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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.