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
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Medford Mail Tribune
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