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.
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