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.
First Kindergarten
Started in St. Louis
St. Louis - HTIi -- Susan
Blow, daughter of Henry T
Blow, slarled the fust public
school kindergarlen in Ihe
United Stales for Ihe St. Louis
Public School system, accord
ing to Philip J. lliekey, city
superintendent of instruction.
But Blow school, whose cor
nerstone was laid in 18(10, A'as
named for the father.
WOOL CARE
Chicago-urii-Thc most im
portant factor in controlling
wool shrinkage during laun
dering is to handle and agi-
lale the fabric as little as
possible, said Dr. Ruth Gal
braid), director of lexlilc re
search, tnlvcrsily of Illinois.
rami
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