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."
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