Viewing Month: February 1964

Tabell’s Market Letter – February 07, 1964

Tabell’s Market Letter – February 07, 1964

Tabell's Market Letter - February 07, 1964
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Walston &CO. Inc. Membel. Nell' York' Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER February 7, 1964 After backing'ami-filling-most of the week, the stock market exploded in a sharp burst of activity late Thursday and the strength carried on in Friday's trading. Many stocks that had been under heavy pressure rebounded sharply and the Dow-Jones Industrials achieved another all-time high reaching an intra-day peak of 795.40 on Friday. The average, at least, is well above previous highs. Yet, as all investors are aware, this hardly affords a description of what the average stock has actually done over the past few years. It is, of course, possible only to make a subjective answer to this question, but perusal of the technical patterns of 1,800 individual stocks would lead to the following esti- mate (1) A small minority of stocks have, like the Dow, moved into new high territory. (2) A substantial number are,at present prices, significantly below previously achieved peak (3) Eliminating the two patterns mentioned above from consideration, we are left with what seems to be the single most prevalent pattern in the market today – – that of a security whic reached its high in 1959 or 1961, declined sharply from that high in 1962, and has, today, recovered to a point just below its previous peak. This holds true for the thirty stocks in the Dow-Jones Industrial average. Nine of thes stocks, American Telephone, Chrysler, DuPont, General Motors, International Harvester, Sears Roebuck, Standard Oil of California, Standard Oil of New Jersey and Texaco, have, during 1963, moved into new high territory. Five, American Tobacco, Bethlehem Steel, Johns Manville, United Aircraft and U. S. Steel, are well below previous high points. But sixteen stocks, more than half the stocks in the average, are at present levels in or just under substantial trading ranges which marked previous table below gives the approximate level of these trading ranges, the years duri w took place, the 1963- 1964 high, and Friday's close for these sixteen Approximate \yv-. Date Range 963- ih Close 2/7/64 Allied Chemical 1961 I 38 55 Aluminum Co. of Amer. American Can Anaconda Company Eastman Kodak General Electric 1961 ci1961-2 V 0 4 O. 1 – 10 98-86 761/4 47 3/8 54 122 3/8 89 743/8 461/4 119 88 General Foods 108-90 91 88 7/8 Goodyear Tire 1-2 47-40 433/4 41 3/8 International Nickel 1961-2 86-74 741/8 72 3/4 International Paper 1961-2 38-34 361/4 313/4 Owens Illinois Glass 1961-2 104-84 923/8 91 5/8 Procter & Gamble 1961-2 100-78 84 803/4 Swift & Co. 1960-2 50-39 48 1/4 48 Union Carbide 1961 144-130 126 122 Westinghouse Electric 1961 48-41 41 5/8 32 1/4 Woolworth 1961-2 82-72 81 1/2 73 1/2 What significance does all of this have from a technical point of view One of the mos elementary concepts of technical analysis is the concept of support and supply. This concept holds that after a stock breaks out of a sideways trading range on the downside, a return to that trading range will produce a good deal of resistance. We have seen above that sixteen of the thirty stocks in the Dow are now at or close to areas of heavy supply and a quick perusal of any chart book will reveal the fact that a large percentage of other stocks are in a similar position. This situation does not, of course, preclude the possibility of continued selective strength in those issues that have already moved into new high territory and those stocks which have a good deal of room between their current levels and previous supply areas. It does, however, cast some doubt on the possibility of a broad general advance until new bases are formed, and the supply overhanging a substantial number of stocks is digested. Dow-Jones Ind. 791. 59 Dow-Jones Rails 182.01 ANTHONY W. TABELL WALSTON & CO. INC. ThIS mnrkelletter is not, and under no circumstances is to be con-.trucd ns, an to hell 01 R .milcitntlOn to buy any I efcil cd \0 hel em The Intut mntlOn contamed herem is not j!unrantcl!\ as to accuracy or completeness and the CUI n1Shlllg thel cuf . not. nnd untlel no ('11 cumtnntC- IS to be ('umlt! ued as, n reprc'Icntao t!on bw; Walston & Co, All expressions of opinIOn nrIJ subject to chaRlotc wJthuut notice WaJ..ton & Co, Inc. anel Offlcell!. 0llectors. Stockholllers and ,mployees thereof, purchllse. sell and may have an Interest m the securities mentlme.1 hel em 'fhls mart..et lettel IS mtendetl nnd merely at; a I-'cncrnJ. mformnl commcntary on dny to day market ncws and not as n completc analysl A.ldltlUnnl lIlrtJ1 matlOn with t('')Icct to !lRY '('(,llIltleb Idellell to helem will be furDished upon request. \\-. 301

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Tabell’s Market Letter – February 14, 1964

Tabell’s Market Letter – February 14, 1964

Tabell's Market Letter - February 14, 1964
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Walston &- Co. —–Inc —– Xr/' Ynrk Sinck Echm'(Jl' NEW YORK SAN FRANCISCO LOS ANGElES PHILADElPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER San Francisco, California February 14,1964 The following is a summary of a talk to the Security Analysts of San Francisco at their Thirty-Fifth Anniversary Program at the Mark Hopkins Hotel on Thursday, February 13th It has been our contentlOn for some time that the stock market reached a major top in the period between 1957 and 1961 and a major bottom between 1960 and 1962 and is now in a major reaccumulation area that will result in a much higher price level over the next several years. While individual issues may work somewhat above present levels in the near future, we do not believe that the present advance is the start of this major upward movement. Probably more time is needed to broaden the reaccumulation pattern in a great many stocks. The present advance from 1962 lows is now twenty'matims 010 ana probaElY1nneed of a corrective phase in the not too far distant future. It is difficult to reconcile the thesis of a reaccumulation phase with the action of the averages. Both the Dow-Jones and Standard & Poor's Industrial averages have reached new high territory above the 1961 highs. It must be remembered, however, that both these aver- ages are dependent on the price action of blue chip investment issues. The Dow-Jones aver- age is composed of thirty of the largest companies and the Standard & Poor's index of 425 stocks is a weighted index in which the thirty or forty largest companies play by far the pre- dominant role The blue chip investment issues have been bought by large institutional buy- ers and have been the strongest segment of the market with the exception of a handful of issues that have caught the speculative fancy. Most stocks have done little marketwise since they reached their highs in the period between 1957 and 1961. For example, The Value Line Investment Survey has an average of 1,100 stocks which CUlly New York Stock Exchange but also American Stock Exchange and ise . g banks and insur- ance companies. This average is not weighted,but in of the percentage rise and fall of each of 1, 100 stocks of representative coq\p!l;1ies. . s index has failed to pene- trate its 1961 high, and only about 30 of steek ve moved above their respec- tive highs reached in the.pe!,.iod To fully understand the price a t'o 6 . . h p;)g. et sinc'e 1957, the action of individual stocks must be studied reached a high in November- December, 1961, this is t tr e a stocks and groups. Airline.s, Aluminums, Coppers, Lead and i . 'I'o ,Metal Fabricating, Oils, Papers, Railroads and Textiles reached t h 61, but in 1956 and 1957. Autos, Broadcasters, Build- in r ectrical Equipments, Farm Equipments, Natural Gas,Steel Sugars and Tires reache eir highs in 1959 while Banks, Drugs, Electronics, Finance Companies, Foods, lOn Pictures, Office Equipments, Publishing, Radio and TV, Retail Stores, Soaps, Tobaccos, Utilities and Vending Machine companies made their highs with the averages in 1961. It is interesting to note that many of the groups that have been the leaders since 1962, such as Airlines, Autos, Broadcasters, Farm Equipments, Metal Fa- bricating, Oils, Railroads and Textiles, are the stocks that reached their highs in the 1957- 1959 period, and reached their lows not in 1962 but in 1960. Thus, they were in broad re- accumulation periods from at least 1960 to 1962. They reached their lows in 1960 before many stocks reached their highs Many of the groups that reached their highs with the mar- ket in 1961 probably need a longer reaccumulation period. Present technical action indicates that the market is losing upside momentum. This is reflected in the various breadth indices. While the averages have been reaching new high territory, the breadth indices reached their highs in September and have failed to confirm the new highs in the averages. A major divergence occurred in late October. Contrary to general opinion, poor breadth action does not indicate an immediate decline. In 1961, a majo divergence occurred in August, but it was eight months before the market declined. It is sim ply a signal to lighten accounts on strength. Before the major advance occurs we believe the market must undergo a corrective phase. Just how far such a correction would carry is problematical at the moment. Major tops have not yet been formed. As a rough yardstick, we would expect a third to a half correction of the advance from the 1962 lows. Such a correction would be the last opportunity to buy good stocks prior to an advance to much higher levels in' the late 1960's. DOW-Jones Ind. 794.56 Dow-Jones Rails 183.75 EDMUND W. TABELL WALSTON & CO. INC. 1'hl market letter not, lind under no IS 10 he con'ltrued (IS, 1I.n offel to UJ' II SOlil'llllh..n to lnl)' nn)' 1erell c.1 to hClcm The mfrmll.tinn 'untnmed herem IS not l!lmrnnt('ed 11.'1 to nccnrnc) 01' coml'ictene5 flnd the fl1l nlhlllJ! thelcuf I not, anq lITHlCI no CHCum!!tUTH'1!'!I IS to be UB, U rell! e,entn- tum h) V.'olston & Co, Inc All ell.pre;SlOns uf opmlon nrc sullJed to chl,n),(e \\lth(1ut nuliC'e Wnlbton & C, Ine, UTHI Offleel'li, Dllectnl'l, S(ockhlder.. Ollr! therCQf, plllchase, sell and may flilve nn Intcre'lt In the 'leCurl(lC'\ men(Iltelr heleln. 'fhl'! mnr(.,et fcllci \'1 Intenlie,lllnd prc.,cnt('(r merely n ).lenetnl, Infurmal commentury on tillY to da) mnrket news nlld not 0' a completc unah'tll AdditIOnal IIlfUl mutwn …. Jth le,pe('t tu nny l!eCllIltles Idellet! to helelll …. iII he furnll!hed u,pon request \\.. 01

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Tabell’s Market Letter – February 20, 1964

Tabell’s Market Letter – February 20, 1964

Tabell's Market Letter - February 20, 1964
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Walston &Co. ,\Iell/be,. Xrll' YnI'I.' Stnck Eulia1l(Je NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFF-ICES COAST TO COAST …. ND ovnSlAS TA.ELL'S MARKET LETTER February 20, 1964 NORTH AMERICAN CAR CORPORATION Current Price 28 The majority of investors are aware of Current Dividend Current Yield Long Term Debt Common Stock .80 2.860/0 53,970,466 3,056,858 ahs. the favorable developments in the railroad indus try over the past few years and those, potential developments which brighten the outlook for railroads in general. It is worth while to discuss some of these developments in the light Gross Revenues 1963-E -Earn. peer Market Range – 1964-61 25,700, 000 L50 353/4-193/4 of their effect on the railroad equipment indus-try. For example, railroad cash flow in the past two years has increased sharply due to guideline depreciation and investment credits. This increased cash flow, which should continue through 1964 at the current rate, will, for technical reasons, be largely utilized to add to equipment. Moreover, recent ICC rate-makin policies have the need for high capacity and special purpose freight cars, and re- current car shortages point up the inadequacy of the fleet presently in service. One especially attractive area of the rail equipment industry is the freight car leasing business. Special purpose freight cars, such as tank cars, refrigerator cars, covered hop- per cars and specialty cars,suchas piggy-back and auto rack, are generally not owned by railroads but leased either to the roads or to shippers by car leasing companies. The attrac tiveness of t.hi.s .for the lies in better of greater flex1b1hty. Leas1ng arrangements vary, Wl th newe a overhead, and ly being leased to shippers and railroad pools at leased on shorter term leases fixed monthly or on a mileage basiS1\ VA n Ie . EarlilT cars are Car leasing has experienced st five years. Lease revenues of the four major companies have have remaiiiecrremarKaOly f – a te me 6 per annum since 1957, and businesscyCleand 1tS aggra- vated effect on the rail . to assume that due to the factors mention- ed above, car leasing wi con' u g ow\ perhaps an even more accelerated rate. There are four a orMt 0 ies in the car leasing business and of the four, North American h the best technical pattern. This is perhaps indicative of the fact that NortH ric's the only one of the four companies which derives the ma- jor portion of its revenue om car leasing itself. Moreover, the recent record of North American Car has be enalized by a number of special problems. The fact that the com- pany is now selling considerably below its highs of both 1961 and 1962 does not appear to recognize the progress made toward solving these problems. North American's revenue growth in the past five years is impressive. It has increase revenues at the rate of 7 annually, slightly better than the industry average and, moreover, during this period these revenues per car have shown an increase in every year, reflecting a gradual improvement in the quality of the company's fleet. The increase in per share earn ings, however, has been less impressive. These remained at the 1. 30-1. 35 level for the three-year period 1960-1962. The decline in profit margins and level earnings trend were the product of a number of factors, including the necessity of selling additional common stock, special arrangements to conserve capital which cut down profitability, and the relative oDsolescenceof a large numherof refrigerator cars in the company's fleet. New orders in 1962 and 1963 have been impressive and most of the cars being ordere will go on to long term lease. Financing rema ins a problem, but not, it is believed, impossibl of solution, and an aggressive improvement program is modernizing the fleet. Thus, earnings in 1963 increased to an estimated 1. 50 per share, and should show a further good increase in 1964 – perhaps to the 1. 75 level. If demand continues at present levels, annual growth on this order of magnitude appears possible for the foreseeable future. As stated above, the stock has the most attractive technical pattern in the industry,and the recent upside breakout to 27 indicates a long-term 58. There is support in the 25-24 are and the stock is being added to our recommended list for purchase in capital gains accounts. Dow-Jones Ind. 796.99 Dow-Jones Rails 186.83 ANTHONY W. TABELL WALSTON & CO. INC. mnl'ket letter 1 no,' nne! under no ell cumstnnces IS to be cnn-.tlllcri ns, nn nffel In'll! II n sul1('ltntllll In huy lin llic-, I(rell e,ll., hel em The mfol mnllOn (',mtlllne,\ herein IS nut nllllll.lnteed n-. to IICC'lIlncy UI .. find the fill nhhlU!,! lh(e,r 1-. nt ,lIld IUHlel Un 1-' tu I,e ('nll',lllled 11..1 hy ' …. nlston & Co Inc All IIr IIpl111nn 1',mllloy(!,'S thereof, sell Ild mllY have on mtCle-t III the to, ch,III1!!' wlthut lllltlle, mentlllncd hel('lll Wnbtuf\ &. Co, nlathet leUe) IIn c m lind OOlce tenth..lnllti l , pl c nUcetu '('ntctl rs. me StucJ..h rely '1-. . .ldel UIH\ n J.cnel.ll mformni commentnry on ,iny to ,In) mnrJ..C!t news and nut m. n complete nnllly-.h Ad,htJII!1Il1 m(lmnllnn \\Ith IC'PNt III nny fm Illh('\u 1\J)tm request joTIcf(,'letl tu h(,lcln II h ….

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Tabell’s Market Letter – February 25, 1964

Tabell’s Market Letter – February 25, 1964

Tabell's Market Letter - February 25, 1964
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Walston &Co. —.;..;; Inc. ,;,.-,;;;,…..;,…;… Members New York Stock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS EDMUND W. TABELl'S RECOMMENDED LIST QUALITY & LONG TERM GROWTH Amerada Close Qual- 2/24/64 Comment 741/4 A Buy on dips Close 2/24/64 Nor. &West. 120 Quality Comment Buy on dips Amer Home Pro 65 1/8 A Buy at 60 55 Penney, J. C. 45 1/8 A Buy at 42-40 Caterpillar Tr 501/2 A Hold for 56-78 Reynolds Tob. 40 1/8 A Buy on dips Du Pont 259 5/8 A, Hold Royal Dutch 43 3/8 A Buy at 42-38 General Elec . 85 3/4 51 A Buyat.85-80 on dips Oil of Woolworth , 5/8-A Buy on dips Minn Mining 685/8 A Buy at 65-60 PRICE APPRECIATION Close Qual- 2/24/64 ity Atchison, Top. 28 3/4 A- Beaunit Corp. 34 B Borg Warner 47 1/4 A- Burlington Ind. 45 1/8 B Cenco Instrum. 51 B Clark Equip 46 3/4 A- Cluett Peabody 51 1/2 B Consol. Coal 53 3/4 A- Copper Range 32 7/8 B Copperweld Steel 45 B Denver, Rio G 21 1/4 B Disney, '4r3/'I — Eaton Mfg, 41 B Ex-Cell-O 367/8 A First CJlarter F 41 1/2 Fruehauf Trail. 29 B Illinois Central 57 3/4 B Intern'l Min. C 67 7/8 A – Kansas City So. 441/4 A- Kerr McGee 37 1/4 A- Comment Buy at 25 Buy on dips Buy at 45-43 Hold for 50 Buy at 49-46 Buy on dips Buy at 50-45 Hold Hold for 39 Buy at 42-40 Buy at 20-18 . Buy at 38-35 Buy on dips Buy at 38-35 Buy on dips Buy on dips Buy on dips Buy at 40 Buy at 35-32 Close Qual- 2/24/64 Korvette, EJ 33 7/8 Comment Buy at 33-30 Libbey-Owens 53 3/4 A Buy at 52-50 McDermott 23 7/8 B Buy on dips Midland Ross 70 B Hold for 92 Newmont Min. 37 1/4 A- Buy at 35-30 No. Amer. Car 28 1/8 A Buy on dips Penn R. R. 33 3/4 B- Hold Pittston Co 55 1/2 B Buy on dips Pure Oil 43 5/B A Buy at 42-38 Rayonier 361/8 B Buy at 32-30 Reynolds Met. 35 1/2 B Buyat32-30 Scfilumberger 63 178 A Buy on dips Southern Rwy 59 1/8 B Buy at 55-50 Stevens, J. p. 37 B Buy at 35 Storer Broad 39 3/8 B Buy at 35-30 Sundstrand 21 B Buy at 20-19 SwinglineA 371/8 B Buy at 34-32 Union Bag C 37 B Buy on dips United Fruit 20 3/4 B Buy on dips U. S. Plywood 71 A Hold Univ. Oil Prod 32,5/8 B Buy at 31-29 LOW-PRICED SPECULA TIVE Close 2/24/64 Amer. Metal Pro 18 Amer. Radiator 193/4 Audio Devices 13 1/2 Braniff Airways 17 7/8 Campbell Chib. 4 1/4 El Paso Nat! Gas 18 7/8 Foote Mineral 11 7/8 Gt. West. Fin. 18 1/4 Hewlett Packard 17 7/8 Intern'l Packers 155/8 Mesabi Trust 14 1/2 Qual- 2!L Comment B Buy at 17-15 B Buy at 19-18 B- Buy at 12-11 B Buy on dips C Buy as Spec. B Hold for 24 B Buy at 11-10 Buy on dips B Buy on dips B- Hold Buy on dips February 25, 1964 Close Qual- 2/24/64 ity Microwave 10 5/8 B Murphy Corp. 20 B- National Can 15 1/2 B- Pete 10-3/8 B- Raytheon 17 5/8 Reeves Bros. 15 3/4 B Seaboard W.Air. 73/8 C Sperry Rand 18 1/4 B Univ. Match 12 3/8 B Varian Assoc. 12 7/8 B Comment Buy on dips Hold for 25 Buyat.14-1 Buy on dips Hold Hold for 24 Buyat 6 Buy on dips Buy on dips Hold – This llullctln IS nOl and undcr no CIlCUffi'ltnnces It. tu be n IIfTc. to sell 01 n sollcltl\tlon to buy Bny securities referled to herem. The InformallOn con tamed herein 1; not .unrlwtced \; ttl nCCUHICY or and the fUI nj!lhmg thcleor l!\ not, and under no eircumttnnces IS to be construed as, a representatIOn by Walston & Co. Inc All expre.lOns of opinion nfe subJect to chanJt'! without ROtl('C. Wnblnn & Co. Inc. and Officers, DlreetOlS, Stockholders and Employees thereof, purchase, sell and may have an inlerest In the securlt.. mentioned herem Th.'l! Hullchn IS and prC5ented merely as a genera). informal Commen. tary and not as a complete analYSIS AddItional mfurmntlOn With respect to Rny se('Ullheh ref('rred to herem Will be ftll nlshed upon request. Wit-! 16 go' . , ………… lil3itii.L …. , ' lUi ,a.. J

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Tabell’s Market Letter – February 28, 1964

Tabell’s Market Letter – February 28, 1964

Tabell's Market Letter - February 28, 1964
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Walston &- Co. – inc – – – – – Memher.q Ne/' York Siock Exchange NEW YORK SAN FRANCISCO LOS ANGELES PHILADELPHIA CHICAGO OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LEnER February 28, 1964 At least insofar Industrial average is concerned, the market during the past two weeks has been a rather unexciting affair. For nine trading days the Industrials posted intra-day highs above 800, but until Friday were not able to close above this level. Some technicians have attributed this to a sort of psychological resistance which surrounds the 800 figure. This reasoning appears to be a bit tenuous. A study of other periods when the Industrial average passed through an even hundred figure indicates that, as often as not, the average moved through the barrier rather easily and with hardly a pause. A more realistic explanation of the sidewise action of the .past two weeks is probably to be found in the fact that, as this letter has pointed out for some time, the upside objective of the Dow-Jones Industrial average was 795. This figure has, of course, been reached. Before any major trend develops one way or the other, it is obvious that a new pattern must form. The apparent indecision of the past fortnight is probably part of the formation of just such a pattern. Two possible formations at this point suggest themselves. The first is that the aver- ages might form a top similar to the potential tops that have already formed in a small num- ber of former market leaders. This, of course, could signalize the beginning of the correc- tive process which this letter has long believed is necessary in order to broaden the base for a major advance to begin later in 1964 or 1965. If, indeed, a pattern of this nature does develop, it is far too early to say Just how far such a decline might carry. It will first be necessary to observe the pattern as it develops. The alternative possibility, of course, is the 0mew base around current alevels signalizing a further advance prior to the start of th mentioned above. This would not alter the broad basic pattern, I c an ie timing somewhat. Were such an advance to occur, indications are that ade s' ould be in a new group of issues rather than those which have been d' stment favorites heretofore. The action of the Rail average should not n contrast to that of the Indus- trials. Many investors are,not aware the market over the past year 430/0 from a low of 525 to a high ,e t21a 650/0 move. e e L lChthe-carriershave.outperformed Industrial average has advanced from in the Rails from 115 to 190 represents has also been above average. Of late, the i . c . that the speculative interest which was formerly attached to Xerox, S r r, et al., has been transferred to some of the speculative rails. Pennsylvania Ra r or example, is up over four points in the past two weeks while the market has b moving sideways. The stock has almost doubled from its Novem- er 1963 low. From a technical point of view, the Rail average presents an entirely different pic- ture from the Industrials. Although the carriers are close to reaching the objective of their 1960-1962 base which is 196, if we consider the entire area between 1956 and 1962 as an ac- cumulation area, the longer term upside objective is 255. After the sharp rise from the 1962 ows a correction could, of course, take place at any time, but relative strength continues excellent. A new edition of our recommended list is in the hands of your Walston Account Exec- utive. A few changes have taken place since the last issue. Copperweld Steel and North merican Car, discussed on January 17th and February 20th, respectively, have been added o our Price Appreciation list. Corning Glass, originally rec'ommended in June, 1962, has reached the objective noted in the previous list and has been deleted from our Quality and Long Term Growth list. Reynolds Tobacco, discussed on January 10, 1964, has been substituted for it Litton Industries, which has been disappointing of late, has been removed from the Price Appreciation list. The stock is now fairly close to a support level and may be held by the long term investor, but recent poor technical action indicates that it may be slow and it is, therefore, being dropped. Dow-Jones Ind. 800. 14 Dow-Jones Rails 190.74 ANTHONY W. TABELL WALSTON & CO. INC. ThiS mnrket letter 15 not. and under no Clrcum!tances IS to be ('ontl lied us, nn offer to sell Ul n soilcltatlOn to Inl) nny ,cfen ed \0 herem The mfnrmnhon (',)nwmed herein 15 nut 1!t1f1rll.nteed flO; to lIcc\!rnc or comllictcnC'l3 nnd the furnlhlll.!' theeof ,-. nut. ami un,ICI nil ('lItUintnn('c to be eun!hucd as, n leprc,cntn- hon by \Valston & Co. Inc All epresslOns of OpinIOn nre liubJcet to C'hnnj.!'e \\Ithuut Ilohc-e Wabton lJ.. Co. In…. nn,l Dllectrs, Stockholders lind EmlJloyees thereof, Il\llchnsc, sell and may hll\c nn Interest In the '1et'UrltJcs mentlnned helCIII. mllrket leltl'!r I mtcndell and IJre–ented merely ns n )!enerul, mformal commentary on dny to day marb.et news and not n; n complete A,lllltmnnl Inru.mahon \\lth ICI'ci't to nny Icfelle,1 to hClcm will he furnished upon request \\' 301

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