Tabell’s Market Letter – January 23, 1953

f — Wolsion.Hoffnl0n &- Goodwin, NEWyO-RK 5, N\', nV/,,''M/,M'C cYecmn'ed .. . ..-..– -' – PHILADELPHIA 2, PA LOS ANGELES 13, CALIf, SAN fRANCISCO 4, CALIf 35 Willi Street 1420 Walnut Street 550 South Spring Street 265 Montgomery Street DIGBY 4.4141 i'-''''r'' PENNYPACKER 55977 ', TAB Ell'S MARKET lETTER MADISON '232 SUTTER '2700 , 'i' t',I', I, The averages have held in ther narrow trading areas after reach- – — ring January highs of 295.06 and 113'.94. News developments may cause a move – !in either direction, but do not believe the industrial averages will move much more than ten points or the ails five pOints in either direction over, ithe near future. A mixed market i in prospect and individual issues should ;'be watched rather than the averages. -, ,,, LONG TER1 INVESTMENT I continue to advise a 100 invested position ', ;;in accounts concerned mainly, withl income and longer term appreciation, Pre- ,sent holdings of recommended issues should be retained but would withhold ,'neVI purchases until the buyng raJjlgs noted below are reached I, Buying Buying ' , Price Range Price Range 'Abbott Lab.(P) 46 45-42 Elliott Co. 32 32-30 !;Allis Chalmers 58 55'53 General Rwy.Signal 36 34-33 fAlpha Port .Cement 48 46-44 Hall Printing 17 17-16 ;,l'l.mer.Chain ' Cable ,American Radiator American Seating 33 15 23 30-28 14-13 20-18 Joy Mfg. Lone Star Cement Lowenstein 37 30 36-34 29-28 ,- 32 31-30 American Tel 160 lS!2-156i Montgomery Ward 63 61-60 ,il.rmstrong Cork 53 51'49\ National Gypsum 22 21-20 'i3abcock & Wilcox 36 35-33 New York Airbrake (p) 21 20-19 I31aw Knox 19 19-18 I Otis Elevator 40 39-38 ,Briggs Mfg. '-Bucyrus Erie 39 38''36 Owens Ill.Glas's 25 2523 Parke Davis 80 77-75 42 42-40 LBu;'lington Mills 16 16.,.15 Pennsylvania Salt (p) 50 50-48 ,Burroughs Add. ')Celanese i-Chain Belt (p) 17 36 17-16 3634 Pfizer (Chas.) Phillips Petroleum 30 61 31-28 58-55 ,- 35 3533 t Shamrock Oil 39 37-36 ;,Columbia Gas (p) 15 14-131 Smith, A . 0 . 3 6 36-34 \' '/CI'aneCo. (.-'Eagle Picher f'IElec'CYiC Auto Lite 31 22 55 31-291 21-20 53 ll Sylvania Elec. U,S . Gypsum 38 119 Western Auto Supply 54 38-36 115-112 ,;— 53-11 i'- ' CAPITAL APPRECIATION In riSk accounts concerned mainly with capital -,,-,appreciation over a six-month period, I advise a 50 invested pOSition with– ;,the remaining 50 kept liquid to a,wait buying opportunities. On further ' strength to the 295-300 area would further lighten accounts to 33 1/3 in- i— tvested Buying Buying — /, t'Admil'al (p) Price Range I 31 30–29 I Interchemical VPrice Range ;' 23 21-20 ('Allegheny LudL1n 37 34-30 I Inter. Tel 19 ,'Dc,c.&;Ohio 28 25-241 Minn.St.Paul&SSM 18 18-17 I 18-17\ ;Bealnit Mills 19 18-17 I Miss-Kan-Tex,pfd. 65 63-60 '— , Canadian Brewing 19 Mkt National Distillers 23 22-20 '1 Certainteed ,-CChhiicc .East. .Great Illinois Western i''Climax Molybdenum iCoi.umbia Broad. 14 22 25 37 40 14-13 ' 21-19 25-231 36 -34 38-36 N9rthwest Airlines Pacific Mills Paramount Pictures Penn-Dixie Cement Pittston Co 14 27 27 34 30 14-13 L,27 -25 26-25 \o ,;,' 32-30 29-27 t– /'Collins & Aikman 21 20'18 1 Universal Pictures 15 14-13 1' ;.. Den,;er, Rio Grande ,,Eas,ern Airlines ;'-Fansteel -,',Ferro Corp. (p), 80 26 28 28 78–76 25-24 28-27 28-26 Vanadium Corp. Warren Petroleum Western Airlines (p) Western Maryland 42 34 12 28 42-40 ), 33-31 1,-' 11-10 26-25 hri–'- r,Gray Mfg. 19 18-17 Western Pacific 62 57-55 k, ;Hercules Motors 18 18-17 (p) .- ,Offered by prosp/,ctus only, copy of which ;,,,', is available' by '\ir'equest. t' ;i EDMUND W. TABELL ', 'Janllary 23, 1953 WALSTON! HOFFMAN & GOODWIN j-I This memorandum 11 not to be construed 0/1, an offer or solicitation of offrs to buy or sell any securities. from 'Ime to time Waldon, Hoffman & GoodWin may -F,', l ( have In interest In lome or all of the securities mentioned herein. The foregOing materllil hIlS been prepo/lred by us o!IS lI mlltter of Information only I' IS based , ;. upon Information believed reliable but not necelsarily complete, Is no uiUanteed 0111 accurate or final, and b not Intended to foreclose independent inquiry. I, t'-, -', ,- '' – -7'' -'- Iy!;,t. -, -'.1,',1 ', 7' I ',' ''- , 1,' ,', -,' ,,' – ' , ',- . , 7' '.f' 0-0' , — ',) – — – ' ' ,,-.f