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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Jan. 1, 1963)
lit, A TUESDAY. JANUARY 1. 19S3 MEDFORD MAIL TRIBUNE. MEDFORD. OREGON "..v'jT'-' JZJ Your Money's Worth By SYLVIA PORTER Copyright, Hall Syndicate, Inc. MUTUAL FUNDS DOINO LITTLE TO ANSWER CRITICISM It's hardly a secret that the $20 billion mutual fund In dustry - already under attack by government officials for it3 lack of self-policing and the high-pressure techniques of many of Its salesmen - will be criticized in public agiin on both counts when the Securities and Exchange commission issues its special report on the stock markets next April 3 The question, then, is what does the industry intend to do between now and April 3 to avert the criticism? How do its leaders plan to assure the three million investors today wh own six million mutual fund accounts that whatever abuses do exist are being corrected? The answer as of now is: next to nothing. "It's not that we don't care," says Dorsey Richardson, president of the Investment Company Institute, the volun tary trade association to which 170 mutual funds belong. "We do care. But we are not the people who can enforce an Improvement of standards. The ICI recently did appoint a six-man committee of its own members "to discuss with the SEC any ideas it wants to discuss, including the question of self-regulation. When SEC chairman William L. Cary a month ago accused the mutual fund industry of being one in which self-regulation has been greatly rejected." Charles H. Schimpfl, chair man of the institute, reported that he couldn't understand the accusation "when this is a question we have only begun to explore." Nevertheless, despite this move, mutual fund leaders take the attitude that they arc not only innocent of Cary's charge of "rejecting self-regulation but they also are legally power less to punish any wrongdoers in the mutual fund field. Under its present setup as a voluntary organization, says Richardson, the institute can only use "moral suasion" to lift Industry standards. The ICI has not the authority to crack down on, say, a high-pressure salesman who fast-talks a 65 year retired worker into signing a 10-year contract to buy mutual funds at excessively high commissions. It cannot audit the books of an investment company suspected of con flict of interest or interlocking deals. Many mutual funds "feel it would be a tremendous advan tage to have frequent inspections, says Richardson - an area on which the SEC's study has been concentrating. But how are the inspections to be made; Say the mutual funds: they must be made by the agencies whicn now supervise the industry - the SEC, state and local governments, the National Assn. of Securities Dealers, the slock exchanges. As one leading sponsor of mutual funds de clared, "I don't think you can just say to the mutual fund industry 'regulate yourself.' We are already regulated by the SEC under the 1933 and 1840 acts." Says the SECi adequate regulation by the SEC would be impossible. In Cary's words, "With the SEC's limited staff, with our limited personnel, we would get around to inspecting each iund only once every 12 years. This is absurd." Adds Llwellyn P. Young, the SEC's regional ad ministrator in New York, "we strongly encourage self regulation by the mutual fund industry if for no other reason that the alternatives to it are horrible." Thus, today, adequate self-regulation Is in the "study stand-off stage and the paradox is, as Cary emphasizes, that in this case, "the SEC Is in favor of less governmental Intrusion while the industry prefers more. Four months from now, the SEC will submit to Congress lis findings and recommendations on the mutual fund indus try. Within these four months, the mutual funds have two clear alternatives; They can take the initiative, recognize that Ihcrc arc problems and abuses, at least some questionable methods of operation and act aggressively to mute the criticism by cllml inM-.iha mtnimwm mnd auomttonublo mothoda of ooeruuon. Or (hey can squabble about responsibility, be acutely sensitive even to criticis which they themselves admit is Justi fied, take a "let George do it" attitude and thereby make a call for new regulatory legislation virtually certain. 1962 Disastrous For Hollywood; any Deaths Noted Robinson suffered a heart at tack in Africa. It was a banner year for divorces. Rarely has the film colony seen as many wrecked marriages. Rosemary Clooney and Jose Ferrer were divorced. Others divorced or separated were James and Pamela Mason, Di nah Shore and George Mont gomery, Natalie Wood and Robert Wagner. Confused Solves Others cut adrift were Ann Miller, Dorothy Diunliiclge, Lana Turner, and Jill St. John. Comic relief was pro vided by Jaync Mansfield and Mickey limitary who separat ed and reconciled often enough to confuse themselves and everyone else. Surprise divorce of t h e year was the sudden end of "the perfeel couple," Tony Curtis and Janet Leigh. But the biggest scandal in ruined marriages was the Ed die Fisher-Elizabeth Taylor Richard Burton contretemps. Eddie was odd man out as Burton and Liz (costarrlng in "Cleopatra") shocked t w o continents with their love af fair. In keeping with the general down beat trend of 1!UI2, mar riages were few, as were births and engagements. Frank Sinatra surprised tin sel town when ho became en gated to dancer Juliet Prowse, and compounded the Aston ishment by breaking it off when Juliet expressed a pref erence for dancing to home making. Two Calogorioi Mane (The Body) McDon ald w as married and divorced in l!lti2, giving her the dis tinction ol fining into two categories. Apart from the personal tragedies, Hollywood stood in danger o( losing its life blood, the motion picture industry itself. Production in Holly, wood was at an all. time low with less than ISO pictures completed. And Cleopatra" almost knocked i!0lh Centurv- Fox out of business with its $30 million budget. 1IMU? Hollywood believes the New Year will be a better one - if for no other reason than it could hardly be worse than 1362. By VERNON SCOTT UPI Hollywood Correspondent Hollywood -UTO- The year 1002 was a disastrous one for Hollywood, filled with death, divorces, illness and the worst production slump in the his tory of motion pict'ires. Nineteen movieland celeb rities died during the year, the most shocking being Mar ilyn Monroe's death at 30 o an overdose of drugs. Holly wood's No. 1 glamour girl was mourned throughout the world. There were oilier tragic deaths: Comedian Ernie Ko vaes' filial crash into a utility pole. Onirics Laughtnn suc cumbing to cancer. F rank Lovcjoy's heart attack. Thom as Mitchell's lost battle against cancer. Jerry Wald's heart attack. Many Others Hollywood lost many oth ers Barbara Burns, Frank Jenks, C'.uinn (Big Buy I Wil liams. Hoot Gibson, director Frank Dorage, Rex Bell, Hos eoe Ales, television's Joseph Kearns, Jack Hope (Dob's brother), l.uuise Fazcnda. Ida Cantor and Harold (Chic) Johnson ot the old Olson and Johnson team. Superstitious show folk also watched l!)U2 hospitalize many friends. Bing Crosby underwent an abdominal operation. Dick Powell was stricken with can cer. Debbie Reynolds lost an expected baby. Edward G. 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