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Walston &Co. —-Inc. Members New York Stock Exchange and Other Principal Stock and Commodity Exchange. OVER 100 OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER October 4, 1968 The stock market went up last week — so what else is new Actually, a number of things. The Standard & Poor's Composite,the New York Stock Exchange Index and the American Stock Exchange Index all moved during the week to new all time highs. The Dow Industrials, which have been the feature of the rally so far, moved to a 2 1/2-year peak, finally surpassing their high level of September, 1967. The advance to highs for these averages was confirmed by our weekly advance/ decline line, and the daily advance/ decline line moved closer to such a confirmation. The only average lagging the centage somewhat was the Dow-Jones Rails which, at its week's high of 275.14 was slightly ail1967 02. , Notthat is sweetness-and'l(ghC 'Breadth could be better, and there-is some evi- dence (see below) that, on a very short-term basis, the advance may be running out of steam. There are, moreover, a few distributional patterns in evidence. These, however, seem to over/ihadowed by the tremendously strong chart formations of the majority of stocks, es- pecially those in the highgrade sector. D-J Low D-J High Adv. S&P Low S&P High '10 Adv. Jan. -Feb. 1967 776.16 871. 71 12.3 79.43 89.00 12.0 Apr.-May 1967 838.98 915.07 9.1 87.86 95.25 8.4 21 June-July 1967 853.21 933.14 10.9 90.08 96.67 7.3 28 Aug. -Sept. 1967 887.83 951. 57 7.2 92.01 98.31 6.8 19 Nov. 1967-Jan.1968 839.40 921. 87 9.8 90.09 97.84 8.6 33 Mar. -May 1968 817.68 935.68 14.4 86. 1Jl. 15.1 40 Aug. -Oct. '68 (to date) 863.33 957.30 10.8 96. 3S' 7.8 32 It is interesting to compare the rally which u th with its predecessOlj'1! since the beginning of 1967. As can be seen, from th able a , it has lasted 32 days — about par for the course, based on recent rcentage advance to date fails to match the early-1967 rally or in line with. or r F s Day advance of this year; but is – t '1- c!jlW nents ofthe longer-term upswing. performance on the Dow that of the Standard & Poor's but, as the table shows, this is t a n,ing phase. To date, it has been in declining markets that the br a i t d to do considerably better than the Dow. At the mom r ' n Idence that any correctionary phase will be other than a mild one in view of hl he ng-term objectives for those individual issues. Strong sup- port now exists in the D t the 920-900 level. We are remo from our Recommended List ten stocks whose performance is lated below. In two cases (Canada Dry and Continental Insurance) the removal price is ad- justed to reflect securities received on merger. Since December 31, 1964, 151 recommen- dations have been made in this list of which 107 have advanced and 44 declined. A complete record is available at your Walston Office and, obviously, no implication is made as to future results. Commissions are not included. Stock List Price & Date Recommended Current Price 0/. 0/0 Change DJA Change Same Period IAllc!lor Hocking Canada Dry Continental Ins. General Dynamics Gulf Oil Lorillard Spec. Apprec. Apprec. Quality Apprec. Quality Quality Spec. 191/8 (2/2/68) 53 (11/18/66) 33 793/8 (3/17/67) 35 (12/31/64) 58 1/2 (12/31/64) 51 1/2 (9/8/67) 17 (12/31/64) 16 1/8 – 15.7 72 35.8 ,7.!8adj) 32.4 131 (adj) 65.0 47 1/2 35.7 82 3/4 41. 5 675/8 31. 3 553/8 225.8 10.4 8.5 10.4 9.6 9.0 9.0 5.0 9.0 Quality 883/8 (5/21/65) Apprec. 21 3/8 (12/31/64) 1373/4 223/8 55.2 4.7 3.3 9.0 51.1 8.3 Dow-Jones Ind. 952.95 In()w-.T()n,' Rails 273.04 ANTHONY W. TABELL WALSTON & CO. INC. WT'amb Tbla market lettel' la published for rour (!onvenlence and Information And 18 not an oft'er to Bell or a eoIlc1tation to buy any aeeurltlea lh!Cuued, The formation WlUI obtained from eources we beheve to be reliable, but we do not guaral'ltee Ita l.ceurac),. Walston & Co Inc. and Ita officera. dlrectora or mlJ have an JnterM In or purchase and sell the J!eCurltiell referred to herein.