Tabell’s Market Letter – December 12, 1946

Technical Market Action The oarket sold off on Thursday oh voluee of 1,060,000 shares. The industrial average closed down 2.16 at 173.91 and the rails donn 81 cents at 51.46. Thursday's close and at the day's low of the industrials had not closed Monday's gap bounded by B high of 171.61 and Monday's low of 173.43. Ability to hold this gap open woUld be extreoely constructive. A closing of the gap would indicate a further dip to 171 1/2 – 171. For the shorter tero, advise purchases on weakness or on of ability to hold around the 173 area. Listed below are the base counts or Ultioate rally objectivee on the twenty-five issues recoooended over the last few weeks. In addition, have listed base counts on sooe market leaders and other issues uith large base foroations. Not all of these individual issues have broke,n out of their base foroations to indicate uptrends. However, a sufficient nueber have broken out 'to indicate the possibility that the others will eventually. Obviously, all are not expected to reach objectives at the sane time. are for the intermediate term of the next couple of oonths. Last Alleghany, pfd. 371/2 , Aoerican Bank Note 301/2 Cyanamid – 49 Amer. & Fgn Pr.2nd pf 227/8 Amerio/!-n Roll. Mills 3/4 Aoerican Smelting 547/8 American Water Wks 17 Anaconda 391/2 Atchison 95 1/2 Atlantic Coast L1ne 52 1/2 Ohio 161/4 BaIt. & Ohio pfd. 23 5/9 E. VI., Bliss 23 CertainTeed 183/8 Chic.MU & St.Paul 143/4 Chic.Northwestern 221/4 Chrysler 861/4 Cities Service 271/2 Crane & Co 363/4 Doehler-Jarvia 331/4 Eagle Picher 211/4 Elec. Power & Lt 17 Evans Products 20 General Cable 11 5/8 General Motors 53 Creat Northern pfd 481/2 Gulf,MobUe & Ohio 13 3/4 Houston OU 19 Illinois Central 251/2 Inter. Minerals 311/8 Inter. Nickel 327/8 Inter. 16.1/2 Jones & laughlin 341/2 Price 53 – 55 42 – 47 U; – 65 ;l!l – 40 /.5 – 51 67 .. 73 27 – 32 49 – 54 115 -133 66 – 71 19 – 23 35 – 45 29 – 31 25 – 32 22 – 26 32 – 35 108 -114 34 – 38 50 – 68 38 – 40 27 – 30 23 – 26 27 – 32 16 .. 19 59 – 64 57 – 67 20 – 22 26 35 – 43 40 – 43 38 – 40 25 – 27 47 – 53 Last Sale Kenneott Mead orp O 211/2 M-K-T pfd 241/8 National Malleable 261/4 National Supply 141/2 New York Central 183/4 Northern Pacific 21 1/2 Paraoount 33 3/8 Penn-Dixie Cement 21 3/4 Pepsi-Cola 26 3/9, Rayonier 23.7/8\ Raytheon 9 3/4 Republic Steel 27 Rl'jvare Copper Reynolds 35227X92 Seaboard Air Line 21 ShaJmock OU 231/2 Shell Union 30 5/8 Siooon8 .39 Southern Pacific 47 1/2 Southern Railway 44 1/2 Square D 19 Standard Gas 4 pf 30 3/4 Standard OU N.J. 6S Texas Pac.Coal & 0 24 Tioken Detroit 197/8 Union Bag 29 3/8 Union Carbide 92 1/2 U.S.& Foreign Sec '203/4 ' u. S. Steel 71 3/4 West Indies Sugar 33 1/2 Youngstown S &,T 66 5/8 Price Ob,jective 55 – 59 27 – 35 34 – 40 35 20 – 23 21 – 23 29 … 33 39 … 42 31 – 34 33.' 37 31 – 33 15 – 16 37 – 42 33 38 -,45 28 – 30 .-.., 30 – 32 43 – 45 49, 59 55 – 67 55 – 67 27 – 30 48 – 56 77 -85 35 – 38 29 – 33 47 110 -133 26 – 29 87 – 93 49 83 – 90 December 12, 1946 EDMUND VI. TABELL SHIELDS & COMPANY Closing Dow-Jones Industrials Dow-Jones RaUs Dow-Jones 65-5tock 173.91 51.46 64.00 T.b.nTh. opinions expreued in this letter ere the personal interpretation of cherts by Edmund W. end .re not presented as the opinions of Shields I Company. …