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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Sept. 10, 1962)
Stellar Atlas Goes Into Third Printing i;.lZ.i"i Your Money's Worth By SYLVIA PORTER Copyright, Hill Syndicate, Inc. Mutual Fund 'Companion' Records Meaninglsis It was unfortunate and naive of the professors who wrote the massive Wharton School study on the $19 billion mutual fund industry to include in their report a statement that on average, the performance of the mutual funds in recent years "did not differ appreciably from what would have been achieved by an unmanaged portfolio" for this clearly implies that you could have done just as well for yourself in the market if you had managed your own nest egg and not bothered to pay your mutual fund's managers I commission to handle your money. It was unfortunate because this one argument has been pulled out of the exhaustively-researched 595-page report and blown up to the extent where it has obscured many of the fundamental and valid criticisms of the setup, oper ations and activities of the mutual funds made by the Uni versity of Pennsylvania professors after four years of study. There is not one thoughtful student of mutual funds who denies that there are abuses in selling practices, ques tions about the "load" (buying commission) charged to mu tual fund shareholders, doubts about conflicts of interests, interlocking deals, etc. There is not one responsible individual within the industry who does not admit that laws drawn up to , regulate a half-billion dollar industry a quarter-century ago should be up-dated to regulate the rapidly growing multi-billion dollar industry with three million share holders today. These are the important points and it's unfortunate that they are being obscured. It was naive too, because these "comparison" perform ances are both misleading and ridiculous on the face of them. No "little investor" and it is the little investor who is the primary buyer of mutual fund shares could pos sibly invest in a list as diversified as Standard & Poor's Composite Index, consisting of 500 stocks, as well as an assortment of bonds and other assets! He not only wouldn't have that sort of money but also human beings don't imitate statistical averages. Wall Street professionals often compare their performance with that of the Dow-Jones index of 30 Industrial stocks, but even as they do this they know they're only playing a numbers game. As a dramatic illustration, the mutual fund which turned in the top performance as of the end of 1957 was in 101st place the following year. The fund which turned in the best performance as of the end of 1959 was in 57th place the next year. Of course, if I had put my entire nestegg in Interna tional Business Machines at the "right" time in the 1950s and had sold out at the right time in late 1961-early 1962, I'd have made the performance of all mutual funds look sick. Did I do this? No. However, I also didn't put my entire nestegg in one of the hot-hot growth stocks at the peak of their popularity and so I don't have losses on paper ranging to 75 per cent or more today either. The astonishing variation from year to year in perform- ance among the '.'five best" mutual funds is underlined by this table, prepared by Vance, Sanders & Co. of Boston. By JANET McLEAN United Press International Washington ftTPD An Atlas of the heavens the scientific world's key to what makes the universe tick has gone into its third printing. But a copy is hard to come by. They must be ordered years in advance and cost $2,000 each. The reason? Seven years of telescopic photography at Palomar ob servatory in California went into the atlas which repre- sents man's most monumental effort at mapping the uni verse. The National Geographic Society and the California In stitute of Technology tackled the project jointly in 1949. It reached completion in 1956. The first two printings, pro duced only on advance ord ers, sold about 100 copies. Each copy fills nine filing cabinets. It contains 1,758 photographs which, if spread out, would make a star-span gled photochart large enough to cover a tennis court The third printing was ne cessitated by 41 new orders. 19S7 Position Standing 1958 1958 Position Standing 1959 1st fund 101st 1st fund 2nd 2nd fund 103rd 2nd fund 10th 3rd fund 95th 3rd fund 13th 4th fund . 90th 4th fund 42nd 5th fund 87th 5th fund 57th 1959 position Standing I960 1960 Position " Standing 1981 1st fund 57th 1st fund 37th 2nd fund 29th 2nd fund 56th 3rd fund 90th 3rd fund 40th 4th fund 95th 4th fund 35th 5th fund 34th 5th fund 45th It may be taken for granted that each fund was trying to turn in a top-notch record to hold and get more share holders. New regulations are coming for mutual funds which will add to your protection, and this is the important point. It won't improve their performances, though, for the good ones already are doing their best. Faculty Day Set At Oregon State Corvallis - Faculty Day will be held Sept. 12 at Oregon State university, setting the stage for the opening of the 95th academic year later this month. President James H. Jensen will give his annual message to the faculty as the opening feature of the morning pro gram. Faculty teaching and research awards will be an nounced. They will include the presentation of the basic research award given annual ly for outstanding research achievements, and outstand ing teaching awards in the schools of science, engineer ing and foretsry. Dr. R. E. Lieuallen, chan cellor of the state system of higher education, will make his annual address to the faculty. New Student Program will begin the following week with registration set for Sept. 20 and 21. Classes will begin Sept. 24. Court Records MEDFORD MUNICIPAL COURT Uander Edward Newman, viola tlon of basic rule. S25. Eddie Lee Phillips, improper passing, 9u. Sharon Ann Wilson, failure to yield right of way to oncoming traffic at an intersection. $10. NEW STUDENT DAYS McMinnville - New Student Days will start at Linfield col lege at noon, Sept. 15. New students will have examina tions, meet with advisors and deans, and register for classes starting Sept. 17. It will take three years (o fill them. Among the more eager customers are observatories, universities and scientific or ganizations throughout the world. Advent of the space age has heightened demand. And it is conceivable that it will play a major role as America's astronauts of the future point for inter-planetary travel. The scope of the atlas is so vast that scientists predict it will take generations of study to assess all the new informa tion in it. Its photocharts alone reveal hundreds of mil ions of new stars, galaxies and clusters of galaxies. The celestial survey, made with Palomar's 48-inch tele scope, penetrates a billion light-years into space and has expanded the known universe about 25 times. All the heavenly areas were photographed in bjth red and blue light to help astronomers determine by color the temperature of the individual stars on the photo maps. The atlas tends to support theories that the universe is expanding at a tremendous rate. Astronomers using its maps as a guide have found that the most distant galaxies are moving away at about 85,000 miles a second. Patch Defined The survey also showed that on some plates 50,000 or more galaxies could be count ed in a segment of the sky no bigger than the patch defined by the bowl of the big dipper constellation, as seen by earthlings. While the big Palomar tele scope reached out into space, it also caught some relatively tiny stuff previously unre vcaled in the solar system. such as comets and small asteroids in the conservative number of 25,000. One of these little specks, situated between Mars and Venus, was named Geo graphos in honor of the Na tional Geographic Society. The small planet's "year" is 17 months long that is, it takes that long to travel in its eliptical orbit around the sun. Its orbit cuts across earth's orbit. Scientists advise that in 1969 it will pass less than four million miles away from earth, which is close enough for telescopic study. They ex pect to use the approach to help chart more accurate dis tances in the solar system. Planetary System Such accuracy will be high ly important as spacemen plan first-hand exploration of the planetary system. It has long been known that the solar system was but a fractional part of the Milky Way which is now rated a medium-size spiral galaxy comprising more than a hundred-billion suns. As recently as 50 years ago it was thought to constitute the whole universe. But the sky atlas shows that the Milky Way itself 100 million light years wide is but a relative drop in the fathomless ocean of space. Distant Masses It shows many distant galactic spreads, some of them intermingling as if in apparent collision. And scien tists say it is quite likely that the galaxies themselves may number as many or more than there are suns in the Milky Way. They also say that re cording the vastly distant masses promises to be an end less task. They say that before the data in the sky atlas has been digested, new material will have been gathered to ampli fy it. In fact, the process of amassing the space lore is now ahead of the collation and refining processes. Revelations of the sky atlas have raised some tantalizing questions: Can all the generations of man combined in a prodi gious and prolonged effort ever to probe to the outermost edges of all creation or find the end of the universe? And even if man should grope to the outer rim will he not be left with another burn ing conjecture: what lies bey ond The End of The End? Fair's Livestock Official Resigns Salcm-flJPIl-Mrs. Veva Poor man, superintendent of the Oregon State Fair's livestock division, resigned Saturday night at the close of the 1962 fair. She had held the job since 1921. First notice of her in tention to resign came Friday night at a meeting of the Oregon Purebred Livestock Association here. That meeting also resulted in the election of Glen Ire land, Forest Grove, as presi dent and Paul Boeckli, Port land, as secretary. SECTION B MEDFORD a- A T T PAGES 1 to 8 RIBUNE MEDFORD, OREGON, MONDAY. SEPTEMBER 10, 1962 "A Stitch In Time" Chances are the farmer who locked the door after his horse was lost went out and bought another horse. Or found the first one. But when it comes to life insurance protection for your family, you don't get a second chance to set things right. Let me Help you pad lock your family's future security with the proper life insurance program. Now. Phone 773-6359 319 Earhart Street-Medford WOODMEN ACCIDENT AND LIFE COMPANY 0 '" WZae!riXmV I-Ik J M Gordon S. Johnson FREEZER SPECTACULAR! I IPS'fif 'Hi! 3f- Ef.ti aWrsSif U - ' 1 6: liat- iano "t:u Freezer a real value for the thrifty-minded Holds 452 pounds. Genuine Amana contact freezing. Freezes foods faster keeps better. Extra storage in deluxe door. Glide out freezer basket. Five-year warranty en the freezer and the food in it. i ONLY $(5)50 NO MONEY DOWN ON APPROVED CREDIT WE CARRY OUR OWN CONTRACTS Plus Installation, Dtlivsry and Service) AS LITTLE AS $8.43 PER MONTH LEONARD ELECTRIC CO. "Medford's Leading Appliance Dealer for the Past 31 Years" 309 EAST MAIN STREET PHONE 773-4541 OPEN FRIDAY EVENINGS UNTIL 9:00 P.M. FREE PARKING PLANNING Sixth and Grape Limit Rights Congratulations To BOB TAYLOR (DEAN TAYLOR PONTIAC) On His Attractive Addition To The GROCETERIA SHOPPING CENTER a PARTY? The wise hostess shops the Groceteria for mixers-snack items and other party fixin's. GINGER ALE CLUB SODA GRAPEFRUIT BEVERAGE VODKA MIXER WHISKEY SOUR COLLINS MIXER CANADA DRY MIXERS - i ll ISC ZL r plus deposit ICE vs l.39 Block or Crushed Ice - Bag 49c 10 LOCAL FRESH BUNCH TURNIPS With REAL FARM FRESH FLAVORI ORANGE JUICE c Bun. Qt. Get a Bottle Todayl Pure and Fresh-IT TASTES SO GOOD and It's GOOD FOR YOU! Canada Dry Quinine Water T 69cC Canada Dry Club Soda ''"" 49c -"X Party Pak Sparkling Water , 2 " S9eC 7-Up 6-oi. Bottle Carton of 6 239c deposit 7-Up 6-Oi. Bottle Cton of 6 49c deposit Real Lemon or Real Limel. 2 29c Holland House Mixer - -i. 98c Tom Coll)m-Dry Martlnl-Whfikey Sour-Old ahtoned - Vodka Orange Screwdriver 49c Calso Water ma. 23c Roses Lime Juice 69c Trader Vic Grenadine Syrup'- 49cP4 5 79c Torani Greme De FJenthe -... .bo,,.. 73c PARTY SNACKS From 0 SESAME CHIPS 7.0,. pk, .. 39c SESAME STICKS ,0.0,. Pk9. 69c EUPHRATES WAFERETTES 8-o,. p., ..... 53c Flavor Kiit PIZZA CRACKERS 6-o, 49c Flavor Kitr BLUE CHEESE CRACKERS7.0 49c K0BEY FRENCH FRIED ONIONS 3,o,. 43c SCANDIA COCKTAIL ONIONS,.... 29c,.,. 59c SCANDIA COCKTAIL DILL TOMATOES ... 53c ELMER'S MINT BUBLETS 4.0. c. 59c CHEFS CHOICE MIXED NUTS Lb C.n 69c ur Fancy Foods Section Lighthouse Fried Tiny MEAT BALLS,1,".., ... 79c SOLO ANCHOVY PASTE 2.0..t.. ....... 33c SUNPAK SMOKED OYSTERS c. 3 for 1.00 DAINTY ANCHOVIES or Rolled Tin 23c DAINTY PORTUGUESE SARDINES 35c SCANDIA IMPORTED GIARDINIERA 35c -59c Vita HOT CHERRY PEPPERS , 45c . 69c G.L.M. ITALIAN PEPERONCINI 29c 49c Wyandotte Stuffed GREEN OLIVES .. 1.09 Sunpakt Smoked BABY CLAMSc.n 3 1.00 Standby.. Nalley't Tang Quart CROWN UNBLEACHED 10-lb. Big . BAKED BEANS Strawberry JAM SALAD DRESSING FLOUR COFFEE INSTANT COFFEE BRIQUETS School Filler Paper B&M 28-Oz. Can YUBAN-(limit 1 Ple.te) 2-lb. Can NESCAFE 6-Ox. Jar BROILET BRAND. 20-lb. bag S7c 10-lb. Bag Pkg. of Rg 200 Sheett 7 Value 4"T 4-$l 39e 88 97' 29e 44 U.S.D.A. CHOICE Boiling Beef PLATE lb. U.S.D.A. CHOICE BEEF Short Ribs 251 NEBERGAlL'S urge Franks 45c lb. X
