Viewing Month: December 1961

Tabell’s Market Letter – December 01, 1961

Tabell’s Market Letter – December 01, 1961

Tabell's Market Letter - December 01, 1961
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-, fILE COpy NEW YORK Walston &- Co. —-Inc –..;…- Members New York Stock Exchange SAN FRANCISCO LOS ANGELES PHILADELPHIA CH1CAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER December 1, 1961 Although a rise on Friday wiped out much of an earlier loss, the Dow-Jones In- dustrial average was generally reactionary for most of the week and, at mid-week, had broken below the trading range between 741.30 and 724.06, in which it had held for more than ten days. Our shorter-term breadth-of-the-market index also broke out on the do side of a ten-day trading range. This weakness could indicate that the general list may be under some pressure over the next week or so, and that the December rally could sta t from a lower base, possibly the 710-705 area. As has previously been pointed out by thi letter, in years in which the market is up, the December rally usually commences fairly -early. –Nearterm pressure, -therefore, 'will probably be confined to the first, two weeks in December. The best policy, in an uncertain trendless market!l, of course, to try to upgrad holdings rather than guess at the near-term course of the averages. For speculative ac- counts, five stocks in our low-priced list were suggested in last week's letter. In our recommended list of stocks selling over 20.00 a share, a number of issues appear attra ive at this time. United Shoe Machinery (65 3/4) for example, seems to combine defen- sive quality, reasonably generous yield, and good appreciation prospects. The stock probably moved ahead too sharply in early 1961 when it reached a high of 76 1/4 in March This rise disregarded the fact that the unfavorable effects of the 1955 anti-trust decree, unuer which the company was forced to sell machinery which it had formerly leased, had still not run themselves out. The sale of formerlJ-leased machinery, of course, consti- tuted the noss of an earning asset and this factor, coupled with lowered shoe production, penalized 1961 results sharply. 'T'here is, however, some evidence that domestic earnin power has bottomed out around the 2.25-2.50 level'i\1 be added the almost- 2.00 a share of equity in earnings of foreign subsidiarie R uEtJfrom this source ha almost tripled in ten years, and this growth trend ptmtin. e rent low of around 60, the stock has reached a good support level eventual further advance. Kerr-McGee eil 0 be ming a base for an at around prese levels, and again suggested for ed below 40 per share, has been a feature on the upside in earnings results, and the eVl n .. due to the poor first-quarter by company officers of Federal insid trading regulations a remainder of th a h 0 f the way, and the better results expected for the i more fully the company's promise. Since bot l e t lng (72 3/4) and Magma Copper (67) have been on our recommended list fo ime, the announcement of the proposed merger of the two companies is intere If the merger is consummated, each Magma shareholder will receive 3/4 of a share of a 4.00 Newmont Mining preferred. Each share of thb stock will be convertible into 1. 1111 shares of Newmont common for the next five years, and one share for ten years thereafter. On the face of it, the proposed terms would seem to be beneficial both for Newmont and Magma shareholders. From I\ewmont's point of view, pro-forma earnings should be increased as dividend payout on the preferred shares in most years will be less than the additional income contributed by Magma. Furthermore, little dilution is likely to result until such time as Newmont moves ahead substantially in price. On the other hand, Magma shareholders, who formerly could receive no cash in- come, will now receive regular and stable dividends, plus the assurance of participation in any ultimate pric-e-rise in Newmont. Assuming that the merger will go through, Magma becomes a desirable holding for con servative long-range investors based on the attractiv ness of the new preferred issue Reeves Brothers (191/8), suggested by this letter at a price of 24 5/8 in March, has, to date, been a rattier disappointing holding. arnings for the year ended June, 1961, plummeted to 20 per common share under pressure of lower cotton textile prices, nonrecurring start-up costs and research and development expenditures. For 1961-1962, results should be considerably better. Output of Curon and microporous cloth will in- crease, and the addition of facilities for polypropylene fiber production should be of long range benefit. The stock continues to have attraction for the patient speculator. Low-Jones Ind. 728.80 Low-Jones Rals 146.39 ANTHONY lTV. TABELL WI'LSTON & CO. INC. This market letter is not, and under no cIrcumstances is to bot' construed as, an offer to sell or a BoilcltatJOn to bu)' any securttles referred to herem The Information contmned herem is not /orUllrllntced IlB to accuracy or complet4;oncss and the fUTlIIshmg thereof J8 not. and under no Clrcumstancell 15 to be construed as, a rcpre5enta t10n by '''olston & Co Inc All cpTessions of OPlnlOn BI'e BubJcct to change wlthout notIce Walston & Co, Inc. nnd Oft'lcers, D1Tcctors, Stockholders lind Emliloyece thereof, purchase, Bell and may have an Interest m the SCCUrItles mentIOned herein ThiS market. letter IS intended find presented merely as a general, lllormal commentnr)' on dny to day market news and not as a complete annlysls Additional mformatlOn With respect to any secUrIties referrerl to herein will he request' \\'X 30l

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Tabell’s Market Letter – December 08, 1961

Tabell’s Market Letter – December 08, 1961

Tabell's Market Letter - December 08, 1961
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.. fILE COpy Walston &Co. —–Inc —– Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CKiCAGO OFFICES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER December 8, 1961 Lespite the fact that the various averages reached new high territory at 741.30 less than a month ago, the stock market has not been a one-way street for the last five and a half years. 'Ffie…1.GHg.-ierrp. advance market started twelve and a half years ago at 160 in the Dow-Jones Industrial average in June, 1949. From that date to early 1956, the market advanced 228, with most groups and individual stocks partici- pating. After advancing 228 from the June, 1949 low, the Dow-Jones Industrial average reached a high of 524.37 in P.pril, 1956 .It was notnntil September, 1958, almost two and a half years later, that this high was bettered. If one had bought a representative list of investment stocks at around the highs of five and a half years ago, how would he have fared at today's prices In that five and a half year period, between 1956 and 1961, the Dow-Jones average of 30 industrial stocks has advanced only approximately 37,as -agairi t 228 advance in the 1949-1956 period. In order not to handpick our list to suit the purpo e we have selected the thirty Industrial companies in A.merica with the biggest sales in the year of 1960. This list was taken from a compilation made by Fortune Magazine and in- cludes only industrial companies, not banks, insurance companies or utilities. Western Blectric, an i\merican Telephone subsidiary, was included in the list of the thirty big- gest. In the list below we have substituted American Telephone for Western Electric, which has no public market. Of these thirty stocks, sixteen are included in the Dow- Jones Indus.trial average. The list is arranged according to the best price performance since the April 1956 highs. Prices are approximate, but have been adjusted for splits, stock dividends, etc. , Inter. Bus. Machines .rocter & Gamble Armour Amer. Tel & .Tet Goodyear i\Jational Dairy Lockheed Air Ford Motor Firestone Tire Texaco Intern'lHarvester U. S. Steel Boeing Air -;eneral l!.lectric ;eneral l\'lotors 26 96 269 32 38 18 50 178 38 43 60 134 123 40. . 42 022 . 44 38 24 \). em Steel cO ont 1 a Stand. Oil of Cal. 41 230 55 43 238 55 Union Carbide 130 129 2 4 96 Swift & Co. 46 43 3 78 Stand. Oil of Indiana 60 50 3 51 42 Stand. Oil of N.J. 60 49 2 82 32 Socony Mobil 65 50 38 49 29 General Dynamics 42 27 63 79 25 Chrysler 75 48 46 57 24 Sinclair 66 37 19 13 5. 5 3 – -1 -7 -17 -18 -23 -36 -36 -44 The list has gained 58 better than the gain of 37 in the Dow- Jones average. However, the average does not include 1. B. M. If we exclude I. B. M., the rise was 41, which is more in line with the average performance.owever, the selection of individ,ual a purchase of the f.Hst a differentce. eXfa1m25P;e, u have resu te 10 a percen age gam 0 -/0. An investment of 1,000 in each issue, or 15,000 total, would have a value of 33,750 today. Bven without r. .9qO as seeOHa an gri oa J j;lJl rcha se prj If, however, the investor bought the in the list, he would have found that his original 15,000 invest- ment had decreased 8 and was worth only 13, 800 after five and a half years. The main comclusion to be drawn is that it is possible for individual issues to move against the main trend. This happened a;b6Y'e when average prices were moving higher. It can also happen when average prices are moving Dow-Jones Ind. 728.23 Dow-Jones Rails 145.71 EDMUND ViI. TABBLL IN A.LSTON & CO. INC. This mnrket letter is not. nnd under no CIrcumstances is to be construed as, an offer to sell or a sohcltation to buy uny securities referred to herem The Information contained herc-m is not guaranteed us to aCcuracy or completeness and the furmshmg thereof IS not, and under no circumstances 19 to be construed as, a representn.- bon by Walston & Co. Inc All expreSSions of opinIOn arc subJcrt to change Without nobce. Walston & Co, Inc., and Officers. DIrectors. StockhOlders and Employees thereof, purchase, sell and may have an Interest In the lIecurlbes mentIOned herem ThiS market letter IS mtended and presented merely as a general. mformnl commentary on day to day market news and not as a complete analYSIS Additional mformatlon ,Ith respect to any securities referred to herem Will be furnish;d request WN 301

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Tabell’s Market Letter – December 15, 1961

Tabell’s Market Letter – December 15, 1961

Tabell's Market Letter - December 15, 1961
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/ ! I I ',/-' fiLE COpy Walston &- Co. – – – – – l n c – – Members New YOl'k Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CKiCAGO OFFICES COAST TO COAST AND OVERSEAS TABELl'S MARKET lETTER December 15, 1961 The traditional year-end rally appears to have some difficulty in getting off the ground. On Wednesday, the Dow-Jones industrials managed to reach a newall-time clos n ihigh by a very small fraction, but the market lacked breadth and, on Thursday's sell-off lour shorter-term breadth index dropped to a new low for the past twenty-four trading day. ;Unless breadth action improves shortly, the expected year-end rally may turn out to be !quite disappointing. , Longer-term breadth action continues to be negative at best. Our breadth-of-thr market index reached its high point in May and is still 10 below the high despite the re- ,cent new'high in the averages. In fact, as far as the majority of stocks,are concerned, 'the market reached its peak over seven months ago. Breadth action usually gives warnin signals well in advance of a drop in the averages. In 1956, the breadth index turned down over a year before the industrial averages. In 1959, the breadth index reached its top nin months before the January 1960 high in the market. The present market could follow a similar technical pattern. It is possible that the industrial average will continue to move higher during the early part of 1962, but for the advance to be of major significance, it must be accompanied by a broadening of the market and a new high in our breadth index. , If this fails to occur, danger signals will be flying. In order for breadth to attain new highs, new groups of stocks will have to take over the advance. The assorted glamour issues that were discounting future growth poten tials by selling at extremely high /E multiples have, in many cases, declined 30 to from the highs reached earlier in the year. When tax selling is ended, some of these issues may have a mild technical rally, but it is doubtful that a sustained advance is in prospect. Most of these stocks appear to have lost their come. It is also doubtful that the market leaders of the p for some time to the service and consumer goods stocks, will furnish enough b oreadth index into ,new high territory. Most of the foods, tobaccos, ,rade, personal loan and other.former defensive groups, have swpl , in most cases, have c'reached their upside – any olidating' pedoo isneedeo; Most of these issues are probably better a the moment. I In order for the and for the in laggard groups. r find. The oils ha . w' high territory by a substantial amount, the a ance, there must be st;oength in new hithertov e potential to show such strength are not easy to mpressive technical action recently and certainly could move modera y i . Other potential candidates for improving strength include Airlines, Autos, Buil ,Chemicals, Drugs, Gold Mining, Metals, Natural Gas, 'Paper, Rails, Rubber, Steeand Textiles. Individual issues in these categories could move higher, but the rise would probably be selective. Also, of course, there are numerous special situations that could assist in bringing the averages into new high territory. Most of the groups mentioned above are inside groups. They reached their highs in either 1959 or in 1956-1957 and are still inside trading areas in which they have held for two to six years. It is probable that they are building up very strong long-term technical patterns and it is our opinion that they could be leaders of a future advancing phase of the market. The question is whether the fundamentals warrant an advance into new high territory in the immediate future or whether further consolidation is needed. However, it is possible that continued strength in selected issues in the above groups could carry the averages deeper into the 725- 835 area where this letter believes a light-' ening of commitments is in order. We will continue to drop issues from our recommended list when technical objectives are reached. This occurred recently in three issues Ford Motor (113) originally recommended at 69 1/2 reached the lower part of its 115125 obJective at the recent high of 117 1/2. Eastern Gas & Fuel (51) originally recom mended at 293/4, moved into the 50-60 upside objective area at the recent high of 541/2 Collins & Aikman (283/8) originally recommended at 211/2, has reached the 28-30 objective. A.ll three issues are removed from the recommended list. Dow-Jones Ind. 729.40 Dow-Jones Rails 143.91 EDMUND W. TA.BELL WALSTON & CO. INC. ThiS market letter IS not. and under no circumstances IS to be construed as, an offer to Bell or a sohcltatlOn to buy any securltIe5 referred to herem. The mformatJon contained herem not guaranteed to aceuracy or completenel.s and the furmshmg- thereof IS not and under no Circumstances 18 to be construed as, a representa- hon by Wnllton & Co, Inc AU of mnmon are subject to ehange Without notice Walston & Co, Inc, and Officers, DlrectolS, Stockholders and Employees thereof, purchase, sell and may have an mterest m the secunties mentIOned helem ThiS market letter IS mtended and presenter! merely as a g-eneral, mformal commentary on day to day market news an;l not as a complete analYSIS Additional Information With respect to any securIties referred to herem wlll be fUfmsh,d reque.,t WN 301

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Tabell’s Market Letter – December 22, 1961

Tabell’s Market Letter – December 22, 1961

Tabell's Market Letter - December 22, 1961
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,) –.- – I – – ——-c'-t… , f –, –'– —- … – .. …… Walston &- Co. Inc Membe8 New York Stock Exchange FilE COpy NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER December 22, 1961 At this late date in 1961 the traditional year-end rally has, so far, failed to materialize. The Dow-Jones Industrial average made a new low for December on, Thursday and, as this is written, may have penetrated this low on Friday. Nonetheless, a careful study of chart patterns for the past 64 years indicates that such a rally, however minuscule, has always taken place. Furthermore, as previously pointed out in this letter, the action of the market in December and in the first few months of the ensuing year, often gives valuable clues as to the market's trend. The following facts' may be noted I, (1) As stated above, an identifiable year-end rally has taken place in every year since 1897. This rally has often been of great magnitude with advances as great as 28 having been recorded. It has also, on occasion, continued with only minor inter'' ruptions for as long as six months into the new year. However, on other occasions it has been of only a few days duration, reaching a top extremely early in the year. (2) There has been a persistent tendency for the rally to begin early in years when the market had been up. This, in fact, happened in 22 years out of 30. However, since it is already December 22nd, and the rally has not yet begun, it appears that 1961 will be one of the exceptions to this rule. (3) The important thing to watch in connection with market action in the early months of the year is the low for the previous This low has been broken in 38 years out of the past 63. In 22 of these 38 cases, February, and since 1937 it has never been broken later t an' in January or -filrarch. Thus, if the market is able to hold above its December ' 9new year, chances become good that this low will f rs bro . .months of the has been downward two-ttiirds of th -\S. b C;l n, the-subsequent trend (5) The magnitude clue as to the year's market trend. For followed by an a r or more from the December lows has been . in 26 of the 31 years that such an advance has occurred. An c o s than 10 from the December low before an iden- tifiable correction t es e has been followed by a downward market in 21 of 32 years. (6) The length of time in which the rally continues into the new, year is also important. For example, in 17 years the rally has continued into lVIarch or later. In 15 of these 17 years the eventual trend was upward. This leads to some rather interesting conclusions. On the one hand, a rally which petered out early in January, and which broke the December low (through Thursday, December 21st, this figure was 717.27 on the Dow-Jones Industrials and 70.86 for the Standard & ',oor 500-Stock Index) would indicate the strong possibility of a weak market for 1962. On the other hand, if the rally continued without an identifiable reversal into March, or if it advanced 10 or more (to 778 on the Dow-Jonesor & oor- 5aO-Stock Index based on the above figures) a strong possibility would exist that the 1962 trend would be upward. Thus, the action of the various averages in relation to the December low s should be studied very carefully. Such action may well provide the first clue as to the action of the market in 1962. A VERY IVIERRY CHRISTIVIAS TO ALL Dow-Jones Ind. (1 p. m.) 719.82 Dow-Jones Rails (1 p. m.) 141. 90 ANTHONY W. TABELL WALSTON & CO. INC. ThiS mnrket letter IS not, nnd under no ClrCUmStl'lnces IS to be construed ltS, an offer to sell or a sohciwtLOn to buy any sC'Cunti(!'l refcrred til herem The informahon ('ontalned herem IS not Itunranteed as to accurRcy or completeness and the furnishing thereof IS not, and under no Clrcumstanl'es IS to be construed as, a representa- hon by Walston & Co Inc All e-preqSlons of opillion arc subJect to wIthout notice Walston & Co, Inc, and Officers, Directors, Stockholders and Employees thereof. purchase, sell and may have an Interest In the securities mentIOned herem ThiS market letter IS intended and presented merely as a general, mformal commentAry on day to day market news not as II. complete anah'13ls Addlbonal mformatlOn with respect to any SecUritlecJ referred to hcreln .

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Tabell’s Market Letter – December 29, 1961

Tabell’s Market Letter – December 29, 1961

Tabell's Market Letter - December 29, 1961
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NEW YORK Walston &Co. —–Inc —– Members New Y01'k Stock Exchange SAN FRANCISCO LOS ANGELES PHILADELPHIA CHlCAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER December 29, 1961 In our letter of December 23rd, 1960, we forecast that 1961 would be a good ye r The opinion was expressed that the low would be reached in the early part of the year an the high would be reached late in the year. We felt the advance would be selective and th many issues would do much better than the averages and that many would do much worse Vi e expe cted the Dow-Jones Industrial average to close somewhere around the 700 level, which was 140/0 above the 1960 close. The Dow-Jones Industrial average closed 1960 at 615. 89. The intra-day low wa – – rna-de on January 4th at 608.46. The high was reached on November 15th at 741.30. The Industria.! average closed at 731.14for 1961,or19 aboye the 1960close. The 1961 market actually held in a The i;.-nge fro the low of the year to the high was 240/0. The range for the last six months of the year wa even more restricted. The low was 674.80 and the high was 741. 30 or a range of less than 100/0. The market was extremely selective as witness the rise of glamour issues earlier in the year, followed by a 300/0 to 500/0 decline, and the sharp rise in defensive groups in the later half of the year. The selectivity became even more pronounced as the year progressed. At the close of the week ending December 22nd, the twenty-five week moving totals of advances and declines showed 16,523 advances and 16,584 declines or slightly more declines than advances. For 1962, we expect the market timing pattern to be the reverse of 1961 with the high reached early in the year and the low later in the year. In June, we expressed th opinion that the high fo r the bull market would be somewhere between 725 (which seemed low) and 825 (which seemed high). Most indications amnd the 750-775 range and we now believe that this is the more probable upside j c On the downside, it is difficult to project a figure as the potential top t e fo ed. The objective should be clearer as the year advances. The d or much wider swing back and forth in the average than in -. reaching-a-mature'stage-where wider swin a now 14 months old and is ected – – – – — – – — To even a greater extent ct extreme selectivity in 1962. The price action of individual ages. Entirely differen gro i important than the trend of the averbe the market leaders of 1962. We will publish shortly a lis 0 H a r to fit into this category. The present recom- mended list can ur Walston representative early next week. In order r par an anticipated change in market leadership we are dropping fifteen issu s our recommended list. The issues being eliminated are American otash & emical (54), P rkansas Louisiana Gas ( 40), Central & South ','lest Corp. (43 ), Freeport Sulphur (28), Haveg Industries (34 ), Hercules Powder (105), Ideal Cement (30 ), Lone Star Gas (27), Magma Copper ( 68), Marquette Cement (54), National Aviation ( 31), Northern Natural Gas (45), Oklahoma Gas & Elec. ( 44), Southern Natural Gas (47 ), Texas Gulf Sulphur (22 ). These fifteen issues bring to sixty-eight 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 held for varying lengths of time, the shortest period being around six months. Fifty-three stocks advanced from the original recommendation to the day they were selected for sale, with the largest advance being 3630/0 in the case of iViagnavox. The average advance for all 53 issues was 46.40/0. The fifteen issues that declined showedan average loss — Gf course, since the various issues were originally recommended at different times, their percentage performance is of no interest unless compared with the per- formance of the Dow-Jones Industrials over the same period. Here the tabulation is significant. Forty-one stecks advanced more than the Dow, with 16 of these 41 showing advances four or more tirr.e s as great as the average. Twenty-one stocks showed ad- vances three or more times as great, and 29 stocks posted advances at least twice as great. Twenty-seven stocks failed to perform as well as the Dow, including the 15 losses mentioned above, and 12 stocks which advanced less than the average. -'– VERY HAY NEW YEAR TO ALL EDMUND W. TABELL Eocv .folies flid. f.JT0htiWs letter & 'i'31. 14 mAT roO TMi' under qo…,circ,llmatance; is to be construed as, nn offer to sell or a JoeS herein Thc mformatlOn or completeness and the furnlshmg thereof IS not, and under no CIrcumstances IS to be construed as, a representa- hon by & 0 ,1ltnc, All expressIOns of opimon are subJect to change \\olthout notlcc Walston & Co, Inc, and Officers, Directors, Stockholders nnd Employees thereof sell nnd mny have an mterest 1ft the secv.ntles mentIOned herem. ThIS market letter is mtended and presented merely os a genernl. mformal on day to do)' morket news and not na a complete annlysl'l AdditIOnal mformatlon \\olth respect to any securitIes rderred to herem ,ill be furnished upon r e q u e s t WN 301 ,, )

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Tabell’s Market Letter – December 29, 1961

Tabell’s Market Letter – December 29, 1961

Tabell's Market Letter - December 29, 1961 page 1
Tabell's Market Letter - December 29, 1961 page 2
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December 29, laSl RECOMMENDED LIST OF STOCKS SELLING ABOVE 20.00 A SHARE EDMUND W. TABELL WALSTON & CO. INC. Close 12/29/61 American Metal Climax 38 3/4 American Optical 75 American Smelt. & Ref. 62 1/2 American Viscose 52 7/8 Anderson Clayton 46 1/4 Atchison, Tcpeka & S. F. 27 1/8 Audio Devices 23 1/2 Boeing Airplane 50 1/8 Canadia'n acific 24 7/8 Carpenter Steel 44 1/4 Caterpillar Tractor 38 1/4 Chicago & Northwest 20 3/4 Chicago Pneumatic Tool 29 3/4 Cluett Peabody 88 3/4 Colgate Palmolive 54 Columbia Pictures 28 1/2 Consolo Mining & Smelt. 23 3/8 Consolidated Natural Gas '60 1/4 Contirleutal Insurance 69 7/8 Daystrom 41 Diamond National 52 1/2 Dome Mines 265/8 Dominion Tar & Chemical 17 7/8 Electric Storage Battery 48 1/2 1 Paso Natural Gas 25 7/8 Ex-Cell-O 41 General Mills 33 7/8 Goodrich, B. F. 71 7/8 Granite City Steel 48 3/4 Great Northern Paper 55 1/2 Great Western Sugar 34 1/2 Holly Sugar 36 5/8 Insurance Co. of N. A. 104 1/2 International Minerals Chern. 47 International Tel & Tel 58 1/8 Johns Manville 57 Original Recom. Price 24 5/8 54-50 55 1/8 52 3/8 36 3/4 25 7/8 26 3/8 36 3/4 245/8 47 30 1'/2 19 1/2 28 3/8 56 3/4 43 5/8 21 7/8 (a) 203/8 51 1/8 63 7/8 45-43 35 1/2 25 1/8 18 3/8 54 28 35 3/4 32 3/8 63 1/4 37 1/2 57 29 30 1/2 78 32 48 60 S&P Rating B B B B B A- B- B A- A C B B AB B A B B B A- B B A A A B B B B B B A Comment Hold for 48-52 Hold for 90 Hold Buy-Hold Buy-Hold Buy-Hold Hold for 32 Hold for 55- 60 Buy-Hold Hold for 50-55 Hold for 45-50 Buy-Hold Buy-Hold Hold Hold for 65-70 Hold …. Buy-Hold Hold for 75 Hold for 80- 85 Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold for 50-55 Buy-Hold Hold for 90 Hold for 55-60 Buy-Hold Hold for 45 Hold Hold for 120 Buy-Hold Hold Buy-Hold Close -12-/29-/6-1 Kern County Land 77 3/4 Kerr McGee 41 1/4 Louisiana Land Explor. 74 1/8 McIntyre Porcupine 44 1/4 Mesabi Trust 14 1/8 Microwave Associates 36 1/4 Mississippi River Fuel 39 'I!ewmont Mining 74 1/4 Not'fh Amer. Aviation 61 Northern Pacific R. R. 42 1/4 Panhandle Eastern p. L. 52 Penney, J. C. 50 1/4 Phillips Petroleum 58 Pitney- Bowes 61 1/2 Pittsburgh Plate Glass 65 Pullman, Inc. 38 Raytheon 37 5/8 Reeves Bros. 18 Reynolds Metals 38 1/2 Royal Dutch 343/4 Seaboard Airline R. R. 27 5/8 Seaboard Finance 23 Sperry Rand 23 7/8 Sterling Drug 87 3/4 Stevens, J. P. 34 1/4 Swift & Co. 43 1/8 United Biscuit 46 United Shoe Machinery 69 3/4 U. S. Plywood 48 1/4 U. S. Vitamin 38 3/4 Varian Associates 447/8 Woolwortp., F. W. 92 1/2 -2- Original Recom. Price -8&1 Rating 53 50 50 1/2 27 3/4 8 33 1/8 34 1/8 62 1/2 41 1/2 42 1/8 47 7/8 41 1/2 53 7/8 41 69 3/4 39 3/4 40 3/4 24 5/8 59 381/8 (b) 32 3/8 21 7/8 (b) 27 1/4 69 3/4 32 3/8 44 1/2 3731A 59 483/4 37 401/8 (c) 69 A AA B A A- B AA A A A B B BB A B B A B B B B B A A- Comment Hold for 85-90 Buy-Hold Hold for 90-100 Hold for 60 Hold for 18 Hold for 50 Hold Hold Hold Buy-Hold Hold Buy-Hold Buy-Hold Hold for 75 Hold Hold Buy-Hold Buy-Hold Buy-Hold Hold Buy-Hold Buy-Hold Buy-Hold Hold for 105 Buy-Hold Buy-Hold Hold Buy-Hold Buy-Hold Hold for 48-50 Hold for 55- 60 Buy-Hold (a) – If rights to buy Screen Gems at 9 were used, each 100 shares owns 20 shares Screen Gems now selling at 22 1/2. (b) – Adjusted for stock dividends. (c) – Adjusted for sale of rights and split.

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