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The stock market in 1951, as measured by the Dow-Jones industrial ,–average, fluctuated within one of the narrowest percentage ranges in the j)ast fifty years. The low of the year was reached the first trading day, ,',p-anuary 2nd, at 234.93. The high was attained in September at 277.51. iThis is a percentage range of only 18 from the low to the high. For the 'reater part of the year the industrial average held in the 242-268 area. ,'– , 0; In addition to the narrow range of the industrial average, 1951 wasf ,!a.lso unusual in the fact that this was the first year in history that the 1,, ','Dow-Jones industrial average failed to sell below 200. In my opinion, it ;; 'i is PJtobable that this average \'13eeable future, although this will continue to hold above 200 level may be closely approached for the in 1952 foreand ii,'- '\11so possibly in 1953. ,;c, , I expect that the market in 1952 will fluctuate over a wider range i,' ;'than in 1951. Probably the year's high will ;;pf the year. At the moment, I doubt that it be reached in will be much, the if first at all , qaubaortveer/r';; ',the 277 high of September, 1951. On the downside, the industrials might ,',C -''yvork down to around the 220 level later in the year. As I envision the ; 'general market, it appears that it will undergo a consolidation or re- ',; ,'ccumulation period at moderately lower levels. This type of action could k continue well into 1953 and would be the necessary prelude to a much highed,, ;market from 1954 on. In effect, it would be similar to the 1946-1949 re- f; ;',accumulation range between 160 and 210 on a Slightly reduced scale. ,',if,'.pr1ce This does not mean that pattern. Even though the all issues and groups will show averages may make little upside the same progress, i-,;-' 1'-' I ',,It is possible that many individual issues could have worthwhile inoves. Several groups have above average technical patterns not upside only from 1,,'-;; ;1Van appreciation viewpoint but also for their good defensive qualities. f'– I,',' My favorite groups for 1952 include airlines, building materials, f ,,)lectronics, machinery and equipment, selected rails and utilities. '-, – 1,', .!. F Listed below are some of the issues in my recommended list that 'oughly fit into the groups mentioned above. From a technical viewpoint, ,'I believe these issues will show above average action over the next year. ;,'Additional utility issues will be recommended later. , BETTER GRADE MEDIUM GRADE SPECULATIVE ,' 'Armstrong Cork (56l American Radiator (16) American Air. (17) f- ,,- t tj L,– f.; ,Fairbanks Morse (27 Blaw Knox (18) Corne 11 Dub ilier (2,0) ,'Masonite (34) BliSS, E.W. (16) Eas tern Air. (29) l;'i , ' ' O t i s Elevator (37) , ,,', , I -' Bucyrus Erie (24) Burroughs (18) Carrier (23) Certain-teed (15) Georgia Pac.Ply.(23 ,Gray Mfg. (14) ' Gulf,Mobile & 0.(21 Inter.Tel & Te1.(17 Columbia Gas (15) Minn .St .Paul, SSM( IB–' f'–. Columbia Broad. (35) Elliott (27) National Supply (29) Northwest Air.pf.(2, ) Poor & Co,B (18) , Radio Corp. (24) i, New York Air Brake (21) Raytheon (11) t;, Paramount (26) United Air Lines (34) ,, Philco (27) Smith (A.O.) (36) Western Air. L. (15),' Western Maryland (2,i) , ,, Sylvania Elec.(37) '–\ December 28, 1951 , Dow-Jones Ind. 268.18 , Dow-Jones Rails – 82.11 EDMUND W. TABELL WALSTON,HOFFMAN & GOODWIN ! ; Thh memorandum il not to b. construed as an off&r -Of lolldtoltion of off.rs to bLl or ,ell any IflCllrlfies From time to time Walston, Hoffman & Goodwin may have an Int.rut in 10m. or all of the lecuritl mentioned herein. The fore(,lolng matima I has been prepared by UI as a matter of Information only It II bad upon information believed ,.lIable but not necessarily complete, b not Juarantel!d a5 accurate or final, and is not intended to fot.dose ind.. cend.nt inqloliry. )',,-'t,);,,',;;!tlJ,';',z(q;'r';I;.';/ ',,;;,','j,'- , '; ,,– ,- ,, – ' – – – – ,,'; I' , ,, …….