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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (July 7, 1958)
i : Q i ' - A CAPTURED first Lt James Luther of Waseco, Minn., is one of nine Ameri cans being held by the Rus- sians for alleged border violation, after their plane was forced don inside Russia. Lee Will Seel Post in Senate Salt Lake City (UPI) J. Bracken Lee, former Utah governor, who . mads head lines two years ago with his hate -taxes, hate -foreign aid gubernatorial campaign, an nounced here Sunday he will run for the U.S. Senate on an indapendentticket. Cee seeks the seat now held by Republican incumbent Ar thur V. Watkins. ' After failing to win the Re publican nomination for the Utah governorship in 1956, Lee ran as an independent and was defeated by GOP candidate George Dewey Clyde. , Soon after his 1956 defeat,. Lee was named chairman of "For America," a committee for political action to repeal Federal income tax. He was renamed to the chairmanship Jan. 27 of this year. Said Lee in his announce ment of candidacy: "There is no material difference be tween the Republican and Democratic parties in their iundamental beliefs. They now stand for and support the same policy of -high taxes, waste and giveaway programs." NEVER TOO LATE : Milwaukee, Wis. j(UPI) Josef Van Suskovic was to leave for Ronneby, Sweden, today to marry his long-time pen-pal sweetheart. Van Sus kovic, 80, and his bride-to-be have been corresponding for 52 years. ' 53rd year Medford Price 10 cents Tribune 2nl SECTION MEDFORD, OREGON, MONDAY, JULY 7, 1958 Pages 1 to 6 Short Interest Shares Reach New High Since May 25, 1931 By ELMER C. WALZER UPI Financial Editor New York (UPI) It's a caution what one can do with figures in Wall Street. Here are Wall Street's bulls gloating over a short interest figure of 5.785,105 shares as of the middle of June. That's a new high since the Stock Exchange started keeping short interest records on May 25, 1931. . That's more than two days trading and represents just that much buying power that the bulls say can put the mar ket sharply higher if it is translated into action. To do that you've got to frighten the bears who recently have seemed to be fight-proof. ' What the bulls think is a lot of short interest ,may be just a puny amount and per haps that's why the bears are not worried too much. They seem to be waiting, licking their chops as they anticipate a market break. The bears borrowed all that stock and sold it short. And some day they must buy it back again. As the 'bid Wall Street adage goes. "He, who sells what isn't his'n, must buy it back or go to prison.' When the bears sold short they had high hopes prices would go -down so they could buy the stock back at the low er price, return it to the lend er and pocket a profit. ; A short trade is a long trade in reverse. When one buys long, he buys a stock at a certain price and hopes the stock will rise so he can sell it and pocket a profit. The big difference between a long deal and a short deal is this: In a long transaction the most you can lose is your or iginal investment and it's mighty seldom that a stock goes to zero. Your losses as a bear can be sky high. There's no top limit to which a stock can rise if it gets going. So if there's a lot of stock short and prices move high enough to frighten the bears, the theory is they'll scramble to buy stock and send the market soaring. Second Look The recent short interest figures looked big to most traders. Then Sidney B. Lu rie, research expert for .Jose- phthal and company, didn't agree. He said the public, joy- jr-j RETURNING TO ALGERIA for three-day military inspec tion tour of Tunisian border posts, French Premier General Qharles de Gaulle is greeted at Batna by large crowd. ful over the big short inter est, overlooked two things the short interest must be related to the number of shares traded, and it must be related to the number of shares listed. A little figuring shows that if current volume is related to the 1931 trading you'd have to have a short interest of 7,000,000 shares instead of the current 5,975,105 shares short. If the short interest should be related to shares listed the current short position would have to be boosted to 20,843,- 000 shares to -make it com parable to 1931. '' And if you wanted present daily volume to be compar able to 1931 which had a turnover of 44 per cent of the listed shares the daily trad ing on the Stock Exchange would have to raise to 8.4 million shares. If you wanted to equal the pace of turnover of 1929 the daily sales would have to rise to 22,700,000 shares. ' Today's' markets are dull proportionately to the mar kets of the 1930s and the cur rent short position isn't any where as big as it seems when related to volume and list ings. Short interest may have been a big figure back in 1931 but it didn't do the bulls any good. The market that year fell $23 ' billion in value of listed shares. Holland Post Office Closure Suggested Washington UPI) Rep. Walter Norblad (R-Ore.) has recommended to the Post Of fice Department the closure of the post office at Holland, Ore., in Josephine county, and its establishment as a rural station of the Cave Junction post office. Norblad said the operating cost of the Holland office was $2,225 last year while its re ceipts were only $413. TREMENDOUS SAVINGS IN MEN'S, WOMEN'S and CHILDREN'S SHOES Starting Tomorrow MB Wsm iHHHI For Women For Women AIR STEPS 0.u, .f Regular Price 1.95 to 13.95 DRESS SHOES Now CT790 fnteO Values to 11.95, TP QQ 7 nd lUP Not All Sizes. W U NOW ONLY.. Ci Girls' Flats and Men's Dress Shoes Women's Casuals Roblea and Pedwin Regular Price 5.95 to 7.95 . Now ' Now 0ny 90 and 3s0 i00 -d W ChildrTnVShoes All Handbags Value to 6.95 and 7.95 NOW Only Jealous Sailor Kills Wife, Self More Evidence Is Needed to Decide Smoking Warning London (UPI) The United States government needs more evidence on the relationship between smoking and lung cancer before decid ing whether to warn against cigarettes as the British gov ernment has done, world can cer experts were told today. Dr. John R. Heller, direc tor of the National Cancer In stitute, Bethesda, made the point in an address prepared for delivery before the sev enth International Cancer congress here. Heller said investigations now underway are expected to provide the additional I facts. Heller said a review of a new survey would be present ed to the congress by Dr. Har old F. Dorn, chief statistician for the National Institute of -Health in Washington. A dispatch ' from Washing ton Saturday said the survey shows that cigarette smokers among 200,000 U.S. veterans studied had a 58 per cent greater death rate than non smokers over severaf years.V Death Rate Dorn will report the lung cancer death rate for regular smokers of cigarettes was about 10 times the death rate for non-smokers and. that the death rates were closely re lated to the amount smoked. . Heller said the surgeon general of the U.S. Public Health Service and the Amer ican Cancer society have taken the position that "ex cessive cigarette smoking is one of the factors in lung can cer causation:" He continued: "We believe that more re search is needed to identify, isolate and eliminate the va rious factors in excessive cig arette smoking that can cause cancer, as well as on the role of air pollution and other fac tors that may cause cancer of the lung in man." Decisive Blow ' Heller ' said a "decisive blow" will be dealt cancer in the U.S. if exfoliative -cytolo; gy which has been used suc cessfully in the detection of uterine cancer can be ap plied to the early diagnosis of cancer of other sites." The cytology technique in volves taking a sample of ma terial from the suspected can cer site 'and then studying it. for the presence of cancer cells. In the early states of uter ine cancer, these tell-tale cells cut the doctor in and correc tive treatment is begun. Heller said investigations are underway on the efficacy of the diagnostic technique in cancer of the lung,, large bowel, urinary bladder and other sites. ' " : r ' Singer Roberta Linn . Gets Hospital Release Hollywood (UPD Singer Roberta Linn, 27, to day leaves Cedars of Lebanon hospital where she was hos pitalized two weeks ago suf fering from pneumonia and an upper respiratory infec tion:. Miss Linn, the original "champagne girl" with Law rence Welk's orchestra, was Dlaced on the critical list and placed under oxygen when she took a turn for the worse but she raliled. quickly. : .. San Diego -(UPI) Patrol man Gene Rich watched help lessly Sunday as a jealous husband .shot bis estranged wife and then turned the gun on himself in an automobile in East San Diego. Rich spotted John Ash baugh, 32, radioman 2nd class stationed at San Diego Naval Air station, and his attractive wife, Mrs. Marion H. Ash baugh, 35, shortly after it was reported the sailor had kid naped her. The officer said he forced Ashbaugh's car to the curb and was approaching the ve hicle when he saw the sailor kill Mrs. Ashbaugh and then turn a .45 caliber automatic on himself. The sailor died three hours after the shoot ing. Officer said they were alerted to watch, for Ash baugh after the sailor had jumped out of a closet at his wife's home early Sunday morning to find her kissing Anton John Silbernagel, 21, also a sailor. After threatening to kill Silbernagel, police said that Ashbaugh forced his wife to accompany him, leaving the sailor and another couple, Mr. and Mrs. Robert J. De Cant, El Centro, Calif., be hind in the victim's home. They notified police who is sued an all-points bulletin for Ashbaugh and his wife. They were wed in November, 1955, and parted six weeks ago. Mrs. Ashbaugh was identi fied as the daughter of Mr. and . Mrs. Charles King, Seattle. , . PLAYWRIGHT DIES Danbury, Conn. (UPI) Playwright Rachel Crothers, 78, author of 28 plays which reached Broadway. produc tion, died Saturday at her home here. Her most success ful works included "Susan and . God," "When Ladies Meet," and "The Three of Us." FREE 5x7 EllARCEQIiT With e,very black and white roll ef filml Fin Grain Developing and Printing IN BY It. OUT AT 4:30! ANDERS PHOTO SHOP 232 . MAIN Phone 5P 2-S646 S 5 H GREEN STAMPS! All Sales Final No Exchanges or Refunds BUSTIER S!H3(DE SYdCE 15 SO. CENTRAL FLUHRER BUILDING Flexible SPRINKLER Sprayr More Square Feet Per Dollar Than Any Other Fine, even spray makes lawns , flourish 50-ft. $5.98, 25-ft. $3.98 WITH STORAGE REEL GET YOURS NOW! FREE PARKING SOCIALISTS IN HOMfWAIfSI 245 S. Central at 10th PI 1 fo) urn lifiMl ON APPROVED CREDIT fJ SEE THIS- MAMMOTH 10.8 cuft. 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