Tabell’s Market Letter – August 11, 1947

Technical Market Action Although our list of recommended issuea is quite complete, we are taking advantal!J!of the current reaction to add five additional iasues to the list. All five have excellent technical patterns and their purchase is advised in the 181-177 ba7ing range. Elliott CompanY is listed on the New York Curb and manufactures gas and stem turbines and allied pructs. The 1946 high was 39 1/2 and the low 14 1/2. This 788S's range is 23 and IS 3/4. The stock has built up a sillable base pattern in the 1'-23 range and an upside penetration would indioate substantially higher levels. Mondays olose was 19 1/2. I'ansteel Metallurgical Corp. is also listed on the New York Curb and is engaged in-the devel9plllent, r(lfinement and lIanufacture of rarer I16talS and alloys. The stock reaohed a high of 53 in 1945 on the basis of the present 2-1 split stock. The 1946 range was 42 high and 13 3/4 low. This years range 22 3/4 and 12 5/8. Monciaya close was IS 578. The stock appears to be building up a favorable technical pattern. JOX Manuraoturing produoes mechanioal loaders and conveyors and other products used principally in the ooal industr,y. Stook recently penetrated not. only its early 1947 high but also the 1946 high of 34. This years range is 38 1/2 high and 25 1/2 low. Earnings for nine months ended June 30th were 6.99 a shsre. Technical pattern indicates an eventual price objective above 60. Mondays close was 37 1/4. Mullins Mfg. l18nu1'aotures metal parts and stl\mpings for the automotive, washing machine, refrigerator and plumbing fields. The 1946 range VBS 22 1/4 – 14 1/4 and this years range is 21 3/8 – 14 3/4. Mondays close was 19 3/4. Recent penetration of February high indicatea higher prices with an eventusl objective of 35-37. Earnings for six months ended June 30th were 4.07 a share, Worthington Pump and Maghine17 has been in a wide trading- range between roughly 74 and 47 since early 1945 or approximately 2 1/2 years. The 1947 range is 68 1/2 high and 48 1/4 lov. Mondays close waa 55 1/4. An upside penetration of this large trading area would indicate substantially higher levels. The stock has extreme leverage with a bank loan, preferred stook and a relatively small mount (280,082 shares) of common stock. Earnings for first six months of 1947 were 9.28 a common share Mondays market worked frectionally lower with intra-day lows of 178.21 and 47.55. There is no change in opinion that the 181-177 area is a buying range prior to resumption of the advance. Current softness or irregularity may continue for a short while but such periods should be used to acquire recommended issues. EDMUND w. TABELL Augwlt 11, 1947 SIlIEIDS & CClCPANY Closing Dov-/ones Industrials Dov-Joneil Bails Dov-Jones 65 stock Ayg. 118.98 41.91 63.78 The oplnions pr.lled in this letter re the persona. interpretation of cham by Mr. Edmund W. Tabell and are not pranted .1 th opinlonl of Shitlld, & Compeny