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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (April 15, 1963)
SECTION B PAGES 1 to 10 Dennis the Menace Medfordtribune MEDFORD, OREGON. MONDAY. APRIL 15. 1963 : e1 Your Money's Worth By SYLVIA PORTER Copyright, Hall Syndicate, Inc. STOCK RESEARCH STANDARDS GOING UP One of my first temporary jobs when I graduated from college in the depression 1930s was with a small Wall Street ; firm as a "securities analyst." I, a teen-ager, with nothing more to offer than a college major in economics, was given the job of "analyzing"' a corporation's financial setup and prospects and recommending purchase of sale of its stock. Most of the time my boss accepted my reports as delivered, sent them out to the firm's customers under his name. There were no regulations whatsoever-by government nr the securities industry to indicate whether I was quali fied to do this work and I certainly was not. There were j no professional standards T had to meet as an analyst and! if there had been 1 would have flunked cold. Luckily during the short lime my boss was giving me de luxe on-the-job training, the stock market was rising; so we didn't hurt his j customers. Also thai was the period when public interest In stocks was al a minimum so we didn't have many custom-, ers to hurt. Today, the stock research-analysis situation isn't that bad, nf course, except among the fringe firms. Years ago the New j York Stock Exchange and the National Assn. of Securities' Dealers (the self-policing body in the over-the-counter mar-; kets) began promulgating broad general standards to govern, advice on securities. The NYSE has established "guideposts" 1o control stock selling literature by its members, has rec ently stepped up ltd policing. The Finanical Analysts Fed eration and the New York Society of Security Analysts ; two top analyst organizations have been working for a decade on hiking standards in their field. Only last fall! the FAF adopted a code of ethics and it has just developed! a program to charter financial analysts, give them a pro-i fessional standing equivalent to that of a Certified Public; Accountant. But there is no question that in this area of securities research and analysis the heart of the investment recom mendations your broker gives you there is pressing need for higher standards, stiffer supervision. In a 122-page sec tion of the report the Securities & Exchange Commission htnded to Congress this month, this is dramatically em- : phasized. Yes, there are slock firms which go in for "meticulous. painstaking and time-consuming" research. At the other ex treme there are firms whose publicized research is next to zero or worse than zero when they simply pass on to in vestors under their own names material prepared by a tection" of prohibiting member firms from representing customers of reputable firms can get the highest research efforts." The little investor frequently gets "the most casual; efforts.' None of the self-regulatory bodies is doing an; adequate supervisory job in this area. Even the NYSE, the! SEC concludes, is not giving investors the "minimum pro corporation's public relations staff. Institutions and big; ''that they perform research and advisory services which they are not. reaonably equipped to perform." The SEC has submitted an impressive and persuasive report on this, and as a result many things are likely to happen. To be specific: (1) The self-regulatory agencies will step up their cam paigns to raise standards for firms advertising their research and advisory facilities, and there will be tighter control over the market letters sent out by securities houses, whether or not they are exchange members. (2) New self-regulatory bodies are probable to supervise and regulate registered investment advisers. (3) The leading societies of analysts will be encouraged lo intensify lheir efforts to certify anlysts just as public accountants are certified. The FAF will give its first 4f ? hour exam lo about 300 experienced securities analysts in 20 cities this June. The drive to give analysts professional standing and require certificates from all who give in vestment advice and write market letters is well under way. (4) Specific steps are likely to be taken in the future not only by the self-regulatory bodies but. also under new SEC rules or even new law to prohibit "reckless dissemination of written investment advice." Every reputable analyst in the country is greeting this section of the SEC report with delight. As for us, investors who must rely on our broker's research for guidance on buying or selling stocks, we can only come out ahead. MM,mo WE SUV SOME S46EBRUSH fOR W CK 1K2 $117,000 Granted To Departments at Oregon University Eugene A tola! of more than $117,00(1 has been re ceived recently by the Uni versity of Oregon from the National Institutes nf Health and the U. S. Public Health Service to support several faculty research projects in the fields of chemistry, biol ogy, and theoretical science. In addition, several addi tional thousands of dollars have been pledged for coming years providing sufficient funds are appropriated by the Congress. A new grant nf $'15. 180 has been awarded to Dr. Sindney A. Bernhard, associate profes sor of chemistry, for his study of enzymes entitled "Kinetic Analysis of Enzymic Cataly sis." Amounts of $27,000 and $20,000 have been pledged for future years. Several grants have been renewed in the biology de- Ledward Will Speak At Association Event Neil Ledward, director of the Jackson county parks and recreation commission, will be guest speaker at the May 8 meeting of the Jackson County Motor Court associa tion at Norths Chuck Wa gon. Miss Claire Hanley, presi dent of the Southern Oregon Historical Society spoke on the Jacksonville museum's ac tivities at the April 10 meet ing. She talked about the mu seum's attendance and adver tising local tourist attractions in the museum. She told of what would be interesting to hobbyists and historical points of interest in Jacksonville. partmcnt. Dr. Paul L. Risley, professor of biology, has re ceived fourth-year support in the amount of $17,208 for his study of neuroendocrine fac tors and sex organ functions. Dr. Jacob Strauss, assistant professor of biology, has re ceived $23,850 for his botani cal study of auxin and carbo hydrate metabolism of gymo sperm tissues. This is the fourth year that he has re ceived this support, and roughly half this amounl has been pledged for each of the next two years. Earlier thus year. Dr. Strauss received a $20,900 grant from the National Science Founda tion for a related study of changes in the nutrient me dium caused by plant tissue cultures. Fourth-Year Grant Dr. Frederick W. Munz, professor of biology, has re ceived a fourth year $10,198 grant for a study of visual pigments in salmon and trout. A three-month grant of $11, 425 has been received earlier this year in support of the same project. Dr. Graham Hoyle, profes sor of biology, has received second year support of $23 384 for his study of the ex citation - concentration coup ling in muscle. He recently announced the discovery of the largest muscle fiber ever reported. The fiber comes from a giant barnacle found in the Pacific Ocean. Dr. Martin L. Sage, assist ant, professor of chemistry and research associate in the Institute of Theoretical Sci ence, has received a grant of $7,901 representing the sec ond year of support for his project on electron correla tion in large molecules. A similar amount has been pledged for next year. DOWNTOWN OPEN TONI ill "iy TE MONDAY NITE SPECIALS - 5:30 to 9 only! LOOK! 20 IN. TITAN FANTASTIC MONDAY NITE Rotary Mower Yardage Special Reg. $44.95 CHARGE IT JUST ARRIVED MM enS AUTOMATIC monday ELECTRIC FRY PAN 0NLY Completely immerible. M QQ SPECIAL BUY! 60 FT. GARDEN Jjj I00 ASSORTED Qj MONDAY NITE ONLY C 4 9x12 RUGS REDUCED! - n Oc nr JTcJT 1C88 Reg. 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