Tabell’s Market Letter – May 17, 1948

Tabell’s Market Letter – May 17, 1948

Tabell's Market Letter - May 17, 1948
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F Technical Market Action The market continued its rise on Saturday and Monday but the rate of advance was-slower and there were periods of profit taking.The industrial average reached a high of 191.39 on Saturday and reacted to a low of 188.37 early Monday. The subsequent rally carried to an intra- day high of 191.00 and a closing of 190.42. The rails 'reached a high of I 63.07 on Saturday, reacted to a low of 61.12 and subsequently rallied to ' 62.49, closing at 62.27. Expect the advance to continue but believe it will be more selective than heretofore. The industrials should meet resistance in the 195M 200 area. The rails are in a resistance area now in the 62-63 zone. Probabilities favor a good trading market with individual issues moving ahead while the market consolidates. It must be remembered that we are now in a long term uptrend both in rails and industrials and perids of weakness should be welcomed as an opportunity to add to hod- ings. ' Recently I attempted an alphabetical review of my list of recommended issues but the market turned active and forced me to abandon the short paragraph review of each issue after reaching only the stocks beginning with C. Therefore, I am reprinting the list below together with the originally recommended price level and the last sale. I am eliminating the following issues from the list because either the issues have about reached indicated objectives or they have developed an uncertain pattern. The issues eliminated are Deep Rock Oil recommended at 37, last sale 39, Evans Products recommended at 16-18, last sale 20, International Paper recommended at 51 1/4,last sale 60 3/4. Pure Oil recommended at 23 7/8, last sale 40. (Its actual objective is 43-45. Standard Oil of N.J. recommended at 66 5/8, last sale 80 5/8. Union Pacific recommended at 136, last sale 188. Suggest switching into issues in our recommended list during periods of market irregularity Our complete recommended list of issues follows below. The following figure, in paranthesis, is the price at which recommended. The second figure is the last sale – Adams Express (14 7/8) 22, Addressograph (29) 37, Alleghany Corp (3) 4i, Alleghany,pfd.(41) 50 1/4, Alpha Portland Cement (28 3/4), J2\9I!,4lE;A1lrmiIe)triSc1a1en5atCi1ny/g4an,a(m2A3tid) a2s(447C3)o/r)4p9,A(32rk3/4a,n1s/A2a)sme2Nr4iacta3un/r4aR,l aBGdaaiSalttioimlArioI (r1e(55)&11O/68h)i1o8/8,(A1, 2tc5h/i8so) n 16 1 8, Bi6elow Sanford (28) 36 7/8, E.W. Bliss Warner (44) 60 1/2, Canada Dry (13 1/2) 15 1/4, (18-20) Carrier 3(1161) /81,9B,oCerg0ex ( 28 1/2) 30 1/2, Certain-teed (16 3/4) 18 7/8, -Chicago, Milwaukee & St.Paul pfd (32 7/8) 33 3/4, Chicago North West (183/8) 19 5/8,Colorado Fuel 12-10) 16 5/B, Columbia Gas (10 1/2) 13 3/4,Consolidated Rwys of Cuba,pf 23 1/4)23 1/2, Copperweld Steel(15 5/B) ,16 5/B, Crane (37) 3B 1/4,Deere 3B) 45 1/4, Denver Rio Grande & Western (lB) 28, Devoe &,Raynolds wAil 25) 27 3/4, Distiller's Seagram (15 1/4) IB 1/2, Doehler Jarvis (24) 36 5/8, Dome Mines(lB 5/8) 17 1/2, Eagle Picher (19) 25, Eastern-Airlines (IB 1/4) 20 1/4( Eastern Stainless Steel (17 3/4) 21 l/, Electric Power & Light (19 1/8) 20 7/B, Elliott (19 1/2) 25 1/8 Fansteel(15 5/B) 14i, Flintkote (32-30) 39 5/B, Foster Wheeler (30 3/4i 34 5/B, General Cable (11) 12 3/8, General Rwy Signal (27-23) 28 1/2,General Realty (4 3/4) 6 liB, Gimbel (22)25, Gulf Mobile (12 3/8) IB 5/B, Gulf Oil (60) 75 5/8, Hewitt Robbins (25 1/2) 26i, Holland Furnace (27) 24 7/S,Illinois Central (22-20) 3S 7/B,Ind.Rayon (42) 3, Interlake Iron (12-10) 15 3/4,Inter- national Tel & Tel (13 1/2) 154, Inter.Minerals (26-241 35,JOhns Manville (39) (34) 41 3/4,Joy Mfg 34, Lone Star (37t) 39i) Cement (b5) K66ant,saMs aCsiotnyitSe o.6(213)i6)47,2aM,LeeshtaighMaPcohrintlean(3dB) 43,Minn.Honeywell (4B), 51,Minn.St.P. & SlS(12-)11 7/S,Mont.Ward (50) 64 42 5/8,Mullins (19 3/4) 26i,Natl Supply 3/4,No.Pacific (19i)26i, Oliver Corp (15-13 (23-21 2312t,, OtNi.sY/.EAlirb(3ra1k) e33(336)/4, Pac.Mills (3Bi) 40, Pac.Tin (5) 5 7/S,Pepsi Cola \26t)C17, 7/B,Phelps Dodge (3S) 57t, Pitts Coke (13) 13J, Radio Corp (8 5YS) 13, Rayonier (19 5/B) 31 3/4,Revere Copper (21-19J 20 3/4,Rheem Mfg(23 5/B) 23, St.L.San Fran (9 3/4)13,Schenley (33-31)33, Seaboard Air Line R.R.(23) U2(24n4i3o3n/4/,BS)ah6ga0m,(2SrBpoicek5g7e(Sl2)43)(631t23, e!UJ( nS1io3hna,roSCqanur1abri3ed1e)(D331B(1i),6) Simmons (37) 35t, So.Pacific 23i, Timken Det (21) 22 41 5/B,united Merchants (711/8) 19 7/B,u.s. Foreign 11S-16) 31t,U.S.Plywood (32) 33,U.S.Pipe 3S-35) 50t, Visking (32 3/4)3St, Victor Chemical (40t)44,West.pac.(34) 35, West.Air Wheeling Br (27-25138,west Elec.(23-2131tiWest Penn Steel (432)4St,Worth Pump (lBt)25a,Youngs.S Elec &T .(17iJ (62-bO) IB81iet , Zenith Radio (24i) 27. EDMUND W; TABELL May 17, 194B SHIELDS & COMPANY The opinions eXI.eued In this leUer are the personal interpretation of cherts by Mr. Edmund W. label! and are not presented as .he opinions of Shields & Company. ,.\'.(, r-(.-; ';;., I .7c–,—————————- -11

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