Tabell’s Market Letter – November 10, 1949

TABELL'S MARKET LETTER 35 WALL STREET. NEW YORK 5. N. Y. Digby 4-4141 At some point along the line it would be normal to expect a more drastic correction of the thirty-three point advance from the June lows. So far the corrections have taken the form of consolidations fJllowed by a resumption of the advance. At the moment, there are no signs of either an overbought long or intermediate trend. The short term pattern is uncertain. I would be cautious as far as nw buying is concerned, particularly in speculative issues. ,. However, t lere seems no need to disturb long term holdings, except in cases where issues have advanced to a point where they have reached their approximate intermediate term objectives. Profit taking is suggested in four issues in our recommended list Borg \lTarner Inter.Min. & Chern. Niagara Hudson Pro Standard Steel Sp. Last Sale 51 3/1 32 3/4 15 1/8 18 3/8 Originally Recommended At 48 25 1/8 9 14 1/2 .. The balance of the list follows Better Grade Issues Last Price -Allis Chalmers American Cyanamid Amer.Home Products American News C1. '1'. Finane ial Commercial Credit Crown Zellerbach Endicott Johnson Federated Dept.Stores General Amer.Trans. Hewitt Robins Intertype Kresge S.S. McKesson & Robbins OtiS Elevator Phelps Dodge Shell 011 31 45 1/8 29 5/8 33 1/2 55 3/4 55 3/4 28 1/4 34 30 44 3/4 16 1/2 32 1/4 41 1/4 '39 1/2 36 1/2 46 3/4 39 3/8 Speculative Issues Last Price American Airlines American Pr & Lt Avco Corp Budd Company Carrier Corp Chic .Rock Is & P Combustion Eng Continental Baking Denver & Rio Grande Distillers Seagram Eastern Air Lines Illinois Central Lowenstein Penn-Dixie-Cement Pressed Steel Car RadioCorp Reynolds letals St. Regis Paper Schenley Shamrock Oil & Gas Studebaker Sunshine Mining United Mer. & Mfgrs 9 1/2 13 1/8 5 3/4 11 15 3/4 35 3/8 25 1/2 16 1/8 27 1/4 16 1/2 15 29 5/8 24 1/8 22 7/8 7 12 5/8 20 7 1/2 28 28 1/4 26 10 5/8 12 1/4 .. November 10, 1949 EDMUND W. TABELL WALSTON, HOFFMAN & GOODWIN This memorllndum is not to b conltrued as an offer or solicitation of offers ,to buy or, sell any securities. From time to time Waist, Hofman & Good;o'iin may I'.have .'In into rest in some or all of the securities mentioned herein The foregOing matenal has been prepared by. us lIS a matter of information only It ba!ed upon information believed reliable but not necessarily complete, Is not guaranteed as accurate or final, and IS not Intended to foredose Independent mqulry.