 Richfield Oil a8 1/4 Royal Dutch 33 Seaboard Air Line R.R. 323/8 Seaboard Finance 22 3/4 Singer Manufacturing 66 1/2 Southern Calif. Edison 66 Southern Natural Gas 38 3/8 Stand. Oil of Kentucky 70 1/2 Sterling Drug, Inc. 69 3/4 Swift & Co. 453/4 Tennessee Corp. 50 Texas Gulf Sulphur 19 1/8 Thompson-Ramo Wool. 82 1/4 Twentieth-Century F 40 1/2 United Air Lines 35 1/2 United Artists 32 1/2 United Biscuit 37 3/4 Uted Shoe Mach. 59 U.S. Borax U.S. Foil B 37 3/4 36 1/4 Universal Oil Prod. 31 3/8 Varian Assoc. 48 1/2 Warner Bros. Pictures 52 7/8 Westinghouse Elec. 493/8 Wilson & Co. 423/4 Winn-Dixie Stores 27 1/2 Woolworth, F. W. 69 Wrigley. Wm.Jr. 99 Zenith Radio 99 1/4 -2- S& P Rating A- B B A A A B A AA B A B B A A- AB AA AA A A A A A A B B A AA A B A B A B B B B B B B B B B B A AB A Indicated Dividend .80 1. 80 1. 60 1. 00 1. 40 2.00 1. 00 5.00 2.40 1. ao 1. ao 1. 00 1. 80 2.00 1. 60 1. 23 3.00 1. 60 .25 2.40 2.00 1. 40 2.20 1. 60 1. 12 2.60 I. ao 1. 50 1. 70 1. 40 .72 2.20 3.50 1. 00 2.00 1. 00 2.60 2.60 2.00 3.25 1. 80 1. 85 1. 41 1. 00 1.40 1. 60 .50 1. 60 .80 2.75 .60 .30 .50 1. 20 1. 20 1. 60 .72 2.50 4.50 2.75 Yield 3.0 2.3 4.6 2. 1 2.8 3.5 1.3 6.7 4.5 3.a 2.9 2. 1 3.4 3.2 4.0 4.4 3.5 4.7 .80 3.8 4.2 4.6 5.2 3.6 3.2 3.4 3.6 3.6 3.2 3. I 1.8 3.2 4.0 3.0 6.2 4.4 3. 9 3. 9 5.2 4.6 2. 6 4.0 2.8 5.2 1.7 4.0 1.4 4.9 2. 1 4.7 1.6 .80 1.6 2.3 2.4 3.7 2. 6 3.6 4.5 2.8 Comment 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-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold for 52-55 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 fuy -Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold Buy-Hold Buy-Hold Buy-Hold Hold for 55 -60 Hold for 50 Buy-Hold Buy-Hold Buy-Hold Buy-Hold -…..

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