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TECHNICAL MARKET' ACTION After a very sharp and rapid sell off in the early hours of trading on Thursday, the market recovered and erased a large percentage of the early declines. At the day's low of 162.06, reached early in the day, the industrial average was down 1.85 points from the previous close. The subsequent rally brought the average back to 163.22, off only 69 on the day. Thursday's action W&6 quite encouraging. However, technical indications still point to a temporary top somewhere around present levels and a minor technical decline, say to the 161-159 level, before a resumption of the advance. With that thought in mind,' the writer has been advising some profit taking on strength. Since the last letter, trading profits of 23 points were taken on five issues. Bel7.cve the same policy should be followed for the time being. This advice obviously applies only to shorter term trading commitments. For the major trend, a 100 invested position is still advised. , Continue to advise profit taking on the following recommended issues at the price level's specified. Allegheny Ludlum Allied stores American Bank Note California Packing Campbell, Wyant Chrysler Fairbanks Morse Foster Wheeler Great Northern, pfd. Hercules Motors Reynolds Metals Western Union Recommended At 27 20 7/8 24 27 3/4 19 3/8 98 7/8 49 3/4 30 49 1/4 26 15 1/2 44 3/4 LRSt Sale 32 3/4 26 3/8 261/4 33 3/4 23 5/8 5/S 35 541/4 29 3/4 19 3/4 46 1/4 Sell …AL 34 27 28 35 25 110 60 36 57 35 20 1/2 '49 3/4 Expect any decline to be of only minor importance. Would consider the 161-159 range us buying level. Continue to like the technical pattern of American Car & Foundry. Retention is advised and further purchases advised en price dips. .' EDMUND W. TABELL SHIELDS & COMPANY April 26, 1945 Closing – Dow-Jones Dow-Jones Rails 163.22 56.39 The opinions expressed in this letter are in the personal interpretation of by Mr. Edmund W. Tabell and are not presented as the opinions of Shields & Company.