Arizona Republic from Phoenix, Arizona on June 30, 1973 · Page 10
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June 30, 1973

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Arizona Republic from Phoenix, Arizona · Page 10

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Phoenix, Arizona
Issue Date:
Saturday, June 30, 1973
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Page 10
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Page 10 article text (OCR)

•ALL EDITIONS U.S. security thefts reach $50 billion Associated Press - WASHINGTON - The volume of stolen, missing or lost Securities in. the United States has reached the $50 billion point, a Senate investigating subcommittee was told Friday. Various senators and the witness, W. Henry du Pont criticized the financial community for apathy over the problem. Du Pont, chairman of the board of Securities Validation Corp., testified before Sen. Henry G. Jackson's permanent government operations subcommmittee on investigations. The panel, reopening hearings on traffic in stolen and counterfeit securities, plans to ' call witnesses on international manipulations in stolen stocks 'after the July 4 holiday recess. countes ftold to lower -H emssons ;>• TUCSON (AP) - Industry «.'. in five Arizona counties has \' been given until Jan. 31,1974, - to lower poundrper-hour emis- .t sions. I In a letter June 21 to Dr. ** Louis Kossuth, state health ' commissioner, the Environ* m e n t a 1 Protection Agency '*• said the standards are being •• strengthened i n Maricopa, ". Pima, Final, Gila and Santa ; Cruz counties, areas which in>'"' elude most of the state's cop" per mining and smelting and 1 heavy industry operations. > "The rules will have a rath- 5 er serious economic effect on '•,:, some plants," says Bruce .?* Scott, chief of Arizona's air ^ quality control section. $ But C. L. Fox, chief of air jjj pollution control for Pima .* County, says the new rules f> were set up because "the •£ state has been dragging its >'.' feet" in buckling down on in-| dustrial pollution. The committee will also review a case study of such manipulations and conclude with testimony by unnnamed "major criminal figure s," representatives from federal regulatory and law-enforcement agencies and from the financial community. Du Font's small firm was formed two years ago, after the panel's previous hearings, to build a computerized reference file for persons handling securities to check for theft, fraud or loss of specific items. Du Pont said the firm has calculated the average stockholder has $33,225 worth of stock, 4.8 per cent of which is really probably someone else's. Using the firm's formulas and presumptions, he said, it figures that amount comes to 55 shares, or $1,664 worth of stolen or lost stock for each average stockholder. Out of $1.03 trillion worth of common and preferred stock on the market, bank trust departments hold 21.7 per cent, or $224 ' billion, he said. Of that amount, $10.7 billion could be lost, stolen or missing, according to his calculations. Sen. Charles H. Percy, R- 111., the ranking minority member of the subcommittee, said the profits of drug-peddling and prostitution pale by comparison with the profits of illicit securities trafficking. dSib. RANDOM THOUGHTS! 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