Viewing Month: September 1966

Tabell’s Market Letter – September 02, 1966

Tabell’s Market Letter – September 02, 1966

Tabell's Market Letter - September 02, 1966
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—- — — – – – – – – – – – – – Walston Inc ——— – —- FILE INVESTMENT BANKERS MUTUAL FUNDS MUNICIPAL BOlDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchanges OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER September 2, 1966 Last week's stock market was an exciting and interesting one. On Monday, the 13th consecutive blue Monday on which the market had sold lower, the Dow-Jones Industrial Average continued its long slide from the February high, and with almost a indicator smmillaiionntasinheadrebsyttrhadisindge,padrrtomppenedt 13.53 points. showed an ove At that point most of the short-ter rsold condition of all-time record m proportions. On Tuesday, the market bounded back sharply at the opening gong and shortly after 11 o'clock had advanced more than 10 points from Monday's close with the tape running .late and with the heaviest volume in recent months, declineJhenset5n.wl1ich cul- minated in the early afternoon and brought the Averages down to an intra-day low of 759.52. Volume then picked up again, prices began to rally, and the Dow finally wound up 8. 69 poif\ts up on the day with 11,230,000 shares changing hands. On Wednesday, the rally continued wit 8,690,000 shares trading and the Average advancing 12.69 pOints to close at 788.41. At this point, the character of the leadership had become evident and although many of the blue chip in the Average advanced, the glamour issue& were weaker. Another 3.50 point advance on modest volume took place on Thursday, and here the story was entirely blue chip issues, wit almost all of the volatile issues declining. On Friday, the Averages retreated on reduced volume of 6,080,000 shares, with most of the decline being erased by strength at the close. The Dow declined 4.40 pOints, but many volatile issues, especially the airlines, were off quite sharply. The obvious oversold condition at the beginning of with the sharp snapback on Tuesday and Wednesday, led to a plethora of f e a n 'fue financial commu- nity that a was under way. i n far this technical rally might carry were issued, and most analysts se to el the situation was great ly improved insofar as the short-term outlook w s co ne ile still remaining highly in terms.of the Sltuatlon-may-be'preclsely the -'e letter is that , – – —- – — —– We see, at the moment, no to become wildly ecstatic over the im- mediate future for stock take the trouble to study deeply oversold markets, such as on have varied widely' a arly this week, would find that their aftermaths d ree. In some cases, the oversold condition has per- sisted for some tim a Ie e market lower – in other cases a sharp snapback has taken place followed b n ly sharp drop into new lows. In a few cases, a long and wort while rally has 'ensued. ever, a wide range of historical responses to a deeply oversold condition makes this I er reluctant to hazard a guess as to what the immediate picture may be until such time as the pattern clarifies. We are, therefore, unwilling to make any assumptions as to a change in trend in the stock market. That trend quite obviously has been down and must be considered to be so un- til much more persuasive evidence of a reversal presents itself. We do feel, however, that many stocks are approaching a level which, on a long-term basis, to us, is highly interest- ing. We have pointed out in a number of recent letters that a number of highgrade issues wer becoming dramatically cheap by historical standards. We have indicated, furthermore, that a great number of stocks were approaching, or had reached, major downside objectives. This continues to be the case, although it muste noted that there are t.1J.ose which appear to have considerable more room on the downside. It is one thing for a stock to reach a downside objective and another thing for it to form a base and start to move up again. In many cases, a great deal of time will be required before bases hove formed, and it is precisely for this reason that we find ourselves unexcited about immediate prospects for a great many stocks. What we do feel, however, is that the de cline has reached a stage where the long-term investor would be wise to pursue a policy of making purchases on weakness in individual issues as downside objectives are reached. Ther are a great many exciting values in today's stock market and more will become available as time goes on. The patient investor should use market weakness to take advantage of them. Dow-Jones Ind. 787.69 Dow-Jones Rails 195.18 ANTHONY W. TABELL WALSTON & CO. INC. AWTamb ThIS market letter IS published for your convemence and information and Is not lUI offer to setl or a aoIldtatlon to buy an,. eeeurttte& discussed The In. formation was obtained from sources we bt'heve to be reliable, but we do not guarantee its BCCUraC. Walston & Co, Inc and its officers directors or emJ'loyees may have an interest In or purehlUle and sell the securities referred to herem. . WNSOI

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Tabell’s Market Letter – September 09, 1966

Tabell’s Market Letter – September 09, 1966

Tabell's Market Letter - September 09, 1966
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r ,,',F Wdlston &Co. Inc .—,PILe– 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 September 9, 1966 Q. Mr. President, could you give us your observations on what you think it is that specifically is troubling the stock market A. Jl No . 11 From President Johnson's press conference of Sep- tember 8, 1966, as reported by the New York Ti meso The President, quite obviously, has prerogatives which are denied to market analysts, who are expected at all times to have the answers to all questions. The difficulty at the mo- ment is-that a great many questions are, simply, -unanswerable. – c The stock market has, ever since August 29th, been, by any measurement one cares t utilize, in an oversold condition. As we pointed out last week, however, this factor by itself is of absolutely no help in determining the sho rt-term course of the market. It will be neces sary, first of all, for a rebound from this oversold position to take place and, secondly, for a new pattern to form. This process, quite naturally, takes time and we, therefore, continue to be unwilling to make any guess as to the immediate future of stock prices. We continue to suspect, however, that a great many economic factors, the fear of which has driven stock prices down so sharply over the past six months, may simply not materialize; or, if they do materialize, may already be discounted by present sharply depressed quotations. If this is the case, a great many stocks represent excellent value at the present time. The next obvious question is What stocks Here again the question is at least par- tially unanswerable. We have mentioned the fact that a stocks have reache long-term downside objectives. Let us take two n s and Allied Chemi cal have both reached long-term downside targets tistically cheap, selling at around eleven times f st 29th. Both are stayi ng over 5 and 6, res- pectively. Yet, before either stock moves ,a base must be formed, and there is abs()lute!y .1 s will take,. or of guessing which stock, GM or Allied, will complete it n sta a new upswing first. We are reduced, very simply, to making the the last few weeks, that t ey re e Or, to raise ano e a 0 that we have repeatedly made during oOd\.-lhue to the long-range investor. uestion, what of the glamour stocks Many in- vestors are inclin ues into one category, forgetting that there has, in fact, been tremendous dive it of on between them. Just to cite two stocks in the same indus- try, Motorola was recent own almost 100 points from its high for the year, whereas Magn vox, at Friday's close as trading at about the same price it sold for in February when the Averages made their highs. Other leaders of the 1965-66 upswing have held up equally well. Again, it is too early at this point to tell whether they will eventually resume their upw'J.rd move or will follow their cohorts into the abyss. There are, however, fortunately, a number of stocks where one can speak at the mo- ment with some confidence. These are stocks which broke out of large base formations Just before the market slide began in February, formed only shorter-term tops earlier this year, and have now moved to the downside objectives of those tops and to the support provided by the original bases. One example would be AIR REDUCTION (53 7/8) which, in late 1965, brok out of a trading range between 46 and 60 in which it had held since the 1962 low. The upside objective of this base was 110. The -stock reached a high of only 78 before a short-term top was formed indicating 52. This was the low reached last week. The stock continues to be fun damentaUy attractive, selling at nine times estimated 1966 earnings of 5.75 with every pros pect for bettering this figure in 1967. The 2.50 dividend, which could be raised, provides a yield of just under 5. Another example would be REYNOLDS METALS (41 7/8), recently reached a 10 of 40 1/2, is in a major support zone and where the 1962-65 base mdlcates a long-term po- tential of 94-104. The worst possible downside objective which can be read is 38-36, and the stock certainly appears to be an attractive purchase on any dips. Estimated earnings for 19 are 3.75, and an improvement for 1967 is highly likely since company.will be able to supply more demand from its own production rather than resortmg to profitless sales from government stock pile. Dow-Jones Ind. 775.55 Dow-Jones Rails 194.46 ANTHONY W. TABELL WALSTON & CO. INC. AWTamb ThIS market letter is published for your convemence and mformatlon and IS not an offer to sell or R eoIlcltation to buy Rny eeeurities diSCUSsed. The 1114 formation wall obtamed from sources we beheve to be rehable, but v.e do not gul\rantee lb aCl'urac'o \\-'alston & Co, Inc, and Its officers. directors or eml'loyets may have an mterest m or purchase and sell the seCllTltlcs referred to herem WN.301

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Tabell’s Market Letter – September 16, 1966

Tabell’s Market Letter – September 16, 1966

Tabell's Market Letter - September 16, 1966
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Walston &- Co. nl-E- ;' , 1 TABELL'S MARKET INVESTMENT BANKERS MUTUAL FUNDS MUNICIPAL BONDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchanges OFfiCES COAST TO COAST AND OVERSEAS LETTER September 16, 1966 For the fjrst time in a good many weeks the stock market was able to turn in a solidly impressive performance on the .upside. ' In six .days the Dow-Jones Industrial Average has advanced almost 40 points, including a l5-point advance on Monday, and a 10-point ad- vance on Wednesday. During the period', daily advances generally outnumbered declines by important amounts and strength in a feature. many better-grade blue chip issues was a welcom As the pattern has unfolded over the past week, the shorter-term technical picture has clarified a bit. At the moment, the most optimistic upside projection one can make for the Dow is somewhere in the 830-835-range ascomparedwiththisweek's intra-day high of 822.93. In order for the base to broaden further, a good deal more backing and filling will probably be required. The overall posture adopted by this letter during the recent market decline should be familiar to our regular readers. Basically, we have pointed out that a grea t many stocks had reached extremely attractive levels at their recent lows, and we have advocated over the past month a policy of buying selected stocks on weakness for long-term holding. With the market having advanced sharply over the past week, we feel it necessary to stress the operative phrases on weakness and for long-term holding, We continue to feel that the market generally could well be in a major long-term bottom area. We still think, however, that there are a number of uncertainties about the immediate picture. In this connection, a study of past market bottoms A glance at a chart book covering the summer of 1962 or, indeed, cover g h period 1946- 1949, will show that a great many stocks continued o;rdo n 10 e ter the Averages reached their bottom. We would not be at all e e' sort of thing occur at the present time. There is, in other words, of issues, especially in some of the more of risk present in a number 'Jrt'g; issues which led the market advance h st' etain-largehold-ings,in these issues might well be advised to utilize ir portfolios of this type of risk element Selection of issues vestor's activity o v h r our Recommended's Account Executive e is e should be an important part of the inn and to this end we have been reviewing stocks in – copy of this list will be in the hands of your Walston In the case of al all stocks on the list, downside objectives have been reached, or approached, and a urther risk appears to be limited. The recent weakness, however, has destroyed the technical pattern on some issues so that recovery action may be rather slow. We are, therefore, eliminating seven issues as follows Chesapeake & Ohio from our Quality & Long Term Growth section; Atchison, Topeka & Santa Fe, Warner Brothers Com- pany, Interstate Motor Freight, Kansas City Southern from our Price Appreciation section, and Budd Company and Foote Mineral from our Speculative Price Appreciation section. It must be stressed that further risk in these issues appears limited, but we feel that upside attraction in other issues may be greater. We are presentl y considering a number of stocks for addition to the list. Among those which will probably p.e in.the near future, are Addressograph- Multigraph and Minnesota Mining & Manufacturing in the Quality & Long Term Growth section; Anchor Hocking Glass in the Price Appreciation section, and Home Oil Class A in the Speculative Price Appreciation section. In addition, those stocks already in the list which appear attractive for new purchase on minor dips, include Air Reduction and Reynold Metals, reviewed last week, plus Chris-Craft Industries, Copperweld Steel, Crowell-Collier & MacMillan, Gillette, Illinois Central Industries, Metro-Goldwyn-Mayer, Olin Mathieson Chemical, Revlon, Robertshaw Controls, Schlumberger, Sharon Steel, Union Camp Corpo- ration, United Fruit and Wallace & Tiernan. Dow-Jones Ind. 814. 30 Dow-Jones Rails 201. 68 ANTHONY W. TABELL WALSTON & CO. INC. AWTamb Thia markt letter is published fOT your convemence and mformation and Is not an offer to sell or 1\ solicitAtion to buy any l!eC!urities discussed. The in. format.lon was obtained,from sources we btlieve to be rehable. but W(l flo not guarantee Its aCcuracy. Walston & Co. Inc and Its officers, directors or eml'loye(!s )nay have an mterest m or pureha..se ani! sell the secUTltll.'S referred to berem WN801 , I Ii , ,d

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Tabell’s Market Letter – September 21, 1966

Tabell’s Market Letter – September 21, 1966

Tabell's Market Letter - September 21, 1966
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Walston &- Co. Inc UNDERWRitERS MUNICIPAL BONDS MUTUAL FUNDS Members New York Stock Excha nge and Other Principal Stock and Commodity Exchange. OFfiCES COAST TO COAST AND OVERSEAS TABELL'S RECOMMENDED LIST September 21, 1966 This edition of our Recommended List gives long term technical upside objectives, plus indicated support levels or shorter term downside objectives. In all cases we believe the stock would be attractive for purchase at the levels given in the support column. An asterisk in the Upside Objective column indicates that either the objective is unclear, or that the stock has not yet broken out of its base formation. — . . – -T -. Close Qual9/20/66 – Upside SupObj TERM GROWTH c. .- Close Qual- 9/20/66 Alum.Co.Amer. 71 3/4 Amer. Can 491/4 Amer. T & T 51 3/8 Goodyear Tire 49 1/2 Gulf Oil 54 1/2 B B A A A 110-190 68 80 45 46 82 45-43 92 50-45 Inter.Paper 257/8 A- Nat'l Cash 68 A Parke Davis 26 5/8 A Reynolds Tob. 35 3/4 A Royal Dutch 34 1/8 A – '0 — Upside Sup- Obj. port – 65 -78 26 88 32 PRICE APPRECIA TI ON Close Qual- Upside Sup- 9/20/66 ..!!L. Obj. port Close Qual- Upside Sup- 9/20/66 Obj. port Air Reduction Amer.Potash – Bell & Howell Clevite Corp. Copperweld S Crowell ColI. 57 3/4 31 3/8 42 1/2 41 1/4 24 3/4 483/4 A- 110 B 60 A- 60 B– B B B 64 52 28 38 40-38 22-20 45 McDermott, J. 68 B Mesabi Tr. 12 3/4 – Metro-Gold.M. 27 1/4 – , Olin-Math. – Revlon 39 1/4 A- Reynolds Met. 46 B Riegel Paper 17 3/4 B 104 38 1-30 94-104 34 60 – 25 -4 38 38 17-16 Denver, Rio G 17 7/8 Disney, Walt 47 3/4 Eaton-Yale T 25 1/4 EI Paso N. G. 18 Ex-Cell-O 43 3/4 Genl Dynamics 44 Gillette 35 Illinois Central 66 5/8 Koppers Co 243/4 B B B B A – A- B B 44 100 39 90 80 114 62 17 40 – 40 – 30 58 22 Robt. Controls 28 1/4 B Schlumberger 44 1/4 A Sharon Steel 30 B- Shell Oil 60 1/8 A Signode Corp. 31 3/4 A- Southern Rwy 43 3/4 B Sundstrand 48 1/2 B Union Camp 41 3/8 B United Fruit 31 7/8 B Wallace & Tier. 36 1/2 A- 59 74 e) 75-120 50 108 70 92 44-70 64 26-25 42 26 55-50 30-28 – 42 40-38 , 30 '30 Amer.Bosch Camp. Chib. Chris-Craft Microwave SPEC U'…ATIVE PRICE .APPRECIATION Close Qual-. 9/20/66 20 5 3/4 17 14 1/2 1 (1 , – B- B Sup Obj. port -''''19 18 5 46 15 40 12 . — National Can Pacific Pete. UMC Indus. Varian Assoc. Vulcan Mater. Close Qual '9/20/66 ity 21 5/8 9 5/8 13 1/2 35 17 3/S B B- B B B Upside – Obj. 52 46 54 28 Support 18 – 13-12 – 15 – This Bulletm IS pubhshed for your eonvcnll'nce Rnd mformatlOn nnd IS not. nn offer to sell or II. soliCItatIOn to bu' any st.'cuntle5 dIscussed The mfonnnlum was obtained from sources we bdu.'ve to he lehnble, but we do not guarllntec Its accuracy Wa.lston & Co., Inc. and Its officers, directors or employees may have an Interest In or purchase Rnl' !leU the SI..'euntles referlcd to herem WM-916 -.

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Tabell’s Market Letter – September 23, 1966

Tabell’s Market Letter – September 23, 1966

Tabell's Market Letter - September 23, 1966
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Walston &CO. —-Inc —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 September 23, 1966 AIR REDUCTION COMPANY, INC. Current Price Current Dividend Current Yield Long Term Debt Common Stock 56 2.50 4.5 124, 611, 393 5,162,183 shs. .u After reaching a 1962 low of 45 1/2, Air Re- duction Company, Inc., common stock held in a relatively narrow trading range, bounded by 48 on the and d1o9w64n.sidTehaendup6s0idoenptohteenutpiasildoef through 1963 the base forme during this period was 110. In early 1965, the Sales- 1966-E—, 420,.000,000— ,stock,.br9keouLoLthis,base on the upside-and'-11 Sales- 1965 376,800, 000 high of 78 1/2 earlier this year. The Earn. Per Sh. 1966-E 5.75 technical breakout coincided with a sharp turn in the fortunes of the company. Per share earnings, Earn. Per Sh. 1965 5.01 which had been essentially flat for the eight years Mkt. Range 1966-1957 91 1/2-45 1/8 1958-1964, rose sharply in 1965, reaching 5.01 vs. 3.68 in the previous year. Further growth has been experienced in 1966. Yet despite the sharp earnings improvement, the stock forme a short-term top in the 78-70 area, and, under pressure of the general market weakness, broke out of this top on the downside, reaching a low of 52 1/4 a few weeks ago. Not only wa this low the downside objective of the top mentioned above, but it also coincided with strong support present from the original base. It almost appears as if investors have been offere a second chance to purchase the shares of this company embarking on a new phase of expansion. appear to be just 0 As suggested above,Air Reduction's earnings for the first half show 2.75 earned per share vs. 9,0 t'n e 0 win 1966. Results 1 a for the full year we are estimating results in the 5.75 area vs. r Reduction common is thus available at less than ten times estimated e lowest PiE ratio accorded the comes at a time when substant over the next few years. Airco's largest s1. at ry is industrial gases, i. e. oxygen and nitrogen, and demand for the s e to increase rapidly from here into 1970. For oxygen, the biggest single cu r' t teel industry which is undertaking major conversions to basic oxygen productio due ubstantial cost, savings. Between now and 1970, the steel in- dustry's demand for ox is expected tC' grow at the rate of 20 a year, and insulation is provided from a downt rn in steel production since the more efficient oxygen furnaces will be the last to be shut down. In addition to steel, the chemical industry is also becoming an important oxygen user. The other major industrial gas, nitrogen, is perhaps even more interesting. Virtually a waste product as short a time as 6-7 years ago, this gas has been the subject of a growing demand in the aerospace, food processing and chemical industries. The long range potential in the food freezing field is especially interesting. Air Reduction IS other products should also be subject to increased demand. Ferro-allo produced by the Pittsburgh Metallurgical Division have been growing, as have carbon and graphite products company i a!so plastics, chemicals and medical gases, equipment and pharmaceuticals. Air Reduction was late in modernizing capacity, but a sizable capital investment pro- gram with 100 million spent in 1964-65, has sharply increased capacity, especially in the fast growing cryogenic areas. Further expansion is scheduled for 1966 and 1967, with anum ber of plants slated to come on stream next year, thus giving the company the ability to keep up with the rapid growth in demand. This being the case, we anticipate further earnings gain in 1967. Conversion of some 45 million debentures (convertible somewhat above the current market) would increase common shares by some 17. The 2. 50 dividend, which has been. paid since 1958, and which constitutes only 43 of estimated 1966 earnings, provides a 4.5 yield. The stock has been on our Recommended List since last April, and we continue to con sider it attractive for purchase in investment accounts. Dow-Jones Ind. 790.97 Dow-Jones Rails 196.78 ANTHONY W. TABELL WALSTON & CO. INC. A W (8 m&r et letter is published for your convenlent'e and mformation and is not an offer to seD or a solicitAtion to buy any seeuriUes diseussed. The In lormatlOn WIlS obtamed (rom Bources we believe to be reliable, but we do not guarantee Its aeeuracy. Walston & Co.. Inc. and its offict!rs, directors or emt'loyees may have an interest in or Purchase and oell the oecunbes referred to bereln. WNSOI … -' ….-

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Tabell’s Market Letter – September 30, 1966

Tabell’s Market Letter – September 30, 1966

Tabell's Market Letter - September 30, 1966
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Fi'l.r- -r———————————————————————— – W—-a–l-s–tlonnc–&—-C–o–. INVESTMENT BANKERS MUTUAL FUNDS MUNICIPAL BONDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchange. OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER September 30, 1966 I I I After watching Friday's stock market action, it is fairly easy to predict that the phrase, A test of the lows will reoccur with distressing frequency in next week's market comment. Wednesday and Thursday of this week saw substantial drops in the popular, market indices and the weakness continued on Friday morning. At 1 p. m. the reported level of the Dow- Jones Industrials was 766. 59, below the August 29th closing low of 767.03. From this point a sharp rally ensued, and although the market closed only slightly up on the day at 774.22, the previous closing bottom held inviolate. Similar action took place in the Dow-Jones Rail Average which held above its August 29th bottom of 190.48. Technical is, woefully, something that is often oversimplified and we.must con fess that we do not regard the question of whether the Average does or does not hold above its Augus't low as the only one which has to be answered in the present stock market. Far more important will be the action of the great mass of individual issues. In this connection, one interesting statistic may be noted; that is, the number of new 1966 lows chalked up on th last three days of the week – 109 on Wednesday, 170 on Thursday and 166 on Friday. These figures compare with 809 new lows chalked up on August 29th. In other words, a large numbe of stocks that moved into new low territory at the end of August have, so far, failed to equal those lows. Of equal interest, it would seem, is the character of the stocks which led the parade on the downside. For the most part, these were the aerospace, airline, electronic and color TV issues,which had been the leaders of the upswing from June 1965 through the spring of 1966. We must confess that we regard this as constructive. blue chip stock, as we have previously noted, has been going through a corrective r c oP the past two years, or longer, and many highgrade issues have reached tractive on a long-term basis. The fact that some of Yo! c c e to be highlyatec ti xuberance which had been built into the prices of leading growth s t i i cin 196 dearly 1966 has been re- moved, puts the market, it seems to us, in a ier ical position. –There-is, of course,- no way of we g this'process'will' continue. We sus- pect that it can go on for disturbing the popular market Average or, indeed, the price I stocks. In this connection, the following table may be p . e/ earnings ratio as of June 1965, at the 1966 high and at recent lows 0 e g growth stocks and a group of relatively conserva- tive investment issu . Magnavox P 196 1966 Recent High Low 16 37 27 General Motors pIE 1965 Low 14 At 1966 High 17 Recent Low 10 Motorola Fairchild Camera Northwest Air. Trans World Air. Sperry Rand Boeing 20 17 9 9 18 9 42 55 20 18 25 17 19 29 15 10 23 9 Amer. Tel & Tel 20 21 14 Goodyear Tire 16 17 14 Gulf Oil 13 15 11 Intern'lPaper 15 17 11 Alum.Co. Amer. 22 25 18 Gillette 22 28 20 United Aircraft 15 22 18 Xerox Polaroid 58 80 36' 72 55 52 Eastman Kodak 28 42 31 The figures are interesting. As can be seen, a great many of the growth favorites have al- ready returned to the price/ earnings ratios which existed over a year ago. Others, however, appear vulnerable to further downward evaluation by the market. On the other hand, invest- ment issues are, in all cases, well below the valuation levels that prevailed in June 1965, and as we have pointed out before, are, in some cases, at levels that have not existed for as much as nine years. . The market giveth and the market taketh away, and for our part we would prefer.at thiS stage to own those stocks which do not appear t.o f.urther downward multiple ad- justments and which could, once current economiC uncertamties resolve themselves, produce substantial capital gains simply through a return in their multiple to normal standards. Dow-Jones Ind. 774.22 ANTHONY W. TABELL Dow-Jones Rails 193.49 WALSTON & CO. INC. A Wh11i 1Qftletter is published for your convemence Bnd Information III not an offer to sell or 1\ BOIleltatlon to buy any aeeurlties dlseuued. The in. formation was obtained from sources we bdleve to be reliable. but we do not guarantee Its accuracy Walston & Co. Inc. and Its officers. directors or emJfloyees may have an interest in or purchase and sell the securities referred to herem. WN801

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