Viewing Month: November 1968

Tabell’s Market Letter – November 01, 1968

Tabell’s Market Letter – November 01, 1968

Tabell's Market Letter - November 01, 1968
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'Walston &Co. —–lnc. —– Membe.. New York Sock Exchange and Other Principal Siock and Commodity Exchange, OVER 100 OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER November 1, 1968 The stock market demonstrated last week the essential truth behind everycliche by once more refusing to discount the same thing twice. Between mid-August and mid-October, the Dow had scored a 100-point straight-line advance based largely on the prospects of an imminent cessation of the Vietnam bombing. On Thursday, when the knowledge of the bomb ing halt first became widespread, the market rallied feebly in the morning and was barely able to hold its gains. On Friday, following the President's actual announcement, the Average actually wound up off 3.98 points on the day. – A -. P.. rom-a–technical point-of-view,-thi's-i-s- all -to viously requires some consolidation, and the sooner we get this necessary process over wit the sooner the upswing can be resumed. At the moment, the distributional formation is sufficient to indicate a dip close to the 930-920 support level in the Dow. This would fit in with the normal post-election pattern and the subsequent year-end rally which might carry from the support level mentioned above to new highs around the turn of the year. So far, as noted, the typical election year pattern has held good in 1968. It was pointed out in this letter last July that there was a strong tendency iIi-stich years toward a strong second half. This tendency has prevailed again this year despite the many unusual factors peculiar to the 1968 Presidential balloting. It is these unusual factors, as has been repeatedly noted, that make this year's election a .difficult,one to forecast. The argument in favor of a Nixon victory is, on the face of 'a strong one. -A recent fabulation showed Mr. Nixon leading in 34 States with a total of 348\electoral than needed for victory. Seven States with 46 votes leaned toward Humph e, ith 53 votes toward Wallace, and 4 States (including New York) were c 11. The Nixon case is thus persuasive. of oubtful States, plus sim- ply holding his own, he is the victor by . And yet, not too much is re- qu-ired – -e -5 electeI'-al- vote totals — California, .0 10 and Texas. Were G, O. P…! !or example, not to gain any of r States, and lose any 3. of the above 5, Mr. Nixon's majority tabulation shows h' sEi i d. 0 r. Humphrey — despite the fact that the above otes, win by picking up the 4'doubtful States, plus the 5 large in . entioned above. The imponder Ie, course, is the Wallace vote, – – – – not so much in the South' ern States, where he . obably depriving Mr. Nlxon of a majority, but in the Northern in- dustrial areas. In Pennsylvania, for example, polls indicate the possibility of his receiving 500,000 votes — this in a State which was won by just 100,'000 votes in 1960. Thus, the .question of w.hether the half-million potential Wallace voters would otherwise have voted for Nixon or Humphrey, and whether they will switch back in the privacy .f, the voting booth, or simply stay ho. me, becomes crucial. It is a questi0Il,as yet largely . – . ,\ .De spite all of the above, however, we are inclined to think that Mr .. Nixon's strength as shown by even the most recent polls, is insuperable. We, therefore,' forecast a Nixon – victory. i r () ( …. j \.. . Having undertaken the above exerCise, we confess we think it makes little difference as far as the stock market is' concerned. Were Mr. Htiitiphrey-t8 pUll 8ff il.tI Mi suing correction would probably be a little bit deeper lind faster than might otherwise be the case. In the likely event of a Nixon victory, a correction probably will also ensue — but in somewhat milder form. The only thing that might dra-matically alter the'picture would'be, of course, the third result — no candidate's being able\to win an electoral majority, with its attendantpossibilities of a brokered electoral college or selection. by the House of Re- ' 't . presentatives. Barring this eventuq.l.ity, we think the market's most likely course is dictate .by'-its . -,' internaL technic'al position as outlined above. ; . . ,… .. -. .!. . .. DOW-Jones Ind. 948.41 Dow-Jones Rails 265. 37 ANTHONY W. TABELL WALSTON &-co. INC. .. .' ; – . .. ' — AW'I'amb Thls'market letter Is published for your convemence and InformRtlon find Is not an offer to sell or It lIOilcltation to buy RY fonnatlon was obtamed rom wc,-oe/U!e to be rl;'itabJe but we do not gul\rantee Its aCcurACY Walston & Co Inc. and ItS officers, director or employec8 may have Interest In or purchase and sell the securities referred to helem II , .. . WN801

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Tabell’s Market Letter – November 08, 1968

Tabell’s Market Letter – November 08, 1968

Tabell's Market Letter - November 08, 1968
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Walston &Co. —-Inc —- Members New York Stock Exch.nge and Other Principal Stock and Commodity Exchange. OVER 100 OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER November 8, 1968 As has been noted before in this space, the record of this letter in stock market fore casting has been somewhat less than perfect, but it has, at least, been able to continue a 20-year unbroken string of successfully forecasting Presidential elections. The balloting turned out just about as outlined in last week's letter. Mr. Nixon was the winner, as fore- cast, and Mr. Humphrey's dramatic resurgence was largely the result of a swing in the large industrial States — a possibility we discussed at some length. We suspect the whole thing will make little difference as far as the market is con- cerned. The 100-point advance of August-October still reqUlres digestion, and the post- election tion centered around the 950 level rather than a deeper coirection to 930-920. At the mo- ment, the best that can be read on the upside is a test of the old high which, in turn, might broaden the potential top. In this connection, we can only wait to see how the pattern develop The salient fact is that the long-term trend remains up and that investment opportunities abound in individual issues. Along these lines, we are continuing our industry group review below. Freightcar Leasing issues are showing attractive technical action at the present tim with General American Transportation (47), Union Tank Car (41) and North American Car ( 36) all having patterns which would justify purchase on dips. Glass issues have, in most cases, reached upside objectives, although a long-term potential of 114 is still readable in the price pattern of Owens Illinois ( 71 ). Most stocks in the Insurance field are either recently listed so it is impossible to determine price projections for most of the i s . H))wever, relative actio continues well above average and shows no rated as holds at the present time. I;yr! 0 m to would have to be Liquors, in general, appear attractive, D' ers Seagram ( 44) with an upside objective of 60. American n interesting potential base pat- ',. ….igher Us aIL exception to the general and should be switched. . The Machinery a number of sub-categories. Machine Tool issues d r in the latter part of 1967 and early 1968 and have, recently, recover t t i sses. We suspect a process of reba sing is under way, but it may be prem 0 aggreSSive purchases at this time. A number of Heavy Machinery issues app r a ctive, notably Caterpillar Tractor (48 ), with a long-term ob- jective of 80, and Inge Rand ( 49 ) with a target of 80-100. The Oil Well Equipment stocks have consiste y shown above-average relative action. We suspect that Dresser In- dustries ( 37), behind the market with an upside potential of 64, is the most interesting new purchase at present. The long-term relative actlOn of the Non-Ferrous Metal group has been desultory, but some signs of improvement, especially in the Copper stocks, can be noted, and these issues appear attractive for income and longer-term appreciation. Anaconda (53) and Kennecott (47 ) both have price targets in the 70' s. Patterns in the Motion Picture group are mixed, but relative strength is good. The Oil industry generally presents one of the most interesting technical pictures in existence at the moment. Interest in the group has picked up sharply in the past six months, ,baseEl on a number of factors including theil' relative cheapness, the good earnings outlook for 1969-1970, and the recent discoveries on the north slope of Alaska. Attractive opportu- nities abound in the industry and representative issues should at the moment constitute an important part of most investment portfoliOS. Standard on of New Jersey ( 80), Standard Oil of California (70 ), Royal Dutch ( 57), Phillips Petroleum ( 67), Continental Oil ( 75 ), Superior Oil of Nevada (194), .and the more speculative Pacific Petroleum ( 21), all appear attractive at the present time. The Paper group, 'long a favorite of this letter for long-term investment, began to show improvmg relative action in the early part of 1968, and for most of this year the stock in the group have been just about the best acting major group on the Board. Most issues have dropped off moderately from all-time highs scored a few weeks ago, and we regard further weakness an attractive opportunity for purchase of such stocks as Union Camp ( 55), West Virginia Pulp &. Paper ( 32), International Paper (36 ) and Great Northern Paper ( 68 ). Dow-Jones Ind. 958.98 Dow-Jones Rails 266.76 ANTHONY W. TABELL WALSTON & CO. INC.

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Tabell’s Market Letter – November 15, 1968

Tabell’s Market Letter – November 15, 1968

Tabell's Market Letter - November 15, 1968
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W—a-lsItocn.&—C-o-. FI L e. Members New York Stock Exchange and Other Principal Stock and Commodity Exchange. OVER. 100 OFFICES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER November 15, 1968 Recent market strength has been impressive and consistent with the theory of a ma- jor uptrend's being in effect. Advances exceeded declines on all four trading days of last week and the major averages closed the week at or around new highs for the move,cancelling out the entire pre-election decline. Yet there remains the lingering suspicion that the modest October-November correct ion, encompassing only eight trading days and retracing less than a third of the Ill-point August-October move in the Dow, is insufficient fully to correct the previous rise. The re- cent rally, furthermore, began from levels which, under no circumstance, could be called 'Oversold- Under th-e-se' conditio'ns ssilJility'of -riea'r-term'weakne1!rCannot be'overlooke although it must be emphasized that such weakness would constitute nothing more than a tem porary interruption of a now-clear-cut major uptrend. We are concluding herewith our re- view, started four weeks ago, of major industry groups. , Relative strength of the Publishing group has generally been below average, and we would prefer to avoid commitments in this industry. Patterns building up in the Railroad industry are generally attractive, and although no immediate moves are indicated, purchase on weakness for patient holding could work out well. Penn-Central (62) has returned to a support level in the low 60' s, and such carriers as Seaboard Coast Line (49), Southern Railway (65), Chesapeake & Ohio (72) and Nor1hern Pacific (57), appear to be completing attractive long-term base patterns. Retailing issues, benefiting from the resurgence in consumer spending, generally present strong patterns. In the department store group, Stores (36) has recently moved back again to the support at around th 5 1 stock has a longer term objective of 62. May (44) with a long-term 7, is 0 interesting. In the mail order group, Sears (69) might be subject to nea – m we ss to the mid-60's, but appears attractive for purchase on dips. s its sharp rise, still has a higher long-term objective and should bell . ou ains show mixed patterns, but Vornado (26) appears to have – 0 .- ct-c orfhe past J. ;in the variety-chain group, , Rubber stocks are ano . e..ctMn a technical pOint of view. . . t major groups on an intermediate-ter basjs, a!l most of th e – e issues constitute attractive purchase candidates. Firestone (61) ha 0 I s gest pattern with a long-term objective of 86 followed by higher levels. Go r 6 's also attractive, but Goodrich (44) appears to be lagging behind the rest of the i d Y and should probably be switched into either of the two above i-s,sues. Armstrong R r (58) is an interesting smaller special situation. . . Action of the major Soft Drink companies, Coca Cola (71) and Pepsico (49) is poor, and they probably. should be considered as switch candidates. stocks present an interesting picture. They have lagged the market for almost a decade, but the potential bases are huge and preliminary signs of a relative strength up- turn are apparent. We are inclined to consider the group, at worst, interesting for the pa- tient investor, arid possibly of the interest of the more aggressive investor as well. , Textile stocks completed a needed' correction at their lows of last Summer and appea on their' way to higher objectives which are, almost uniformly, above current levels. We re- gard ,Burlington (49) and American Enka (53) as especially attractive. Althpugh action will probbly be slQW, iPe Tobaccos higler !el..2vJ'! the lo.ng. term and, wit,h a minimum of downside risk, should be interesting for the income- oriented holder. ' , . Utility stocks present an extremely interesting picture at the present time. The Dow- Jones Utility has held, since early July, in a narrow range between 130 and 132. This range was penetrated early this week by a sharp upward move which reached an intra- day high of-140. 47 on Friday.' This is especially interesting in view of the longer-term pattern which indicates that a base has been in the process of formation in the 120-140 range ever since the 1966 lows. Decisive upside penetration of 140 for this index would indicate an upside target of 163-174. Individual stocks also have substantial bases and a few have begun to break out of these on the upside. We consider the utility stocks to have above-average at this juncture. !Jow-Jones'Ind. 965.88 Dow-Jones Rails ' 271. 83 ANTHONY W. TABELL WALSTON & CO. INC. —.; '. Thl.- market letter is published for your conve-nlenee And InformAtion and IS not an offer to sell or R solicitation to buy an), IleCUrltiea Iilscuea.ed The In I 0;formation wal obtained from aourCH we believe to be reliable. but we do not IlUArantee its Olecurac)', Wal.ton &\; Co., Inc. and Ita ofl'lcen, dlr'edor. C!!IIployeel may have an interest in or pUl'chue and &ell the aeeurltlea referred to herein.

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Tabell’s Market Letter – November 22, 1968

Tabell’s Market Letter – November 22, 1968

Tabell's Market Letter - November 22, 1968
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;-; Le Walston &Co. —–Inc —– Members New York Stock Exchange and Other Principal Stock and Commodity Exchanges OVER 100 OFFICES COAST TO COAST AND OVERSEAS TABEll'S MARKET lETTER November 22, 1968 For the past month, with a short digression for the discussion of election prospects, this letter has devoted itself to consideration of the outlook for individual industry groups. It was, actually, a good period to pick for such a discussion. When the review began, on Oct 0- ber 18th, the Dow-Jones Industrials closed at 967.49 vs, Friday's close of 967.06, so that, presumably, individual stock selection, rather than the market, has been the most importan investment factor over the period. Nonetheless, it appears wise at this juncture to back up and once more to take a look at the prospects for the overall equity market climate. The events which are central to any technical discussion of today's stock market began it..seemBtO-llS, soe3 .lL2-.mqnths .ago—-1o….bepre dse ,onAugust9th.. t day, the 0-, Jones Industrial Average posted an intra-day low of 863. 33, over 100 points below its pres- ent level. The Standard & Poor's 500 was at 96, 11 vs. the Friday close of 106. 30. The next 40 trading days were spent in a rather dynamic rally with the Dow advancing to an intra day peak of 974.27 and the Standard & Poor's to 105.78. This was in turn f0110wed by an 8- day decline to low figures of 936.54 and 101. 85 respectively. Subsequently, in the past 11 trading days an advance has ensued bringing the Dow back to its former high and the Standar & Poor's 500 to a level somewhat above its peak of late October. It is rather easy, there- fore, to divide the market, since last August, into three separate phases — the first, a long and powerful rally, the second a minor decline, and the third a rally which has wiped out that decline entirely. It is interesting to try to relate these three phases to world news at the time they were taking place. During the first phase, for example, the were (1) the im- proving prospect for a Vietnam settlement, and (2) the inc as 'l\W'ola ility of the election of Mr. Nixon, By the end of October, Mr. HumPhre8ic e s ng S gth in the polls was becoming apparent, and the market thus declined, r ng is' a-day low the day before the election. The news surrounding the thirdlW,ei n e interesting in light of the ability of the market to rally in the face of a ti . c Vietnam outlook and a rather – -1 ;–arguablethat-ba-sed-orr-the-experien of the past two weeks, other and the international money pic- ture as the subject of investor p 0 s portant factor is the 40-day August-October rally. In it,. the Dow-Jo I v ge broke decisively out of the trading range which had contained it since th I dIe of 1967. As we have stated before, the upside implications of this base plamly pOI t t nsiderably higher levels, i. e., 1300 over the long term and a possible nearer-term to be reached, say, in the first half of 1969. This long-term pic- ture, therefore, dictates for the majority of investors, it seems to us, a rather fully in- vested position with concentration on the unexploited groups which have been discussed in this space previously. From a shorter-term point of view, however, attention must shift from the August- October rally fo the pre-election decline and the technician must ask himself whether this modest drop, on the order of 3 1/2, was sufficient to correct the almost 13 advance whic preceded it. In consideration of this question, there are a number of factors to be taken into account, including the extent of the oversold position at the November low, and the size of the base subsequently formed. It is, in this case, necessary to note that the market had not, by most measurements, reached an oversold position three weeks ago and that the base formed u'sat that level was small. It is these factors that leaif to some doubt about the market's . ability to continue a short-term rally from these levels without undergomg a further correct ionary process of some sort. It is necessary to emphasize again that the truly relevant factor at this time is the long-term outlook and not the questionable short-term prospect which is useful in this instance only as a rough guide to timing. We thmk that even during a short-term decline in- dividual issues could out-perform the market to a sufficient degree to make their ,purchase at current levels profitable. Any weakness which might take place, therefore, must be re- garded as a purchase opportunity. Dow-Jones Ind. 967. 06 Dow-Jones Rails 272.46 ANTHONY W. TABELL WALSTON & CO. INC. AWTamb This market letter I,ll pubhshed for your conv.emence and InformAtion nnd IS not an offel to sell or 0\ soitcltation to buy an' securitles ..hscussed. The m. formation wall obtfuned from sources we believe to be reliable. but we d(t not lrunrantee Its nccurncy WalBton & Co. Inc And Its officers, directors or emDloyees may have an mterest in or purchase and sell the referred to heren'. .I

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Tabell’s Market Letter – November 25, 1968

Tabell’s Market Letter – November 25, 1968

Tabell's Market Letter - November 25, 1968
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Walston &- Co. —-Inc —- M.mb…. N.w York Stock Exchange and Principal Stock and Commodity Exchange. OVER 100 OffiCES COAST TO COAST AND OVERSEAS TABElL'S. ,RECOM.MENDED LIST November 25, 1968 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 I the stock has I! n ot I 'tye tbrok en Io ut of its 'base formation. 1d – . I . I1 QUALITY & LONG TERM GROWTH 1 …,….- ..ClosgQual- 11/22/68 ity Obj. port Close Qual- Ullside -,t1/2276a-iry- pSourPT- Alum. CoAmer. 76 1/4 Amerada 941/2 Amer.T & T 57 3/4 Borden Co 35 Caterpillar T 46 1/8 Colgate Palm. 51 Cont'lOil 78 1/8 DelMonte 343/4 Fed.Dept.S 34 7/8 B A A A A AA A A 110 112-140 67-80 48-60 59-80 58 91-130 60 50-62 72-66 82-74 50-46 30-28 44-37 47-42 70-65 30 34-29 Goodyear T 58 1/2 Inti. Paper 38 1/2 Kellogg Co 42 Natl Dairy 433/4 Parke Davis 31 1/2 Phillips P 65 3/4 Radio Corp 47 1/8 Reynolds Tob. 405/8 Royal Dutch 52 3/4 U. S. Gypsum 861/4 A AA A A A AA A A- 82 48-82 70 56-66 44-50 76-120 76-98 74-124 79 104 44-42 34-32 38-34 38 26 63-56 45 38 44 80 Adams Millis 21 1/2 B PRICE APPRECIATION 17 Koppers Co. 44 Air ReductiCl1 31 1/4 A- 42-55 28 McNeil Corp.51 3/4 Amer.Baker. 303/8 B 43-62 26 Medusa P. C. 435/8 ,Amer….Ma;h.F 27 . Arvin Ind. 41 3/r B 51 38 Olin Math. 42 BulovaWatch 48 7/8 B 50- 68 34 Republic St. 45 Burlington Ind. 50 B 76 46-44 Rexall Drug 42 Chic.M'us. Inst.31 1/4 B 40-65 29-25 Reynolds Met. 44 1/2 Commonw'th Oil 291/2 – 35-46 25 Robt. Cont. 62 1/2 Copperweld St. 24 1/2 B 36-54 24-22 Seaboard C.L. 49 1/2 Diners Club 52 1/4 B 72 48 Sharon Steel 50 1/8 Dresser Ind. 38 B 57-64 35-33 Stokely V. C. 37 5/8 First Chart.F. 39 48-80 33-30 Union Camp55 1/8 Gt. No.Paper 74 1/2 B 102 60 Vornado 28 B 57-62 35 B 63 44 A- 54 38 .2.7 ……12 B 60 35 B 70-106 40 A- 52-78 36 B 53-94 34 B 70-104 50 B 58-84 44-41 B 70 42 B 64-96 34 B 74-92 46 32-45 20 SPECULATIVE PRICE APPRECIATION Allied Super. 19 1/8 B 34 17 Macke Co 28 5/8 B 41 25 Amer.Motors 15 1/8 B 24-32 13 Microwave 31 1/2 B 48 28 Camp. Chib. 8 5/8 16 8 Pac. Pete 21 5/8 B 30-50 19-16 Chris-Craft 38 1/8 B 46-68 32 Penn-Cent. 62 1/4 B- 104 54 Elec. Special. 28 B 72 26 Technicolor 45 B 50-58 32 Gibraltar Fin. 30 1/2 UMC Ind. 25 1/8 B 40-58 20-18 Home Oil A 36 1/8 B 39 32-29 Victoreen 15 1/8 C 26 14 In registration. Anthony W. Tabell Walston & Co. Inc. I This Bulletw 1'1 IIUllhshed fOl your 110. Inform.ltlOn 11.0,1 I.., not .In otTt'r to …. U'l obtained from .,nUI(',-., \10,- t…lv, 10 I.. lelmlolc hut …. l df) lint Ils ,\('(Ula,'\ havc ,In Intl,.rcs\ III Ot Iml (hH't' and th. I det Ic,1 In ht .'In or a 5011l,'11llt.100 to huy A.lly s('(uralll-'S discussed The )nfOlmnilOn W.IL\on & Co, Inc lind Its officer.'!, (H mlly WN- 916 1/ I

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Tabell’s Market Letter – November 29, 1968

Tabell’s Market Letter – November 29, 1968

Tabell's Market Letter - November 29, 1968
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W—a-l-sItnocn.-&-C–o-. Members NeW' York Stock Exchange and Other Principal Stock and Commodity Exchanges OVER 100 OFFICES COAST TO COAST AND OVERSEAS TABELL'S MARKET LETTER November 29, 1968 FILe The persistent market strength continued most of last week with advances exceeding declines on all four trading days, and the Dow-Jones Industrials posting a net gain of 26.85 points on the week. The strength points up the peril of trying to be overly clever in calling short-term swings within the context of a major bull market. We confess ourselves as guilty as anyone else in this respect, having, over the past fortnight, delivered ourselves of the opinion that the market was overbought and that a correction from the 960 level might ensue. The market remains overbought and the correction will, undoubtedly, take place, but it will be from a higher level, and 960-950 now constitutes a support zone. . Thus the'fOlly' of swiIi'ming against the current – ' The week's market strength was particularly incomprehensible to many in light of the headlines in the daily papers. Money Crisis became, hands-down, the leading candidate for the cliche of the week and, since crises are, by definition, newsworthy, extensive front-page coverage was given to portentous speculation about devaluation of the franc or re valuation of the mark. Only the stock market refused to pay attention to the dire prophesyin and proceeded merrily along its upward path. It is arguable, at least, that the market's response was the most rational one. There is, unfortunately, a pejorative connotation to the word devaluation as if, somehow, in an instantaneous act, a currency was being stripped of its worth. Now the record of nations in maintaining the value of their currency has been a recorded history, and it will get no apology here. This, however, is; e referred to when the terms devaluation or re-valuation are used in . te tOnal money policy. It is, or should be, obvious that if months ago, mubcehdoevf alued in raising terms the pri e. indeed, be devaluing the doll ,i r or anything else – is to be de- –.!s or example, we heard, a few … . us devaluing the dollar. This would, but its effect on the average' citizen who had a moral. A change in lu a currency in relation to another currency, however, has a greater but ,still limlt fect. Were the value of the mark to increase, Volkswagens, which are produced e spending of marks, would become more expensive outside of Germany, or, were the franc to be devalued, Frenchmen, whose earnings are in francs, would have to pay more for imported goods. The effect on the purely domestic portion of either economy would be 'precisely nil. There is a worthwhile lesson here for the United States where total imports constitute only 3. 3 of Gross National Product. In other words, were the dollar's value to change in relation to other currencies, the effect would be con- siderably less than in the average European country where foreign trade is a far more important item. ' Why, then, the atmosphere of crisis There is a villain in this piece,and it was created twenty-four years ago at Bretton Woods. It is an lnternE-.tj.Qnal m.opey system which I– has worked adequately for a quarter of a century, but is now showing its it–is, in a word, a system of fixed exchange rates between currencies where, when the value of a currency declines in the market place, monetary authorities are forced to intervene to main tain its value at a fixed rate. It is generally claimed — without substantiation — that such a system is necessary for orderly trade. What well may come out of the current crisis at- mosphere is a recogmtion that governmental rigging of markets', including the international money market, is likely to be ineffective, and a new Bretton Woods conference which will revise the rules of the international money game. Such a revision may well inv()lve a. greater freedom of exchange rates to seek their own levels. Dow-Jones Ind. 985.08 Dow-Jones Rails 279.28 ANTHONY W. TABELL WALSTON & CO. INC. AWTamb This market letter is published for your convemence and InformatIon And 18 not an offel to sell or n sohcltRtlon to buy Rny seeuntlcs Ihscusaed The m. formfl.tion was obtlllncd from 91!urees we believe to be reliable. but we do not guArantee Its 'lccuracy Walston & Co. Inc and Its otll. er d to employees may have an mterest In or purchase a.nd sell the secuntles referred to belelt'. C s, lree rs. or WNSOI

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