Tabell’s Market Letter – October 25, 1985

'U'Lii.\ IBUE n. n. ' S Lii.\R&E'U' n..1E'U''U'IER 600 ALEXANDER ROAD. PRINCETON. NEW JERSEY 08540 MEMBER NEW YORK STOCK EXCHANGE. INC MEMBER NATIONAL ASSOCIATION OF SECURITIES DEALERS. INC (609) 9872300 October 25. 1985 The most significant feature of thIS week's letter is, actually. the masthead. Readers will note that it carrIes our new address. 600 Alexander Road, and, more importantly. our new telephone number. I (6jj,9 98143 00, ur,post-)ffice-aldl'ess-an d zip ,ode7 –Princeton ,-dfow'/Brsey,-eS5 40—remam the–'….t— same. All ofthis is by way of announcement that Delafield. Harvey, Tabell is now located-In its new quarters ,a scant five miles away from the old ones on the south, rather than on the north. side of PrInceton. We know that most of our readers have experienced the trauma and chaos involved in office and/or residential moves and have no partIcular Interest in the parochial woes generated by our present transfer. It goes without saying, moreover, that the basic objective behind our decision to relocate was to achieve the sort of physical facility which would enable us better to serve our chents. Nonetheless. the occasion of the move constitutes a stimulus for some thoughts on the operational philosophy of Delafield. Harvey. Tabell. which. we think. may be worth sharing with our readership. Fifteen years ago. the Delafield. Harvey. Tabell Division of the then Montgomery. Scott and Co. fIrst opened Its doors at 909 State Road here in Princeton. The principals of the operation had been officers. for many years. of different NYSE member firms in New York City's financial district. They were accustomed to spending large parts of their day commuting to the Wall Street area from suburban homes. The decision to locate the new operation in the relatively placid. university-town atmosphere of PrInceton was a conscious one, engendered by the realization that ours was essentially a service business — one in which there was presumably a correlation between hours spent at one's desk and level of service to chents. Those clients were not beIng served, quite obviously, by principals and employees who were spending a major portion of their day as passengers on a steadily deteriorating train service to New York City. The idea. strangely enough. was a fairly radical one at the time. especially to those who had spent their entire business career m the global-village atmosphere of Wall Street — an atmosphere which still exists and whiCh we still miss, at least to some very small degree. However. even 15 years ago, the age of communications was upon us. and we were able to put in place in Central New Jersey all the facilities to WhICh we had been accustomed In the city. Needless to say, communlCation facilitles – – —h'RVe-tmprove-n-sttU-fulth-er Over-a–'-deCade-ll-ndnmf;affdYlTIa–pracbcru' sense. we are, -tonay , – as close to major financial markets as we were when they were around the corner. The major change, then, has been one of style, and we continue to feel, as we did at the outset, that the relatively relaxed atmosphere of Princeton, with all of our associates residing within a few minutes of the office. essentially cmributes to better client service. What should be stressed is our belief that this will remain unchanged with our move to larger quarters. One writer noted, when DHT began. that we rented a furniture store and set up shop. n This referred to the former usage of the space at 909 State Road. a small portion of which we first occupied. With growth over the years. we ultimately found ourselves occupying a major portion of that building. and the pressures became sufficient that the desirabIlity of a move to new quarters. designed as office space. became apparent. Our new location is in a just-completed office building -in t.he heart of the so-called Route-1 corridor of Middlesex-Mercer County. with a number of Fortune-500 neighbors and with at least some of the atmosphere that we left behind m New York City some 15 years ago. Some of the published prOjections regardmg the Route-1 area. mto which we are catapulting ourselves, are rather interesting and create a certain sense of deja vu in one accustomed to financial markets. The office-space density of our new 10catlOn we are told, will, in the late 1990 ' s, be equivalent to that of downtown Houston. Rosy predicltions are made on the one hand regarding future levels of real estate values and, on the other hand, the usual dire projections are heard regarding traffic density, environmental impact, etc . etc. In all this. Just as is the case with popular concepts which move the stock market, there is some element of truth. As is the case wlth most stock-market stories. however. the projections — on both sides — tend to exaggeration. Traffic is bad and will undoubtedly get worse, but all of our employees still reside within a few minutes of their workplace. The view out the window of our new offlCe remains one of trees and greenery with the towers of the UniverSity in the background. We will, we think. be enjoying the same atmosphere in our new location that has prevailed for 15 years In the former one, along with facilitIes ,that will enable us more fully to meet the demands of our clientele. We look forward, over the next few months. to meeting clients in our new pfflces. and to them we offer the assurance that the service and philosophy of DHT will remain unchanged. ANTHONY W. TAB ELL DELAFIELD. HARVEY. TABELL INC. AWTrs Dow-Jones Industrials (12 00 p. m.) S & P Composite (1200 p.m.) Cumulative Index (10/24/85) 1358.31 188.02 2433.65 No statement or epresslon 01 OplnlOO or any other matter herein contaIned IS or IS to be deemed 10 be directly or Incllrectly, an oller or the SOliCitation of an olfer 10 buyor sell any security referred toor menl10ned The matter IS presented merety lor the convenience of the subscriber White webehevethe sources of ourmlorma\lon lobe fellable, we in no way represent or guarantee the accuracy thereof nor 01 the statements made herein Any actton to be taken bv the subsCliber should be based on hiS own inVestigation and Inlormatlon Delafletd, Harvey, Tabelt In(, as a COrporation and Its oilicers 01 emptoyees, may now have or may later take, pOSitions or \Jades In respect to any secunUes mentioned In thiS or any fulure Issue, and such pOSlhon may be dlflerent from any views now 01 herealler epressed In Ihls or anyolher Issue Delafield, Harvey labolt Inc which IS reg1stered With Ihe SEC as an Investment ddvlsor, mav gIVe adVice 101tS Investment adVISOry and other customers Independentty 01 any statements made In thIS or In any other Issue Furl her mlormatlon on any secunty mentioned herem IS avaltable on request