Technical Market Action Thursday's market closed fractionally lower on profit taking after firmer prices earlier in the day. The industrial 'average closed 42 cents lower at 19.75 and the rails were down 26 cents at 50.60. Transactions totalled 1,540,000 shares with volume showing a tendency ,to sloll down on reactions. On December 12th, this letter listed the base counts on ultimate rally objectives on a number of individual issues. Since that time, the base pattern has been enlarged in a great many instances so a revised list is printed below. lo t all of these individual' issues hlvC broken out of their base formations to indcate uptrends. However, a sufficient number have broken out to indicate the posoibility that the others will eventu1tlly follow. Indications are for the in'Lcfueiiate term of the next several months. Alleghany, pfd. ,\n191 ican Bank Note ..m,'icLn Cyanamid ),J'C'. I Fgn Pr. 2nd pfd P.m'cicpn R911ing Mills ,luaricon Smelting & R iJrdric,m Water Vfo!'ks ;r'tCOnua J.tchison , Atlantj c Coast Line Bltimr,re & Ohio 'D 1t. t, Ohio pfd Il.l iss J E. Vi. 1;f3l'ta,'Leed Chic.Mil &St. Paul Cticegv o. West c t',)3 Service Cl'd..e Co 'vl1J.9' Jarvis 'S.z..E' !.' icher Ll 'oct rI C Power & Lt Y,.lns Pr oducts (ln1erdJ Cable r,11er, Mot'ors Great Ilorth r,ulf,Mobile e&r n6hp fi od louston Oil J.linois Central Inter. Minerals 1nter. Nickel Tnter. Telephone JOnes & Laughlin Last Price Sale Ob'; ective Last Price Sale Q.bjective 58 1/2 50 5/4 52 5/4 22 l/ 561/2 57 17 3/4 40 5/8 95 1/2 52 15 J./8 25 25 5/8 191/2 12 7/8 251/2 97 28 7/8 59 55, 20 5/8 17 5/4 22 5/4 12 7/8 59 1/2 47 14 1/4 191/4 25 5/8 29 1/2 56 15 7/8 57 64-66 52-54 C4-73 5Fl-40 4;-51 E'1,-3 30-55 'H'-54 li.5-155 ' '..-85 2f-27 0,-47 51-57 ,,''52 2h-7 41-5 10(0'1.14 22.;)0 3-55 18,22 6l',-70 6', -77 24-26 26-29 59-46 47-49 45-45 24-50 54-61 Kennecott Mead Corp 48 1/2 55-55 19 1/2 55-59 M.K.T.pfd 25 5/8 40-15 Natl.l',lt'lleable 26 5/4 35-57 Na'Ci,ml Supply New Y01 k C,el1tral 14 5/8 20-29 19 1/4 '5-6 Nor0rn Paific 20 55-57 Pal'amc'unt 28 5/8 59-'J2 Penn Jixie Cement 21 3/4 51-tH P3si Cola 28 5/4 56-46 F 3.;rcnicr 24 1/2 3-54 Raytheon 11 5/8 15-16 Pepublic Steel 28 1/2 4.-tl Revere Copper 22 1/2 55-58 ReJn!olds Metals Seaboard ,\ir Line 57 3/4 58-45 20 50-32 Shamrock Oil S;le11 Union Sinunons Southern Pacific Southern Railway 25 7/8 51-55 28 5/4 45-45 59 5/8 51-61 44 1/4 78-80 47 1/8 70-74 Square D 17 5/8 28-52 Stand.Gas 4 pfd 55 48-56 Standard Oil of N.J. 67 7/8 79-85 Texas Pac C & 0 . 25 1/2 58-42 Timken Detroit 20 29-33 Union Bag 51 51-55 Union Carbide 96 5/8110-147 U. S. & Fgn. Sec. 19 1/2 29-32 U. S. Steel 76 1/4 93-98 West Indies Sugar 32 1/4 51-56 Youngstown S &T 69 5/8 85-89 January 50, 1947 EDMUND W. TABELL SHIELDS &COMPANY Closing Dow-Jones Industrials Dow-Jones Rails Dow-Jonss t'b-2tock 179.74 50.60 61.96 The opinions expressed in thil letter are the personal interpretation of cham by Mr. Edmund W. Taball and are not presented al the opinion. of Shield. Be Company.