Viewing Month: May 1965

Tabell’s Market Letter – May 03, 1965

Tabell’s Market Letter – May 03, 1965

Tabell's Market Letter - May 03, 1965 page 1
Tabell's Market Letter - May 03, 1965 page 2
View Text Version (OCR)

Walston &Co. – Inc – – – – – INVESTMENT BANKERS MUTUAL FUNDS MUNICIPAL BONDS Members New -York Stock Exchange and Other Principal Stock and Commodity Exchange. TABELL'S MARKET LETTER OFFICES COAST TO COAST AND OVERSEAS May 3, 1965 The Dow-Jones Industrial Average reached a new intra-day nigh at 925.42 on Friday, but volume declined as the week wore on. At the week's high, the averages were very near the 928-930 level previously mentioned by this letter as the upside potential of the February March consolidation area.lfutb.e;'pa-tte.rn, which has prevailed for the last 17 months continue the recent strength will be followed by another consolidating area, formation of a new short term base, and a move to new high territory. At the present moment, it is difficult to en- vision much higher than the 928-930 area before a new base forms. The short term down- side support area is at the 905-900 level. Present indications point to continued upward selectivity within a nar- . row trading band. -The uptrend linesOnOurvarious techniCal indica to rs through tlie -Cuban – crisis and Kennedy assassination lows are still intact, although the market has undoubtedly reached a rna ture stage and must be watched closely for signs of loss of momentum. No such signs have yet appeared. At various stiges of the upward move from the 1962 lows the have been preliminary signals of minor deterioration, but the market has done a remarkabl job of internal technical correction and has not yet given a warning signal despite 'the fact that, recently, there have been a few signs of possible deterioration. For example, volume on the recent rise has failed to equal the volume at the February peak. Volume usually tops out before the market reaches its actual high. Also, the action of the other ave ages indicates some signs of divergence. The Rail average, despite the new highs in the In- dustrials, has failed to better not only the March high of 217. 63, but also the October high of 226.39 made over six months ago. The Utility a fractional new high, but its action has been sluggish rec tl managed to reach hts week's intra-day low of 160.85 is quite close to the three-month low e wever, are only preliminary indications and could easily change. Lo Olftm e action remains con- structive and indicates the continuation of a selectiv anc Selectivity in the market is well t e 'ce action of our recommended -'Fher-e is the Quality and Long preciation group consisting 0 e' of issues of high quality, the Price Ap and a Low- Priced Speculative group. In 1962, when this lette was confined to th iY m bullish, a large portion of our recommended list n n erm growth sector. Until late 1964, this was the group that showed t a t e appreciation. We have been gradually eliminating issue in this group from ou ended list and at the moment there are only 7 issues in this group out of a total of ince the first of the year the Dow has advanced about 5, but the 7 stocks in our Qualit list have averaged a gain of only about half of this amount. On the other hand, the 49 issues in our Price Appreciation group have shown an advance approxi- mately three times as great as the Dow, and the price appreciation of the 15 stocks in the Low-Priced Speculative group has been roughly five times greater than the Average. These figures are preliminary, but the actual figures will be available next week. Obviously, these figures indicate an increase of public participation in the market and a lowering of the qual- ity of the advancing stocks. The market, however, has not approached the sort of overvalua- tion of lower-grade equities that existed in 1961. A new Recommended list will be in the hands of your Account Executive next week. We are making a number of changes. In the high quality group we suggest switching Amerada (78 5/8) into Aluminum Co. of America (71 better intermediate term action. is a high-quality issue and will probably show excellent long term growth, but will probably be slow over the nearer term. The Aluminum group has shown much better technical actiorl\ recently and Aluminum Co. of America is the quality issue in the group. It sold at over 130 in 1956. We also suggest taking profits in Rayonier (41 7/8) in our Price Appreciation list. This stock has performed remarkably well since our original recommendation, but nowshow some signs of loss of momentum. As a replacement we suggest Revlon (45 1/8), a leader in the cosmetics and toiletries field. It sold at over 80 in 1961 when earnings were lower than those of today. Also, we have lost patience with Sperry Rand and are removing it from the list. Over the longer term it has appeal and can be held by patient holders, but we see no indication of near term action. Better speculations, in our opinion, would be Audio Devices (14) Great Western Financial (.11..3).4)..a.nd Microwave (10 1/8). All of these three issues are al- ready in our recommended'-lisURevlori will be reviewed in more detail shortly. Dow-Jones Ind. 922.31 EDMUND W. TABELL Dow-Jones Rails 212.63 WALSTON & CO. INC. This market letter is published for your convenience flnd mformatlon and IS not E1n oft'er to lieU or It solicitation to buy Rny IIUrlties dl.scussed. The information was obtamed from sources we txheve to le reliable. but we do not guarantee Its RccurElCY. WEllston & Co. Inc E1nd Its officers. diretors or emJ'loyees may have an Interest in or purchase Rnd sell the securities referred to herem Walston &- Co, 1nc INveSTMENT BANKERS MUTUAL FUNDS MUNICIPAL BONDS Members New York Slock Exchange and Other Principal Slock and Commodity Exchanges OFFICES COAST TO COAST AND OVERSEAS EDMUND W. TABEll'S RECOMMENDED LIST May 3, 1965 . . This edition of our Recommended List gives long term technical upside objectives and level.s in cases where such levels exist. An asterisk in the Upside Object- lVe column mdicates elther that the objective is unclear, or that the stock has not yet broken out of its base formation4tllmL QUALITY & LONG TERM GROWTH Close Qual- 4/30/65 Alum. Co. Amer. 71 7/8 B Amer. Can 473/4 B Gen'l Elec. 1041/4 A Gulf Oil 55 1/4 A Upside SupObj. port 65-60 130 90 66-92 50-45 Close Qual- Upside 4/30/65 Obj. Norfolk & W. 131 A 155-170 Reynolds Tob. 42 3/4 A Royal Dutch 41 3/4 A 86 Support 125 39-35 PRICE APPRECIATION Close Qual- 4/30/65 Atchison, Top. 33 A- Beaunit Corp. 43 1/4 B Cenco Inst. 343/4 B Clark Equip. 56 A- Clevite 485/8 B Cluett Peab. 72 1/2 B Copperweld S 68 1/2 B Crowell Coll, 343/4 B Denver, R. G. 20 5/8 B Disney, Walt 55 B Eaton Mfg. 541/8 B Elec. Stor. B 52 1/2 A- El Paso N. G. 21 1/2 B First Charter 23 3/4 Fruehauf Corp. 34 B Gen'l Dyn. 42 1/4 Hewlett Pack. 25 5/8 B Illinois Cent. 50 7/8 B Int. Min. Chern. 56 1/8 A- Kansas City S 41 1/8 A- Koppers Co 68 5/8 B Korvette, E. J. 46 7/8' B Litton Ind. 88 3/4 B Lykes Bros. 22 1/2 B McDermott 41 7/8 B Upside SupObj. port 46-52 28 57-60 42 60-84 50-45 57-100 92 70-94 45-58 30-28 28-43 65-100 78 56-80 25-34 56-84 78-114 40 80-100 60-80 96-128 32-60 20 48-80 Close Qual- Upside 4/30/65 i!L Obj. McGraw Ed. 681/8 A- 70-80 Mesabi Tr. 13 7/8 22 MGM 42 3/4 70 Metromedia 39 B 64 Newmont M 557/8 A- 62 N. Amer. Car 32 7/8 A Raytheon 22 7/8 36-38 Revlon 45 1/ 8 A- Reynolds Met. 42 1/8 B 51-80 Riegel Paper 21 7/8 B 34 Schlumberger 761/4 A 90-130 ScovillMfg 483/8 B 65 Shell Oil 58 3/4 A 64-120 Signode Corp 29 A- 33-50 Southern Rwy58 1/4 B 77-104 Spartans Ind 26 1/ 8 27-36 Stevens, J. P. 52 3/8 B 52-75 Storer Broad 49 1/4 Sundstrand 23 7/8 Swingline A 48 3/8 B 54-70 B B 50-70 United Fruit 21 7/8 B Vornado 473/4 54 Vulcan Mat. 20 B 28 Warner Bros. Co. 35 1/2 B 50 Support 50 30 70-65 54-50 53-50 45 LOW-PRICED Amer. Bosch Audio Dev. Camp. Chib. Foote Min. Gt. West. Fin. Intern'l Pack. Ling-Temco Close 4/30/65 20 14 4 22 11 3/4 14 1/2 25 3/8 Qual- !!L B- B B Upside Obj. 40-50 29 44-62 Support 21 SPECULATIVE Close Qual- 4/30/65 Microwave 10 1/8 B Mohasco 20 1/4 B National Can 26 B Pacific Pete 11 B- Sbd W. Air 10 C Univ.Match 16 3/4 B Varian Assoc.14 7/8 B Upside Obj. 29 50-60 14-20 Support – ThiS Bulletin LS published (or your convcnjtnrt.. H.nd mio)mRtion nnd is nol nn offer to /lell or R sollcltlttJon to buy any seCUrities discussed. The Information IHIS Obt.flIDNI from source'! we hl'h(vc to 1101 te1mhle. but we tlo not ItUIHlI.nto't' its nCCUfH,CY. WRlswn & Co, Inc Rnd Its offic(ra, dnectors or employees moy have nn U'lten.st In or JIUr('hfUlt' IHld lieU the ht.'CurLtlcs to hcrt!m. WN-5I16

Download PDF

Tabell’s Market Letter – May 04, 1965

Tabell’s Market Letter – May 04, 1965

Tabell's Market Letter - May 04, 1965
View Text Version (OCR)

MEMORANDUM TO Account Executives, Branch Managers, Officers and Department Heads FROM Edmund W. Tabell, N. Y. May 4, 1965 At the end of every month each Account Executive receives copies of the Tabell Recommended List. The list is kept up-to-date and every stock on the list is followed through from its o;iginal recommendation to its removal rom the list. Additions and removals are noted in the weekly TabeH letter. While the recommcndations are for long term and intermediate term holding rather than or trading turns, it is lnteresting to note how the price action of the list compares with the DowJones Industrial Average for the four-month period between the end of 1964 and April 30th 1965. The Dow-Jones Industrial Average in this period rose fI-om 874.13 to 922.31, or a rise 0(5 1/2. The Recommended List, as of'April 30th, contained 71 issues. During the four-month period several issues were dropped and several added so It was necessary to adjust both the price action of each individual stock and the Industrial Average for the period held. On that basis, the rise in the'Dow-Jones Industrials was 5, and the rise in the entire list was 15.1 or three times better than the averages. ObvlOusly, like the Jlverage, this figure includes both gains and losses. Quite a number of issues showed much better than average gains during the four- month period. For example, on the Price Appreciation portion of our Recommended list, which consists of issues of medium quality, the rise was 14.2 compared to 5. 1 in the Averages, adjusting for additions and removals. Several individual issues showed price appreciation of 25 or more during the four-month period as compared to a 5 rise in the Averages. Better acting issues of the 45 stocks 10 the Price Appreciation sector include Copperweld Steel Crowell Collier Eaton Mfg. International Mlnerals Koppers Co. McGraw Edison Newmont Mimng Scovill Mfg. Swingline, In. Vornado, Inc. 12/31/64 52 3/4 25 1/8 43 1/ 4 3S 55 51 45 36 7/S 37 1/2 30 l/S 4/30/65 68 1/2 34 3/4 54 1/ S 56 1/s 6S 5/S 6S 1/s 55 7/S 4S 3/S 4S 3/S 47 3/4 Rise 30 38 25 4S 25 34 24 31 290/0 59 The Low-Priced Speculative section of the list contained 11 stocks. These showed a rise of 21. 20/0 compared to 4.9 in the Average, or 4. 3 times better than the Dow.

Download PDF

Tabell’s Market Letter – May 10, 1965

Tabell’s Market Letter – May 10, 1965

Tabell's Market Letter - May 10, 1965
View Text Version (OCR)

Walston &- Co. INVESTMENT BANKERS MUTUAL FUNDS MUNICIPAL BONDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchanges OFfiCES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER May 10, 1965 The Dow-Jones Industrial Average moved ahead through most of last week, reaching an intra-day high of 938.12 on Thursday, slightly above the 928-930 figure previously men- tioned in this letter as an upside objective. Breadth and volume action on the advance was somewhat unimpressive withouT.'IDreadth index lagging tleaverage on its move into new high ground and volume being decidedly lower than tha t on1Yrevious advances. This is, of course, to be expected at the present mature stage of the market and is an indication that selectivity may increase. Accordingly, it is necessary contmually to revise our recommended list. Revbn (48), reviewed adied last week t,o our list, an!LAluminum Co. of America (74 7/8), was added to our Qu-ality list. This week, recoriimen- ' … , ded just a year ago at 25 5/8, reached its long term technical upside objective of 54 and is, therefore, being deleted. Three other stocks reached or approached intermediate term technical objectives. Copperweld Steel (71) recommended in January 1964 at 38 3/4, Spar- tans Industries (27 1/8), recommended early this year at 19 1/ 8 and Swingline, Inc. (49 3/4) recommended in August 1963 at 35 3/4. While these stocks may require some consolidation, they all have longer term obJectives above current levels and are being retained in the recommended list. REVLON, INC. A number of Wall Street phenomena are calculated security analyst SOme- what cynical about the scientific pretentions of his professi8n.th icl history of Revlon common stock is a claSSiC example. It was to e ic in 1955 at an ad- Justed price of 3.00 per share. Since that time botfH.t s lOgS bave posted in- creases in every year and will do so again dy ncome data presents a sim- ple and rather impressive history. e- .The.oJOiginalotfer.ing pr.i.ce,.was – , something less than five anct;the rationale for this even-then-Iow ratio was that cosmetics was sort 0 – too dependent on fashion or single products to be A , t growth could be expected. Six years later the stock sold for 84. Earnings had s, ourse, but the main factor behind the rise was the fact that the earnings mult Ie gone from 5 to 37. As ever, the market was ready with a rationale. In the afflue ociety, cosmetics had become almost a necessity. Population was growing and the population of cosmetic users was growing even faster. Lucrative for- eign markets were waiting to be opened up. Revlon, indeed, should be considered a growth company par excellence. A year later it sold for 31. This price was thirteen times that year's earnings and the stock has been selling a- round this multiple for the past three years. There is also a conventional wisdom which explains this fact. The reasoning runs that certain items in the toiletry field have incurred heavy promotional expenses and price cutting, and tha t this type of selling, done through supermarkets and discount houses, is cutting heavily into Revlon's traditional higher-price cosmetics outlets. Therefore, it is said, Revlon's profit margins will be under considerabl pressuTrhee. amusing thing is thatthere is an element of truth in all of the.above Cosmetics are, indeed, subject to the vagaries of fashion, but Revlon has shown a consistent ability to anticipate and create fashion. There has indeed been severe price cutting in numerous toiletry items, notably hair spray. However, Revlon's true strength lies in such items as lipstick, make-up, nail polish and perfume. These items are sol d by brand name and generally can be maintained at a high markup through dealer franchises. In this area, . the highly promoted Revlon name is a major asset. What is basically true is that cosmetics is indeed a growth industry for the reasons mentioned above and others, and that Revlon's record in this industry is excellent. For 1965 per share earnings should show their tenth consecutive increase to 2.90 from 2. 68 in 196 and the technical pattern of the stock has improved sharply with an upside objective of over 100 possible if 50 is reached. MeanWhile, the present price, at 16 times estimated 1965 earn ings, is historically 10w.With.out.any elaborate rationale these simple facts qualify the stock for addition to our recomm-endedoJ.ist. Dow-Jones Ind. 932. 52 Dow-Jones Rails 213. 39 ANTHONY W. TABELL WALSTON & CO. INC. This market letter is published (or your convemence and information and IS not an offer to sell or II. solicitation to buy rlny eeeurlUes discussed The m formation WI'Ll! obtained from sourcl2'S we b(.1ieve to Le rehable. but we do not guarantee Ita accuracy Walston &. Co Inc. and 1tS offieers. dlreetors or employeefl may have an Interest In or purchue alld sell the securities referred to herein WNSOl

Download PDF

Tabell’s Market Letter – May 17, 1965

Tabell’s Market Letter – May 17, 1965

Tabell's Market Letter - May 17, 1965
View Text Version (OCR)

Walston &Co. —–Inc —-INVESTMENT BANKERS MUTUAL FUNOS MUNICIPAL BONDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchanges OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER May 17, 1965 At the week's intra-day high of 944.82, the Dow-Jones Industrial Average reached new high territoryfor the fifth successive week. In so doing, the market continued the tech- nical pattern that has been in force for the two and a half years since the Cuban crisis low of 549. 65. Eliminating the shaLpWni.tia!1 rise, the Industrial Average since thaCtiHl.l!lfiilsmoved ahead in a series of relatively modest advances and corrected itself internally by a series of even more modest corrections. The greatest decline in the last two and a half years was the decline from the September 1963 high of 767.24 to the Kennedy assassination low of Novem- ber, 1963. A large part of this decline took place in one day and amounted to 7.4. It was itlat.carrietlrom310.. . .,. This aavance of 17.6 was the sharpest rise of the series. The average rise of the two and a half year period has been slightly over 10, and the average correction less than 5. The present rise from the February low of 877.48 to the present high is slightly over 7 and, so far, is one of the smaller advances of the series. From a technical point of view, it is difficult to anticipate a further steep advance at the moment as far as the averages are concerned. The advance has carried above our 930 objective for the move and some consolidation would appear indicated at this level. If the technical pattern of the past two and a half years continues, the indication would be for a correction to the next support level (around 910-905) followed by a consolidation period of a couple of months followed by an advance to new high territory. Obviously, this pattern is not going to continue indefinitely. The technical background must be watched carefully for signs. of signs of have appeared as yet, but the tec'hmcal actlOn of the marke n P!W'es t advance 1S begm- ning to give some preliminary warning signals that r e e m serious if they conti- nue. Our concern is centered mainly in the action of urea t . ex. The breadth index re- presents the entire market while an average l ! i 'hke J Industrials represents 30 in- vestment blue chip companies. The basic the ind ket breadth action is that as long as the investment issues, as 0 0 Industrial-Average; move in the same direction as the general . breadth index, the trend in force will continue. It is only when there a e between these two indices that a warning of a possible change in t ely, these warning signals are usually given be- fore the market strial Average graph and the breadth index have been in uptrend channels s e he edy assassination lows. They are still in uptrend channels. However, for the last th ee eks, the breadth index has failed to confirm the new highs reached by the Averag his pattern could change, but this is the longest period of non- confirmation since the advance started. Technical action on the next market decline and subsequent rally must be watched closely. In the meantime, individual issues continue their diverse action with the majority still in various stages of an uptrend. Of the issues in our recommended list, Litton Industrie (95 5/8), reached its first technical objective at 96. This-stock has a much higher long term potential and retention is advised along with buying on minor price declines. Mohasco (217/8) has had a sizable price advance since its original recommendation about a year ago at 13 1/2 Despite its rise, we continue to believe the stock has a higher potential from both the funda- mental and technical viewpoint. The intermediate term technical potential is 29. We would conti!1ue to hold and buy on minor price declines. – Since our last issue of the monthly recommended list on May 3rd, three issues have broken out on the upside of long term potential base patterns. Fruehauf Corp. (36 1/2) has been holding in the 27-34 area for almost two years and has finally moved out of the range to reach a high of 367/8 during the week. Earnings, which have also been in a three-year pla- teau, are expected to move higher. The long term price potential, from a technical viewpoin is 44-49. Revlon (50), which was added to our recommended list two weeks ago at 45 1/8, has broken out of a three-year trading area between 49 and 31 and reached 50 on Friday to confirm a long term uptrend. Hewlett-Packard (30 1/4), recommended at 205/8 in Septem- ber,1963, earlier in the.m(w.dh,,crok-eLout of the 16-27 range in which it held sincelate1962. The long term technical upside' obJective now becomes 41 for the intermediate term and 59 for the longer term. The 1961 high was 53. DOW-Jones Ind. 939.62 EDMUND W. TABELL WALSTON & CO. INC. Dow-Jones Rails 209. 50This market letter is published for your convemence Bnd mformation and is not fl.n offer to sell or fL solicitAtion to buy any eeeurities diseus&ed The information was obtamed from sources we b.heve to 11' reliable. but we do not guarantee its 81IUraey, Walston & Co Inl and Its officers. dIrectors or Vemployees may have an lftU!rest in or purehlUle and sell the seeurltwlI referred to herem, -WNSOI

Download PDF

Tabell’s Market Letter – May 21, 1965

Tabell’s Market Letter – May 21, 1965

Tabell's Market Letter - May 21, 1965
View Text Version (OCR)

Walston &CO. Inc ;,…..;…….;;….;;. INVESTMENT …..NKERS MUTUAL FUNDS MUNICIPAL BONDS Members New York Stock Exchange end Other Principal Stock and Commodity Exchan98s OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER May 21, 1965 Over the, past few months this letter has consistently noted the shift in leadership which appears t.e be taking place, out of blue chip issues, which had been in the forefront of the advance through 1963 and 1964, and into secondary and tertiary issues, which still appear to represent good investment value. Since it does not seem that this tendency has altered appreciably of latel.the1iltiyer who by reason of regulation or preference, is restricted solely to primary grade equities has found himself confronted with a shortage of relatively attractive investment media. There are, however, eScceptions to this rule, and two higher grade stocks, which appear attractive for new buying at the present time, are discussed below. — Aluminum Company of America (77 -1 / 8) was 'added-to'oUl;'high;-qualityRe-coinmeno'eQ List two. weeks ago, and National Cash Register (88-3/ 8) is being added herewith. The aluminum group, at the moment, presents somewhat of a paradox. Despite the fact that the outlook for 1965 is as bright as it has been in years, most stocks are selling more cheaply in relation to earnings than they have at any time in the past half-decade. This -situation presents an interesting opportunity. Growth in domestic aluminum usage continues, and, although it may not expand at the 10/0 rate of the 1950's, a 7/0 annual expansion through 1970 is expected. Moreover, the factors that masked this growth in the latter part of the 1950 ' s are conspicuous by their absence. The key too-the situation is the fact that the supply-demand equation in aluminum has been brought into line,and present conservative expansion plans indicate that it will remain there. This has resulted in a noticeable strengthening of product prices which, to the companies who derive a large portion of sales from fabricated products, can mea an i t increase in earning power. ((C Alcoa, of course, is the leading factor in 34/0 of all aluminum-produced and, with expansion 'd y, accounting for some ough 1967, it should be able to maintain that share of the market. in 1964, and first quarter Cash flow was over 7.00 a earnings and cash generatieo' c when 57 was reported (YI nsiderable improvement in both 1\tgie' coming year. The stock is unques,tionably the quality National Ca annals. Sales' hav 'n e 's u roup. – oment, presents a history not uncommon in corporat ed since 1955 and cash flow has snown a respectable increase, yet per s e a gs over the past decade have been virtually level. Explora- tion of all the reasons his decline in margins would require a more complete analysis, but certainly a large ortion of the pressure on margins is centered on one area—heavy research and development expenditures amounting to over 10 per share in the five years through 1963. A great portion of this R&D has gone into computer development, and the relative unprofitabilityof NCR's computer operations is, of course, tied into IBM's dominance of the industry. With the current rapid technological change in Electronic Data Processing, it is impossible to say at this time what the future holds, but it is possible to suggest that NCR has basic strengths which augur well for its future. These strengths in the fact that the company dominates the cash register field, much as IBM does the computer industry, and is a major factor in accounting machines, This strength can become more important as time goes on. Technology has developed computers able to process data at fantastic speeds. The major problem to be solved overlhe next decade is getting the data to the computer. This bottleneck can be broken by producing data in hard form, i. e., a form that can be read by a machine, at the point of transaction. It is, therefore, worthy of note that the cash register is far and away the most common pOint-of-transaction device in U. S. business. NCR has pioneered the development of total systems, which coordinate point-of-transaction devices with computer)! in order to simplify record keeping. Meanwhile, near term prospects appear promising, especially in the foreign area which accounts for almost half total volume. In 1965, earnings should show a significant improvement over the '2J6'g of 1'9'64, and, from a technical point of view, the stock has recently broken out of a three-year base, with a long term upside objective of 144 to 188. The stock sold at a high of 142-1/2 in 1961. It is suggested for purchase in quality Dow-Jones Ind. 922.01 – ANTHONY W DDW'…d'tM.Qtt!r . h ,,;y convenience and mformatlon and Is not an offer to I'!eI1 or ft fOriiULtlOh was 0 n rom sources we tx.o(leve to be reliable, but we do not guarantee Its enJllloyee. may have an Interest In or putchue and sell the securities referred to herein. TABELL The lft. or WN.8Dl ./

Download PDF