Medford mail tribune. (Medford, Or.) 1909-1989, December 05, 1958, Image 5

Historic Oregon Newspapers

Medford mail tribune., December 05, 1958, Image 5

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Newspaper Page TextMAIL TRIBUNE, Medford, Oregon, Friday, December 5, 1958 5 New High for Corporate Profits Predicted by Analyst for 1959 Br ELMER C. WALZER UPI Financial Editor - New York -OB- There has been talk that this stock mar ket has risen on nothing sounder than inflation heda ing and that it has far out stripped its level on the basis ox corporation earning. Ed mund W. Tabell, analyst for ! Electric Clock & 7-Pc. Desk Outfit r- ' sfscV! , I vY 'tis: v (GRAINED MOMSf KTOWl FINSH V IN HANDSOME J I y y I VUMIO OAK Yon will My it's GIFT whca you ice this handsome I I - J lama. desk dh and blotter mlkiuu the? desk bv iitelf I it a wonderful boy at this low price. It's ideal for a I A full-sis 20 x 40 ( student's room as well as for the living room, because it ' i etosk wrrh-wrirlftf aurfc " pce for everything and promotes correct writing I cmd hei9St far . study habit- I 7 tpmn nn tm pm. f QUALITY .....i M.ti. I I CONSTRUCTION I I er etpml. II THROTTnifOTTT! I J Quality wtttrvtrta HmnekMl QUALITY CONSTRUCTION THROUGHOUT! in a win From Wide color variety to choose from ROUND SQUARE WITH LEGS of WOOD or METAL Complete Selection in All Departments From Now Until Christmas III IV UK. m OPEN Mondays Thursdays 9 P.M. and Till Ashland 2uni?imflttiiiii?e 341 N. Central SP 2-4153 We Carry Our Own Contracts Medford Grants Pass Walston Sc Co., refutes this thesis. Admitting the mar ket is high on the basis of present earnings, Tabell holds that tb-a odds seem to be bet ter than even that corporate profits will reach a new high in 1959. "Thus," he says, "if the Dow-Jones industrials earn S40 next year (not optimistic if the auto industry has a normal year) the price-earn ings ratio on present prices would be 13.5 instead of 19 "Taking $40 earnings on a 15 times price-earnings ratio (not unheard of in times of high investor confidence) pro duces a Dow-Jones industrial average of 600." In the next couple of years. the earnings of the Dow-Jones group could rise to $50 a share. Fifteen times 50 would bring an average of 750 and 18 times that amount would mean an average of 900. Further To Go Tabell says the stock mar ket is in its third phase of advance and that it has much further to go, although there could be a downside correc tion to 520 in the average for industrials which on Nov. 17 hit their record high of 567.44. He looks for a mores selec tive market next year with leadership less outstanding ' man mat of 1958. He expects to see more demand for the secondary issues - low-priced shares. He doesn't believe the mar ket has advanced too rapidly and points out that the recent high was only slightly above the top set in April of 1956 and only some 10 per cent above the peak reached three years ago in September, 1955. An examination "of stock market trends, he says, turns up some interesting figures. "Stock prices have risen for some nine months and gen eral business has been mov ing ahead for some five months," he notes. "It will be seen that in five of the seven previous business re coveries since 1921 stock prices had been rising for at least as lone or longer. Not Out of Line "The magnitude of the rise (about 17 per cent since hnsi- ness turned ud in ADrin is also not out of line with pre vious recoveries. Indeed, only two of the seven previous re coveries showed a DerceDtiblv smaller increase in t stock prices after the business low. ihus, there is hardly any thing unusual in the extension of the stock market rise to date." . Tabell maintains some 2,000 charts and graphs to follow the technical action of the market as a whole and indi vidual securities. "The technical action of the 1,200 individual issues I chart," he says, "indicates that the majority of them are forming broad accumulation areas that indicate consider ably higher levels between now and the early 1960s "The best source of action at the moment, therefore, is not to try and mastermind the market but to examine the outlook for individual issues. "Concentration on values and a diligent search for in creasing earnings will be as rewarding in the future as it nas been in the past. Wall-hugging, all-metal case. 6 ay decorator folk art deslan with WHITE. YELLOW or BLACK background. . , QUIBT-DEPENDABLE- NO WINDING $ 4.98 GENERAL ELECTRIC $9.95 LITE TIME Luminous . $iQ5 Desk Clock ....... O By Dennison 1 0c Pack ........9c - 3 for 25c 15c Pack. 12c -3 for 35c 25e Pack . . 19c 25c Roll .............. T9e 39c Roll .. . ..30e lriShSir fjj!fj ' ll lllMM I ..A . 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ELECTRIC BLANKETS London Fog Said Becoming Killer London - (DPO - A British scientist warned today that the pea soup fog that has blanketed Britain for 25 days is turning into a killer smog. The scientist was Dr. B. T Cummings of the London's Bartholomew's hosoital which treated hundreds of victims in 1952 when a killer smog took the lives of 10,000 per sons. The disastrous smog fol lowed the same pattern. Lon don and the surrounding counties were blanketed for weeks by a crippling fog until coal and other fumes turned it into a death blanket. Today the heaw blanket covered 30 counties extending over an area of 28,000 square miles. Cummings said smoke pollution in the air over Lon don had passed the safe limit. "It could be the start of the same kind of smog we had in 1952," he. said. ACTOR REPORTED OKAY Los Angeles - (UPD - Charac ter actor James Gleason. 76. was reported in satisfactory condition today at Queens of Angeles hospital. 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POUND.l OB3 SELECTED GIFT CHOCOLATES INCOMPARABLE JEWELITE 3-Piece $5.75 Dresser to Sets $10.00 WHITMAN'S Famous SAMPLER 1 lb. -$2.00 BROWN & FANCY CHOCOLATES HALEY ,b.2.C3 TOUR CHOICE Film Developing and Printing FAST TOP QUALITY LOCAL SERVICE In by 10-Out by 4:30 Regular Prices 2 DAY SERVICE Standard 8-Exposure Roll Contact or Jumbo 39 Add Federal Excise Tax on Taxable Merchandise Free Delivery in Medford FV PRESCRIPTION SPECIALISTS (mEDFORDS OmWAL PRICE CUTTER) mm 30 f N. CENTRAL V DIAL c in is area.