RUST COMMENTARY: LOOKING TO THE FUTURE INVOLVES A BIT OF RISK

RISK: Without the element of uncertainty, the bringing off of even the greatest business triumph would be a dull, routine, and eminently unsatisfying affair. -- J. Paul Getty.

* * * * *

I mentioned recently that I would be reflecting on long-range plans at the start of this New Year. I've done just that and returned today with renewed vigor and focused goals for the future.

Whether I succeed or fail will not drive me nearly as much as my effort ... using my mind, energy and faith.

One of my biggest personal challenges is to have patience and not jump to conclusions (or interrupt others with answers before they've finished). I'm working on that.

The following story illustrates my challenge.

It seems there was a pretzel stand out in front of an office building in New York. One day, a man came out of the building, plunked down a quarter and then went on his way without taking a pretzel. This happened every day for three weeks. Finally, the old lady running the stand spoke up: "Sir, excuse me. May I have a word with you?"

The fellow said: "I know what you're going to say. You're going to ask me why I give you a quarter every day and don't take a pretzel."

And the woman said, "Not at all. I just want to tell you that the price is now 35 cents." (From a speech by William Schreyer, chairman of Merrill Lynch.)

* * * * *

Permit Penny-Pinching

The nation's stock exchanges should start pricing equities in decimals rather than in fractions. Canada's Toronto Stock Exchange did this in April. Instead of using fractions such as 1/8 and 1/16, stocks trading above $5 are now priced in five-cent ticks; stocks below $5 are priced to the nearest penny. The use of the fraction 1/8 likely goes back to the days of Spanish dollar coins, which were sliced into eight pieces. Each slice wall called a bit; hence that old ditty, "Shave and a haircut -- two bits."

Many Wall Streeters fear this change would cost them revenues and would hurt or halt trading of certain small stocks. In Canada, while spreads did shrink, revenues remained constant and commission profits appear to have increased, in no small part because the public increased its trading. Based on Canada's experience, investors in the U.S. could save at least $1.5 billion a year in trading costs. -- Steve Forbes.

* * * * *

Southeast Missouri State University's president, DALE NITZSCHKE, was selected about 11 months ago and has exceeded all expectations in his capacity as the leader of what is probably the most important institution in Southeast Missouri.

He recently was asked to reflect on his first semester here and responded to 10 questions ... two of which are as follows:

Q. Now that you have been here for a semester, what would you identify as the strength and what would you identify as the weakness of Southeast Missouri State University?

A. I believe some of the most important strengths of Southeast are in the level of support and degree of respect it enjoys from the people of this region; a very strong, supportive and committed Board of Regents; the quality of its student body; and the dedication and professional skills of the individuals who teach and work here. Another is the very supportive and productive University Foundation.

And on the academic side, the University Studies program, with its national reputation for providing a solid basis in the liberal arts, has to be mentioned as one of our major strengths.

Another significant strength, in comparison with some places I have been, is the level of support per student the university receives from the state, and the apparent commitment of the present state administration and General Assembly to improving the higher education system. I think we are poised for a period of considerable growth and development as a state and as an institution, and it's great to be a part of that.

One weakness I have noticed is that there is a kind of undeserved "inferiority complex" among some people, both on and off campus, about the institution. Another is that some of our reward mechanisms, our governance structures and procedures-like the merit pay question-appear to get in the way of our ability to respond to the needs of our constituents with the full support and enthusiasm of the campus community. We will be working on those mechanisms, and I think that over time we will be able to convince ourselves that this is a truly superior institution of higher education.

Q. "Partnerships" is a term used so frequently these days in business. Why are partnerships so critical, and could you identify some of the most critical partnerships for Southeast Missouri State University?

A. Partnerships are critical for several reasons, not the least of which is that they are being promoted by our own Board of Regents and by the Coordinating Board for Higher Education, which has oversight of college and university budgets.

But beyond that, they are critical in this area because neither the university nor the community college system in the region has the resources to meet all the needs of the population of Southeast Missouri for access to higher education and post-secondary technological education. On a statewide basis, there is not enough money to fund duplicate advanced programs, such as doctoral programs offered by the University of Missouri.

The statistics show that the further an individual lives from a college or university, the less likely he or she is to be able to pursue post-secondary education. People who live within 35 miles of Cape Girardeau take advantage of what the university has to offer. Those who live near Poplar Bluff of Park Hills go to the community colleges there. But there are young people in Cape Girardeau who need a community college experience, and there are good students who graduate from the community colleges but have no way to complete a baccalaureate degree. Partnerships can solve some of these problems of access, and do it at a lower cost to the taxpayer and the student.

Our Mission Enhancement Proposal spells out the most critical partnerships for the university. We are forming consortia that will ultimately be asked to coordinate the development of a seamless web of vocational-high technology educational services throughout Southeast Missouri. Our partners in these efforts will be the community colleges and the vocational-technical schools.

But there are other important partnerships, such as those between the university and community groups, like the very active organization at Sikeston which plans to provide a building in which both Southeast and Three Rivers Community College will offer classes; and an ongoing partnership between the University and its alumni and friends to build a stronger institution through the development of private gifts. -- Academically Speaking, campus newsletter.

~Gary Rust is the president of Rust Communications, which owns the Southeast Missourian and other newspapers.