Viewing Month: June 1961

Tabell’s Market Letter – June 02, 1961

Tabell’s Market Letter – June 02, 1961

Tabell's Market Letter - June 02, 1961
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Walston &Co. Inc – Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHlCAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER June 2, 1961 There continues to be no change in the favorable pattern of the market. Continued weakness in some of the overplayed glamour issues has had little effect on the general market other than a slowing down of the pace of the advance. From a technical viewpoint, this is a sound development and we would like to see it continue for some time longer. Our breadth indices have shown no great change and are acting just about the -'lll as the market. A preliminary warning signal would be a divergence between the averages and breadth. This usually happens quite a bit before the market averages reach their 'Ul;!;P and indicates a slow topping out with each group one by one reaching its high while otllE/Jr1 groups are' still advancing until finaily the 'entire market fails-of its process takes a long time. This preliminary warning signal of divergence between the averages and breadth has not yet occurred and the indication remains that the market still has further to go from both a price and time viewpoint. Of course, as we have noted on numerous occasions over the past two months, the character of the market is changing. The first upward phase has been completed and the defensive groups like the foods, tobaccos, utilities have probably seen most of their ad- vance and will remain in a broad trading area for a long time. The glamour issues sell- ing at extremely high price times earnings ratios probably have also, in the majority of cases, made their highs for some time to come. Here, however, the decline could be cotsiderably sharper than in the defensive groups. The leaders of the advance from here on will be the more basic industries. This fits into the pattern of a business upturn and a probable sharp upturn in earnings of basic, cyclical companies that will appear more attractive than the now to eternity projection of earnings of many of the glamour iss'ues.1 Of course, individual issues will follow patterns Radio (174 became part of our recommended list on t 9 lWIt ached a high of 176 1/4 on Friday. From a technical ps otential of 175-190. It has reached the lower part of its objective in shotf\ as Industria . a 76 advance in five ame time'period;–The stock – may work somewhat higher into the p a h -190 area, but it would appear new pattern for a further adv c. N r\ it from the recommended list. V/oolworth(80 in liE Zenith. Last mo t ou ecommended list at 69 at the same time as unced plans to establish a chain of discount de- partment stores an Ii st c s advanced to a new high of 81 3/4 on Thursday. Despite its rise, we believe e is still reasonably priced for long term holding. Woolworth is the giant of its in y and accounts for about one-third of the combined volume of all United States variety store chains. The company's importance in retail merchandising and the large resources available to it makes its entrance into discount store operation an extremely significant development. Many authorities on retail merchandising feel that the industry is undergoing a transition similar to the change from the corner gro- cery store of forty years ago to the chains and supermarkets of today and that this development is still in its early stages. The discount store industry has shown tre- mendous growth in recent years, but most of the units are still relatively small in size. Woolworth presumably will become the giant of this industry also. It plans to open its first discount store this year and each store will have at least 60,000 square fe'-t of floor space as compared to 20,000 to 30,000 square feet in Woolworth's newest variety stores. The discount store operation could become an important contribution to Wool- worth's earnings over a period of time. Earnings for 1960 were 4.84 a share and 1961 earnings are expected to reach the 5.00 level. Based on estimated 1961 results, the stock is now selling at about 16.4 tim es earnings as compared to a ten-year average of 13.9. The present dividend is 2.50 annually, but there is a probability that the rate will be raised to 03.00 later this year. It is also interesting to note that the market value of the 52.7 ownership of its British subsidiary, Y/oolworth, Ltd., is equal to about 79 per share of Vloolworth stock. The technical pattern is favorable. With the exception of 3. four-month period in late' 1957 when the stock dipped to a low of 35 1/2, Woolworth held in a narrow trading area between 40 and 54 for the twelve years between 1947 and 1958. It broke out on the upside of this long shelf early in 1959 and moved slowly higher against the general market decline in 1960. Until the recent upside breakout, the stock held in the 713-64 range for elE!V'en months. The intermediate term technical ection is 98 and ns a general, herein WIll be WN 301

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Tabell’s Market Letter – June 09, 1961

Tabell’s Market Letter – June 09, 1961

Tabell's Market Letter - June 09, 1961
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FILECO'Y Walston &lJO. Inc Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CIICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER June 9, 1961 Last week's market was a two-sided affair. Most of the basic issues held steady or even advanced, while the glamour issues continued their decline. Some of these declines have been extremely severe as witness drops in such market exotica as Avnet from a high of 68 1/4 a month ago to a low of 44, a slide in Brunswick Corp. from 74 to 53, a decline in Transitron to 27 1/8 from this year's high of 42 3/8, and last year's high of 60; a drop in Foxboro from 87 to 67, and Perkin & Elmer from 83 1/2 to 57 3/4. Even more drastic declines occurred in some issues over-the– .– counter. The market appears to be undergoing an internal purge with the correction in the overexploited growth issues having little effect on the general market. During the same period, which witnessed the declines noted above, such market wheelhorses as Singer Mfg. advanced from 70 to 102 1/2, Woolworth from 67 to 88 7/8, American Smelting from 56 to 72 1/4, and American Viscose from 45 to 62 3/ 4./The trouble with the growth issues is probably caused by poor buying in recent months. The original concept of buying issues of smaller companies that have had an outstanding growth record over a period of time is a sound one. The original buyers of this type of issue were sophisticated institutional buyers or larger individuals who bought for long-term investment holding and not for trading turns. The entry of the fast buck boys pushed these equities in many cases to unreasonable levels, particularly in some of the lower-priced new issues with little or no past record of earnings. Some of the better issues probably have had about sufficient decline, but it will take a long time to consolidate and, from a technical new bases. These issues probably have seen their highs for a long t etc 8). Some of the less respectable issues will undoubtedly work admonition of Mr. Bernard Baruch who, a long ti a s ' e to heed the 0, d in times of market enthusiasm t to .' — two and two make four, two -and twomak There is no change in 0 r n ist except that we are dropping 1960 at a e a r he three-for-two split this year. Since that time it ha t 0 s ell as the Dow-Jones Industrial average, which has appreciated a i most 100 for McCall. The year's high was 39 1/4. The stock may wor so /; at higher to the 40-43 level, but other issues appear to have better potenti ver the intermediate term. Another stock in our recommended list, American Viscose. (60 7/8) has advanced sharply in the past week. While this issue has reached its initial objective, we still advise holding even though some consolidation may be needed. The long-term potentials indicate higher levels. The development of Avicel, the new food additive, is most interesting. There is always the possibility also of the eventual spinoff of the company's holdings of Monsanto Chemical which has a value of about 39 per share of American Viscose. There are a number of issues in our recommended list that appear to be a bit behin d the market. Included in this group are Anderson Clayton Barber Oil Carpenter Steel General Mills Heyden Newport Kerr McGee Dow-Jone Ind. 700.90 Dow-Jones Rails 143.93 Marquette Cement National Aviation Thompson Ramo Wooldridge Twentieth Century-Fox V.S. Borax V S. Vitamin EDMUND W. TABELL WALSTON & CO.INC. This letter 18 not and under no CIrcumstances IS to be construed as, nn offer to sell or a sohcItatlOn to buy any secunties referred to herem The contained herein IS not as to accuracy or completeness and the furnlshmg thereof lS not, and under no circumstances 15 to be construedsk; d bon by Walston & Co. Inc. Employees thereof purchase All sell expressions of opinion are subject to change Without notl!'e Walsten & Co, Inc, and Officers, Directors, c 0 Bnd may have an mterest in the SecUrltlCS mentiOned herem. ThIS market letter is Intended and presented mereiyhas a geeraniat'nbi, informal commenUuY on day to day market news anI not as a complete analYSIS AddltlOnaJ information with respect to any SecUrities referred to crem Joi . -..– -9

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Tabell’s Market Letter – June 16, 1961

Tabell’s Market Letter – June 16, 1961

Tabell's Market Letter - June 16, 1961
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Walston &- Co. ———Inc.——— Member8 New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CH,iCAGO OFFICes COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER June 16, 1961 For some two and one-half months now the market appears to have been con- solidating. After a high of just over 700 on the Dow-Jones Industrials was reached in early April, a reaction to 671.64 took place. A new high above 714 was made in late but the market was unable to follow through and a low of 681. 16 was reached this week. During this sidewise action, volume has been sharply reduced. The 680-670 zone would appear to be a good support area. As this letter pointed out last week, there has been a great change in market leadership during thifj consolidation period. While the market.has been holdingstea.dy, many glamour issues have declined sharply and the sharp rise in a number of u.,,;;, issues has halted. This can be shown by the following table which lists the performance of some thirty-two Standard & Poor Industry Indexes from their October 1960 low to April 1961 high, the start of the sidewise market mentioned above, and the performance of the same thirty-two group,. since. /0 Change Oct. Lt'w – April High Electronics 4;J'f3 Machinery Office Equipment 4l 4f) Soft Drinks 30 Finance Companies 3 Tobaccos 31'1 Mining & Smelting 36 Coal 31 Coppers Radio & TV 3l 3 1 Tires Mining & Smelt. Coal Distillers Food Air Transportation WRet 0 i as ctrlca uipment 10 10 9 9 6 5 5 5 4 4 – . — 3 500-Stock Aric. AIrcraft Vc& Brewers G Distillers Oils 26 Aluminum 25 Building 23 Retail 23 Cont. Metal-Glass 22 Steel 22 Textiles 22 Rails 21 Paper 19 Chemicals 18 Containers-Paper 18 Tires Air Transportation Autos Electrical Equip. 15 13 10 -7 Tobaccos Containers-Paper Coppers Aluminum Finance Companies Radio & TV Rails 500-Stock Aircraft Drugs Machinery Utilities Building Cont. Metal-Glass Oils Steels Electronics Textiles 2 2 2 2 1 1 -1 -1 -1 -1 -2 -2 2 -2 -5 -13 Some of the changes are obvious. Such groups as Electronics, Machinery, Soft Drinks, Finance a'ld Tobacco, which led the bull market to April, have turned in com- paratively poor performances since then. Tires,Air Transport, Chemicals and Autos, which had been laggards during the previous six months, now find themselves close to the top of the list. This change in leadership is typical of a mature bull market and it will, in all probability, continue, with the so-called cyclical issues replacing the growth and defen- sive type stocks as market leaders. ANTHONY W TABEI.I, aW u&uGQor coi9mptolebteenceosnssatrnudedthaeBofunrnnIoSfhfeinr gtotherroJl1'lI; not, and under no CIrc,uemUst)alnGce.rse1f8etrorebde ctoonhsetrrueiend DTBh,e.amrefoprrcmsaetnltonn opinIon are to change WIthout notice Walston & Co, Inc, and Officers, Directors, Stockholders and an mterest In the securIties mentioned herein ThlS ma.rket letter IS Intended and prCl!l!nted merely as a genernl. an9 not as a complete analYSIS Addlttonal Information With respect to any secuntlC9 referred to herem

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Tabell’s Market Letter – June 23, 1961

Tabell’s Market Letter – June 23, 1961

Tabell's Market Letter - June 23, 1961
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Walston &Co. – – – – I n c , ;,…..;……,;….;… Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHlCAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER June 23, 1961 With trading volume at the lowest levels of the year, the market made little progres in either direction over the past week. The intra-day low of 673.49 on the Dow-Jones Ind s trials on Monday was followed by a rally to 691.42 by mid-week. The week's low of 673.4 compared with the April low of 671.64 which was reached prior to the newall-time intra- day high of 714.69 in May. The breadth-of-the-market index has flattened out since March and has acted just about the same as the general market. The correction of the overspecul tion in the glamour issues has taken place so far without too much damage to the gener market pattern. The Industrial average has advanced approximately 150 points from the October 19w of 5p4. 23 . A one-third correction of the advance would bring the average bac to 665 and a one-half correction would mean a decline to 640. A one-third to one-half re- tracement would be normal technical action after a temporary overeXtension of an advanc So far, the market has held above both these points. What has occurred,however,has bee a definite loss of upside momentum as revealed by the sharp drop in turnover with short- term traders in the overexploited issues now becoming involuntary investors. The technical pattern of the market indicates several probabilities that this letter h s been stressing for quite some time. To summarize — (I) The market is in the final phase of a twelve-year major bull market t hat started in 1949 and has resulted in a 309/0 advance in the Industrial average and much wider adva c s in individual issues. (2) The Industrial average did not reach its ultimate high for the bull market at the y high of 714.69. The technical indications are that a high will be reached somewhere betwe n 725 (which seems low) and 825 (which seems high). An advance from present levels to the higher objective would be an advance of about much better. 08viously could do W (3) After the high is reached,a long of ral years' duration ;&1may take place with the Industrial average in a been 800 and 550. The Ind of anYpreent. – (4) For the shorter term, d the first phase of the advance from the October low in April. t market leaders had been, (a) defensiv groups such asUtilit'e ac s, etc. ,whose earnings held up or even advanced during the mild e' n ), glamour issues where the reasoning was that imme diate earnings wer e gnificance when compared to projections or anti,cipation of continued growth ov e next five years or more. Most of the stocks in these two t groups have probabl de their highs for a long time to come. There will be exceptions, of course. The leaders of the next advancing phase will probably be found in the more basic but cyclical groups where earnings comparisons have been poor but should, by the third or fourth quarter, become increasingly favorable. (5) The market will probably remain in a trading area for some further time with the correction of the excesses in some new issues, over-the-counter speculative glamour stocks and other overpriced issues continuing. The distributional tops formed in the In- dustrial average indicate two possible downside objective zones. One at the 680-670 level has already been reached. There is also a possibility of 665 -650, which more or less co- incides with a 33 1/3/0-50/0 retracement of the advance from the October lows. In any event, I would consider the 680-650 zone to be a broad buying area. I expect the Indus- trial average to reach a new high by late summer. – Of course, any general prediction, even if correct, is meaningless unless the right securities are bought and sold. Many issues have probably made their high for the advance. Many others still have a long way to go. Even in the present shorter term con- solidating phase numerous issues have reached their lows while others may work some- what lower. One of the issues in our recommended list, Swift & Co. (39 3/4) has acted poorly since its originally recommended level of 44 1/2, but appears undervalued at present levels. Earnings for the 26 weeks ended April were very poor with a decline to 69 as against 1.54 in the same period a year ago. Higher livestock prices resulting in reduced profit margins were the reason for the poor showing. However, livestock population has reached its low and supplies are likely to increase for the next several years. This should be very constructive. Belieye the stock sbould he hought offerand is to be construed as, an to sell to herem. The anformatlon Dm('onwtain ermn bk'lh'nl!'curacy or completeness fUld the fUlnishmg thereof of opinIOn are subject to chnnge Without noNVat1..ua rctpli be consttued as, n reprcscnta- 0 n&.,. rJ. DmiJ Directors, Stockholders and bmployeesilicroof, purcnase, nn mterest III the securities mentioned herem ThiS market letter IS Intended nnd presented merely as a mformnl commentary on day to day market news amJ. not lIoB a complete analYl!1S Additional mfol mahon With respect to nny BccurltlC'J referred to herem – – – — – — ,— –

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Tabell’s Market Letter – June 30, 1961

Tabell’s Market Letter – June 30, 1961

Tabell's Market Letter - June 30, 1961 page 1
Tabell's Market Letter - June 30, 1961 page 2
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FILE'COPY .' 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 June 30, 1961 With the trading pace dropping to a new level of lethargy, the Dow-Jones bdus- trial average drifted last week. It did, however, manage to hold above the low of 673.49 reached on June 19th. As was suggested last week, two support levels exist – one at 680-670, which ha been reached, and another at 665-650. The market at the moment 'appears to be just abov the upper part of what should be a broad buying zone. However, any mention of the aver- ages at this pOint is even more academic than usual. With breadth-of-the-market having declined for some' six straight weeKS now, it is obvious 'that future upside ,actiVity will be far more selective than has been the case in'the past. The problem will be what stocks to own — not what is the market going to do. A practical example of the importance of selectivity can be found in the action of our recommended list. In order to prepare for an anticipated change in market leadershiF we are, this week, dropping seven issues from the list, replacing them with five others. The seven issues being eliminated are CIT Financial (76 1/2), Carnation Co. (82 1/4), Great Western Financial (473/4), Singer Mfg. (973/4), Standard Oil of Kentucky (823/4) Warner Bros. (78) and Wm. Wrigley (107). These seven issues bring to twenty-one the number of stocks formerly recom- mended in which this letter has recommended acceptance of profits since the first of the year. These stocks were recommended for varying lengths of time, the longest holding period being five years and the shortest around six months. All twenty-one stocks ad- vanced from the original recommendation to the day they were selected for sale, with the largest advance being 363/0 in the case of Magnavox, in Septem- ber, 1957, and suggested for sale last April. The averag d all twenty-one issues was 71/0. Of course, since the various issues were 0 i ally r mended at different L times,their percentage'performance is of n1 -comparedwith-the'perform- – ance of the Dow-Jones Industrials er'. Here the tabulation is significant With only three exceptions, all 0ijh t w IP'!-o d as much or more than the Dow. leading performer was while the Dow was advancing 22/o,an advance ten times as t er reS Magnavox performed 8.1 times as well as the Dow, while eN a dropped this week, i originally suggested in January 1959, and being 05/0 while the Dow was advancing 15/0 — an advance seven times as grea dex. On the average, the twenty-one stocks performed 3.7 times as well Industrial average during the same period. As mentioned above, five stocks are being added to the list. We continue to feel that the airline industry is entering upon a new phase of growth and American Airlines (24) joins United Air Lines on our list. Colgate Palmolive (44), with the bulk of its earnings coming from abroad, appears to be in a position to benefit from the riSing worldwide standard of living. Entry into the proprietary drug field holds promise and eventual improvement of the rather desultory domestic operation could exert a substan- tial effect on earnings. B.F.Goodrich (64 7/8) offers representation in two industries, rubber goods and chemicals. which have not provided much market leadership since 1956. There is evidence, however, that the rather disappointing recent earnings trend may be reversed. The stock has a possible upside objective of 88 to 96. Pullman,Inc. (40;1/8), with an upside potential of 61, is largely a capital goods producer, and should be an important beneficiary of any business upturn. Sperry Rand (27 5/8) has declined from a 1961 high of 35 and, from a technical point of view, the reaction would appear to be at least largely completed. The long range prospects in electronic data process- ing, which should become profitable by next year, are favorable. Other issues,already in our recommended list which appear attractive at this time are Diamond National (40), Ex-Cell-O (39 3/8),General Mills (32 3/4), International Minerals & Chemical (42 1/2) Kerr McGee (45 7/8), J. C. Penney (43), and Woolworth (76 1/2). The complete list is available for perusal at your Walston office. Dow-Jones Ind. 683.96 Dow-Jones Rails 139.47 ANTHONY VV. TABELL WALSTON & CO. INC. ThiS market letwr is not. and under no eircumstances IS to be construed. as, an ,ff,r to sell or B solicitatIOn to buY B!'Y seeUfltJes r.eferred to herem The informabon eontamed herein 18 not guaranteed as to accuracy or completeness and the furnlshmg thereof IS not. and under no clrcumstallces IS to be construed as, a representa tIon by Walston & Co Inc All expressIOns of OPinion are subJect to ellange WIthout notice Walston & Co, Inc, and Officers, Directors, Stockholders and Employees thereof, sell and may have an mterest In the securities mentIOned herem. ThiS market letter IS mtended and presented merely 8S general. informal commentary on day to day market news anq. not as a complete analYSIS Additional mformatlOD With respect to any securities referred to herem will be furmshed upon request. \\ N .301 , June 30,1961 RECOMMENDED LIST OF STOCKS SELLING ABOVE 20.00 A SHARE Edmund W. Tabell Walston & Co. Inc. Close 6/29/61 American Airlines American Broad. Para. American Metal Climax American Optical American Potash & Chern. American Smelt. & Ref. American Stores American Viscose Anderson Clayton Arkansas Louis.Gas Audio Devices Barber Oil Bestwall Gypsum Boeing Airplane Carpenter Steel Caterpillar Tractor Central & South West Chicago Pneumatic Tool Cluett Peabody Colgate Palmolive Columbia Pictures (b) Columbian Carbon Consolo Mining & Smelt. Consolo Natural Gas Daystrom Deere & Co. Diamond National Dome Mines Eastern Gas & Fuel Electric Storage Battery EI Paso Natural Gas Ex-Cell-O First Charter Financial Food Machine Chemical Ford Motor Freeport Sulphur Garrett Corp. General Amer. Transport. General Mills General Precision Equip. Georgia Pacific Corp. Goodrich, B. F. Granite City Steel Great Northern Paper Great Western Sugar. Haveg Industries Hercules Powder Hertz Corp. Heyden Newport Holly Sugar Ideal Cement Insurance Co.of N.A. Intern'l Min.& Chern. Intern'l Tel & Tel Jewel Tea 24 48 3/8 32 7/8 74 55 1/2 66 7/8 84 56 3/8 40 36 36 1/4 60 44 1/4 47 44 1/4 37 1/2 43 32 7/8 64 3/4 43 5/8 27 1/2 61 3/4 26 3/8 55 25 1/2 55 3/8 40 1/2 22 36 3/4 56 1/2 26 39 1/2 45 3/4 69 1/2 81 1/8 30 3/4 44 5/8 88 33 64 1/2 69 63 1/4 46 1/4 55 7/8 37 37 90 3/4 64 1/2 23 3/4 35 3/4 29 7/8 91 1/2 42 5/8 52 3/4 62 1/2 Original Recom. Price 24 45 3/4 24 5/8 54-50 42 7/8 55 1/8 74 (a) 52 3/8 36 3/4 35 3/4 26 3/8 67 1/4 (a) 393/4 (a) 36 3/4 47 30 1/2 40 1/4 28 3/8 56 3/4 43 5/8 21 7/8 52 1/2 20 3/8 51 1/8 45-43 52 3/4 35 1/2 25 1/8 29 3/4 54 28 35 3/4 29 1/8 60 3/4 69 1/2 24 7/8 51 7/8 79 3/4 32 3/8 56 47 1/8 (a) 63 1/4 37 1/2 57 29 345/8 (c) 80 1/4 65 1/8 23 7/8 30 1/2 26 7/8 78 32 48 50 1/4 S&F Rating B B B B B B A B B A- BB AA A B B AB B B A B B B B B B B A A B A AA A B B A B B B B A A B B B B A Comment Buy-Hold Buy-Hold Buy-Hold Hold for 90. Hold for 60. Hold Hold for 95 -100. Buy-Hold Buy-Hold Buy-Hold Hold Buy-Hold Hold Buy-Hold Buy-Hold Hold for 45. Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold Buy-Hold Buy-Hold Hold for 75 Buy-Hold Hold for 80-85. Buy-Hold Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold for 50. Hold for 90-100. Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold Hold Buy-Hold Buy-Hold Buy-Hold Hold for 45. Hold Hold for 115-125. Buy-Hold Buy-Hold Hold Buy-Hold Buy-Hold Buy-Hold Hold Hold for 80. — !; –e -2- Johns Manville Kennecott Copper Kern County Land Kerr McGee Lone Star Gas Louisiana Land Explor. Marquette Cement Martin Co McIntyre Porcupine Mesabi Iron Microwave Associates Miss. River Fuel National Aviation Newmont Mining North Amer.Aviation Northern Natural Gas Northern Pacific R. R. Oklahoma Gas & Elec. Pacific Gas & Elec. Panhandle Eastern Pipe Penney, J. C. Phillips Petroleum Pillsbury Mills Pitney-Bowes Pittsburgh Plate Glass Pullman, Inc. Reeves Bros. Reynolds Metals (f) Richfield Oil Royal Dutch Seaboard Airline R.R. Seaboard Finance Southern Calif. Edison Southern NatuiaLGas. Sperry Rand Sterling Drug Swift & Co. Tennessee Corp. Texas Gulf Sulphur Thompson-Ramo Wool. Twentieth Fox United Air Lines United Artists United Biscuit United Shoe Machinery U,S,Borax U ,S, Vitamin Varian Associates Woolworth, F. W. Close 6/29/61 66 845/8 64 1/2 45 7/8 26 1/2 75 1/4 57 35 1/8 34 7/8 116 1/2 41 5/8 39 28 1/4 69 44 3/4 36 5/8 42 5/8 42 1/8 76 1/2 40 3/8 44 59 1/4 57 1/4 52 1/2 65 1/2 39 3/4 22 1/2 493/4 45 3/4 31 7/8 28 1/2 22 1/4 67 1/4 44 1/2., 27 1/4 79 1/2 41 1/4 62 1/4 25 57 1/8 39 1/8 443/4 35 5/8 35 7/8 71 1/4 43 5/8 39 1/2 59 76 Original Recom. Price 60 74 1/8 53 50 23518 (c) 50 1/2 53 1/4 26 (c) 27 3/4 79 (d) 33 1/8 34 1/8 27 3/4 (e) 62 1/2 41 1/2 30 3/8 42 1/8 35 1/4 75 3/8 (d) 47 7/8 41 1/2 53 7/8 445/8 41 693/4 393/4 24 5/8 59 42 (c) 38 1/8 (a) 32.3/8 217/8 (a) 66 38 3/8 27 1/4 69 3/4 44 1/2 50 19 1/8 573/4 36 3/4 30 3/4 32 1/2 373/4 59 37 3/4 37 40 1/8 (d) 69 S&P Rating A B A AAA A B A A- AB AA AA A A A A B BB A A B .- A AB A B A B A B B B B B B A- A- Comment Buy-Hold Buy-Hold Hold for 85-90. Buy-Hold Hold for 33-35. Hold for 82-92. Buy-Hold H')ld for 44. Buy-Hold Hold Hold for 50. Hold for 50. Buy-Hold Buy-Hold Hold Hold Buy-Hold Hold for 54. Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold for 75. Buy-Hold Buy-Mold Buy-Hold Buy-Hold Hold for 60. Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold for 95. Buy-Hold Hold for 85. Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold for 45. Buy-Hold Hold for 100-105. Buy-Hold Buy-Hold Hold for 80. Buy-Hold (a) – Adjusted for stock dividends. (b) – If rights to buy Screen Gems at 9 used, each 100 shares owns 20 shares Screen Gems now selling at 21. (c) – Adjusted for split. (d) – Adjusted for sale of rights, I (e) – Adjusted for capital gains distribution, (f) – Formerly U. S. Foil B, now exchanged for Reynolds Metflls. i !

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