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Thursday, August 22. 1957
MEDFORD (OREGON) MAIL TRIBUKE SEVEN
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Grade Melons RIPE
'Traveler' Has Been Working 12 Years
To Collect $300,000 From Phony Checks
By ROBERT STRAND
United Press Correspondent
Sacramento, Calif. (IB Be
ware of the "Traveler" he is
the "nation's champion phonyJ
check passer. He has been oper
ating for 12, years and his col
lections now total about $300,
000. ,
He also is known to police as
P. J. McNeil, but he has a list
of aliases 10 feet long. They
were accumulated from his ac
tivities in 40 of the 48 states.
Thousands of detectives have
searched for him, but all they
catch are nightmares. Recently
he cashed a bad check only three
blocks from headquarters of
California's identification and in
vestigation bureau.
Fleecing Coast
For the last few months the
Traveler" has been fleecing the
West Coast. When last heard
from, he had just written a
check on the Willamette Con
crete Products Co., of Eugene,
Ore.
McNeil got his start at Okla
home City in 1945 when he, took
a job as John L. Stone for a
printing firm. He learned "the
business quickly. In fact, after
three days he departed without
even picking up his wages.
Instead he printed his own
checks and ever since he has
been criss-crossing the continent
equipped with his own press and
scribbling signatures of various
purported company treasurers.
The "Traveler" spends several
days in an area making pur
chases from small merchants to
win their confidence. Then, on
Friday afternoon or Saturday,
Turnover of Listed
Stock Slow This Year
By ELMER C. WA&ER
United Press FinanciaFEdilor
' New. York (tB- For those
who worry about those things,
it might be some comfort to
know that in
only one year
of this century
has the turn
over of listed
shares been as
slow as it tas
been in 1953.
That year
was 1942 when
stock exchange
sales for the
Elmer Wauer
whole year were only 125,685,
298 shares. That total represent
ed a turnover of 9 per cent of
the 1,463,295,021 .share then
listed. ' "
This year has been running at
a rate of 534 million shares or
a turnover of '11 per cent of the
4,705,122,122 shares listed."
At the current rate of trading
it would take nine years to turn
over all the listed shares of
stock.
Market Makes Low
In 1942, the market made a
low of 92.92 in the industrial
average. Many date the current
bull market from that time. And
they insist it's stai a bull mar
ket because it hasn't died ac
cording to the way bull markets
die in Wall Street.
There's been no wild specula-
days of a bull market, and nothSf
ing more than technical setbacks)
from tune to time.
So far this year volume is
around 342 million shares. That
means that something like 4,300,
000,000 shares of stock haven't
been dislodged and that they re
main in strong investment hands.
The selling that has occurred
has been a mere dribble accord
ing to Wall Street measurements.
The big investors haven't been
selling, it is noted. Until they do
there is nothing to fear, say the
market men. "j
Listed Share
Back in 1929 the stock mar
ket turned over the listed shares
that then averaged 942,492,073
shares by 119 per cent.
If today's market ever gets up
to the pace of 1929 on the basis,
of listings,, the daily volume
would have to be 22 million
shares, or about 10 times the
rate for the present market
Back in 1901, the market
turned over the 69,627,746 listed
shares by 319 per cent. If today's
big market were to have that
turnover the daily rate of trad
ing would be 59,500,000 shares.
With margins at 70 per cent
and the nation investment mind
ed instead of speculatively mind
ed there isn't, a chance of equal
ling the 1929 pace let alone the
rapid turnover of 1901, say the
experts. Looks like quiet times
ahead to the market men.
he turns up in work clothes with
an inquiry' whether he c?.n cash
a pay check to buy his loaf of
bread.
Composite Drawing
Police artists have put to
gether ' a composite drawing
which his victims say is accur
ate. He is about five feet eight,
weighs about 155, has greying
hair and often is accompanied by
a blonde woman. An "Illinois
camera merchant once took his
picture but McNeil bought the
camera with the film inside. .
In the last few months Mc
Neil has turned his charm on
merchants in Oklahoma City,
Little Rock, Ark., Beaumont,
Tex., Indianapolis and Sioux
City, Iowa. During the summer
in California he passed checks
in Bakersfield, Inglewood, San
Jose, Berkeley, Richmond and
Sacramento.
Detectives say he leaves oc
casional clues which may trap
him yet but one searcher re
marked that with his fortune "he
can retire."
THIS 'i Ji
FRIDAY IS VJf
.(SEE THIS NEWSPAPER)
tkuwy.
'
TRAIN DERAILED
Hillsboro, N.C. (IB The
Southern Railway's maine ast
west line was blocked near
Hillsboro Wednesday night by
a freight train derailment. No
injuries were reported when 22
cars of a 102-car west-bound
freight went off the tracks just
westof the West Hillsboro station.
The average persons's thought
speed while listening is at least
500 words per minutes; the av
erage speaker's talking speed is
about 100 words per minute.
Lshoritory-ttsttd for
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