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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (July 23, 1959)
MAIL TRIBUNE, MWferJ, Or. A Thurwhy, July 23, 1959 Wall Street Bears Not Eager To Bet on Biq Market Decline '; y By ELMER WALZER UPI Financial Editor New York-(DPD - From the looks of the short interest fig ures, 'Wall Street's bear con tingent isn't too eager - to bet on a big market de cline.. The short position as of July 15 stood at 3,264,681 shares. That was a rise of of a mere 22,- S88 shares. And the short in terest as the stock exchange calculated it represented only one-tenth of one per cent of the total shares listed. Shorts in odd-jobs totaled a tiny 69,677 shares on July 15. against 93,155 on June 15. That shows the little fel lows have been covering their short positions On the basis of the theory that the little fellows usually are wrong, their short opera tions might seem to indicate the market was heading into a decline. These little fellows of today are smart and the big boys aren't being led astray by their old theories Selling short is selling stock one doesn't own in the hope it will go down so that it can be bought back and the dif ference pocketed as a profit. The way this is one is simple for the short seller. He tells his broker to sell short and the broker does the rest-borrows the stock, sells it-and finances the deal with your margin, of course. , ' - Risky Business A lot of heartaches can come from a short sale if your stock rises instead of falls. There is no limit to where' it can go. Theoretically it could rise to a million and every time it goes tip a point you lose that much paper. And the day of reckoning coines when the broker yells for more mar gin: ' ' " The latest short position is in about the same position as the averages that rise when a majority of stocks are declin ing. Here the total rose a trifle while only 74 of the 175 stocks with a short position of 5,000 shares or more showed an in crease in short sales. There were 99 that showed declines and two that Held unchanged. The bears apparently didn't like Studebaker-Packard be cause the short position in that stock rose, much more than the overall total. It jumped 52,024 shares to 297,239 shares, most for any issue list ed. - In the other autos, General Motors and American Motors rose with Studebaker, while the short position in Chrysler TIPS TO HOG FARMERS ". St. Paul-(DPD-"Sorting early, allowing plenty' of time for loading, using wet sand bed ding and loading one or two less hogs can mean -an extra three dollars per' head on summer . marketed hogs," ac cording to M. W. DeHoogh, regional manager of Livestock Conservation Inc. . Removing grain' slats for better ventila tion and providing a covered top for the truck will also en Sure .better prises forthe an imals, DeHoogh said, because the farmer will have less shrinkage and improve the ap pearance of his animals. and Ford declined. Gains generally were noted in the. oil shares which have been regarded as poor market performers for a long time. Steels were up for the most part and so were store issues. Declines in Aircrafis Delcines came into most air crafts, electronic issues, farm implements, chemicals, tex tiles, tires, and building equip ments. The stocks with the big fig ures in listings usually show small short positions and the current tabulation is no excep tion. For example, General Motors Corp., with 282,835, 412 shares outstanding, had a short position of only 35,584 shares. Sandard Oil (N.J.) with its 214,889,692 listed shares showed only 7,341 shares short. American Telephone, third among the giants, with its 213,794,497 shares outstand ing, had a short interest of 13,789 shares, a small gain over the previous month. The short interest has lost much of its significance over the years! A big short interest has been regarded as bullish because it represented poten tial buying some time in the future. In this market, the major portfon of the trading element' is made up of investors who leave short selling to the pro fessionals. And the profession als, . mindful of the force of investment buying, don't seem to want to risk going short in a market that doesn't seem to want to decline.. . Of - course,., as Securities & Exchange Commission Chair mand Edward N. Cadsby, said of himself,, they could be wrong. ' - . ', liilfi There's a world of buyer satisfaction behind IF W ST s known brand names! Li : ; ,lJ Brand NAMES are built on the satisfaction of million of customers. 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