Experts Say Stocks Doing Well
But Suggest Postponing Buying
By ELMER C. WALZER
UPI Financial Editor
New York -4EPD - For some
time now, say the experts,
the stock market has perform
ed very well in the face of
adversity.
But, they add, better look
out for it - save your money
ff L--ii and add to the
pile by some
tax selling
h e r e a nd
there, and
1 kT 4
for a
3u?i better buying
opportunity.
Everything
in the market
KUner Walzer n i r t r c ic
grouped around the steel
strike. Wall Street isn't too
fond of a Taft-Hartley re
sumption of work, but would
prefer that to no resumption
at all.
The financial community
sees its earlier estimates of
high fourth quarter opera
tions with corresponding
gains in earnings and divi
dends going out the window
as the strike continues.
The first month of the
fourth quarter is practically
gone. If steel operations are
resumed it would take an
other month to get the mills
to producing the metal in any
kind of flow sufficient to help
industry and it would take
until mid-December ip get a
supply of finished steel.
Thus all . ; but about two
weeks of the fourth quarter
would be gone with , produc
tion falling off steadily
throughout industries that use
Steel. - ' ;
Of course, the stock market
isn't considering the past. It
looks to the future. Hence,
any real improvement in the
steel industry position would
be felt immediately even
though it might not help in
dustry for a long time, it is
pointed out.
Market men tried to adjust
theft short positions recently
to a steel resumption, judging
from the changes in individu
al short positions.
They covered some of their
short positions in steel is
sues and some of the rails on
the belief these two groups
would? bound ahead when the
mills resumed operations.
They sold automobile issues
short more heavily, possibly
on the assumption there
would be profit-taking in the
group. Studebaker - Packard
when-issued stock had a short
interest of 2,456,079 shares
which was not added to the
overall total. All sales in that
stock are short. It doesn't ex
ist.' Highest Figues In 1931
Had the Studebaker W. I.
stock been added to the 3,
421,641 shares short as of Oct.
15, the total would have risen
to 5,877,720 shares, the sec
ond highest since figures
were started in 1931.
The record high for any
month in the series was set
on July 15, 1958, at 6,087,260
shares.
Studebaker common stock
was second with a short in
terest of 452,606 shares,
against 366,226 shares on
Sept. 15. General Motors,
Chrysler, and Ford had big
gains. American Motors short
interest jumped to 113,053
shares from 99,629 on Sept.
15. , . : , -;
Shorts covered in Texaco
and extended their commit
ments in Standard Oil N. J.
Thiokol Chemical rocket fuel
had a big short interest jump
in the glamor issues.
The short interest oik Dec.
15, 1958, stood at 5,073,356.
It declined in January, Febru
ary, March, April, May and
June of this year, rose a mite
in July, and then resumed its
decline in August and Sep
tember. .
Toial Interest Lifted '
. Rise in the interest in the
month ended Oct. 15 amount
ed to 335,940 shares, a size
able addition. It lifted the to
tal interest , to : a new high
since April 15, 1959, when
the total was 3,511,794 shares.
'Wall Street says that the
short interest is favorable for
the bull side when it repre
sents a day's trading. The cur
rent one is well above the re
cent daily average of trading.
But right now the finan
cial district has a lot more
on its mind than the ' short
interest.
Incidentally, this short in
terest represents stock that
has been borrowed and sold
in the hope it will decline so
the seller can re-buy it, re
turn it to its owner, and poc
ket the difference between
the sale and the purchase. It
is potential buying power.
Bears are supposed to be
pessimists. They may be pes
simists on the stock market
but they are optimists in
thinking they can make a kill
ing on the short side, say the
bulls who hold this market
isn't going to run away on
the downside, despite the
boom.
Actor, Wife in
Divorce Agreement
Santa Monica, Calif. -UPD-Actor
Glenn Ford and Eleanor
Powell have reached tentative
agreement on a property set
tlement that has delayed
their divorce.
Their attorneys said Thurs
day that if Ford and his dancer-wife
accept the final draft
of the agreement, Miss Pow
ell is expected to obtain her
divorce decree by default
Details of the settlement
were not disclosed, but it was
said to involve about $350,
000, which will be divided
50-50. It was indicated they
had agreed on the custody of
their son, Peter, 14.
In her divorce action, Miss
Powell sought $3,715 for
monthly expenses, custody of
their son, and a division of
community property, includ
ing a Beverly Hills home val
ued at $150,000.
J J -jt k I i I i 1
TO SAVE THE BULL-An American has stepped in with an
offer to save the life" of Britain's contented lady-like bull,
Brock Mandore, shown here with owner Mrs. William Tit
cumb. Condemned to death by the Ministry of Agriculture
because officials are afraid he will pass his cow-like face to
male offspring. Brock Mandore is being sought by Norman
Bennett, Washington, D.C. Titcumb insists the sissy-looking
bull is "as tough and rough as they come." -UPI Telephoto)
Friday, Oct.-23, W9.
MAIL TRIBUNE, Medford, Or.
3
The Medical Roundup
w
Emeritus Consultant ia Medicine.
Mayo Clinic
Emeritus Professur of Medicine.
Mayo Cllnta
Dr. Alvarez
Some Problems in My Mail
As I have said here time
and again, if I were to try
just to read, let alone answer,
all t h e mail
that comes in
each day from
followers o f
my column, 'I
would have
no time left to
d o anything
else." I am a
very busy
man, , with
many , respon
sibilities and demands on my
time, and hence I can devote
only a small part of each day
to answering , letters. Every
morning my secretaries bring
to my desk some letters of a
type which they know I will
answer if I can possibly find
the time. They will bring also
a few letters of outstanding
interest, or letters that tell of
a worthy cause, or letters that
give me good ideas for col
umns. Yesterday they brought
me one in which the woman
began by saying, "I know you
must be a terribly busy man;
so I will be brief.". Then she
wrote 35 pages! Another let
ter was interesting because
the woman said, "I hate you;
I hate you. You said epilepsy
is hereditary. I have epilepsy
and I have six lovely and
healthy children. Now I must
worry about them. So I hate
you; I hate you.". Then the
mother went on to . say that
her fits had been due to a
A STICK DOWN
Birkhenhead, England-fDPD-
No disrespect was intended by
William Woodward and three
other witnesses who failed to
rise Thursday when the judge
entered the courtroom here.
Their clothes had stuck" fast
to the newly- varnished
benches. ? " "
'60 CHEVROLET-THE TRUCK WITH TOTAL NEWNESS?
Chevy's done the next best thing to paving every road in America with a revolutionary
Torsion-Spring Ride that takes the beating out of tough hauls, saves cargo breakage, saves
drivers, lets you run at faster safe speeds over any surface. Count on longer truck life and
. less downtime. With its new independent front suspension, with
bulldozer durability in new frames, sheet metal and roomier
cabs, Chevy's got a whole new approach to truck engineering
and design! Anything less is an old-fashioned truck!
.L...iQ "jP1
See your local authorized Chevrolet dealer
V CHEVDOLET
9th at BARTLETT
MEDFORD
SP 2-6115
brain tumor which was re
moved surgically. If she had
only known that epilepsy due
to a tumor is not likely to be
hereditary, she would not have
had to worry about her chil
dren, and she would not now
have to hate me!
i One of the things that often
distresses me is that when I
write a brief note in this col
umn on, let us say, the com
mon hereditary variety of epi
lepsy, I cannot stop to tell of
all the other types of non
hereditary convulsive disor
ders, due to an attack of brain
fever, a tumor, a stroke, or a
head injury.
A type of letter which I
can't even try to answer is
one in which the person saysr
"I have been to three special
ists who can't agree as to what
I should do, so you tell me!"
What good would my unin
formed guess be? Another type
of letter, of which I get hun
dreds, is from a woman who
says that for: years she has
been an invalid, with back
aches, indigestions, headaches,
stomach-aches, dizzy spells,
rheumatism, fainting spells,
anemia, insomnia, etc. She
writes 10 pages about all these
miseries, and says her doctor
can't now think of anything
more to do for her. Imagine
my tackling that type of a
problem with the patient in
Nova Scotia, or Brazil, or the
Philippines!
Here before me are several
letters from women who have
been told to have an opera
tion, but they cannot decide.
.They want me to decide, but
how can . I, without all the
facts? Here is a letter about a
child with congenital heart
disease. The family doctor
wisely called in a heart spe
cialist who advised an opera
tion. But the mother wonders
if the little girl, who is not
ill, can get by without an
operation. Perhaps she can,
but without talking to the doc
tors, I cannot give any advice.
; A man of 87 says, "A good
eye doctor is ready to operate
on my cataracts; should I let
him go ahead?" I can only
say, "Take his advice." That
brief letter I could answer, but
here is a 12-page letter from
a woman with a rare heredi
tary nervous disease which is
likely slowly to paralyze her
I don't blame her a bit for
asking me to tell her all about
this disease; how it is inherit
ed, how long will she be in a
wheel chair; how long before
she dies; what are the symp
toms that will come next; will
there be pain; will her chil
dren be affected, how can she
tell which ones will get the
disease; is it catching; is there
any medicine for it; will I
send her a book on the sub
ject; where is research being
done on this disease; would it
pay her to travel about to big
clinics; what diet should she
follow; would it help to go to
Arizona; should she go to a
quack; would, an operation
help? The lady says her doc
tor and her n e u r o 1 o g i s t
haven't time to answer all
these questions! This is a sad
story and a common one; and
oh, how I wish I could answer
all, the questions, but like her
doctors I, too, cannot take a
morning off to dictate for her
a small book on the disease.
Worse yet, in this morning's
mail are two dozen letters in
each of which someone says,
"Write me all you know about
hardening of the arteries," or
"write me everything that is
known about acne, or psoria
sis,' or arthritis, or ear noises,
or dizziness, or the menopause,
or high blood pressure!" I see
I must try to find time to
write some more booklets to
help people like these corre
spondents. V
When You Have
A Good Doctor
- Several times a month I get
a letter irom someone who
tells me that his doctor has
made what appears to me to
have been a keen diagnosis,
perhaps of some rare disease.
For instance; a man just wrote
to say that his doctor has di
agnosed the rare "Christmas
disease" of the blood. Now the
patient' wonders if he
shouldn't go traveling to some
distant clinic to hunt for a
cure My answer to him and
to scores of other people like
him is, "Your doctor appears
to be a man of unusual knowl
edge and ability; he appears to
have done a magnificent job
for you, and hence I think
you'd be foolish to leave him
and go hunting around else
where. You might do much
better to stay home and take
his advice."
Dr. Alvarez' booklet on
heart trouble may be obtained
by sending 25 cents and a
stamped, large, self-addressed
envelope with your request to
Dr. Walter C. Alvarez, Dept.
MMT, The Register and Trib
une Syndicate, Box 957, Des
Moines 4, Iowa.
(Released by The Register and
Tribune Syndicate, 1959)
HOTPOINT
WITH LOWER APPLIANCE PRICES
During Their Annual Model Clearance
The possibility of higher steel and transportation
costs does not deter Hotpoint from carrying out their
annual model clearance at drastically reduced prices.
This is the event that many thrifty shoppers wait fr. I
There are assured savings on every appliance offered
in this sale and on many items not mentioned in tfcis .
ad. Shop early for best selection. Hotpoint quality aitf
these low prices are your assurance of genuine bar
gain values.
44trlpoirdr 30'
Pushbutton Automatic Range
With Recipe Heat Calrod Units
Choose just-right "Recipe Heat" of the touch of a
automatic pushbutton.
Automatic oven time-clock
Two Oven Racks and Broiler Pan -
Wide Super-Oven for banquet-size meals
Full-width storage drawer
Automatic oven temperature control
No-drip cooktop stops spillovers
Was $199.95 - Special Price
jg3 ggggr.
I Model RB042 i
Other 39" Hotpoint Ranges J
HOTPOINT 39"
Automatic Rota-Grill Electric Range and Recipe
Heat Calrod Units with Automatic Rotisserie and
Super-Oven. Was: $299.95.
Model RC282 Special Price with Trade. $199
HOTPOINT 39"
Deluxe Double Oven Automatic Range
Two Ovens, Super Calrod Cooking Units, Clock,
and lighted back panel. Was: $379.95.
Model RC302 Special Price with Trade $269
18Cu. Ft
FREEZER
With Exclusive Quality Features,
5 Year Food Spoilage Warranty and
5 Year Unit Warranty
Reg. $479.95
SALE
PRICED
$10 DOWM
C
mmm
$198 U
Yfjf "I WASHER & DRYER I J
-LA With Trade JLJ-
PUSHBUTTON AUTOMATIC WASHER
Full-time lint filter filters down deep where
a filter works best.
All porcelain finish protects against rust,
stains, corrosion.
10-lb. tub capacity for
biggest washes.
5 -Year Written Parts Q
Warranty on coaxial
transmission gear case.
MODEL LW910
2 Door, Fully Automatic Defrost
12 Cu Ft. Deluxe REFRIGERATOR
Freezer Holds 101 lbs.
Overall Dimensions
64V2 High 31 Wide
One White
One Turquoise
One Copper Tone
Reduced from
W5
With
Trade
HOTPOINT Electric WATER HEATER
Quick Recovery, Two 4000w Elements
10 YEAR WARRANTY
42 GaL
Table Top
52 Gal.
Upright
1
You Can Not
Buy a Better
Water Heater
Limit
one to a
Customer
JSTOf-
at Your Service for the Years Ahead
112 SOUTH RIVERSIDE
1
I