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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (May 25, 1962)
14 A FRIDAY. MAY 25, 1962 MEDFORD MAIL TRIBUNE. MEDFORD, OREGON feseft ol Open End Investment Firms Increase 1 jjunstl wean? a smnmlle aumctl a jaimtoeim o o 6 New York - IUPII - Total net assets of open end invest' ment companies have grown by nearly 50 times over 22-year span to nearly $22.8 billion at the start of 1962, a newly issued summary of their performance shows. A statistical summary of the funds over the period 1940-1962 was published by the Investment Company In stitute, one of whose princi pal activities is collecting such information. Study Shows Growth Published at a time when some sales practices and fee systems of the mutual fund industry are under investiga tion by the Securities and Ex change Commission, the study shows the steady growth, par ticularly in the post-war pe riod, the ICI noted, of the acceptance of mutual fund Shares in present-day finan cial planning." Shareholder accounts have grown from 296,056 in 1940, with 68 companies listed, to 5,319,201 with 170 companies in 1961, the study reported. Figures for the shareholder accounts represented combin ed totals for member com panies, and duplications were not eliminated. Assets of the 68 companies were $47,959,000 in 1940, and those of the 170 companies on which the report was made for 1961 activities were $22, 788.812,000. Pari of Story The research department of the institute said the facts about mutual funds are only a part of a larger, and more important story. "Public ownership of equity securities of U. S. cor porations, for example, is now estimated to be valued at more than $450 billions," it said. "This small segment is, however, a representative one. More than 3,500 securi ties - bonds, preferred and common stocks-of more than 2,000 corporations are in cluded in mutual fund portfolios." Train Derailed In Washington Scdro Woolley - IUPII - Nine cars of a 50-car southbound Northern Pacific freight train Jumped the tracks Thursday six miles north of here. No serious Injuries were reported, although the train's six crewmembers were jostled about by the derailment. About four and one-half miles of track were torn up when the last nine cars of the train skidded along crosstics of the trackbed. Skagit County Undersheriff John Boynlon estimated the cars lifl the tracks two miles south of a wooden bridge over a nearby county road. Boynlon said the bridge was badly splintered as the damaged cars passed over it with the left wheels riding on the bridge railing and the right wheels riding on the crossties. One of the derailed cars came to rest in a 50-foot ra vine, a tanker car lay across the tracks and most of the cars were torn from their wheels. Northern Pacific officials refused to comment on the mishap. Bus Employees Ratify Contract San Francisco -HOT- Drivers and station employees in 11 Western States have ratified a two-year contract between the Amalgamated Motor Coach Employees Union and Western Greyhound Lines. Vernon Turner, the union's assistant business agent, an nounced Thursday that 65 per cent of the 5.000 members ap proved the contract reached in negotiations that ended April 24. The contract, retroactive to March 1, provides hourly wage increases of 14 cents during the two-year period, plus improved holiday, sick leave and health and welfare benefits. Russians To Tour Bonneville Dam The Dalles, Ore. - IUPH Twelve Russian hydroelectric power experts are expected to tour The Dalles and Bonne ville dams on the Columbia river today. The Soviets stayed here Thursday after touring the Priest Rapids and John Day Dams. They are on a nation wide tour sponsored by the U.S. Department of the In terior in return for a similar visit American officials made to Russia. 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