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Technical Market Action Simmons Co. was recommended for purchase at 37 1/2 in our letter of November 1st. For the last ten months, the stock has been in a wide trading range in roughly the 41-28 area. The stock appears to be building up a favorble technical pattern and ability to penetrate the February high of 41 would be a constructive development. Retention is advised. Tuesdays close was 36 5/8. Standard Oil of. New Jersey was recommended for purchase at 66 5/8 in our letter of April 24th. The stock has broken out of the long 62-70 accumulation range and indicates an eventual objective of 92-100 for the intermediate term. The recent high was 80 and Tuesdays close was 77 5/8. Retain comitments and add to holdings during periods of market irregularity. Standard Gas & Electric 4 Pfd. was originally recommended for purchase in our letter of December 16th ar-32 5/8, Although this volatile market performer has had a number of extremely wide price swings in the past ten months, the basic technical pattern appears constructive. For the near term, support should be met in the 26-24 area and there is a supply of stock at 30-32. The stock is an excellent trading medium. Tuesdays close was 25 1/2. Texas Pacific Coal & Oil was recommended for purchase at 29 in our letter of April 24th. Tuesdays close was 34. The stock appears to be in a definIte uptrend andI at its recent high of 35 3/4, had not only penetrated the February high, but also the 1946 high of 32 5/8. The first price objective on this issues appears to be the 38-41 area to be followed by eventually higher levels. Retention is advised and additional purchases should be made on price dips. The market rallied on Tuesday to reach intra-day highs of 180.76 and 48.62 compared with Mondays intra-day lows of 178.21 and 47.55. Prices eased slightly at the close and Tuesdays gains of 96 on the industrials and 41 on the rails just about offset Mondays losses of 1.15 and 30. Volume was small on both days and some further time may be spent around present levels. However, consider the 181-177 range a buying area to be followed by a resumption of the intermediate term advance. EDMUND W. TABELL August 12, 1947 SHIEWS & COMPANY .Q1Ql!1 Dow-Jones Industrials 179.94 Dow-Jones Rails 48.32 Dow-Jones 65 stock Avg. 64.15 n. oplniOftl .zp……d in thi, 'eHer .,. the penon.1 fnterpmaffon of cherts by '-'Ir. Edmund W. T.beR end .re not pres.med el the opinions of Shl.ld. & eom,.ny.