MAIL 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
!
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Complete Selection in All Departments
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III IV UK.
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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.
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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. The veteran
performer was taken to the
hospital Monday for major
surgery and was said to be
making a good recovery. He
should be able to leave the
hospital in about a week,
doctors said.
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