Viewing Month: December 1962

Tabell’s Market Letter – December 07, 1962

Tabell’s Market Letter – December 07, 1962

Tabell's Market Letter - December 07, 1962
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/\r,' W—-a–l-s-Itnocn—&—C–o. .111'1111,1''' .\'fll' 'ol'k Stock E.rrhan.Qe NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA OFFICES COAST TO CO…. ST AND OVERSEAS CHICAGO COpy TABELL'S MARKET LETTER . December 7, 1962 Despite the fact that the Dow-Jones Industrial average reached a new intra-day high at 658.76, the market appears to be losing some of lts upside momentum and our rate of change index has been moving slowly downward since mid-November. This is entirely nor- mal technical action. It could hardly be expected tha t the market could continue the rate of advance witnessed in the early part of the upswing from the October 25th lows. Probably some sidewise action is to be expected over the shorter term. There appears to be a con- siderable amount of funds available for yea r-e n d investment and it probably will hold up prices during December and the early part of January. Our upside potential rema ins the same as six weeks ago. We would expect the market to reach at least a temporary top early in 1963-in-the 650-685 range-'—— —-.,,- The swiftness of the advance and the remarkable change in investor confidence since the Cuban affair has been quite unprecedented. However, we do not, frone a technical viewpoint, believe that this is the start of a major market advance. Most stocks have not yet formed a sufficient base to indicate new highs. Of the 1800 graphs of individual stocks, only about 20 have-formed a sufficient accumulation base to sugge'st new high territory. On the other hand, 70 to 75 of the same number of graphs indicate technically that they have reached their downside objectives. If both of these statements prove to be correct, it would appear that the general market reached its low in May-June, but that a longer period of con- solidation is needed. A little over two years ago, on November 4, 1960, we recommended a list of twent low-priced speculative stocks selling under 20 a share. ditional five issues. It was stressed that these issues be b g t 1961 we added an ad'1)ackage in order to provide the necessary diversification in a ed below. Adj. 12/7/62 f h s t . The list is publish- 1\ Vi Adj. 12/7/62 Allied Paper Price 105/8 Close 17 3/8 (4) J 'ser. Price 83/4 Close 63/4 l/a – –. Burlington Ind. 183/8) Manhattan Shirt 181/21(2) 233/4 Campbell Chib. 5 7 8 \1 National Can 7 3/4 (2) 12 3/4 Chlcago,Mll.St.P G,)3l0 Northwest Air. 153/4 381/2 Commer. Sol. 18 8) 1/8 Pacific Petrol. 10 1/ 4 11 3/8 Divco-Wayne 163 185/8 Rayonier, Inc. 155/8 (2) 21 Flying Tiger 14 15 7/8 Rohr Corp. 15 18 Foote Mineral 19 12 5/8 Servel, Inc. 12 1/8 9 1/2 Freuhauf Trail. 183/4 25 Sun Chemical 135/8 93/4 Getty Oil 141/4 171/2 Victoreen Inst. 16 (1)(2) 91/8 Intern'l Packers 15 3/4 17 3/4 (1) Price 3/3/61. (2) Adj. for stock dividends. (3) Adj. for exchange for Lear, Inc. and stock dividend. (4) Adj. for Phillips-Eckhardt Electronic received as stock dividend. It will be noted that the action of the list has been extremely selective with price performances ranging from a 147 gain in Northwest Airlines to a 48 loss in Victoreen Instruments. The list as a whole shows a 15 average appreciation. TIns is a bit better than the action of the Dow-Jones Industrials which showed a 6 average- gain'over the same time periods. The indivldual issues show diverse indications at the moment. A number of issues have moved above the 20 level. Of these, three issues continue to indicate above average action and are bemg transferred to our regular recommended list. They are' Burlington Ind. Fruehauf Trailer, and Northwest Alrlines. Of the lower-priced issues, we would retain as speculations – Campbell Chibougamau, Flying Tiger, Foote Mineral, International Packers, National Can and Pacific Petroleum. The remaimng issues could be switched into those listed above. In the case of Chicago, Milwaukee, St. Paul, it could be switched into Chicago North Western, if a tax loss is needed. The low-priced list will be enlarged when the occasion warrants. Our recommended list of hlgher-priced issues will be reviewed shortly. Dow-Jones Ind. 652.10 Dow-Jones Rails 140.27 EDMUND W. TABELL WALSTON & CO. INC. ,11,,r ,. .TIlh I1l11ll,!'! lett!! 11,,1 '11101 IIn,I.. no ('11 h (n h( (n .. l,,!!'1 .1'0, I!' -oIf, I …..ll ' I ..II It,'\I1I to 1,\11 .Ill .. Ut II Ii' 'l,r''!1 Ld to 111'1(')11 11H' InfIIll,II,1 (11,11111,('01 hCICl1l 11,,1 c!illl,nll'..-d ., …. \u … , III ,II \ HI .. lId tilt' f'hlll''' 11( .lIlll'l1Id,, '10 ,'.. 1' t I,, ., ….. \ (11, I,y lIbton C.. I,,, -\11 p.(…… 'I1… oj ,'PH,on ,. ,Ulol'\ (,. ,h,, \\.Ih,,\ ',,'IIIl' '\.,I… tlu &. (I. 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Tabell’s Market Letter – December 14, 1962

Tabell’s Market Letter – December 14, 1962

Tabell's Market Letter - December 14, 1962
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– –,– Walston &- Co. Memher. SfIC rod.. Siock Euha1lJe NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER December 14, 1962 The market, for the first time since the advance started on October 23rd, failed to reach a weekly high for the move. As we noted in the last letter, our rate of change index has been moving slowly downward and is indicating a loss of upside momentum. The index is now below zero. However, would not expect the market to move much lower at this juncture. A further decline to around the 630 level would bring this short term rate of change index down to an oversold area. This week's intra-day low was 638.88 on Tuesday. Such a development would be normal technical actionafter the steep rise otover 100 points from the October 23rd low. –The market will probably move up-ward again toward the later part of the month,and the rise should continue somewhat deeper into the 650-685 area which we consider to be the upside objective for this stage of the advance. While the favorable outcome of the Cuban crisis undoubtedly furnished the spark for the advance from the October 23rd low, the basic groundwork for the advance was being laid between July and October. Many investors, both institutional and private, increased their liquidity during this period by selling stocks. As a result, there was a sizable amount of money awaiting equity investment when the Cuban crisis reached an early stage of development. This was indicated by the favorable technical pattern of the market. However, when the rise started, it was so sudden and broad that probably a sizable portion of these funds remain uninvested. This will be a prop under the market during December and January. Another factor that has contributed toward the cut in 1963. Some cold water has been thrown on pos I bring about a tax revision until a later date would appointment, but the outcome will not be known untiIing tbe possibility of a tax ly. Failure to es m some market dis- The outlook for the market remains e a few individual issues indicate higher been, from a technical build up enough of a base to indicate a major advance. Such a devel . a further consolidating period. At the mo- ment, it would t 1 e inside year and that neitte r the high or low of 1962 will be reac .n act, in our opinion, the probabilities favor a trading area that will hold tfi c nes of, roughly, 575 and 700 for the entire year. This is merely an extension 0 ou mion that the market reached a major top in 1961 at 741. 30 and a major bottom in at 524.55. These levels may not be penetrated for a consider- able period of time. n fact, it is possible that the 525 level may never be penetrated. In the meantime, the market will remain in a broad trading range and eventually, in our opinion, will break out on the upside of this reaccumulation area. We are continually repeating this projected pattern because we believe it should be in the background of every investment decision regardless of whether the individual is main ly interested in an intermediate-term six-months capital gain, or a long-term investment. To those interested in intermediate swings, we would expect excellent trading opportunities with the market probably swinging back and forth in a relatively wide area during the year. To the longer-term investorJthe implication is somewhat different. 1963 may present the last opportunity to build up a long-term investment portfolio at a price level fairly close to the levels reached over six years ago when the average sold at 525. To the in- vestor, our advice for 1963 is buy on weakness in contrast to our admonition to sell on strength in 1962. As for the stocks to buy, probably the sound, blue chip equities of the largest and strongest companies will prove to be the best vehicles in the early stage of the long-term advance. Dow-Jones Ind. 648.09 Dow-Jones Rails 137.64 EDMUND W. TABELL WALSTON & CO. INC. mnrkct ctlA!r ,,, !lul and unde. 10 CirCtlm.. tnnces Ib tu he cnn'-tillcd \…. nn IIffcl Itt !-('II I n ..IILIt.1111J1l til huy ,In CCI11 II ……. 1('fci 1('II 1 hel Cll\. The mfu! Ill.lt,,,n (Olnltllned herem Ib nut !.U'lrantccd n… tu nCCllrlll (11 'lnd the fUllllhlllj.! IhN ('r ,.. 1101 nnd IIn,I(1 111 ClIllll11-tnnt c.. ' 10 he On..tlIlCc! 11 I eJlI t!m b' \\ IIb,ton &. Cu, In(' All .. of OPiIIIln fll e -'\1I1J('('t tu (h,lIll.!' \\ Ilhl'lIt nII((' &. C .. , 1m .lI1tl 0f11('('1', DII cdI' .L11d lher('Of 11IIIch,\-.e m,IY h.I\(' fln mtelClt In the -.ellllltlC-' mC'lItlt.ne,1 h(I('1I1 '1111-' 111nl1..('t \('ItCI 1-. Hlten.lct\IIIH\llle-.ente.\ melc!) II J.!Cllel.1i In COl m.ll cmnmentnlY n In to elll 11l1lrkct .HIII not 1\.. n 'uml'lclc ,\.1.1111111,11 Infl I1wllun \\Ith lC'-l'C(t ,,, 1,1\ IcfulC,i tll hCICl1I \\111 be fUI m-.hcU tlJ)on I equCloI \\ \ ,01 –

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Tabell’s Market Letter – December 21, 1962

Tabell’s Market Letter – December 21, 1962

Tabell's Market Letter - December 21, 1962
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Walston &Co. In.c .11e III he, 8 XCII' 1'()'1. Stock E.rclla1lge NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OffiCES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER December 21, 1962 During the past week, General Motors reached its highest price in history and Standard Oil of New Jersey sold at the highest price level since 1959, Despite the strength in these and other blue chip'issues, most of the leaders of the 1961 speculative binge, the second and third grade quality growth'Yissues, were selling within 100/0 of'the May-June lows, It certainly proved sound advice in June to switch out of the discredited low-grade glamour stocks into the high-quality investment issues that were available at near or be- low the average price-to-earnings ratios of the past ten years, During the past month, the various averages have held in a narr'ow trading area. The intra-day high in the Dow-Jones Industrials was reached early in December at 658.76 and the low of the month was reached this week af 636. 88-T,he'cross currents of 'tax-loss selling and year-end investment demand usually result in an irregular market pattern during December. These factors were augmented this year by the steep rise since the October 23rd low ana the need for some consolidation, but the large amount of uninvested funds in institu- tional accounts has acted as support. Obviously, ;'ost of this buying has gone into higher quality issues. Our technical objective for the price advance from the October low of 549.65 was the 650-685 level. The lower part of this range has been reached, but we believe the Industrial average Will move above the early December high during January. A sizable number of techmcal patterns or individual stocks suggest moderately higher price levels and no distributional top pattern of importance has as yet been built up. Market strength in January should be used to lighten commitments in issues with below-average prospects. We are in the process of checking our Our recommended list of issues mentioned in this letter is s' i05 to a year-end review rna' ly for the individua who is interested in capital appreciation over a i nth longer, We also On occasion, drawn attention to issues where the mai ractio in above-average income with modest long-term capital appreciation following American Can Price 45 44 W 1 in this category are the Price Yield pensol. Natural Gas 54 4.3 American Smelting 56 Dominion Tar Chem. 16 5.0 Anderson Clayton Borg Warner Canadian Pacific Chicago Pneu. Tool 27 4 .5 5.0 Great West. Sugar Holly Sugar International Harvester Swift & Co. 34 31 49 39 5. 3 4.5 4.9 4.1 We consider t e issues suitable holdings for individuals interested mainly in income and modest appreciation, and advise their retention. However, as the main objective of our list is capital appreciation, we will no longer mention these issues in our list. Five issues show a gain from the original recommendation, four show a loss, and the remainder' are about even. Overall, the group has shown slightly less favorable action than the averages. We are also removing six issues from the recommended list. They are Colgate, Palmolive (43), Dome Mines (24), Insurance Co. of N. A. (93), McIntyre Porcupine l41), Minne polis Honeywell (85) and United Biscuit (39). Three of these issues show a profit from ori- ginally recommended levels, One a loss and two are about even. On an over.all basis, they show a slight profit. . , As replacements, we suggest the following issues in our recommended list Burlington Ind. (26), Cluett Peabody (45), Continental Insurance (59), Gulf,Oil (40), Inter- national Minerals & Chem. (4l), McKesson & Robbins (39), Reynolds Metals (23), or Varian Associates (34). The following issues are being placed in the low-priced, speculative list, Audio Devices (11), Chicago & North Western (12) El Paso Natural Gas (16), Great Western Financial (17), Mesabi Trust (11), MIcrowave Assoc. (12), Murphy Corp. (24), Reeves Bros. (H), Seaboard Fmance (17) and Sperry Rand (13). Purchase IS advIsed. The complete recommended list will be available from your Customers' RepreElen- tative after January 1st. A VERY MERRY CHRISTMAS TO ALL Dow-Jones Ind. 646.41 Dow-Jones Rails 138.96 EDMUND W. TABELL WALSTON & CO. INC. Thl'l mnrkcl IcttRr not nnd under no IS to be conll lied 11'1, nil ffer ttl …('11 til n …h( !t!lllnn tn Inl nn)' '('('ltl ItH… I ('fen eel lo hel ('Ill 1 he mflll mati,, ('ontnmcfl herem ); not ).\If\lllntced ns to nccurilO !II ('lnlplctcnt'''!1 nn,\ the fill nhhllllr thel euf h lint, alHl lin. Ie) nO! (II to he (un..lllll'(\ 0-, a 11'1'1 c.,cntn- tllln hy V.'ul'lton &. Co Inc All e,preSlon,; .If lHnum (IIC … uhl.'t tu I'h,III)!(' wllh.,ut nlue Wnl … tn & Cu, Int, IIn.1 Offl('el', nuecl. .., Stu.i-.hultlcl unn Eml'lny(C!; therroe, 'ell nnd may h,l\e nn Intel cst In the 'eIHIIIC men It. nerl hell'llI Thl- mnrl…'1 I,-\t,-r I…. IntcnIt.-tlnntl Ie–enletl ml'll'1y II …. ,I ).ll'nern1. Informnl cnmmental on c1ny to dny mnri-.I't lind nt tiS tI ('omplclc ,lIlnlYh A,I,hlln,11 IIIflnl.ltlnn Ith le'!,clt In ,lny cCIllhe– I ('f(,1 led to hClcllI \II hc u,pon request \\.\ ,l\ .;

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Tabell’s Market Letter – December 28, 1962

Tabell’s Market Letter – December 28, 1962

Tabell's Market Letter - December 28, 1962
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r;- .' Walston &Co. —–Inc —– Xl/(' rOIl, Stock E.rclio.1Uj' NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA OHICES COAST TO COAST AND OVERSEAS CHICAGO TABEll'S MARKET lETTER December 28, 1962 For some years now, we have studied the famlliar seasonal tendency of the stock market to stage a year-end rally, and lt has been the custom of this letter each December to pomt out some of the conclus ions that can be denved from a study of thlS phenomenon. Last year we expanded this study to include every year since the Dow-Jones Industnal was first computed in 1897, and suggested that an exhaustive study of chart pattern over the past slxty-five years indicated tha t such a rally, however minuscule, had invar- iably taken place. The probability exists that the rally began this year at the December -19th low of 636.88 in the Dow-Jones Industrials. A number of interesting facts about market (1) As stated above, an ldentifiable year-end rally has taken place in every year since 1897. This rally has often been of great magnitude with advances as great as 280/0 having been recorded. It has also, On occaSlOn, conhnued with only minor interruptions for as long as six months into the new year. However, on other occasions it has been of only a few days duration, reachmg a top extremely early in the year. This occurred, of course, in 1962 when the high was reached in the very first day of the year. (2) ,There has been a persistent tendency for the rally to begin early in years when the market has been up and late when it has been down. If the rally truly began on December 19th this year, th1S tendency will agam hold gOOd. ' (3) The important tlung to watch in connection with market actlOn in the early months of the year is the low for the prevlOus December'S been broken in 39 years out of the past 64. In 23 of these 39 cases, it w s br nuary or February, and since 1937 it has never been broken later than acT ,lf the market is able D rto hold above its December low for the first 2 1/2 m n s of t ew year, chances become good that thlS low will not be broken 961, e emb'er 1960 low was never penetrated. (4) whee 'he eo h;okc 'he been downward two-thlrds 1S a typical case '- (5) The it an important clue as to the year's market trend. For example, an a 0 ore from the December lows has been by an upward or neutral k in the 31 years that such an advance nas occurred. An advance of less than 1 the December low before an 1dentifiable correction takes place has been follow ya downward market in 22 of 33 years. (6) The length of time in which the rally continues into the new year is also important. For example, in 17 years the ra lly has continued into March or later. In 15 of these 17 years the eventual trend was upward. Again, 1961 is a case in point. This leads to some rather interesting conclusions, and makes the December low of 636.88 in the Dow an interesting figure to watch. ( In Standard & Poor's 500-Stock Index the low was made earlier in December at 61. 28.) If the rally peters out early in January, and the aforementioned lows are broken, there is a strong presumption that 1963 will see a weak market. On the other hand, if the rally continues without an identifiable reversal until March, or if the averages advance 100/0 (to 700 in the Dow or 68 in the Standard & Poor's 500-Stock Index), it would be a possible'indication of an upward or neutral trenafor the year. 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 action of tQe market in 1963. A HAPPY AND PROSPEROUS NEW YEAR TO ALL Dow-Jones Ind. 651. 43 Dow-Jones Ralls 140.00 ANTHONY W. TABELL WALSTON & CO. INC. Note Our revis.ed recomruE!n.ded lists of stocks, mentioned in las.t week's letter, maybe obtained from your Walston Account Executive at the end of next week. I hh lll.lll.ct lctte ,-. flot ,In,\ undc! nO to he ('''n tlllc,! lIll ,,If!!1 I ..II ' 11 … IIlI\,III1l In .Hl -.(' lilttle.. t hel ('In The InC, m.lt,n I fllllIllCd hcrCln nnt 1.'11I111\t,,,,\ II tu ,It( 111 H') ()! nnd fUI IIhllllll. tnl.'f 01, ,nt! IIndc, I , ,11111,111 ( I' In ,,,,,1111.1 ,I I C\ c'cntll' l'n \'Y \\'Jljton &. en hH' All lit \III1n .1' It!. \ t riMn,;c '\ltn,,1 ,,1 II l' \\',t!11 .. ( hI Ill, Offllel DII'(,,, SId,hhlcl ,.1101 I mp!nvn', therN!, )l(II.h.IC cll \nd mlY 1I.c ,III Illiere… t III the Illt'tll tlcd hII'1I1 Ihl' Illlllh.el lettm ' Intellt\cll .wel pleCllted mel ply 1\ ,I I.Pllc1,,1 I,,'uIlIfllllll.tl 'mment,lI) ,I d.IY tn d.l) m,IIke 11(\ .. UIlI! lIt ll\ fI ('mplet, .lnlll, … t\,ldlIT1,t! Inf, m,I,,,n ,th Ipe'l III ,111\ –'llIltH' I.f.llcd lu helclll 1\ ill I,c fllln, … 11,11'1 lelucl \\, ,Ill

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Tabell’s Market Letter – December 31, 1962

Tabell’s Market Letter – December 31, 1962

Tabell's Market Letter - December 31, 1962 page 1
Tabell's Market Letter - December 31, 1962 page 2
Tabell's Market Letter - December 31, 1962 page 3
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Audio Devices Close 12/28/62 11 1/2 Campbell Chibougamau 3 3/S Chicago & North West -12 7/S EI Paso Natural Gas Flying Tiger 16 1/2 14 7/S Foote Mineral 10 1/2 Great West Financial Intern'l Packers Mesabi Trust Microwave Murphy Corp. National Can IS 3/S 17 3/4 11 lis 13 l/S 19 11 7/S -acific Petroleum Reeves Bros. 10 7/8 12 3/S Seaboard Finance 17 1/4 Sperry Rand 13 1/2 Quality B C C B C B B- B B. B.. B- B '10 Yield 6.1 1.0 stk. 4. 2 4. 2 2. 6 3.9 5. S Comment Hold for 20. Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold for 19. Buy-Hold Hold for 23-25.Hold for Income. Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold for 21. Hold for 22 -24. Buy-Hold December 31,1962 Edmund W. Tabell Walston & Co. Inc. 74 Wall Street New York 5, N. Y. QUALITY AND LONG-TERM GROWTH Close 12/28/62 Caterpillar Tractor Corning Glass Crown Zellerbach DuPont General Motors 37 159 1/2 45 1/2 238 3/4 57 5/8 Gulf Oil Intern'l Bus. Mach. Minnesota Mining 39 5/8 392 1/2 52 3/8 Penney, J. C. 42 3/4 Royal Dutch Standard Oil of 1'. J. 43 5/8 59 1/8 Woolworth 64 Q'uaHty A A AA A A A A A A A A- Comment 2.7 Hold. Buy at 35-33. 1.3 Hold. Buy at 150. 4.0 Buy at 45-43. 3. 2 Hold. Buy at 230-220. 5.2 Hold. Buy at 55. 4.0 Buy – Hold O. 7 Hold 1.5 Buy-Hold 3. 5 Hold 3.6 Buy-Hold 4. 2 Hold 3.9 Buy-Hold December 31, 1962 EDMUND W. TABELL'S RECOMMENDED LIST PRICE A -;QRECIA TICN Close 12/28/62 Air -roducts Allied Chemical Alside American Optical American Viscose Armstrong Rubber Atchison, Top. & S. F. Beaunit Mills 63 1/2 44 27 1/2 61 1/4 61 1/4 34 24 5/8 20 3/4 Burlington Ind. Burroughs Cluett 'eabody 26 28 3/8 45 3/8 Collins & Aikman 33 3/4 Columbia ictures 23 1/ 8 Consolidation Coal 35 Continental Insurance Diamond National 593/8 46 1/ 2 Electric Storage Battery 49 5/8 Ex-CeU-O 41 3/4 First Charter 31 3/4 Fruehauf Trailer 24 3/4 General Mills 31 3/4 Great Northern 'aper 34 5/8 Intern'l Min. & Chem. 41 Intern'l Tel & Tel 42 3/8 Kern County Land 73 5/8 Kerr McGee 36 3/8 Korvette, E. J. 28 5/8 Louisiana Land 72 1/8 McDermott, J. Ray 23 1/ 4 McKesson & Robbins 40 1/4 Newmont Mining 65 1/2 North Amer. Aviation 66 7/8 Northern Dacific 39 7/8 Northwest Airlines 38 anhandle Eastern 68 1/8 ;hillips eetroleum 49 1/2 Raytheon 27 7/8 Reynolds Metals 23 3/4 Schlumberger 66 Seaboard Airline 31 1/2 Stevens,J. -. 29 5/8 Union Bag-Camp 35 1/4 U. S. lywood U. S. Vitamin Universal Gil rod. Varian Associates 45 23 1/2 39 5/8 33 5/8 Quality B A- B B A- E B B B BB A- B B A B A B B B A A- A AA- B B B A- A B B B B B AA B B Yield O. 3 4. 1 2.0 3.3 3.3 4. 1 5.9 5. 8 4. 6 3. 5 3.4 3. 6 4. 8 4. 6 3.7 3. 8 4. 6 3. 8 stk. 6. 1 3. 8 2. 9 3. 9 2.4 3. 3 2. 7 3. 1 3.0 3. 7 3. 7 3. 0 5. 5 2. 1 2. 9, 3. 9 stk. 2.1 0.9 5.0 5. 1 4. 3 4.4 3.0 1.9 Comment Hold. Buy at 60. Hold. Buy at 42 -40. Buy-Hold Hold for 75-80. Hold for 75-80. Hold for 40-42. Buy-Hold Buy-Hold Buy-Hold Hold for 35. Buy-Hold Hold for 40 – 45. Hold for 32. Buy-Hold Hold for 70-75. Hold for 53. Hold. Buy at 47-45. Buy-Hold Hold. Buy at 30-28. Hold. Hotd for 40. Hold for 50-55. Buy-Hold Buy-Hold Buy-Hold Hold. Buy at 35-33 Hold for 35-40. Hold for 85-90. Buy-Hold Buy-Hold Hold Hold. Buy at 65-60. Hold for 44. Hold. Buy at 35-30. Hoid. Buyat 65-60. Hold. Buy at 48-45. Hold for 35-40. Buy-Hold Buy-Hold Hold for 37. Buy-Hold Buy-Hold Buy-Hold Hold for 30-32 Buy-Hold Hold-Buy at 33-30. December 31, 1962

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