Tabell’s Market Letter – August 13, 1945

TECHNICAL MARKET ACTION The market closed lower on Monday with the rails and war issues leading the decline. Volume at 970,000 shares was below that of last Thursday when the averages advanced 2.72 and 1.33 points as compared with Mondays decline of 1.03 points on the industrials and 1.58 points on the rails. While the market may continue irregular for a while, advise a gradual re-accumulation of trading position on weakness. Would be inclined to follow the action of individual issues at this stage, rather than the averages. Two issues reached recommended purchase levels on Monday. They are Atchison, Topeka & Fe at 87 (closed at S7) and Northern Pacific at 26 (closed at 26 l/S). Southern Pacific reached a buying level last week. Advise purchase of all three of these issues. Five other issues are recommended for purchase. They are – Allegheny Ludlum Armour Mesta Me-chine U.S .lnd. Chemical Would also add the following if available at recommended levels, ….. Alleghany, pfd. American Bank Note American Chain & Cable Power & Light 6 pfd. Water Works Boeing Caterpillar Tractor Champion Paper – Delaware, Lack. Western Hercules Motors , Illinois Central … Lockheed Newport Industries New York Central Recommended At 44 1/2 24 28 72 14 20 59 32 10 24 30 24 23 23 1/2 Closed At 45 1/2 27 7/S 30 74 1/2 15 5/8 20 1/2 63 331/4 10 1/2 25 1/4 31 7/8 '25 3/8 25 24 1/8 EDMUND W. TABELL August 13, 1945 SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones Rails The opinions expressed in this letter are in the personal interpretation of charts by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company