Greeley Daily Tribune from Greeley, Colorado on June 1, 1970 · Page 4
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Greeley Daily Tribune from Greeley, Colorado · Page 4

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Monday, June 1, 1970
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Pag* GREELEY TRIBUNE Mon., June 1, 1970 Changes Loom in Wake of Market Uncertainties By JOHN F. LAWRENCE and'MURRAY SEEGER The Los A«gtl«( TinMS WASHINGTON - In the wake of the continuing slock market crisis, fundamental changes are in the offing for the securities business. That · probability emerges from exclusive interviews with Hamcr.'H. Budge, chairman of the Securities and Exchange Commission, and with adminis- t r a t i o n and congressional leaders; The changes will involve legislation to bolster investor confidence in the safety of the stock market. One target of such action is liktly to b« mutual funds ·nd othtr big institutional in- vtitors, which may find thcmstlvts with limitations on thtir silt and spcculativt trading. In addition, brokerage housts probably will be under stricter federal controls and the SEC, itself, may be given greater control over the industry. Perhaps nowhere is the change in view more apparent than at the SEC. Budge, a soft- spoken Republican named to the commission by the previous administration and elevated to chairman by the current one. contrasts sharply with his pre- Tribune Editorial Page Opinion - Analysis - Interpretation decessor, Manuel F. Cohen who was a flamboyant, outspoken critic of some segments'of the securities industry. Under Budge, the agency has moved more quietly about its )usiness as watchdog. Now, lowever the 60-year-old former Idaho congressman and federal udge is taking a tougher line. For one thing, he now elieves that mutual funds and other big institutional investors, hanks to their role in the speculative excess in the stock market in the late 1960s, may :ace legislation to lirni' their size. Moreover, the chairman disposed that in the last 30 days le has moved more manpower nto the agency's investigative and enforcement activities. In addition, Budge said he is directing his staff to increase Is surveillance of individual mutual funds, bank trust departments and iona! investors. Pause and Ponder They Know Things Are Bad Specific legislative recommendations will await completion of a major SEC study of institutional investors, he said. The study is due out on Sept. 1, but the SEC has asked congress, which commissioned the study, for a 90-day extension. "The study will se.-ve to look in depth into some of the things that may be wrong," Budge said. "Most of the activities I'm sure have been legal. Now whether them to congress will continue to be want legal source added. He hinted that the chairman is being encouraged to take a tougher line now. Budge might have done so on his own. On one recent issue before congress, involving what mutual funds charge investors jfor managing their money, he ! agreed to let the industry work up a self-regulatory plan. The fund industry, instead, has done its best to stall any kind of effective reform, many critics say. is another question." Budge's new inclination to Budge, himself, says the balance between government and self-regulation definitely has push for regulation may be | SWU ng to the side of govern- 1 ment. "It seems to me that the back office situation" -- the brokerage house and stock exchange failure to cope with the paperwork produced by the growth in trading in the last decade -- "demonstrated that the industry has to be more vigorous in policing itself if it is going to maintain self-regulation. The more I assess the a surprise in some quarters. This is because President Nixon wrote to securities leaders during his campaign suggesting that the SEC was playing too active a role in regulation. If Budge stayed with the self- regulatkn idea too long, his other institu- stance at least served to show I the industry's failure, this back office situation, the more serious 1 view it." Budge contends that three pieces of legislation already pending must be passed in some form. One is a bill sponsored by Sen. Edmund S. Muskie (D- Me.), or some derivative of it, to provide insurance for the investor against losses ki the event a brokerage house fails. A number of them already have. The others involve mutual fund management fees and a bill tightening public disclosure requirements applied to so- called insiders -- investors who hold a substantial position in a company's shares. As they did in 1929, some Wall Street leaders look on government regulation as a threat to the market. Budge observed that it's mostly the younger members of the industry who feel that way; the older ones . recall that the legislation of the 1930s actually had the opposite effect. For unto whomsoever much is given, of him shall be much required: and to whom men have committed much, of him they will ask the more. Luke 12:43 Zeroing in on Bad Air Time was when most people thought of air pollution as a community affair: some had it, some didn't. It has begun to dawn on the public that the problem is not limited to this or that community -- that it is a state, a regional, even a national problem. The fact is that problem of air pollution is international in scope. Bad air does not respect boundaries, and it must be dealt with in a comprehensive way. This is the rationale underlying a broad-gauged study, headquartered in Paris, under auspicies of the 22-nation Organization for Economic Cooperation and Development. The member countries, including the United States, are scattered about the globe. Data will be obtained from all of them as to the nature and extent of air pollution and the methods and costs of control. This is an undertaking of great importance, no less so because the problem has not yet become acute in most countries. There .is excellent reason to think that in decades to come, with population burgeoning it will indeed become acute. One qualifying point must be made: the problem will become acute if the response does not keep pace. One can hope that this will not be the case -- that governments throughout the world will act in concert to take preventive measures. The study project in Paris is a significant early step. The Language Barrier A Tery significant number of school children in the 'United States are handicapped by a language barrier which puts them at a severe disadvantage. This is especially true in the Southwest, where many children with Spanish surnames learn Spanish as their f i r s t language at home and find it hard to understand t h e i r English-speaking teachers. This difficulty severely impairs the learning process. The handicap has another harmful effect: a disproportionate number of Spanish-speaking children p.i-e reportedly relegated to so-called special education classes for the mentally retarded, often less because of lack of intelligence than because they lack adequate Kn.clish language skills and thus do not perform well in English-oriented tests. * Efforts to correct this unfair situation have been given a boost by the Health, Education and Welfare directive notifying educators that the language barrier must be removed. Such notification has just been sent to about 1,000 school districts where the foreign- spending minority is five per cent or more of the total student population. The memorandum notes that there are some two million Spanish-surnamed children in the nation's public schools. Secretary Robert H. Finch of HEW is quoted as saying that "overcoming the English language deficiency that exists is our first order of business." 1 Finch also makes the point, basic to this whole matter, that "if students cannot understand the language their teachers are using, it's hopeless to expect them to learn." More than an HEW memorandum will be required fo deal with this problem. One difficulty to be overcome is a shortage of bi-lingual teachers. A training program is essential. The language barrier has seriously limited educational opportunity for large numbers of children over a long period of time. Schools, in gootl conscience, cannot, permit this to continue. White House Strategist Well Aware By DON OBERDORFER The Washington Post WASHINGTON - When the Republican National Chairman "inds it necessary to prove President Nixon's popularity by a n n o u n c i n g results of a telephone poll paid for by the GOP, things are not good. When |though the facts are just the the President calls in the headjopposite -- then dependable Young Americans forjsupport is pretty i and the hard-hat union W h a t e v e r of the Freedom leaders of New York to thank them for supporting him -- and when the White House, insists that they asked to see him thin, their outward aplomb, the While House strategists are not misled. They know that things are bad, but they appear to be confident that Of Smith And Men The Greeley Daily Tribune and The Greeley Republican EXECUTIVE STAFF HANSEN Publisher T.KO G. KOENtG - Huslnesi M«r. J A K ' J ESTRICK JR. Circ, Mar. PnMMnttl Every Week Day Evening by Thr Trihunc-Ropiihlica* Pnblinhlnir Co. nrfi.-o, 7i4 EiKhth St., Greeley. Colo. rinrs poslmcte at I n l a n d Kim-mi Assncintert Prpss, The Txm Timr-s-Washincton Post N*wi Colorado Pros* Association, Dnily PrMs Arfsoeintfd. Audit rfii-JntM Pr^f:^ i* (infilled eTcIil- e i.{ rrpuhliCHlion of a l l printed in this n^vr*- n!t all AP news dis- ROBERT WTILTTND .. Kdito A. L. PBTERRF.N AHv. MRI -TAMES W. POPPE Supt. jtlB copy prlcB _ Subscription prico--Dy mail In Colo- rmlo 1 yi?nr flo.OO, 6 m n n l h one month ¥1.50. By tnnll mitairle o Colorado. 1 vffir Jlf.on. on*- month $!.»(!. Forpicn fniintrirs fS.SO per ion!h. City oirrif-r. SI.SO m n n t h . the PURI.ir, F O n i ' M : PnMIe ters must hr no ! Correct a i z n a t u r p Onm. marr t h a n 4nfl wn must ht printr-H i in nrc I^HiiH to 1hf Trih- rrport of thei nn*-Kopuhliran Piih- ^ r r i u h t M by thol J i n h i n u f, hy Grreliy ,^htnjrun Pont Tynoprnphical 1,'ni.m ;NA. ofia. this too will pass. According to their scenario, the tide of events will shortly begin to flow the other way, and public sentiment will not be far behind. Nixon's promise that all U. S troops will be out of Cambodia by June 30 was connectec originally with the monsoon season in Asia, but it has important implications for the political storms here in the fall If American troops are out on schedule and stay out, i" Cambodia does not collapse and other military setbacks are avoided -- these are large "its" -- then Nixon will be able to deliver a series of "progress reports" proclaiming success for his Cambodian initiative and his Vietnamization policy. If things go well, he might be able to announce the withdrawal of some U.S. Troops from Vietnam ahead of the current schedule. Presidential counsellor Bryce Harlow pointed out the other day that Americans like bold moves, parlicularly in wars. They don't like to play in the back court, they like to rushi the net," Harlow observed. If Nixon rushes the net and wins, a point, many people will ap-j plaud him The final result of this par-; ticular set is many months away, and thus susceptable only to speculative judgment. In the economic field, the President and his soothsayers .continue to promise that happier days are just around the ·orner. 'For many months, they lave been projecting an economic upturn and diminished nflalion in the second half of .he year, neatly coinciding with he political season. The second half is almost here; still they promise it. Should Nixon be concerned more about unemployment than he is about inflation, there are By JACK SMiTH Th« Lot Angeles Time* Baja Diary: This morning 1 went out with Pablo the Fisherman. My wife had to drive back to Los Angeles alone yesterday to go to work. I must forage, for myself. I was to meet Pablo at 7. I walked down the road to the beach where he keeps his boat, an old green wood fishing boat with a T h.p. motor. There was a small boy in the boat, Guillermo. There is always a small boy along when men do their work down here. It is a form of apprenticeship. ... ,,. Pablo started his motor and we crept out over the water The sea was the color of motor oil. There had been some wind and the boat pitched and rolled in the dark swells. A mile or two out Pablo cut his motor and stood in the stern working the oars to keep the boat ready. He is a handsome man with black hair and a plump face and skin the color you would have if leather could blush. Guillermo bailed a line for me with anchovies. I suppose that's cheating. But I'm not a fisherman. It was my apprenticeship. I dropped the line in the water and reeled it out, all the way to the bottom. The bite came quickly. The rod jumped and bent. I brought the fish up. He was fat and red, maybe 14 inches long. "Rock cod," said Pablo. "Good eating." I caught two more rock cod and a whitefish and quit. I didn't want to upset the ecology of the Pacific my first time out. Pablo started his motor and ran his boat parallel to the shore until we stood directly out from my house. Then he brought us in close. The orange brick walls and red tile roof glowed m the early light. The house looked natural on its perch above the black sea rocks; it seemed in harmony with the shore and the cactus-covered hills above it. I was pleased. I knew that however this adventure might turn out for me, at least I would have done nothing to blight the Baja landscape. For this I had to thank Gomez. I had been willing to settle for plaster walls on a roof of asphalt shingles, because they were cheaper. Gomez was adamant. "You gonna have a Mexican house. Jack." He was right always. Uncanny. Sometimes I think Gomez built this house for himself. Time will tell. We took the boat back and beached it, rolling it up over the pebbles on a log. as primitives must have done. Pablo cleaned the fish on the beach, cutting out thick white fillets and leaving the rest for the seagulls. I slopped at Gomez's store for some tortillas. Gomez was gone with his dogs on some mission. Mrs. Gomez wrapped my fish for me and gave me a fresh mango, green and pink, and I walked hack to my house. I sliced the mango and fried the fish in mazola oil and had a feasl that took me back 10,000 years. It occurred to me that if I really had to I could scrounge a living from nature like (lie Indians. I might have to. My wife wouldn't be back for a week and it was a long way to the supermarket. Of course, primitive man had to bait his own line and clean his own fish. Or did their women do that, before the liberation? Give me time. I'm only an apprentice primitive. spigots which can be turned in weeks to come. The common )elief is that lie will turn them f economic vigor is in doubt. ?ULL Similarities Clouding Profound Differences By D. J. R. Bruckner The Los Angeles Times LAKE COMO, Italy - On the surface there are so many s i m i I a r i t i es now between I "USA" with the S turned into i people seem to be building a ia swastika. There are many|new life which does not really As Boyle Sees It By HAL BOYLE NEW YORK (AP) - Things a columnist might never know if he didn't open his mail: There is no unemployment problem among U.S. dentists. They have an estimated backlog of half a billion unfilled cavities -285 million in children's teeth, 235 million in adults. The grinding task they face: fewer than two out of a hundred people go lirough hie without needing a tooth filled. Perhaps we ought to find a way to make cars operate on i honey instead of gasoline. A gal- All this says nothing of 'the|'°n of nectar - £av -s the National potential racial eruptions this IdeographicSociety, jan fuel summer, which may be affected j )y the state of unemployment! n the ghettos; of the stock market, which is a creature of occult psychology; or of campus turmoil, which historically is stronger in the spring than it is in the fall. The conventional wisdom is that American elections are nee four million miles at a speed of seven miles an hour. And it doesn't pollute the air. Why do women wind up in jail? A study in Milwaukee found the three most common reasons for their arrest were conduct, prostitu- drunk traffic determined economics. by The wars men in and the White House believe -- rightly or wrongly -- that by fall they inquiries, polite, even sym-j involve _us very much. In lateiwill be in better shape on those pathetic, but worried. In an Italian bar people will Europe and the United States ask you about Cambodia and that it is e asy to profound differences. miss the why protesting students are In Italy, almost everything on the ground has been stopped by strikes recently and in France the air controllers are trying to stop everything in the air. Student demons! rations slill sweep France and Germany; in England the student new left into and racial politics is a factor in (he upcoming elcclions. Everyone everywhere seems _.. 0 . .... .. more prosperous and less America to the world. shot; many of them even know all the latest pronouncements of Vice President Agnew. You hear many times from London businessmen or Italian workers or French journalists the phrase that "we are bound up in what happens to America." They wonder aloud whether the 19GG, President Lyndon B. Johnson made it clear that the United States would concentrate on reaching some understanding with Russia and would subordinate its previous emphasis on Europe to that end. Our disengagement is proceeding very rapidly. Further, t h e r e seems to be no American policy towards many of the changes in Europe, and observers have been asking whether the two fronts. It needs remembering that what actually happens between now and the fall is perhaps less important politically than what people pening. split into warring factions i nation is undergoing some kind! American Government and , ..__:_, _.,:.:... : . _ ,.,,,.,,,,(. unpre( ij c t a i)| c 'social and j PTMP'e arc really aware of what spiritual upheaval which could| is involved. forever change (he meaning ofj For instance, for two decades contented than even two years ago. The ments leadership of govern- in middle class, self- effacing, a little drab. Pollution has killed the salmon in Lake Como, and France has passed identity of the leader with the nation may be broken down; there is a huge mil pouring of a tough comprehensive anli- pollulinn law, based en what it has learned about the subject from America. U.S. Unstable? But there is not much feeling here now that any European country is going to fall apart, not even Italy. The long instability is gone. But the feeling is beginning to seep through to the people that possibly the i the pivot of American policy, They are most interested in : and its confrontation point with Russia, was the German of East and West Germany United Stales is becoming unstable. There is not much hostility, beyond, here atid (here, in London and Milan.11 n cl o c It i n a and large painted s y m b o l s of j upheavals, Europe President Nixon. It is unsettling to realize again how closely the image cf the entire American people is tied to Ihe image of| have been meeting and, while ihe president. Eventually this they have agreed to little, the fact of their meeting involved enough official recognition and enough agreement on what the problems are, to convince many in Europe that a settlement will be made in time, without the involvement of the United States. England is preparing its hard negotiations for entry into the Common Market, which will a f f e c t trade relationships throughout the world; and the United States has expressed no clear policy on this event since 1963 and has made no new preparations for dealing with ils consequences. lublic confidence arising from s u d d e n , poorly explained military moves is thus a serious matter. Nixon did not state specific imits on the Cambodian intervention until after the public reaction had set in; as more facts of what prompted this sudden mwe trickle to the surface, they contrast sharply with official explanations given in public and in private at the b o o ks in Europe about American history, government, economy and social problems. But, at (he moment, Nixon is largely America, and the it is image of a puzzling image. So many people wish us well, and fear some kind of terrible humiliation or disaster is overtaking him, and us, in Asia or in the streets. While at home wo are totally the war in id j preoccupied n.! I n (I o c It i n our and perceive to The recent be bap- blow to and disorderly violations and lion. Like men, women offenders tend to be repeaters. Sixty per cent had previous arrest records. Quotable notables: 'No one of us can help the things life has done to us. They're done before you realize it, and once they're done, they make you do other things until at last everything comes between you and what tiptoe. On the plus side: A country can't be all bad if it is buying twice as many worthwhile books as it did 10 years ago ... if it donates about $14 billion a year to charity .. · and if 50 million of its people voluntarily spend some part of their time helping others. What is that country? The good old U.S. of A. What has been mankind's greatest victory in its brief time on earth? Probably it is the increase in human longevity. When man first began to record his own history just a few thousand years ago, his average life span was only 20 years. Now it is 70 years. No other creature-from the mosquito to the mastodon--has been known to more than double its life span by its own conscious efforts. Worst pun of the year: "Robinson Crusoe started the five- day week. He had all his work done by Friday." Quiet, please: After a large insurance company put in a program to reduce irritating office noises, reports the magazine Manage, typing errors were reduced 29 per cent, absenteeism fell 37 per cent and employe turnover was cut by 47 per cent. Results like that are enough to make any boss go around on you'd like to be, and you've lost It was Benjamin Disraeli who your true self forever."--Eu-lobserved, "Life is too short to norm (YMoil! 'Ka e,mj!l " gene O'Neill. be small." question. But now the leaders time. For these and other reasons, the credibility of the administration is now sagging dangerously. Between now and the fall -when Nixon's scenario for the rest of 1970 will either start to come true or be exploded as wishful thinking -- this reporter be a\yay from the White House writing a book unrelated to these events. He will wnlch development from afar with interest and suspense. For the sake of the country, he can only pray that Ihe summer will bring fair weather as planned. Letters to the Tribune Musicians Lauded For Their Programs To The Tribune: Just Great! Frasier Theater really shook and it wasn't from any fire omb or the like. The Univcr- I sincerely feel these students deserve all the praise and congratulations possible. It takes many long hours of hard work to make such accomplishments and I think we should let these people know every chance we get that we think they're just Madagascar is the fourth largest island in the world, behind Greenland, New Guinea, and Borneo. the University, likewise, gave an outstanding performance. ments with us. Mrs. Leo Czapenski 2437 14th Ave. ,ity of Northern Colorado Jazz TM a - and that we appreciate Ensembles I, II and III and lhcir sna TMg these accomplish- .he Iloundstoolh Combo put on one of the greatest concerts one could ask for. Believe me, it was just impossible to sit slill in your chair. The list of honors on the regional and national level of these groups is most impressive, ive. Last Sunday the Women's Fossil-rich Olduvai Gorge, Tanzania, has yielded the most complete skull yet found of Homo habilis, the manlike creature who roamed East Africa 2,000,000 years ago. The nearly complete skull lacks only the Choir and Men's Glee Club of lower jaw, some fragments of the brain case and some of the upper teeth. SCRAM-UTS ANSWERS Cherub - IfcJiy - Whe.nl - Inward - DIE RICH Life insurance is something that keeps a man poor til his life, so he can DIE RICH. t~l

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