Tabell’s Market Letter – December 17, 1947

Technical Market Action The ra.ils continued their leadership on Wednesday and advanced 1.18 to close at 50.50. The industrials gained only 37 cents. At the days high of 50.63, the rails were less than a point and a half below the July high of 51.95. As nentioned in a recent letter, this is very encouraging technical action. It is the first tir.18 since early 1946 that the rails, the leaders of the 1942-1946 advance, have lead un advnce in the IJP.rket. Frotrl February 1946 to early this IJonth, they have been the leaders on each decline. Listed below is our conplete list of recot1.111ended issues. These issues have been advised for purchase c.t various ti;,Jes fron Septetrlber 1946 to date. A great Dany have been recoIllfJended during the nunerous descents into our lonf, advised 160-170 buying rang'. Others have been recomr.Iended as recently as the past ten days as possible beneficiaries of the abatefJent of tax selling. Also listed below are the 1946 highs for each issue. It ll be noted that in nutrlerous instces several of our recomended issues are now selling higher than their 1946 hiehs while the industrial average is 33 pOints lOVier. We expect a great trlany trlore issues to reach levels above their 1946 highs. Others, obviously will not reach thes levels. Lack of space precludes giving the indicated technical price objective of each issue. These will be given in subsequent letters. 'Adans Express Allegheny, pfd. Allegheny LudlutrJ Amer. Cyanami41 luner. WaterWorks Atchison, Top Atlas Corp Barnsdall Oil Bliss (E.17.) Borg Warner Campbell Wyant Celotex Chrysler Cities Service Colorado Fuel Consolo Vul tee Crovm Cork & Seal Deere & Co Doehler Jarvis Eagle Picher Eastern AirLines Elec. Pro & Lt. Elliott Evans Prod Fansteel Flintkote Foster Wheeler General Cable General Motors General Rwy. Gulf Mobile Gulf Oil Houdaille Hershey Houston Oil IllinoiS Central Interlake Iron Last Sale 17 41 30 3/8 39 1/4 16 1/.4 87 3'/4 22 1/4 37 31 1/4 54 30 26 1/2 63 38 15 1/2 13 44 1/4 44 3/8 37 21 5/8 17 7/8 17 3/8 18 3/4 20 12 7/8 36 30 3/4 12 1/4 57 3/8 25 13 3/4 72 1/2 17 1/2 27 1/4 28 1/4 13 7/8 1946 lWh Last Sale 24 3/4 D1ternational Paper 54 7/8 69 1/4 Inter.Minerals 32 3/4 61 1/8 Joy Manufacturing 39 3/4 63 3/4 Kansas City So. 27 1/4 28 3/4 Mullins Mfg. 25 121 Murray Corp 161/4 34 3/8 National Supply 22 5/8 31 Northern PacifiC 2l 3/4 33 1/4 Ohio Oil 30 7/8 61 3/4 Oliver Corp 26 5/8 40 3/8 38 1/8 Pepsi Cola Phelps odge 24 1/2 48 1/8 70 1/2 adj.Pure Oil 27 41 7/8 Rr.dio Corp 9 5/8 23 3/4 Rayonier 29 7/8 33 5/8 Revere Copper 19 1/4 62 Schenley 33 3/8 58 1/2 Seaboard Oil 38 1/4 37 7/8 Shanrock Oil 29 3/4 30 1/8 Sharon Steel 35 1/4 33 3/8 adj. Siml'lons . 341/4 29 1/2 Southern Pacific 47 1/2 39 1/2 Standard Oil N.J. 77 33 3/4 Texas Pac. Coal 45 42 adj. Twentieth-Cent.Fox 22 3/4 46 49 7/8 1/2 Union Bag Union Carbide 33 1/4 102 3/4 16 3/8 Union Pacific 153 80 3/8 48 United Aircraft U. s. & Foreign 24 1/8 8 1/4 39 1/4 U. S.Pipe 44 78 Westinghouse Air B. 37 1/2 28 3/8 WestinghoBse Elec. 29 3/4 30 Wneeling Steel 46 45 1/2 Worthington PutrJp 62 20 1/4 Youngston Sheet 763/4 1946 ll.i.gh 55 1/2 45 34 40 1/4 22 1/4 22 25 36 29 5/8 36 40 1/2 48 28 7/8 19 33 31 3/4 100 39 1/2 32 1/2 40 3/8 56 7/8 70 78 3/4 32 5/8 63 7/8 39 125 168 1/2 37 3/8 32 1/2 60 1/4 41 5/8 39 3/4 62 1/2 74 83 7/8 Foster Wheeler is a neVi addition to the list. December 17, 1947 EDMUND IV. TABELL SHIELDS & COMPANY Closings Dow-Jones Industrials DOVi-Jones Rails Dow-Jones 65-Stock 179.81 50.50 64.11 The opinions expressed In this leHer are the personal inlMpreleilon of charts by Mr. Edmund W. Yabell and are not presented as the opinions of Shields & Company. . ..,.—.-