Viewing Year: 1967

Tabell’s Market Letter – March 10, 1967

Tabell’s Market Letter – March 10, 1967

Tabell's Market Letter - March 10, 1967
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—— Walston &- Co, MUNICIPAL BONOS UNDERWRITERS MUTUAL FUNOS Members New York Stock Exchange and Other Principal Stock and Commodity Exchen9.' TABEll'S MARKET lETTER OFFICES COAST TO COAST AND OVERSEAS March 10, 1967 COM MUNICATIONS SATELLITE CORPORATION Current Price 61 1/4 Holding the distinction of being created Current Dividend Current Yield Long-Term Debt CommOn Stock nil nil None 10,000,014 shs. by an Act of Congress just a few years ago, the Communications Satellite Corporation-already threatens to become a powerful interloper in what heretofore has been the comfortable and stable world of communications. Referred to by Sales – 1966E- – . – – 10,000 000 Sales – 1967-E 25,000,000 be the forerunner of other companies operating communication facilities in outer space as their Earn. Per Sh. 1966-E nil main area of endeavor, perhaps replacing entire Earn. Per Sh. 1967-E 40 to 50 ly the underground and underwater cables and Mkt. Range 1966-67 35 – 64 7/8 long distance lines of today. One Wall Street analyst has put it this way … just as the pony ex- press gave way to the telegraph… the revolu- tionary technology of communications through space via satellites is about to become man's first commercial utilization of space. While only the passage of time will reveal if the hope that now are held for the successful operation of Comsat are to be realized, to the investor seeking long-term growth potential these shares appear to have distinct appeal at the present time. There seems to be little doubt that these shares b8la favorite trading hic1e for speculative accounts while at the same accounts. Despite the fact that half of the munications companies, generally more than 20/0 of servative growth e ely held by other coms s change hands monthly. Among the common carriers operating LOns field, AT&T is the largest single shareholder General Telephone has 3. 750/0, o. is held by 130 other communications companies. The B' cc s'tf 1965 was the first major milestone in the development of the 0 y. c unications that constitutes Comsat's main area of operation. This is a s ellite orbiting the earth approximately 22,000 miles a- bove the equator. At t ei ,the satellite can cover more than one-third of the earth's surface. The recent lau g of another satellite brings the earth coverage to just over 650/0 of the globe. Full glob coverage will be completed as soon as stations can be established in central Asia. Early Bird already has increased by more than 500/0 the telephone capacity a- cross the Atlantic. Operating cost reductions are expected when full coverage is achieved since the cost of operating ground stations is low when compared with the upkeep of under- ater cables. With international communications traffic growing at a rate of about 2Q annual y, the need for expansion of capabilities is apparent. It has been said that better communica tions at better prices bring their own customers. In addition to the projected expansion of telephone and TV satellite operations, there is believed to be considerable potential in inter- national telegram and cable traffic. ' Compared with total revenues of 2. 1 million in 1965, the estimate for 1966 is near the 10 million level. More than a doubling to around 25 million.is anticipated for 1967. Because of the adoption of a profit-and-loss accounting system throughout 1967, only conven- ional earnings results will be reported. Earlier, it had seemed likely that between 40 and 50 a share would have been realized this year. Consequently, dividends in cash are not part of the foreseeable future. Basically, investment in Comsat represents a concept of inevitable growth due to ever increasing demand. Added to this is the attractive prospect that any com- petition will be a long time in developing. Technically, Communications Satellite has held in a broad accumulation area recen ly testing a major support area during the August-October lows. The stock indicates a long- term upside objective in excess of 100. With minimum downside risk present, and a marked improvement recently in relative strength, this issue is being added to our Capital Apprecia- tion List. Dow-Jones Ind. 848.50 Dow-Jones Rails 234.18 HARRY W. LAUBSCHER for ANTHONY W. TABELL WALSTON & CO. INC. ThIB market letter 18 published for your eonvtnlence and Information And Is not an ofFer to sell or a solicitation to buy any securities dlscuaaed. The in- feomrDmloaytieoena mwaays hoabvtaeinaend Ifnrtoemrestsoiunrcoers pwUel'clblaealieevaendtoBbellethreeliSafb!lceu,rlbttoest rweeferdroedntoot hgeuraerina.ntee Ita Walston k Co., Inc. and Its offleera. directon or

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Tabell’s Market Letter – March 17, 1967

Tabell’s Market Letter – March 17, 1967

Tabell's Market Letter - March 17, 1967
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Walston &Co. lnc. MUNICIPAL &eNOS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchanges OFFices COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER March 17, 1967 Most market indicators moved forward into new high territory for 1967 during the past week. The Dow-JOnes Industrials rested on the first two days of trading after the as- tounding performance of last Friday when almost 15, ODD, 000 shares changed hands, a large part of the volume coming in the early morning advance. On Wednesday and Thursday, how- ever, broad rallies took place and in the process a new intra-day high of 876. 50 was reach- ed. The current move, of course, constitutes the second attempt on the part of the Average to move into the overhead supply area at 860-900, which turned back the advance in early F ebruary '.-' . . . The Dow, of course, is the only major average that has not yet successfully breached this supply. The Standard & Poor's 500-Stock Index, for example, has comparable supply in the 84-88 area, and Thursday's high was 90.66. Other indices, such as the Standard & Poor's 425 Industrials and the Dow-Jones Rails, have all successfully breached the overhead supply areas. Actually, it is interesting to compare the action of the Standard & Poor's 500 with that of the Dow Industrials. Tpe 1966 high on the former index was 94.72, and the 1966 low 72.28, for a loss of 22.44 points. At the Thursday high it had recovered 18.38 points or 82/0 of the loss. If the Dow had recovered 820/0 of the 265 points it lost between February and October, it would now be at 952. What all this reflects, of course, is the fact that the stocks which com- prise the Dow have rebounded somewhat less, so far, than a e majority of issues. There is, however, some evidence that this too may c in, it proved relative action on the part of a number of better quality issu w. e possibility of higher quality leadership at this point, it seems to us, is a a further extension of the uptrend, it is );t11 we are willing to postulate leadership must come from somewhere. F-ul'thel'more, – only after forming broad ranges before starting their advance. It thus becomes logical to look essentially, moved side 'Ii e on the part of a great many issues that, tr ing ranges during 1962-66. A shift in k new groups would be entirely consistent with a pat- tern that had obtaine he eleven years. Ever since 1956, we have had markets in which some groups wer ng-term uptrends and others in long-term downtrends all at the same time. We ha ong felt that this pattern would continue for the foreseeable future. Another argument for leadership on the part of blue chip stocks is the fact that it is in this area where the decline in price earnings ratios since 1961 has been most marked. This, of course, is a process which must ultimately reverse itself. In line with this thinking, we are adding a number of stocks to our recommended list, effective this week Colgate-PalmOlive (29 3/4), Continental Insurance (79 3/8), Continental Oil (68 3/4) and Phillips Petroleum (55) have all to date been relatively neglected high- quality issues. All have attractive technical patterns and are being added to the Quality & Long-Term Growth section of our Recommended List. In addition, we are adding Adams- Millis (22), Commonwealth Oil Refining (26 3/8), Dresser (32 1/2), Great Northern Paper (37 3/4), Mead Johnson (29 1/2) and- Tektronix, Inc. (40 1/8) to the Price Appreciation sec- tion of our Recommended List. To the Speculative Price Appreciation section of the Recom mended List we are adding Syntex (93 1/ 8), are including it in this section largely due to the stock's high price in relation to earnings and its characteristic high volatility. We nonetheless feel that the attractive technical pattern, plus good prospects for earnings gain in the years ahead, make it worthy for consideration in high risk accounts. All of the above issues will be reviewed in subsequent issues of this letter. Dow-Jone sInd. – 869.77 Dow-Jones Rails – 235.17 ANTHONY W. TABELL WALSTON & CO. INC. AWTamb This market letter Is published for your convenience and mformation Rnd Is not an offer to sell or R lIOI.ieitation to buy any aKtlrlties dl5eUllaed. The In formation emDIoTeeIJ W88 may obtained from 80urces we believe to be reliable, but bave 8n lnteralt 112 or pUl'chase and sell the securIties rweeferdroedntoot guarantee herein. Its accuracy. Wallton & Co., Ine. and its officers,. dlrectol'8 or —

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Tabell’s Market Letter – March 23, 1967

Tabell’s Market Letter – March 23, 1967

Tabell's Market Letter - March 23, 1967
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W—a-lIsntocn.-&–C-o-. MUNICIPAL BONOS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exchange and Other Principal Stock and Commodify Exchange. TABELL'S MARKET LETTER OFFICES CO..,5T TO COA.ST AND OVERSEAS March 23, 1967 COMMONWEALTH OIL REFINING COMPANY, INC. Current Price Current Dividend Current Yield 27 1/4 0.60 2. 3 The industrialization of Puerto Rico has become fact. To be sure, there are only two or three countries in the world today that can Long Term Debt Common Stock match the island's high rate of economic growt 29,500,000 and the island now has a higher per capita in- 11,823, 175 shs. – – — comenhan any Latin American country, 'ex- . Sales 1967-E Sales 1966 185,000,000 161,000,000 ceeding even Venezuela with its vast oil and iron ore wealth. All this has meant a higher standard of living for the island's inhabitants Earn. Per Sh.1967-E 2.15-2.25 Earn. Per Sh.1966 1. 69 and the increase in consumer purchasing powe it implies. One of the major beneficiaries of this Mkt. Range 1966-67 273/4 – 163/8 rapidly increasing consumer demand is Commonwealth Oil Refining Company. Although the company does not market at retail, it sells to large marketers and through them supplies between two-thirds and three-fourths of the island's entire petroleum requirements. Since Commonwealth produces more than is needed on the island, the excess is sold on the U. S. mainland or to foreign nations. Primary refined products include motor and avia i n ne jet fuel, kerosene diesel and fuel oils. Petrochemicals are Commonwealth's key to p – bil' . The oompany operates the world's largest aromatic petrochemical ent expansion of production facilities has'been completed;, there . rablecupg-I'a-ding-of-refine!'Youtput. Capital expenditures to permit nsion approximated 13 million in 1966 and should rise to about i1 competition in this area has been intensified by the buildi 0 h i e leum's petrochemical plant, due for completion later this year, mo t o e s output is under long-term contract or is going to plants owned by sub e r – hich the company has an interest. Thus, there will be little direct competiti lllips. Gulf Oil already has a refinery on the island and Texaco has announced to build one of its own. However, as in the case of the Phillips plant, most of the pro ction is slated to be sent to the U. S. mainland, and to the Texaco service stations now on the island currently being supplied by Commonwealth. The company has made it known that the volume of gasoline now going to these dealers can be directed elsewhere when the Texaco refinery is completed, which is not expected prior to 1969 or 1970. The rapid increase in demand for petroleum products on the island has resulted in a sharp gain in both revenues and earnings. Compared with only 90 million in 1961, sales last year rose to 161 million and are expected to expand to around 185 million this year. Earnings have risen from only 91 a share in 1963 to,1. 69 last year and are being estimate at between 2.15 and 2.25 thisyear. This could result in another dividend increase some- time during the coming twelve' months.- The record of recent years has benefited from an exclusion from Puerto Rican income and property taxes, Iiloowever, starting this year, about one-third of refinery income will be taxable with the remaining income not subject to taxes until 1970. Industry specialists have projected an earnings growth rate of about 10 annuall through 1970, on a fully taxed basis. In view of this impressive outlook, these shares are deemed to have considerable capital appreciation potential and last week were added to the Price Appreciation section of our Recommended List. From the technical point of view, the base that has been building since early last year has created an area of firm support around the 22 -20 level. There is no overhead sup- ply and our longer-term price objective remains in the 44-46 area. Dow-Jones Ind. 876.67 HARRY W. LAUBSCHER for ANTHONY W. TABELL Dow-Jones Rails 233.33 WALSTON & CO. INC. AW.T'HHrT 'amb ThIB market letter Is publlhed for your coftv.enlenee and mfOrtnRUOn find is flot an offer to sell or a aollcitatlon to buy Ilny lM!eurltlea dlseuaaecl. The In- formation employees was May obtalnd from source!! 'e beheve to be reliable. but have an Interest In or pUl'chase and sell the 8(curltlel! rweeferdroedntoot guarantee herein its o.ccurney. Walston & Co., Inc. and its officers. directors or WN&ol – – –

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Tabell’s Market Letter – March 30, 1967

Tabell’s Market Letter – March 30, 1967

Tabell's Market Letter - March 30, 1967
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Walston & Co. Inc MUNICIPAL BONDS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchange. OFFICES COAST TO COAST AND OVERSEAS TABELl'S LIST March 30, 1967 This edition of our R e c1o1. mtom! end e;d.t Lis't.g;i)ves lopg-termJ te'c. hnical upside objectives, plus indicated support levels or shorter 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' ;I .' ' ,t I., '.', 1,.. . ) ,….t) Q' f .. J I' , .. QUALITY & LONG TERM — –,,-….,..- Sup—-. . – 3/29/67 Obj. port n I Of GROWTH ''''''', – 'CrOSe3/29/67 J.!L …. .. t Obj. port Alum.Co.Amer. 85 1/4 B 110-130 74-72 Gulf Oil 62 1/4 A 78-92 58-56 Amer. Can 543/8 Bl.1'q66;.72 . 48c46 . Jnt.Paper ..,,, )128 1/8fA- .. ll 28-26 Arne r. T.& T .' 60.1f.2 l. A, 56-54, 943/4 A 1r, .. Colgate Palm. 30 1/8 A- 41-52 28-26 Parke Davis 30 !i,, A-', 88-84 28-26 Columbia Broad. 681/8 A . ,78;,84,68-66 , Pqillips, Pete 58 ..88-120 52-50 Cont'l Ins. 78 – 88-100 74-70 Reynolds Tob.40 1/2 A ,,,74 37-35 Cont'IOil , . 32. /8 A4 ,,,69;-67,, tJ Goodyear Tire 46 A 68-82 44-42 .'!88 .J… 32 '- I …. ' I'.. J rIa 10 .. . 1 Close. 3/29/67 . Q…u!!aLl- Adams-Millis 251/2 B Air Reduction 82 A- PR.. IC 4V E APPRECIATION '. ' .. .upside Sup- , , ..1'. Close Qual- , Upside Obj.)'port ;. -3/29/67 32', 20-17 '.,IlLCentraUldh 9415/8' B 1114',' 93-110 74-70 Kelsey-Hayes 30 3/4 B 42-53 Support 85-80 30-27 Allegheny Lud. ,,65,1/4 A .102 ,.56-54. ,Isoppers .J ,,49-621 Amer.Potash 36. 7/8,,r, B' ,48-60 34-32 r McDermott;J.R. 1'B,j , 102, 13Aenciih&orHHowocekl.l 511/4 A 70 68 – – A- 78 47-42 Mead Johnson 281/4'. B 60 Trust 12 374— – – 28-25 76-72 28-24 .-' Cenco Instrum, .54/4 .. B, 48744 ,. ,\'42.1/41'–.' VTh.. 47 – 52 , 37-35 Cinn. Milling, .,..49 ''I.'';, 'B .59-64, 38-36 ,Olin Mathieson 68 1/4,'B., 80-130 62-.56 Clevite Corp. 483/8 B 46-44 Revlon 627/8 A-I… -52-48 Commonw'thOil 261/2 – 43-47 22-20 Reynolds Met. 533/4 B 94 48-46 Comsat '', 601/4 ;,;. ,.,70-102 60-55. ,Riegel Paper CopperweldSteeI27.7/8 B. '40-52,\26-25 Robt,Controls 34.. DenverR.G. 195/8 B 17 Schlumberger 53 Ba'l 34 I' 58 A 74 17-14 30-28 48-44 Disney, W.alt, , 89.,. ''',.1 B 100 ,. .Sharm 52070, Dresser Ind… 32 5/8 'l,B! 58., ,,,30 \ Shell .661/8 A,.lr 75-120 Eagle Picher 32 B 54 30-28 'Signode)Corp 35 1/4.A- . 50 .. , 38-36 62-60 31-28 Eaton Yale T 28 5/8 B 35-49 26-25 Southern Rwy 54 1/4 B .EI Paso ..t.,G, 18 Ex-Cell-O ,. 58 ,,,,BIt.., 90 .18 .' ,.Sunds!rard . w, ,54-50 ,Tektronix. 45 -, Gen'l Dynamics 587/8 .t.-.' -56-,52'. Union Camp ) r ' ,B, Gillette 50 1/4 A- 80 44-40 United Fruit 34 B 531' .72 ,. 92—, 44-7Q 48-44 40-38 36-34 40-38 30 Gt.North.Paper 383/8 , B, .37.;35 34-32 SPECUL'ATIVE- PRICE APPRECIATION , ., C't. losIfe. t'Qu1 a,,,l-1..dh')Uptns!ide .. S.U,….pj–'\tY ,'t'nt-r 3/29/67 Obj. port fto,tt.1'L Close ,1Q…u;a\l.-, ,Upslkdl e 3/29/67 ity Obj. Amer. Bosch .373/4. ,46,, Camp. Chib. 61/8, .. .. .,,5 'r, c. Chris-Craft 327/8 B- 39-46 30-27 Home Oil fA,,, 18 3/4, ,,', ', ,,, ,1f' Microwave', . ..251'!.f . B., .,'10 1, National Cim 33 B 52 . 27 -25 .. ,Syntexm ,.188'1/4- ,; UMC Ind. 18 1/4 B Assoc3.5.1/BrB -'152' 46 ralll I.v, ,;J, , . , Support 80-70 17-15 33-30 20-18 This Bulletin Is published for )Our convenH'nt'1.' and mfol m,\tion ,J,nll IS not un ofT('r to ,ell or a solicitation to 11U) any secuntws dlscu'i'led The mrormatlOn was obtamed from bourcl.'' we bl.'lil.'vl.' to 1,, H.lllible, Lut WI.' lin not KUlllllnt Its .\C(UI,J,CY W.lhton Cn, Inc .lntl It offif'l.'r'l, Ollcciors or employees may have 8n mterest In or purchn….. 11m) -.ell the S('lUrltH'S n,h'llt..) to hl.'rt'ln WN-916

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Tabell’s Market Letter – March 31, 1967

Tabell’s Market Letter – March 31, 1967

Tabell's Market Letter - March 31, 1967
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W—a-lIsntocn.-&-C–o-. MUNICIPAL BONOS UNDERWRITERS MUTUAL FUNDS Membe New York Stock Exchange and Other Principal Stock and Commodity Exchange. OFFICES Co..,ST TO COAST AND 'OVERSEAS TABELL'S MARKET LETTER March 31, 1967 TEKTRONIX, INC. Current Price 39 Happiness is a thing called an.oscilloscope. Current Dividend nil At least it has meant a great deal of happiness to Current Yield nil the shareholders of Tektronix, Inc., the leading Long- Term Debt Common Stock 432,000 7, 954, 000 shs. producer of these precision instruments, since the shares first were offered to the public in 1963. As everyone knows, an oscilloscope is a Sales1967–E Sales-1966 130,000,000. 101,700,000 Earn. Per Sh. 1967-E Earn. Per Sh. 1966 1. 75 1. 38 graphof electrical eve;'t 'on the screen of a cathode ray tube. Not only are these highly sophisticated instruments used in many basic industries, such as TV broadcasting. stations, repair shops, re- Mkt. Range 1966-67 441/4-241/8 search labs and missile monitoring centers, but they are becoming increasingly associated with color television and computers, two of the fastest growing sectors of our economy. The company derives the largest percentage of its sales from the computer industry which is expected to expand at a 200/0 annual rate through 1970. The total market for oscilloscopes also is growing at an annual rate of 200/0, and Tek tronix accounts for some 700/0 of this overall market. Sales in fiscal 1966 broke down as follows domestic sales, 750/0, international, 250/0. proximately 260/0 of domestic volume. Overseas operation r accounted for apu8ed in 36 countries and are carried on in such important areas as the a ke eat Britain and Japan where the company operates a Jointlyowned enterpr ith n orp. There are approxi- mately 2500 customers, none of which or t 60/0 of total revenues. In ad- dition to the more than 40 different models . lose manufactured, more than 60 ,- as-pulse'generators'and'-amplifiers-, are produced. Operations of its own component parts as the company prefers to produce as man to maintain the high standard of quality and technical fo science of the art a -' tents are known. Realizing that advanCing the t . s line of work, Tektronix employs about 110/0 of total employees in resea d e pment work and applies a full 100/0 of total revenues toward R&D work. Much of the co ny's success can be attributed to its IBM-like program of pro- viding customers witli excellent field maintenance. This direct factory-customer relation- ship, made possible through a strong field force, enables the company to serve the present and future needs of its customers and is an important factor in maintaining the high degree of profitability enjoyed. This profitability has enabled TEK to expand production facilities to meet anticipated near-term den;and at only a small increase in long-term debt. Sales and earnings continue to rise rapidly. Third quarter results show sales up to 122.6 million, from 95.5 million a year earlier and earnings at 1. 21 a share, vs. 99 for the year earlier period. For the full fiscal year ending May 31, 1967, sales are pro- jected to around 130 million, up from 101. 7 million last year, and earnings are estimated at near 1. 75 a share, compared.withJ. 38)nJJ!3cal 1966. No being paid or are likely to be paid in the foreseeable future. Management controls approximately 550/0 of total outstanding stock. Technically, the issue has formed a large base in the broad 36-32 area, indicating an initial price objective of 63 followed by a longer term upside objective of 72. The stock recently broke out of this trading area at 38 on the upside. With strong support present in the mid-thirty area, limiting downside risk, we continue to feel purchases can be Jusfified on minor weakness. This issue was added to the Price Appreciation portion of the Recom- mended List on March 17,1967, and again is recommended for purchase. A new edition of our Recommended List will be in the hands of your Account Executive early next week. Dow-Jones Ind. 865.98 Dow-Jones Rails 230.59 HARRY W. LAUBSCHER for ANTHONY W. TABELL WALSTON & CO. INC. A WT HWLamb Thil market letter is published for your convenience and mformation and Is not an offer to sell or a soilCIt.a.tion to huy any &eC!unties dillcussed. The Information was obtained from 80urces we believe to be reliable. but we do not guarantee Its nccufacy, Walston & Co., Inc. and Its officers, dlreetorll or emploYeeB may bave an Interest in or purchase and sell the seeurltles referred to herelll.

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Tabell’s Market Letter – April 07, 1967

Tabell’s Market Letter – April 07, 1967

Tabell's Market Letter - April 07, 1967
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Walston &- Co. MUNICIPAL BONDS UNDERWRITERS MUTUAL FUNDS Memb… New York Stock Exchange and Other Principal Stock and Commodity Exchange. TABELL'S MARKET LETTER OFFICES COA,ST TO COAST AND OVERSEAS April 7, 1967 Today, exactly six months after the now-historic October 7th low-point, the market appears to have lost some of the ebullience which had characterized it in January and again in late March. Capping off nine days of rather lackluster performance since it reached a high of 883.41 on March 27th, the Dow-Jones Industrial Average responded to the lowering of the rediscount rate with only a mild rally, followed by a decline to an intraday low of 850.22 on Friday. There is, indeed, a potential top formation in the Dow. The Index has held since late January in an area bounded by, using intra-day figures,- roughly 830'and'880;-A downside penetration of this area would undoubtedly cause a fairly lackluster market performance to extend well into the Summer, and would involve a testing of the major support that exists at 820-800. Yet, there is a lingering suspicion here that all this may be nothing more than a re- flection of the relatively inferior performance turned in by the Dow since last October when compared with more broadly based averages. For example, we have pointed out in previous letters that both the Standard & Poor's 425-Stock Industrial Index and the 500-Stock Compo- site, were reasonably close, at their highs of two weeks ago, to new high territory, where- as the Dow has not even approached its peaks of last June and July. Thus, both the Stand- ard & Poorls indices have successfully penetrated a major area of overhead supply and appear to be in confirmed uptrends. This is precisely seems to be having such trouble accomplishing. at the Dow at the moment 0 The same sort of discrepancy shows up .. t rt patterns on Stand- ard & Poor's indices. On these averages, no top of nY1;igm 1 e is at the moment ap- parent, again, quite in contrast to the ofa t ow is concerned. Until sucb tops form we are disinclined to become terr rri out stock market prospects. — A number of-dubiouS – !J.e. vance be stymied at these levels have been bandied about of reasons relates to the fact, noted above, that the market low was ade m nf s ago and that, thus, many substantial capital gains will shortly bec e to erential tax treatment and will, therefore, be established. We – s at best. First of all, it is highly doubtful that invest- ors automatically ru t se ecisely six months to the day after a profitable purchase. More importantly, even – elling were to take place,it would affect the overall market only to the extent that the ds realized were taken out of the market and not reinvested in other stocks. With yields on alternative forms of investments considerably less attractive today than they were six months ago, we find it difficult to believe that a mass exodus of funds from the equity market is likely to take place. The second rather dubious contention cropping up is that the market is going to find itself disappointed by first quarter earnings reports which, in the aggregate, at least, are going to be lower. In the kind of a market which anticipated an earnings decline in 1967 by starting to move downward in February of 1966, it is hard not to be persuaded that investors have not already adjusted with equanimity to what March earnings reports will bring. Meanwhile, there is, as yet, littie evidence that the uptrend in effect since last October has been destroyed. It is, after all, but two weeks since the last high in the major market indices and distributional market patterns generally do not manifest themselves overnight. There is obviously greater risk involved in stock purchase at today's prices than was the case, say, last Fall. Nonetheless, until more convincing evidence to the contrary is presented, this letter will continue to take a pOSitive view of the stock market. Dow-Jones Ind. 853. 34 Dow-Jones Rails 227.48 ANTHONY W. TABELL WALSTON & CO. INC. AWTamb Thle market letter Ie published for your convenience and Information Rnd Is not an offer to sell or A. solicitation to buy any aeeurltlt!l ..hscuued The in efomrpmloAyteieo!n! mWaUy hoabvtreunaend Infrtoermestsoiunrcoer! pwurechbaealeievaendtosebllethreeli!a\ebCleu.ritbltu'St rweeferdroedntoot h&errUeAmr.antee Ita accuracy Walllton & Co., Inc. and Its officers, dir'eclora 0;

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Tabell’s Market Letter – April 14, 1967

Tabell’s Market Letter – April 14, 1967

Tabell's Market Letter - April 14, 1967
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Walston &Co.;.;……;…; Inc. TABELL'S MARKET MUNICIPAL BONDS UNDERWRITERS MUTUAL fUNDS Membe.. New York Stock Exchange and Other Principal Stock and Commodity Exchanges OFFICES COA.ST TO COAST AND OVeRSEAS LETTER April 14, 1167 The stock market awoke from its lethargy this week. After reaching an intra-day low of 838.98 on Tuesday, very close to the bottom of the 830-880 trading range mentioned in last week's letter, a couple of days of irregularity were followed by a dramatic 10.91 point rally on Friday, carrying to an intra-day peak of 865.03, vis-a-vis the high of 833.41 made on March 27th. Ability to push on to a new high would, of course, cancel out the top formation outlined in last week's letter, indicating a further extension of the advance and – – – – – – -a further push into the overhead supply at 860-900. We think at this pOint the odds favor the upside. There is very little point in refusing to acknowledge the outstanding strength being by the stock market and in hoping for buying opportunities at lower levels which may never occur. In other words, until con- Vincing signs of deterioration are seen, we feel that an aggressive attitude toward equities continues to be warranted. We think it probable, however, that the market is entering a new phase and that, if the advance continues, the investment climate will be somewhat different than has been the case for approximately the past six months. This would be in line with the general tendency of past bull markets. The first six months or so of any given market rise are generally characterized by sharp advances in almost all stocks. It is after this initial phase that selectivity begins to set in. Some stocks reach their and have to back and fill in order to form new patterns; other issues, whic r Ry in a sideways trading channel, reach the top of that channel and v n, toward its lower limits. It is at this point the number of advancing ge a ecomes fewer and the selection process becomes somewhat more difficult. ink, is what is happening in moment. .. . . . . . . Friday's rally affords a the day, 797 issues advanced but it compares da i a on the day. We su e a a t\!;l0sort of thing we are talking about. During Now, this is a respectable figure, well over 1000 issues chalked up plus signs thing is likely to continue. Another charac i ti a market phase such as the present is, very often, a shift in leadership as new in ry groups and stocks come to the fore. Thus, at the moment, the five strongest gro s on a short-term basis are Savings & loans, Machine Tools, Meat Packers, Air-Conditioning and Motion Pictures. These, certainly, were hardly balls of fire il\ the markets of a couple of years ago. Meanwhile, improving short-term relative strength is being shown by such hitherto-laggard groups as Papers, Steels, Industrial Machinery and Coal. We expect that this is likely to continue also. Of special interest from here on out will be the action of trading volume. One char- acteristic of the early part of an upswing is sharply expanded volume of trading. Averaged out into a smooth curve (we have generally used moving totals), total volume generally expands very sharply to new highs in the early part of an advance. Later, as the advance slows, volume generally peaks-out anj drops off sharply with the actual market high being made well after volume has reached its top. In recent weeks volume has been running well below the peak figures recorded in January and in March. Ability to generate higher volume would mean a probable extension in time of the market advance. Further volume declines would suggest that an even more rna ture stage of the upswing had been reached. Dow-Jones Ind. 859.74 Dow-Jones Rails 228.85 ANTHONY W. TABELL WALSTON & CO. INC. AWTamb Tbt. market letter t. published for your convenience and Inlormation nd i8 not an offer to sell or 8 to buy any &eeurltlea dillcuaeed. The In- formation waa obtained from aources we believe to be reliable. hut we do not guarantee Ita aceuracy. Walston Co., Inc. and Ita ofBcer.. direetora or DUQ have an interest In or puPChaae and sell the &eeurltletl referred to herein.

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Tabell’s Market Letter – April 21, 1967

Tabell’s Market Letter – April 21, 1967

Tabell's Market Letter - April 21, 1967
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W—a-lIsntocn.-&-r-e-o-. MUNICIPAL BONDS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchange. FILE /I TABELL'S MARKET LETTER OFFICES COAST TO COAST AND OVERSEAS April 21, 1967 The market strength continues. The Dow-Jones Industrial Average chalked up its seventh consecutive advance on Friday and in the process reached a new recovery high of 888.20. Even more impressive was the action of the Standard & Poor's 500-Stock Index which achieved an intra-day high of 92.90, just 2 below its all-time high of 94.72. Throughout all this, breadth action continued favorable. Although objectives for the bases formed in the August 1966-January 1967 period are being reached on most indices, alternative interpretations of the bases indicate that an extension of the move is possible. Moreover none of the signs of deterioration which normally accompany a major top are evident. In these circumstances we can do littleotheythanto continuetosuggestan aggressive investment approach. GREAT NORTHERN PAPER COMPANY Current Price 44 3/8 After wandering in the wilderness of despair Current Dividend 1. 20 caused by overexpansion and falling profit margins Current Yield 2 7 for several years, the paper industry appears to be Long-Term Debt 72,355,471 0.40 Cum.Pfd.Stk. 1, 959, 691 shs. Common Stock 2,677,483 shs. making a rapid comeback in profitability and would seem to offer the investor attractive opportunities for capital appreciation. One of the most profitable of all domestic paper Sales 1967-E Sales 1966 135,000,000 123,890,000 Earn. Per Sh.1967-E Earn. Per Sh. 1966 4 4 . . 50-4 36 . 60 companies, Great -gin of almost 24, e to benefit frtthe ti i several yea rg 0 producers, a ntin with a profit mar rtibularly well situated e ands of the next U. S. '-based newsprint approximately 5 of total Mkt. Range 1966-67 49-30 1/8 , n, Great Northern recently has – . -.- -. – if' its.production into such areas as specialty printing papers and lineria per for the packaging ind1!-stry. These activities now account for respectively. The rapid growth of magazine and book publi t; demand for printing papers will exceed project- ions now being ma f e rs. This is likely to prove especially true in the field of textbook puo . important factor in printing papers, Great Northern should be a direct ben this trend. The higher intere arges and unexpected costs incident to the 50 million expansion program now nearing mpletion at the Georgia containerboard plant held first half earnings to only an 8 increase over the 1. 87 reported in 1966's first six months, despite a sharp gain in operating profits. Already announced price increases for newsprint, to take effect July 1st, should provide a boost in final-half results. For the fiscal year ending September 30, minor improvement over fiscal 1966 results is antiCipated with estimates approximating 4.55 a share However, the new production facilities should be in full swing during most of fiscal 1968, and industry specialists feel that net income in the area of 5.00 to 5.50 a shar would not seem an unreasonable estimate. If the 7/0 investment credit is restored and made retroactive, GPP could substantially reduce its 1967 tax bill, perhaps by as much as 2.5 million. This alone could add between 20 and 25 a share to 1967 earnings estimates. This anticipated earnings improvement is predicated on an economy that will permit th industry to operate at a high level of production. If the economic downswing now in progress continues through the June quarter, GPP's earnings this year may show only slight improvement over 1966 figures. The primary attraction here, however, is the improved earning pow that has been built into the company and the potentially impressive gains seen for several years ahead. Directors, in reflection of their optimism, recently increased the quarterly dividend to 30 a share. From a technical point of view, the base that has been building since the middle of last year has created an area of firm support starting around the 38 level. There is a minor amount of overhead resistance between 45 and the all-time high of 49. While our initial price objective is in the 68-70 area, we are carrying a longer-term goal near 90. Added to our Recommended List's Price Appreciation section on March 17 at 37 3/4, we again recom mend the stock for purchase. Dow-Jones Ind. 883.18 Dow-Jones Rails 230.52 HARRY W. LAUBSCHER for ANTHONY W. TABELL WALSTON & CO. INC. This mark efomr.mDlaot1ioenn et le mw&a1s tter la publlBbed tor your and Informat hoabvtaei naend InfrtoemrestsoIunrcoers pWUeFebheubeevaendtosebllet hreelisaebcleu,r b iti ion and 0 no ut we do not es referred to t an offel' hgeuraeirna.ntee to Bell or a solicitation to buy any Ita accuracy. Walston II Co., Inc. l!eCurltJes dI8CWUJed. The and Ita officers dlreeton In. or WN.801 f' – …

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Tabell’s Market Letter – April 28, 1967

Tabell’s Market Letter – April 28, 1967

Tabell's Market Letter - April 28, 1967
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Walston &Co. —-Inc ;….;……;..- -fiLe MUNICIPAL BONDS UNDERWRITERS MUTUAL fUNDS Members New York Stock Exchange and Other Principal Stock and Commodity Exchanges OFFICES COA.ST TO COAST AND OVERSEAS TABELL'S MARKET LETTER April 28, 1967 II The stock market this week reached a newall-time high! This piece of intelligence may be news to those who think of the market in terms of the Dow-Jones Industrial Average and who are well aware of the fact that this index was over 1000 in February 1966 vs. an intra-day high of 903.73 on Friday. It is a fact, however, that most of the indicators of stock market performance did this week reach levels higher than they have ever ach ieved in the past. The New York Stock Exchange Index led off the parade, closing at 51. 08 on Tuesday compared 1966 closing high of 51. 06. On Thursday, the Standard & Poor's 425-Industrial Stock Index reached a closing high of 100.91 and an intra-day peak of 101. 36. Both of these were in excess of comparable 1966 peaks. The Standard & Poor's 500-Stock Composite was briefly above its closing high on Friday before late profit-taking dampened Friday's rally, but it also posted a new intra-day peak. The laggardness of the Dow, of course, still provides the gloom-and-doom theorists with something to fall back upon. This decreasing but still vocal min.ority can point to the Dow and still mutter dire forebodings about intermediate-term rallies in bear markets. It is probably safe to presume that we will continue to hear this sort of silliness until such time as the Dow also moves above its 1966 tp. The question at the moment, very simply, is, How up II If one looks only at the post-World-War II experience it is possible to simple rule, i. e., that bull markets move to a new high by I a u t . sort of thinking would lead one to conclude that various broad-base 0 i ntinue to achieve new peaks during 1967, and that the Dow eventually onf hese highs. Indeed, one interpretation of the chart pattern for the a d bear this out, yielding -possible objectives in the ll60-1240 e0 din the-109-ll8 range Standard & Poor's 500. However, e of historical precedents for bull mar- kets which fail to regain all t t previous downswing, or in which the the Dow and the Sta d the base forrped in & 5 ve reached the upside objectives indicated by – e r, 1966. Actually, it is 0 e extent an exercise in futility to make rigid prOjections about where any of th ices will eventually wind up. We stated in this letter on January 20th – ……. rhere is only one suitable course of action, and that is to own common stocks which appear to represent good value from a technical and fundamental viewpoint. It is our feeling that ore should be fully invested in such stocks, and that, if he is not in such a pOSition, he should utilize any minor weakness in the market to get that way. The only necessary addendum at this stage is that he should stay that way. At some future time, of course, we will undoubtedly see the sort of deterioration that characterizes a market topping. None of this sort of thing has occurred to date. Breadth continues to lead the market on the upside. Volume continues to expand and most longer-term volume series continue to be encouragirig. Rate-of-change indicators, far from turning down, have just recently begun to move into -po'sitive territory, confirming the probability that Oc tober 1966 saw a major stock market low. Now, deterioration could begin to show up at any time. It could start right now from around current levels, or it could begin much later and from much higher levels. In any case, the best course of action for the investor is to remain long of well chosen equities until there is some more persuasive reason than now exists to change this position. Dow-Jones Ind. 897.05 Dow-Jones Rails 231. 91 ANTHONY W. TABELL WALSTON & CO. INC. AWT;amb Thl, market letter Is Ptlbllahed for your convenience and Information And Is not an offer to seU or a aoIidtation to buy any IJeeUrities dlscWll!ed. The in- formation was obtfI.lned trom IIOUrees we believe to be reliable. but employeH mB,J have aD Interest In or pupebaae and sell the l!Ieeurltiea we do not guarantee referred to herein. Ita aecuraey. WBlaton & Co., Ine. and its officers. directors or

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Tabell’s Market Letter – May 05, 1967

Tabell’s Market Letter – May 05, 1967

Tabell's Market Letter - May 05, 1967
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FILe- Walston &Co. —–Inc —– MUNICIPAL BONDS UNDERWRITERS MUTUAL FUNDS Members New York Stock Exch.nge and Other Principal Stock and Commodity Exch.nges TABELL'S MARKET LETTER OFFICES COAST TO CO….ST AND OVERSEAS May 5, 1967 The stock market ushered in the month of May with some rather interesting gyration After declines on Monday and Tuesday, most market averages advanced on the latter three days of the week and the Dow finally breached the magiC 900 area, posting an intra-day high of 910.91 on Friday. Volume tended to increase On the advance and on Thursday reache well over 12 million shares. In Thursday's trading, 229 New York Stock Exchange issues reached new highs for the year – an all-time record for this particular statistic. In last week's letter we delivered ourselves of some rather optimistic thoughts in re gard to the current market outlook, and we would be less than candid if we did not combine them witha few precautionary notes-MostmarketupswingstendtObeginwith rather-dyna- , mic periods -. with breadth statistics which are extremely favorable, and almost all stocks share in the advance to a greater or lesser degree. Gradually, the advance loses some of its dynamism, and fewer and fewer stocks move ahead. There is currently some evi- dence that we are now proceeding into a more mature phase of the upswing in which the num- ber of advancing stocks will tend to be fewer and the risk in ill-conceived selections will be all the greater. One example may suffice. On every day last week the number of advancing stocks ex- ceeded those declining, but the plurality was quite small. For each day in the week there were some 600 plus advances and 500 plus declines. This is a favorable market environment but it is measurably less favorable than that which existed last Winter when days with 700 and 800 advances were not uncommon, and on a few occasions the number of advancing stocks was over 1000. In other words, we are entering 'ePich that old catch- word, selectivity, will become more and more imjgrta t. To this end, and to make room for recent r mmended List, we are removing a number of stocks. Some have moder,.MJ high jectives and the investor may wish to place orders somewhat above er, in the interests of main- tainingthelist.at e n .at We have tabulated below the p e of these issues since December 31, 1964, the base date for our Since that time versus t per showing their eo t Dow-Jones Industrial Average. There were 115 recommendations rna – i Of these recommendations, 92 have advanced and 23 declined. A c ce record of the list, as well as the current list itself, are available from y al Account Executive. Obviously, no implication is made that such results could be 0 d by purchase of issues in the Recommended List, or that sim- ilar results will be 0 ned by purchase in the future. Commissions are not included. Price 12/31/64 or Date Recom. Current Price /0 Change /0 Change DJIA same Time Period Amer. Bosch 187/8 4/5/65 423/4 128 1 Bell & Howell Clevite 47 4/7/66 40 7I 8 74314 47 58 15 -4 3 Denver Rio G. Disney (Walt) El Paso Nat. G Ill. Central Ind. McDermott, J. R. M. G. M. South. Railway Sundstrand 21318 45 1I 2 22 5/8 25314 adj. 24718 (adj.) 20 1/2 (adj. )(3/1/65) 575/8 10 (adj.) 195/8 99 3I 4 19 1I 8 53 62114 49 51 53112 8 119 15 108 149 140 11 437 3 3 3 3 3 3 3 AVERAGE 102 2 Being added to our list, effective today, are four issues, Scovill Manufacturing Co. and Seaboard Air Line R. R. in the Price Appreciation section, and Technicolor and Victor- een Instrument Co. in the Speculative Price Appreciation section. Investors may wish to use these as replacements for some of the issues mentioned above. They will be reviewed in sub- sequent issues of this letter. ANTHONY W. TABELL Dow-Jones Ind. 905.96 WALSTON & CO. INC. Dow-Jones Rails 235.87 AWTamb This market letter is publillhed for your convenience and information Rnd Is not an offer efomrpmloaytieoens mwaays hoabvtaeinaend InfrtoermestlIOiunrCof!r!!! pwurechbaeslieevaendtosebllethreeliable. but rweeferdroedntoot hgeuraerina.ntee to sell or a Us accurACy soliCitation Walston to buy Co.. any Inc .asencdurJiut.ieosftJJe.elsreau,.saed The inor

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