Viewing Month: August 1963

Tabell’s Market Letter – August 02, 1963

Tabell’s Market Letter – August 02, 1963

Tabell's Market Letter - August 02, 1963
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Walston &Co. Inc – – – – – f'IL Mrmle,. Sell' Yo', Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OfFices COA.ST TO COAST AND OVERSEAS TABELL'S MARKET LETTER August 2, 1963 Last week's market action, in our OplnlOn, must be classified on the favorable side. The Dow-Jones Industrials reached an intra-day high of 701. 99 on Wedu'esdayand then dropped back to 691. 23 for at least a partial testing of the July 22nd low of 684.41. The downtren line from the June high of 732.97 still remains intact, but there are indications that an upside breakout could occur shortly. As noted in last week's letter, some of our shorter term indicators reachedoversold territory at around the 685 level and brought up the possibility that the decline might stop at the upper part of the 685-665 range – which has been our downside potential for quite some time. During the past week, additional technical indicators gave signs of'a favorable trend reversal-While yet 'certain that-Uie averagenlight not work deeper into'the 685c 665 range, it is our opinion that the odds now favor the probability that the market reached its low for the present move at 684.41. We have been advising a policy of buying on weakness, but if accounts are under invested, it appears that some additional buying is indicated in selected issues. Just how high the averages might move in a rallying phase is not yet clear. There is supply at 710-730 that must be penetrated. However, with a more favorable general market background, the issues that have shown favorable action in the rise from the 1962 low could continue the rise into new high territory. Last Monday, the market broke its fourteen-week pattern of lower Monday closings by a very modest rise of a little over a point. A more aggressive Monday rise in the next week or so might signal a reversal of the downtrend of the past two months. Our recommendations to buy, on weakness, the in our letters of July 5th and July 12th has resulted in bringing a number of w our recommended mlist. Among these are – SWINGLINE. INC. (35 3/4) is the leading ma ur 0 pIers and' staples. The wholly-owned subsidiary, Wilson-Jones, is rge od and distributor of commer- cial stationery and office record keeping mat a . Ear' s for the fiscal year ending ,AugusL3.1,19!i3ax.e.e,stimated at .. . s ,s.,cQmpll,red tothe2. 24.in.fiscal – 1962. The indicated dividend is li 'l!tIere are 692,933 shares of Class A stock outstanding which are listed Exchange, and 497,000 shares of Class B stock which is closely h ock receives dividends only to 1/0 of the cash dividend paid on C S I n Ible into A stock, share for share. The stock appears reasonably priced a u 1 If times estimated earnings. The growth rate has been im- pressive, and should c ,tin nto the foreseeable future. The stock sold as high as 54 l/ 2 in 1961 and as low as 2 in the 1962 break. From a technical viewpoint, the stock has been in a slow uptrend channel from the 1962 low. The potentials appear to favor at least an approach to the 1961 high. KANSAS CITY SOUTHERN INDUSTRIES (44) was incorporated in 1962 for the purpose of diversifying the activities of Kansas City Southern Railway. Two shares of the new compa were offered for each one share of the common and preferred of the railroad. A little over 90 of the stock was exchanged. Early in 1963, the company acquired a 40 interest in Tele- vision Shares Management Corporation. This corporation is the investment adviser and under writer for Television-Electronics Fund, an open-end mutual fund with assets of approximatel 380 million as of April 30,1963. Until further diversification occurs, the great bulk of earn- ing power will be from the railroad property. We believe that earnings prospects for the rail- roads are favorable over the next several years and Kansas City Southern should participate fully. The transportation ratio (the percentage of train operating costs to gross) of Kansas City Southern has been lower than most Class I roads. With the eventual diversification pro- gram leading to a possible sharp increase in growth, the stock appears to be an interesting purchase for long capital appreciation. It is selling about eleven times the 4.05 per share earned in 1962,and earnings for 1963 should be moderately higher. The yield is 4 1/2 – on the 2.00 annual dividend. The stock, on an adjusted basis, held in the 46-32 range from late 1959 to earlier this year. It is one of the issues that held above its 1960 low (32) at the 1962 low of 36 1/8. The stock in June broke out on the upside of its five-year trading range to reach a high of 48 3/4 and has returned to 44-42 support level. We advise purchase for long term capital appreciation. EDMUND W. TABELL Dow-Jones Ind. 697.83 Dow-Jones Rails–168. 00, ,,- thl '10 WALST0N & CO. INC. ThIS mnrket letter IS not. and under no circumstancC'I IS to he construed ns, an offer to sell 01 fl sohcitntton ttl buy any seelll itlcs referred to herein The m(rmnlmn contmned herem IS not I!unrant.eed lUI to Ilcl;urncy or completeness nnd the fUi nlshtnlt thereor . not. nnd \tndcl nu circumstnnC'; IS to be cun,;h ued as, n rCI'1 Clent.n- t10n by Wliiston &. Co, Inc All expressions of oPlnlon are subject to chRnlle wlthuut nutke Wnbton & Co, Inc IIm\ Offlcel's, DllcctOrs, Stockholdcr.. Ilnd thereof, purchase, sell and may hnve an interest In the seCllritiefl mentIOned hCI Cln 'fhl! market lettC'r 18 intended and IIreo.cllted merely 111; It \.lenernl. Informal commentary on day to day market news nnd not IlS a complete nnalYhl-. Adtlitlnnni Infol mation …. Ith rcollect to uny RecUlltJes rdcrled to herem ,11 be furlllllhed. u,pon request. \\.\ 301

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Tabell’s Market Letter – August 08, 1963

Tabell’s Market Letter – August 08, 1963

Tabell's Market Letter - August 08, 1963
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EDMUND W. TABELL'S RECOMMENDED LIST QUALITY & LONG TERM GROWTH Close Qual8/7/63 ity Comment Caterpillar Tractor Corning Glass Crown Zellerbach DuPont 43 1/2 171 47 7/8 241 1/4 A A AA Hold Hold Hold Hold General Motors 71 A Hold Gulf Oil 49 A Hold Int'l Bus. Mach. Minn Mining Penney, J. C. Royal Dutch Stand. Oil N. J. Woolworth Close 8/7/63 437 1/8 59 7/8 40 3/4 48 3/4 71 68 1/2 Quality A A A A A A- Comment Hold Hold Hold Hold Hold Hold PRICE APPRECIATION Air Products Alside, Inc. American Viscose Atchison, Top. SF. Beaunit Corp. Burlington Ind. Burroughs Cenco Clark Equipment Cluett, Peabody Consolidation Coal Copper Range Denver, Rio Grande Disney, Wal t Elec. Stor. BatteTY Ex-Cell-O Corp. First Charter Fin. Fruehauf Trailer General Mills Great North. Int'l Min. Chern. Kansas City So. Ind. Kern County Land Kerr McGee Close Qual- 8/7/63 !!L Comment 57 7/8 B Hold 36 1/4 Hold for 42-50 72 3/4 Hold for 75-80 28 1/2 A- Buy-Hold 25 1/4 B Buy-Hold 37 B Hold 26 1/2 B Hold 43 7/8 B Buy-Hold 40 1/8 A- Buy-Hold 46 1/2 B Buy-Hold 42 1/2 A- Hold 21 1/8 B Buy-Hold 21 3/4 B Buy-Hold 40 5/8 B Buy-Hold 57 7/8 B Hold 41 1/4 A Buy-Hold 39 1/4 Buy-Hold 28 1/8 B Hold 35 5/8 A Hold for 40 43 B Hold for 50-55 52 1/2 B Buy-Hold 44 3/4 A- Buy-Hold 69 1/8 A Hold for 82-85 40 3/8 A- Hold Close Qual- 8/7/63 l!L Korvette 26 1/4 Litton Ind. 72 5/8 B McDermott, JR 25 1/8 McKesson Rob. 45 1/4 A- Midland Ross 63 3/8 B Newmont Min. 78 A- Northwest Air. 50 3/4 B Panhandle East. 70 1/4 A- Pittsfon Co 62 1/2 B Raytheon Co 21 3/8 B Reynolds Metal 33 l/S B Schlumberger 65 Stevens, J. P. 36 3/4 B Stewart-Warner 34 3/4 B Storer Broad. 39 3/8 B Sundstrand 23 3/4 B Swingline 37 7/8 UniOn Bag-Camp 355/8 B United Fruit 25 B U. S. Plywood 59 3/8 A- U. S. Vitamin 24 1/2 A Univ. Oil Prod. 33 3/8 B Comment Hold Buy-Hold Buy-Hold Hold Buy-Hold Hold Hold Hold for 75 Buy-Hold Hold Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Buy-Hold Hold-Buy at 55 Hold for 30-32 Buy-Hold Audio Devices rcampbell Chibou. El Paso Nat! Gas Flying Tiger Foote Mineral Great West Fin. Hewlett Packard Int'l Packers Mesabi Trust August 8, 1963 LOW-PRICED SPECULA TIVE Close Qual- 8/7/63 !!L Comment 14 3/8 B- Buy-Hold 3 3/8 C Hold 19 B Hold-BtW 17-16 11 1/4 C Hold 9 7/8 B Hold 18 1/8 Hold 20 5/8 B Buy-Hold 16 1/2 B- Buy-Hold 13 1/8 Hold – Close Qual- 8/7/63 .EL. Comment Microwave 11 1/8 B Hold Murphy Corp 18 3/8 Hold for 25 National Can 15 5/8 B- Buy-Hold Pacific Pete 11 B- Buy-Hold Pennsylvania RR 18 3/4 B- Buy-Hold Reeves Bros. 14 3/8 B Hold for 21 Sperry Rand 13 3/4 B Buy-Hold Univ. Match 15 3/4 B Buy-Hold Varian Assoc. 16 1/2 B -Buy-Hold B

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Tabell’s Market Letter – August 16, 1963

Tabell’s Market Letter – August 16, 1963

Tabell's Market Letter - August 16, 1963
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NEW YORK Walston &Co. —–Inc —– Jlcm/lI'I,' XCI/' ln'.. Sinck EchUlIlIl' SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS I TABELL'S MARKET LETTER August 16, 1963 Most techmcal indicators ha ve confirmed the short term buy signal noted in this letter two weeks ago. Early this week the downtrend line on the daily breadth index was penetrated on the upside. Volume indications have turned favorable and on each day this week trading has been above 4 million shares on upside volume. Friday's complete figures are not available at present writmg, but Thursday's intra-day high of 721. 51 on the Dow- Jones Industrials was above the July 5th high of 719 02, which was the previJus rally high, The Industrial average has now recovered over 800/0 of the 48-point decline from the June intra-day high of 732.97 to the late July low of 684.41 and thus indicates that the present adya,nce is more important than merely a one-third to one-half technical retracement in a downtrend,-P-;rthermore, the Rail average' an intra -day high- of 177. 30 on Friday as compared to 177.92 in June, The previous high in the Rail average was 182.54 in 1956, The all-time high in the Rail average was reached in 1929 at around the 190 level. From a technical viewpoint, a great many stocks indicate substantially higher levels over the longer term. At the same hme there are an equally large, if not larger, number of issues that have not yet built up sufficient accumulation bases to indicate an 1mportant upside move at this stage of the market pattern. This divergence makes it difficult to arrive at an objective for the Industrial average at the moment. It is why this letter has, for the last year, stressed the importance of individual issues We continue to believe that the market is in a broad accumulation area that is not yet completed. This will result in wide swil'lgs back and forth, but during this period individual issues will move in the individual trends of the1r own, The only importance oti the averages at this stage of the market pattern 1S the market backgroun9ri,t cr a e e averages are moving upward, as they have been doing for the ,t vorable background allows stocks with favorable fundamentals and technil\arJ,atter 0 move ahead at a greater rate than the averages, and even reach new uring such periods, the stocks with unfavorable fundamentals and pt s very modest advances or move sideways –When the averages arem' – ii. ' w ;A';', as they werEnrt'Jun'e and'July; –the — unfavorable background push t s ' fundamentals down at a faster rate with favorable fundam t continue for quite as an intermediate u r in e gingly, or move sidewise. This type of action may resent position of the market is probably best described ng term sidewise movement. For the short erm, the sharp rally of the past fourteen trading days has brought some of our shorter t rm indicators into temporarily overbought territory, This could probably result in a sidewise movement in some of the leaders of the recent rise and a rotation of strength into some of the background groups. We have not mentioned our long term breadth index recently. Th1S is because it has continued to move up and down with the market, The breadth index becomes important only when there is a divergence between its action and the action of the averages. The breadth index reached its high with the Dow-Jones Industrials in June and its low with the Industrials late in July. It has rallied with the Industrials during the past two weeks. Its rate of advance has not been quite as steep as the advance in the Industrial average, but we do not consider this of too much significance. The important thing is that there has been no d1vergence. With the averages again in hailing distance of the 1961 high, it will be important to watch the action of the breadth index over the next several weeks. In the past, this indicator has usually given a warning signal quite some time before an important market decline. Until there is a divergence between breadth and the averages, we do not believe the market is vulnerable to an important downside movement. Dow-Jones Ind. 719.32 Dow-Jones Rails 176. 31 EDMUND W. TABELL WALSTON & CO. INC. 1 hi! I'1nrket lettet IS lIot, and uncle\ no ClrClIlll!tance; I' to he \led a, nn ..fIel III -.eli 0\ n hCLt.ltln tn Inl .uIY '('('\11 It Ie-. I erci re,1 1.. hel ('In The mfl 111.111,, ontfllllc.l h('rcin IS IInlI!Uflrf.n!cctl n to nCCUIII(Y 01 linn the fUllllhl!ll! thclcur nut, and nn 10 to I'e ,UII'-tIUCf! 11…. II IC\llc…entfl \1(11\ bv Wnls\on &. C,), Inl' All c,,prCSblnn5 (If Ulllnwn 1\1(' -.uiJl(t to ('h,\lll-!'' '\I\hul nuh,e Wal-,\oll &. Cu. 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Tabell’s Market Letter – August 23, 1963

Tabell’s Market Letter – August 23, 1963

Tabell's Market Letter - August 23, 1963
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Walston &Co. MellI/ .Yell' YO'k Stork Erchanlle NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO CO…. ST AND OVERSEAS TABELL'S MARKET.UTTEa .. August 23, 1963 Market action continues on the favorable side. After six successive advancing days with volume exceeding four million shares, the Dow-Jones Industrials reached an intra-day high of 723.57 on Monday. The three-day sell-off was quite mild with the Industrials reach- ing an intra-day low of 713.49 and volume dropping below the four million share mark. The advance was resumed on Thursday and Friday, with the Industrial average reaching a new high for the present move at 726.02, and the Rail average at 176.76, approaching the June high of 177.92. Our short term breadth index has improved sharply in the past week. Despite the mid-week sell-off in the averages, advancing stocks exceeded declining stocks on every day except Wednesday when declines exceeded-a'dvarices15y me rela'tively 47B. As a result, the short term breadth index is now showing better action than the Indus- trial average and has moved above its June high despite the fact that the Industrials are still below their comparable high of 732.97. This would indicate an advance in the average to at least the June high. Two stocks in our recommended list would seem especially attractive for purchase in risk accounts at this time. One, selling at a conservative multiple of estimated 1963 earn- ings. appears to have a growth potential as yet unrealized by the market. The other, an ob- vious growth stock, is hardly cheap on an earnings basis, but still appears worthy of consider ation based on its superb past record and equally bright future. CLARK EQUIPMENT (40 5/ B) was originally suggested earlier this month at a price around current levels. The company is a leader in the trucks, including fork-lift trucks, straddle carriers, towing tractors and po r trucks. It also is a major seller of construction machinery and a 5\0 i enz ystems of freight handling. Po Containerization, in all its aspects, field. Clark Equipment's interest in this fiel s t -fo roads into the transportation ts trailer division is important – u .Js the.fa.ct .th!t .containerized freight . for loading and unloading. For these applications, Clark has the br i av\&tole from any single source. , All of Clark's contributed to a performance which has moved earnings to recor v r the first half were 1. 50 per share, and for the twelve months ende' ne, 1 per share. With backlog continuing high, it would seem ,that the company coul co lose to equalling this performance for the full year. This would mean the secon nsecutive new high in annual earnings. The dividend, recently raised to a 1. 40 annual rate, provides a 3 1/2 yield, but is still conservative in relation to past payout ratios. CENCO INSTRUMENTS (51 1/2) reached a high of 52 on Friday, although it was recommended earlier this month at 43 7/B. Despite the advance, the company's record and prospects combine to make it attractive at current levels. Earnings have increased in every year since 1953 and have multiplied some seven times in that period, reaching record levels of 1. 73 per share in the year ended April 30. The need for laboratory and experimental equipment by educational institutions is too obvious to require detailing here. Cenco is the leading distributor and manufacturer of such equipment for education and for industry. Some two years ago the company entered the hospital supply business with tHe ac – quisition of Mills Hospital Supply Company, and recently has acquired two other companies in the field. It is the company's intention to e x p a nd aggressively in this area. The most recent acquisition is that of a group of three companies manufacturing and distributing freeze-dry equipment. New applications for this process, which involves pre- servation for long periods of time without physical alteration, are developing rapidly, es- pecially in the medical field, and the acquisition should supplement Cenco's rapidly growing sales to hospital and medical institutions. From a technical point of view, the stock has a long term objective well above present levels. Dow-Jones Ind. 723. 14 Dow-Jones Rails -175.81' ;;,. .'1… '- EDMUND W. TABELL WALSTON & CO. INC. Thl'! l('ttci not. nnd unlCi llo to he eon..,tll1('t! 1111 off!'1 tn ..,'II I .1 tn hlJ lillY 'C'1I1111(''I Icfellc,ll hel Cln The InrIIll.,''''') u,tlt.llll('d herCIII)b nt !!'u.lluntccd n tu IICClllflCY UI IInrl the 1\lIllhh,llJ! illl'ICr nut, lind lIll,I!.'. l'n Ib til hc .1 ICI'I c-.ent.l- 11/\ h Wnlston & Co, 1m All e(pr('HUnl of 0llllllllll niL' '!uilJc('t tn .hnllt'c \\Ithput lIt1(' Wnl-.tn &. en Inc 11n,1 lHTI('cl …. DIICI'IOlb. 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Tabell’s Market Letter – August 30, 1963

Tabell’s Market Letter – August 30, 1963

Tabell's Market Letter - August 30, 1963 page 1
Tabell's Market Letter - August 30, 1963 page 2
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– Walston &Co. I nc .. l1rmltI''' Xrll' I'm I. Stock Errhanlf NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABEll'S MARKET LEnER August 30, 1963 The magic year 1929 has always stood out as a sort of benchmark in financial affairs. Likewise, the Dow-Jones Industrial average has been the most widely known baro- meter of what the market is doing. Investors will remember the banner headlines in No- vember, 1954 when, just a little more than 25 years after the beginning of the 1929 crash, the Dow pushed through its 1929 top. Since then, of course, the 1929 high in the Industrials has been left far in the dust. By contrast, only a handful of statisticians noted something that happened a week ag On Friday, August 23rd, the Dow-Jones Utility average closed at 144.37, just 27t;! under its 1929 peak – the closest it has ever gotten to that level. Also interesting 'is the action of the Dow-Jones Rails. This ina ex- is -sTill 710 under irideed,-nasfailed-to bette its 1956 peak. Thus, the prosperity enJoyed by the industrial stocks over the past 35 years has not, necessarily, spread to their rail and utility cousins. A close examination of the action of the three averages is worthwhile in order to see when the divergence occurred. The follow- ing table gives the levels of each average at major tops and bottoms since 1929. Industrials 10 Change Ra iIs Change Utilities 1929 High 381 189 145 1932 Low 41 -89 13 -93 17 -88 1937 High 194 373 65 400 38 124 1938-42 Low 93 1946 High 212 -52 128 19 -70 11 -71 68 257 \\y 0 44 300 1948-9 Low 162 1953 High 294 -24 82 41 112 Cf 2 -27 54 69 1953 Low 255 -13 91 48-11 1956-7 High 521 104 181 75 56 – – 6 2 – – — –17 81 95 38 1960-1 Low 566 -17 1 -25 84-11 1961 High 1962 Low 536 7 17 15 -25 136 62 103 -24 Current 729 177 53 144 40 At a glance, it a seen that the Utilities' difficulty go es back in large part to the pre-war years. The ine in the depression was almost as great as that of the Industrials but the subsequent recovery much smaller, and the drop just before the war, a good deal sharper. As a result, in 1942, the Utilities made a new low more than a third under their 1932 bottom. In the war and immediate post-war years, the Utilities tended to reflect their conservative nature, and while, generally, they declined less than the Industrials in bear markets, their rise during bull markets was much smaller. Beginning about 1959, however, the relative performance improved quite sharply and, as can be seen, they out-performed the Industrials in the 1960-61 upswing and in the one from 1962 to date. They have noW ex- ceeded their 1961 high by a considerable margin. By contrast, the Rails' trouble has been a persistent vulnerability to bear markets. The table reveals that,in almost every rise since 1932, the Rails' performance has compared favorably with the Industrials. Likewise, in every bear market until last year they had managed to act considerably worse than the Industrials. However, they followed their 1962 performance with an upswing considerably stronger than that of the Industrial Average with the result that the carriers, like the utilities, are.well above their '1961 high. Thus, the fact that the two less-used averages are still below their 1929 peaks is attributable to their poor performance a number of years ago. The Utilities, as we have note have been out-performing the Industrials since 1959, and the Rails began doing so in 1961. It will be interesting to see if this trend continues and if, eventually, a relationship more like that of the 1920's prevails. Dow-Jones Ind. 729. 32 Dow-JoneslRails 176,8'1hilfl! 170 Rlhi\b' ANTHONY W. TABELL WALSTON & CO. INC. Thill market letter IS not. lind under ('''ntamer) herem .s not J.llnrnntce.\ no Clrcumstnnces to IICI'\IrfH'Y o. IS to be 1'0n..tl ued as an the ,r\1a'nnluofIfhellllJ!toth..eel.leuUI! II SuhCllnlll11 til hill' .In)' n(lt. nc\ unltrl 1\0 ('eUlllle 1erCI rell i., tll he tv hel CHI tontilled The Inr, matmn m', n relllC'Ientn' loy Il Co. Inr All ..f opinIOn OIl' suhJNt to ('hnn!!1' \\.thuut ',111'1. Wahtlln & ell, 1m. HIHI Otrlrelb, Dllec\.us, Stod.. huJdcr; unl\ thereof, JJU.chn'iI', sell aad may hn\e nn Interest In the t.eClIrltleo; mentlllnel\ he,ell! mll.J..et \e\t', II Intended IIlId merely II t.'cner,\\. mrormlll c.,mmcntary on lillY to cll;y market ond not a'l n comillete AddltwllllilllrurmntlOn …. llh lL…. lloClt \ lIn\- !etclled to helCII1 WllllloC u,pn request \\ \ If)) EDMUND W. TABELL'S RECOMMENDED LIST QUALITY & LONG TERM GROWTH Caterpillar Tract. Corning Glass Crown Zellerbach Du Pont General Motors Gulf Oil Close Qual- 9/9/63 itl 43 1/2 A 190 3/4 A 51 A246 1/2 A 76 1/2 A 49 3/4 A Comment Hold Hold Hold Hold Hold Hold Close Qual9/9/63 ity Int'l Bus. Mach. 4561/2, A Minn. Mining Mfg. 63 5/8 A Penney, J. C. 45 3/4 A Royal Dutch 46 7/8 A Stand. Oil of N. J. 70 5/8 A Woolworth 72 A- Comment Hold for 500, Hold Hold Hold Hold Hold l PRICE APPRECIATION Close Qual- Close Qual- 9/9/63 Comment '9/9/63 Comment Air Products 62 1/8 B Hold Kerr McGee 39 1/4 A- Hold Atchison. Top. SF 29 A- Buy-Hold Korvette 32 5/8 Hold-Buy at 30 Beaunit Corp. 25 3/4 B Buy-Hold Litton Ind, 80 3/8 B Hold-Buy at 75 Burlington Ind. 38 B Hold McDermott, JR 25 Buy-Hold Burroughs Cenco Clark Equipment 27 7/8 53 42 1/4 B B A- Hold McKesson Rob .. 463/8 .Hold-Buy 50-48 Midland Ross 65 Buy-Hold Newmont Min, 81 A- Hold B Buy-Hold A- Hold Cluett, Peabody 50 3/8 B Buy-Hold Northwest Air 58 3/4 B – Hold Consol. Coal 46 1/4 A- Hold Copper Range 24 1/ 4 B Buy-Hold Denver, Rio Grande 21 B Buy-Hold Disney, Walt 41 3/4 B fbld – Buy 42-40 Pittston Co 62 1/2 Raytheon Co 20 7/8 SRcehylnuomldbseMrgeetral 32 5/8 62 1/8 B Buy-Hold B Hold B Hold Buy-Hold Elec. Storage Bat. 55 5/8 B Hold Stevens, J. P. 36 1/4 B Buy-Hold Ex-Cell-O 39 1/4 A Buy-Hold Stewart-Warner 34 1/2 B Buy-Hold First Charter Fin. 43 3/8 Buy-Hold Storer Broad. 42 B Buy-Hold Fruehauf Trailer 29 3/4 B Buy-Hold Sundstrand 23 B Buy-Hold General Mills 37 1/4 A Hold for 40 Swingline A 37 3/8 Buy-Hold Great North. Paper 45 B Hold for 55-60 Union Bag-Camp 40 1/2 B Buy-Hold Int'l Min. Chern. 58 1/8 B Hold.Buyat 55 Kansas City So. Ind. 43 1/2 A- Buy-Hold Kern County Land 70 A Hold for 85-90 Umted Fruit 24 1/4 B Buy-Hold U. S. Plywood 62 1/8 A- Hold-Buy at 55 Univ. Oil Prod. 35 3/8 B Buy-Hold LOW-PRICED SPECULATIVE Close Qual- Close 9/9/63 Comment 9/9/63 Audio Devices 13 3/4 B- Buy-Hold Microwave 11 1/4 Braniff Airways 12 3/4 B Buy-Hold Murphy Corp. 19 5/8 Campbell Chibou. 3 5/8 C . Hold National Can 17 3/8 EI Paso Natl Gas 18 3/4 B Hold. Buy 17-16 Pacific Pete 11 1/4 Foote Mineral 12 3/8 B Hold Penn. R. R 20 1/2 Great West Fin. 20 1/4 Buy-Hold Reeves Bros. 15 5/8 Hewlett Packard 21 7/8 B Buy-Hold Seaboard World Air. 6 Intern'l Packers 15 1/2 B- Buy-Hold Sperry Rand 15 1/2 Mesabi Trust 14 5/8 Hold for Income Univ. Match 16 1/2 September 10, 1963 Varian Assoc. 23 3/8 Quality Comment B Hold Hold for 25 B- Buy-Hold B- Buy-Hold B- Hold. Buy at 19 B Hold for 21 C Buy-Hold B Buy-Hold B Buy-Hold B Hold.Buy-at 20-18 , – – — .- – – – – – – —

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