Tabell’s Market Letter – April 17, 1953

—————— ..,. ', Walston &Co. ,/ 0df'JJ71pI nl Secu/u/ / MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY EXCHANGES NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO LUGANO (Sw;twldj OFFICES COAST TO COAST CONNECTEIi BY DIRECT PRIVATE WIRE SYSTEM TABELL'S MARKET LETTER The market is in the process of testing the early April lows of 271.99, in the Dow-Jones industrials and 102.29 in the rails. This week's lows have been 273.70 and 103.28. The, volume on the testing has been moderate. Another' week or so of this type of action would be technically encouraging. Would I add to holdings during declines to the 275-270 area in the industrials and /' the 103-100 area in the rails. Purchases must be selective, however. The technical pattern suggests that while many issues indicate higher levels, there are many ().the-rs' that look lower. Below is my recommended list. The issues marked with an asterisk appear to be most attractive at the moment. LONG TERM INVESTMENT In accounts concerned mainly with income and longer term appreCiation, I have advised increaSing invested positions fOm 75 to 100 during declines into the buying areas mentioned Buying Buying Price Range Price Range Abbott Lab. 43 42-40 ;Allis Chalmers 52 53-50 ;Alpha Port.Cement 50 49-48 Amer.Chain & Cable '30 30-28 American Radiator 14 14-13 American Seating 20 20-18 General Rwy.Sig. Hall Printing Hershey Chocolate Hewitt Robins Joy Mfg. Lone Star Cement 33 17 43 26 36 32 33-32 17-16 43-42 26-25 36-34 31-30 ;Amer. Tel & Tel 156 156-154 Armstrong Cork 54 52-49 ;Babcock & Wilcox 38 38-35 ;Blaw Knox 19 19-18, ;Briggs Mfg. 38 38-36 Bucyrus Erie 26 26-24 Burlington Mills 13 13-12 Burroughs Add.Mach. 16 16 Chain Belt (p) 32 32-30 Columbia Gas 14 14-13 Lowenstein Mont.Ward National Gypsum N. Y. Air Brake Otis Elevator Owens Ill.Glass Parke Davis Penn Salt (p) Pfizer (Chas.) Phillips Pete 6343 21 20 42 78 40 45 28 62 32-31 63-60 21-20 20-19 40-39 77-75 42-40 46-44 28-27 58-55 Consol.Natural Gas (p) 54 'Cornell Dubilier 22 Crane Company 33 Eagle Picher 22 54-52 22-21 33-30 22-21 Shamrock Oil 38 Smith, A.O. 32 Sylvania Elec.(P) 34 U.S. Gypsum 112 37-36 33-30 34-32 114-110 Elec.Auto Lite 51 Elliott Co. 29 'El Paso Natural Gas (p) 34 52-50 30-28 34-33 Western Auto S. Yale & Towne 54 38 54-51 38-37 CAPITAL APPRECIATION In risk accounts concerned mainly with capital appreciation over a six-month period, I have advised increasing invested positions to 75 from 50 during periods of decline into the buying areas mentioned Price Admiral (p) 27 Alleghany Corp. 5 ,f Allegheny Ludlum 34 Amer. Encaustic Tiling 7 'Baltimore & Ohio 26 ;Beaunit Mills 20 Canadian Brewing , \ Celanese Certain-Teed Chic.East.Illinois Chic.Great Western 19 27 14 20 21 Climax Molybdenum Columbia Broad. Collins & Aikman Denver,Rio Grande Dome Mines Eastern Airlines 'Fansteel Metal. Ferro Corp. Gray Mfg. Greer Hydraulics ,Hercules Motors 38 42 21 76 21 25 32 25 19 18 20 Buying Buying Range Price Range 27-25 Interchemical 23 23-21 5-4 34-30 7-6 Int. Tel & Tel 18 Minn.St.P.& SSM 14 Miss.Kan.Texo,pfdo 64 18-17 14-13 63-60 25-24 20-18 National Dist. 20 21-19 New York Central 21 21-20 Mkt. Northwest Air. 13 13-12 28-26 Pacific Mills 27 27-25 14-13 Paramount Pict. 28 28-26 20-19 22-20 . Penn-Dixie Cement 35 Pittston Company 27 35-33 28-26 38-36 41-40 Raytheon Servel 13 13-12 12 12 20-18 Standard Packaging 14 14-13 75-70 21-20 Universal Pict. Vanadium Corp. 15 15-14 40 40-38 25-24 Warner Bros. 16 17-16 31-29 26-24 Warren Petroleum 35 34-32 Western Air (p) 11 11-10 18-17 Western Maryland 27 26-25 18-17 Western Pacific 58 58-55 20-18 (p) Prospectus available on request. EDMUND W. TABELL Th,s memorandum is not to be contrued as an offer or solicitation of offers to buy or s . . 'IT\ I I to time Wahton & Co. or any partner thereof, ml'), have an Interest In some or all of the seCUrities mentioned herein The foregOing material has been prepared by uS as ,Ii mattflr of information only It n based upon Information believed reliable but not eceHarily comolete, is not guarantud as accurate Of final, and is not intended to foreclose Independent Inquery