12 A
FRIDAY, MAY 17. 1983
MEDFOHD MAIL TRIBUNE. MEOFORD. OREGON
Your Money's
Worth
1 By SYLVIA PORTER
' Copyiigtit, Hall Syndlcata, Int.
DIRECTORS AND CONFLICTS OF INTEREST i
In its massive report on the stock market the Securities
, & Exchange Commission raises significant questions about
whether bankers, investment bankers, insurance company
executives and mutual fund managers should be directors of
, companies with which they have financial dealings or in
wh'ch their firms hold stock. In recent months there has
been mounting debate over, the judicial ethics of federal
judges who accept jobs as directors of corporations and
banks. There are subtle problems of conflict of interest
involved here which defy glib generalization - as the SEC
itself admits. ' '
Perhaps the best qualified man in the U.S. to comment
on a director's job is Sidney J. Weinberg, partner in the
investment banking firm of Goldman Sachs & Co. Weinberg
has served on as many as 35 ooards of directors at one time,
' still sits on the boards of such gianls as Ford, General Foods,
Continental Can. Here are some of Weinberg's views on the
role of directors in business today. , j
Portari What s your reaction to me 3tu s questions auum
nrnfnslnnal ilttlne on boards of companies with
which they have financial relationships or in which their
firms hold stock? . -
Weinberg: It would be extremely unwise to rule out
these financial professionals as directors, especially in view
of the fact that good directors are so hard to find. Most of
the former abuses stemming from the sort of thing the SEC
questions have been eliminated by SEC and Stock Exchange
rules and court decisions.
Stockholders actually arc well protected by laws under
which a director i a corporation with securities listed on a
stock exchange must report his purchases and sales in that
company's stock each month, must surrender to the corpora
tion any profit he makes from purchases or sales within a
six months' period and must disclose in proxy statements
any dealings with the company either directly or Indirectly
which give him profits of more than $30,000,
Porleri Has the problem of conflict of interest been a
' reason suitable directors are hard to find? " .
Walnbargi Yes. This is one factor. But while there is
much tnlk shniit confl let of Interest, amazineiv utile coniuci
of interest has turned up in recent years among companies
J know.
Conflict of lime is another factor. I think the professional
manager of one company should not be a director of more
than two other companies. With this many outside director
ships, he can broaden his outlook, learn something. But with
three or four outside directorships, he is just taking on an
additional Job, in effect giving away the, assets of his own
company.
Porttri What effect has the development of stockholder
"protective" associations and groups had on directors?
Weinberg: 'They can only make directors more conscious
of their responsibilities, but it is still the directors and not
the stockholder groups who have the legal responsibility.
The board of directors is the supreme body of the corporation
and is obligated to see that the corporation Is well run.
Generally speaking, stockholders today are far more cogni
zant of the type of directors elected than they have ever
been In the past. The day of the stuffed shirt director is over.:
"Term" directors also are fast disappearing, meaning that
stockholders have a chance to vote for the election of
directors every year. ,
Porttri How does a company select candidates for new
directors? , ;
Weinberg: The most orthodox way is to establish a com
mittee nf the board, often chaired bv the chairman of the
board, which In turn solicits suggestions from current board
members. This may sound like a self-perpetuating process
V...4 I I. nnt..nin, tUa nnl.i h.i.aIUi.1 ....... In .. I n...ll
UUt tb IB DbWMlJ LUC UflfJ bMat.VlV.il. VVUJT bU bTb UUU liuiiui-
dates. Few people realize how difficult it is to get the proper
men, with adequate business expedience and judgment, to
serve as directors. Getting the right kind of directors is one
of the biggest problems faced by American industry today.
Porter: What is an "ideal" setup for a board of directors?
Weinberg: A board should have a majority of outside
members and should consist of men who are independent,
informed, dedicated to attending meetings, constructive cri
tics and aware they must keep Inside information to them
selves. These directors also should resign when they reach
the age of 70 or 72 to give younger men I chance.
The Foot Image
Foot Health Week Promoters Going About It All Wrong, West Believes
B mm ATII life O 41,, bt ...Ill -,-b mm I-b ) H.A-.blll VI II . ....... . . . ...
By DICK WEST
Washington - lllPI) - The
American Podiatry Assocla.
tion has sent
me a packet
of literature
calling atten
tion to the
fact that we
are now in the
throes of na
1 1 o n a 1 foot
health week.
The associa
tion is con
cerned be-
Win caime o many
people neglect their feet, fail
ing to take proper care of
them and in some cases ever
forgetting that they are there.
: " 'When your feet hurt you
hurt all over' is something we
should think about during foot
health week," the association
says.
That certainly is food for
thought all right, but I doubt
that many of us will spend so
much as a day, much less an
entire week, thinking about
our feet.
Given a choice, the ma
jority of people will think
about almost anything be
sides feet. I believe the
basic reason for this is that
feel are generally regarded
as unglamorous.
Many stage, screen and tele
vision dramas have been built
around brain surgeons and
other medical specialists, but
I have never seen one that
featured a foot doctor.
Yet, the possibilities are vir
tually unlimited. No other
part of the body has as many
things that can go wrong with
it as the foot, unless it is the
other foot.
Weak arches, athlete's foot,
bunions, corns and calluses
are only a few of the pedal
Eugene Pilot in Exclusive 'Club'
Redding, Calif. (UPK A Eu
gene, Ore., man joined an ex
clusive "club" here Wednes-
day!-one that light plane pilots
in the area are doing their
best to avoid.
Clifford Womack hpramp
the third pilot in 17 days to
walk away from a crackup at
Benton Field here.
Womack was not injured
when hs rented Beechcraft
Mustang overshot the landing
strip and came to a halt in a
deep ravine.
The craft stopped about 100
feet from the spot where two
other light planes finally
halted after making similar
landings April 30 and May 1.
Both pilots walked away, one
with scratches.
ailments. The trouble is, they
have never been recognized
as status symbols in the way
that, for example, ulcers have.
It stems to me that ne
glect of the feet, which the
Podiatry Association so
strongly deplores, could be
overcome if the association
went about it in the right
way.
Simply, admonishing us to
think more about our feet
won't do. What L needed is a
nationwide campaign to im
prove the foot Image
For one thing, you seldom
hear the phrase "a well-turned
ankle" any more. This is be
cause the feminine ankle has
become such a common sight
that it is universally disre
garded. The feminine knee also is
losing it appeal due to over
exposure, but that is another
story.
In connection with foot
health week, the association
supplied radio stations with
10-second public service an
nouncements containing such
messages as "Why not be kind
to your own feet this week."
How much more effective
they would have been if the
radio spots had offered a brief
dialogue between two male
voices.
First voice: There goes
Marge. Isn't she homely?
Second voice: Yes, but
doesn't she have a sexy instep.
You can bet that if feet took
on an aura of romance, the of-
"OIL TO BURN"
' Mobilheat i
S ( H Green Stamps
MEDFORD FUEL CO.
772-2111
fice of your friendly neigh
borhood podiatrist would be
the busiest place in town.
ON COMMITTEE
Salem tUPD Steven J. Ey
man of Canby has bsen nam
ed by Gov. Mark Hatfield to
the livestock advisory com
mittee for a term ending
March, 1966. '.
SKY JOBS
.-... The Commarcial Airlinet need youni
i men and women today for JET ACE
expanuon. Hig! paying posuioni aa
HOSTESS, RESERVATIONIST,
COMMUNICATIONIST, and PAS
SENGER AGENT oiler opportunity
to meet celebrities and FREE
TRAVEL to interesting piacea. High
School graduate!, 17 to 38, aee if you
can qualify. For full information
mall coupon, Box 7132, Portland
. . 19. Oregon.
Weaver Airline Penonnel Training ORT-62
jox 7132, Portland If, Oregon 1
en ma free information without obligation on Sky joi
IlJm
Nbim-Addrtu-
City
Horn
-Prion!
Bui.
Agt.
STAR GAZER0
Y6.JMo.73l
ftL74-7477
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137.48-1
-Br CLAY R. POLLAN
X Your Daily Activity Guld
According fo ih Stars.
To develop message for Saturday,
read words corresponding to numbers
or your ecodioc firth sign.
I LnanQM 31 In
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38Reirtth
39 01
40 Old
1 Quarter
2 Wood
43 In
44 Fakers "
45 Coworkers
a fi Children
47 Circle
48 Molten
49Wordrobe
StPT.
OCT.
4-22 33-44
54-63-80-83'
? Sparkling
3 Sow
4 6.
5Th
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7 Perton
SSmift
9 Plon
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1 1 You
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, 13 Bright
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16 New .
, t7You'r
18 Mow
19 In
20 Wortrl'
21 Number
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24 Day
25 in
26 Son
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2ObKt
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1 Thing
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cA Demand
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70 Improvl
71 Do
72 Now
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74 Work
75 Tcxtov
76 Aton
77Todov
KOt10
NOV. 22 VV
SO
51 An
52 To
53 Soifov'i
54 And
SbDo '
56 Or
SO That
AO Love
ftjlOood (H) Advene
79 Till
HO Chang
81 And
8?T,
8.1 A.ritlt
84 You
R 5 lata?
86 AMtctkm
87 Nod .
88 Emm
89 Atuntlon
90 Tim.
jT-b 5'1
m
SAGITTARIUS
nov a
oic n f l
9-16-27.38
U9-70-78
CAPMCOtN
DIC.
JAN.
U5-J6-67 VE
AOUAKUf
IAN. 21
rra.
I0-J.3?.43(0
153.6475 bS:
MCII
MA8 2l'"H?
lll-15.J4.37aT
48-59 87 89
PRESCRIPTIONS!
DIAl
772-2330 . "
a IV I
Dick Clan
Call Anylim - DAY or NI0HT1
Ptraontllitel Pickup and Dtlivtry -
Star Hourtt 9:00 A.M. to 6:00 P.M.
Yenr Haadcguarteri lor Creatine. Care!
Coimtllca Parte 4 Waddlna Supplln
Clftt Veterinarian Suppllai
Ywt Char Atttunt Inite4
At Wait Main
your ricrip
liait it illir.0
"UP t a
ttendard
NOT down to
orlce."
West Main Pharmacy
.nail are re
13S W. Main at Grapa-Ph. 772-2330
REPEAT
It
1
1ST REASON
FRIDAY, MAY 17, thru SATURDAY, MAY 25
DllA tn tha Kai4 uaitkop mmu nnnnlji At A
. v W VHM . bb , , b. bl I I J UVUI MIU
S not take advantaae of our annivercarw
. - . ; -
sale.
WE ARE GIVING YOU
a ccrnkin ruAkirc
Many Other Items Not in Ad tkX
. -IS
F
I
S
H
E
R
E
BE
READY
BIG
SAVINGS
MANY
SALE
F
I
S
H
E
R
M
E
SPIN DRIFT ROD
: No. 285 HURRICANE - ZW
$Q95
SALT WATER
SPIN REEL
No. 8138 SEACREST (Full Bail)
$117195
FISH EGGS
"FIREBAtl"
Fluorojcent
2-Oi.
Singla
Each
49
TENTS
Rainiar Huntar Jr. 6W x 6W
Wall Tant with floor..
Rainier Umbrella 9'x9'
With floor and insect net..
$1688
$34"
CREELS
IS" Rubberixed Canvas'L!
6"x 12" Vinyl :
$79
HOOKS
Aoorted
Pocket or Tube Pack
9C
FISH BAG &
ROD HOLDER
$249
Folding $39
Net...... I
LARGE GAFF
$189
2 Piece
Aluminum
Handle
Fly File
Fly Box
Winged Flys
$98
$89
Attortments with
Aluminum Fly Box.
SCREEN DOORS
Aluminum - 32" and 36"
$g95
COW BELLS
No.l $09
Size. . ... I
89e
No. 2
Size. .
FLAT
FISH
Special Lot
Includes
X4 and X5
F7-F6-F5
Values
To
$1.50
39
i v, 1 It j, i ilidlJJ i I!
v 4 ' 'ft .
2ND REASON
life;
preservers
RES-Q-P-AC
Self Inflating..
$1
48
A
7 ,
THE REMOTE CONTROL ELECTRIC LAWNMOWER WE
GAVE TICKETS ON DURING OUR ANNIVERSARY
SALE WAS NOT CLAIMED ...
WE WANT SOME ONE TO WIN IT.
Get your Free Tickets. Drawing 5:00 P.M. May 25th.
No purchase necessary. Not necessary to be present.
If -
"
' ft' . ,,,'t , . b , , iV
11 'vum'ti:
LURES & SPINNERS
Minno Plug, Vi-oz.
300 Series Hot Shot
59
69'
Worden's Spin N' Glo, Size 4 (Presto Kits) 79'
Gold Fish Spin Assortment 3"
Salmon & Steelhead Spinners without hooks 25'
l4-oi. Weighted No. 4 Blade -39
Vibro-Lite Tiny Troll 59
GARDEN
SUPPLIES
GRASS SHEARS
Only
7" HOE
Only
BOW RAKE
14 tine
LAWN EDGING
Aluminum 4"x40'
PLASTIC PIPE
Vinch 100 ft. roll .
$79
$195
$89
99
$399
Housewares
& Gifts
WEST BEND 3 PIECE STEEL $99
BOWL SET-Va-qt., 1l.qt., 3-qt, X
$Q88
$388
Manning Bowman
ELECTRIC TABLE BROILER
Chrome and Steal
Rival Electric
CAN OPENER with Cord
Storage and lid Holder..
IRONING BOARD All Metal $C49
Adjustable Height-Sturdy J
CRYSTAL BUD VASES
Etched Patterns .
79'
MANNING-BOWMAN 7" ELECTRIC
HAND SAW
$1997
BAR-B-Q GRILLS
$388
PORTABLE
HOSE REELS
WITH CART
$1388
PLIAFOAM
PICNIC COOLER
$299 .
PAINT DEPARTMENT
White House Paint ,S!GiL529
I6-01. can
81c
Spray Enamel
Wall Paper in stock
FREE PASTE When You Order Patterns from Our Fine Selection of Wallpaper Books
Remove that old wallpaper - WALL STEAMER FOR RENT
All Patterns jCO
Single roll OVC
7
Don't Miss These Savings!
r HUBBARD BROS HAROWARE I I; H(JI X
"L--ggs
BROS., Inc.
Main and Riverside phone 772-7777
Our 79th Year
V.VVY
3RD REASON
v
;
WE HAD SOME DAMAGE FROM WA
TER DURING RECENT HEAVY RAINS
BECAUSE OF STREET CONSTRUCTION.
WE WANT TO CLEAR THIS MERCHAN
DISE. MANY OTHER ITEMS SPECIALLY
PRICED.
I Education- 11
iimi 11 'mi intj