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Waston &- Co. I MEMBERS NEW YORK STOCK EXCHANGE AND OTHER LEADING STOCK AND COMMODITY' EXCHANGES NEW YORK PHILADELPHIA LOS NGELES SAN FRANCISCO LUGANO (Sw;twlaod) TABELL'S MARKET LEnER 1OFFICES COAST TO COAS CONNECTED BY DIRECT PRIVATE WIRE SYSTEM December 31,1954 Both averages moved ahead't new high territory during the past week. The industrials reached 404.20 ad the rails were at 146.00. On Wednesday, transactions four years. totale There d i s 4,43 no 0,000 change insares my which was the largest volume in over opinion. I continue to believe the market has enough momentum to moJve somewhat higher and to reach at least my projected goals of 425 on the inudstrials and 154-156 on the rails. I continue to think that secondary issues may move more rapidly than the higher grade issues in the next hase of the advance. ST.JOSEPH LEAD (44) now has an upide objective of 51-56 and appears behind the market. vlould buy at a ound present levels. SERVEL (8) has been a'very poor Jerformer, but would continue to hold as a long term price speculation. Fatience will be required. SHAMROCK OIL (61) entered my lis at 36-34. Reent high was 68. The up- side objective is 65-75 'so ould advise profit-taking on strength. The stock will shortly go exdividend 50 so the comparable upside object- ive will be 44-50. ,. SIMMONS CO. (42) appear; to be an attractive purchase. The nearer term indication-is 47-52 and the ,long oerm indication is 70-80. There is support at 37-35. SINCLAIR OIL (52) is a recent addtion to the list at 46. Continue to hold. There is a potential 58-64 n the pattern. SMFrH, A.O. (40) has an irregular pattern but the upside potential is 60-70 over the longer term. Contnue to hold. STANDARD PACKAGING (27) was OrigihallY recommended at 13-14. The re- .. cenLlligh was 31.DE!sp1t. Jb-.e shatP aciyan….,w9uld conUJg!.ELt9h91d., The' eventual obje'cnve is 36-'45. -. . SYLVANI, ELECTRIC (47) has moved p from the originally recommended level of 35, ut the objective islhigher. The intermediate term projection is 60-64 followed by a p06sible 75-80. Continue to hold. TUNGSOL ELECTRIC (28) is a recent! recommendation that has done little marketWise. Has been holding in is 39. Would add to holdings. thIe 27-30 area. The upside potential UNION BAG & PAPER (70) recently rached a high of 75. The upside ob- jective is 70-80 so would be inclined to take profits on strength. UNION CARBIDE (87) is one of a slowly is ris a in glontrgentedrmp1ngcrotwuatthedissbuyes. mTahlel entire pattern trading plateaus. Would take advantage of minor deciines to add to holdings. UNION OIL (56) has a near term inJication of 60-62 followed by a long term 75-85. There minor declines. is support at 5I-50. An excellent purchase on all UNITED FRUIT (55) is a slow moving issue but the long term indication is 70-75. A good investment type issue with a good yield; UNITED MERCHJ,.NTS(19) isOa-re'cent irecommenctat'iOn—- It 'ha's hown little price action until recently. The objective appears to be 29. UNITED SHOE MACHINERY (51) is anoher recent recommendation. This stock appears to have reversed its long downtrend. The first ob- jective is 55-65 followed by a long term 85. Continue to hold and buy on minor price delines. ! U.S. GYPSUM (228) originally enteed the recommended list in the 105110 area. At the recent high of 233, the stock had almost reached the long term upside objective of 1240. A lengthy consolidation period may be needed. Would transfer intc situations with better near term appreciation prospects. ,- -2- U. S. STEEL (74) was recommended for purchase last Spring at 46. Ha reached its long term upside objective and the small base at 67-71 indicates 74. \llould take profits and transfer funds into recommen,ded oil issues. VANADJ-UM CORP .40) has-'-been a part –of theli-st-for 'a-rang 'trine. Originally recommended at 20-19, it has reached new high territory at 40. Viould continue to hold as the intermediate term objective appears to be 44-48. VICK CHEMICAL (54) has advanced from a recommended level of 23-24 to the recent high of 57. It has now reached its upside objective. Viould transfer into situations with better appreciation prospects. VICTOR CHEMICAL (36) has a-n initial upside objective of 42-44 followed by a longer tArm 48-52. Viould add to holdings in this bettergrade issue on moderate price declines. VISKING CORF. (68) has a long term indication of 95. Has held in the 62-71 area since early 1954. An upside penetration would indicate 85. Stock appears to be in a buying area. WAR-REN FETROLEUM (51) has moved up from its recommended level of 28-25 to reach its intermediate term objective at the recent high of 52. \'Iould continue to hold as the longer term objective is 70-75. WESTERN AUTO SUPFLY (50) has done nothing marketwise, but is good , hold-ing-for- yieJd -and- gradual -appre-c-iati-on—- -, – – – WESTERN MARYLAND (34) has broken out of the 20-27-accumulation area and now indicates an intermediae objective of 42-46. The longer term objective is a possible 55-60. WESTERN PACIFIC (65) has a very strong technical pattern. Some patience may be required, but the formation suggests 100 followed by even higher levels. Hold and buy on all minor price declines. WESTERN UNION (76) has advanced sharply. from. It was recommended not so long ago at 50. It reached its intermediate term objective at the r';ent high of 82, but it appears to be consolidating. Next object is 110. Continue to hold and buy on minor declines. YLE & TOWNE (51) has a very avorable long term pattern. The inter- mediate term indication is 61-65 followed by a long term 80-90. Continue to hold. I ZENITH RADIO (91) also has a very favorable long term indication. Its objective is 130. Buy on all minor declines. T – EDMUND w. TABELL vlALSTON & CO. 1-. VERY HAPPY AND FROSPEROUS NEVI YEAR TO i,LL.