Tabell’s Market Letter – June 01, 1956

r r; Wdlston &Co.—-Inc. Members New York Stock Exchange NEW YORK PHILADELPHIA LOS ANGELES SAN FRANCISCO BASLE (Sw,tmld) OFFICES COAST TO COAST CONNECTED BY DIRECT PRIVATE WIRE SYSTEM TABEll'S MARKET lEnER June 1, 1956 After reaching lows of 463.85 and 159.31 on Monday, both averages raIl sharply with the Dow-Jones industrials reaching 483.53 and the rails 167.08 Volume was relatlvely small on both the decline and on the recovery. A buy signal was given on my indicator on Tuesday, buc the r covery was a bit rapid and I would expect another testing of the lows short It is possible that another technical buy signal will be given around June From a longer term point of view, I expect the market to remain in a trading area for quite some time. It is probable thatfue industrial average will pivot around the 480 level with swings of roughly fort;\' points both above and below this focal pOint. Individual stock selection will be most . important. Repl'infe-d' be low 'is 'my -recommelilied- lfsY of-issues issues should be held and added to at or slightly above the support levels noted. Appended also is a list of new suggestions which will be added to thE recommended list if the price levels mentioned are reached. d Present Price Price Recom. Alleghany Corp. Allegheny Ludlum S Amer. Potash 9 37 46 3 3/4 16 16 Barber eil Black & Decker Butler Bros. Calgary & Edmonton Chain Belt 73 42 26 26 59 19 23 16 Chicago Corp. Cities Service 64 38 Colgate-Palmolive 56 60 Cornell-Dubilier 31 21 Cutler Hammer 101 57 Dow Chemical 67 39 Dresser Industries Eagle plcher'- 't – ,- '.2323 – — Food Machinery 65 General Rwy.Signal Hewitt-Robins 80 40 Joy Mfg. 50 Magma Copp er 106 Masonite 45 Monsanto Chemical 41 Montana-Dakota Util. 25 Pacific Petroleum 16 Pan American-World Air 19 Simmons Co. 50 Sinclair Oil 65 vies tern Pacific 74 Westinghouse Air Brake 32 Yale & Towne 30 51 59 25 23 75 41 31 26 11 12 36 46 73 33 18 Yield Advice Buy-Hold.Support at 8 4.0 Buy. Support at 36-33. 2.2 Buy-Hold. Support 45-43. 3.4 Buy-Hold. Support 70-66. 2.9 Support 40-38. 5.4 Buy-Hold. Support 25-23. 0.4 Buy-Hold. Support 23-22. 4.4 Buy-Hold. Support 65-60. 4.2 Buy-Hold. Support 23-22. 3.8 Buy-Hold. Support 60-58. 5.4 Buy-Hold. Support 55-50. 5.5 Buy-Hold. Support 30-28. 3.6 Buy-Hold. Support 90-87. 1.5 Buy-Hold. Support 65-60. ,4 ,lJ. .tluYHo.ld .SUPJl,OXt 66-6.4. 4.5 3.1 Buy-Hold. Support 60-57. 5.0 Support 78-75. 5.0 Prospectus issue. 3.7 Buy-Hold. Support 48-45. Buy-Hold. Support 105-95. 3.8 Buy-Hold. Support 42-40. 2.4 Buy-Hold. Support 40-38. 4.0 Buy-Hold. Support 24. Buy-Hold. Support 15. 4.2 Buy-Hold. Support 18-17. 6.0 Buy-Hold. Support 51-49. 4.6 Buy-Hold. Support 62-60. .4.1 Buy-Hold. Support 70-67 3.7 Support 30-27. 5.0 Buy-Hold. Support 28-26. In addition following issues, to if the above, I available at would also advise the the following prices. purchase of the Present Price Amerada' 104 J Blaw-Knox Bristol-Myers 36 34 British Amer.Oil 40 Eastern Airlines 47 Fansteel 47 Gen.Port.Cement 60 Hooker Electro. 42 Imperial Oil 49 Inter.Nickel 93 Inter.Petroleum 34 Johns Manville 50 Buying Range 103-99 33-32 33-3138-36 47-45 43-42 56-54 40-38 45-43 90-85 50-48 Link Belt National Distil. Norfolk & YJest. Pittston Co. Royal McBee Sunray Mid-Cont. Sylvania Elec. Tennessee Corp. United Airlines u. S. Lines Present Price -48 63 25 64 48 33 26 50 51 39 26 EDMUND vi. TABELL Buying Range 46 44 60-58 24-23 64-62 45-43 31-29 25-24 49-47 50-48 36-35 26-24 h t h 'hmarket letter IS not, Rnd under no circumstances IS to be construed S' n 0.IT r IIr orr q.-llllitSilffi'rf'thTb.'lnoG1Cc'Jllrifihl(1caf,(!brteccdotnosthreureedmfl..,TahrecpmrcfsOcinmt.alttiioolnl contamed herem IS not guaranteed ns to accuracy or hnd t e 1by V.'aio;ton & Co. Inc All expresSIOns of oPh!llon nrThu JCC ktOt s…. Inf t e & Co Inc or !lny presented mere!) as general, Director or Stuckholder thereof, may commentary on dny to dny marhet h!Jnewes ,dIlnl dIn1t\eorteasst nIncothmepfiejctccurnlllnea!jYSmIS,nAdondI',dIOnl!. I u. .. ct Ito referred to herein \\ III he furnished upon request ''iN ;101