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Show Univereity of Utah SoU Lako City.- - Utah 5 8,112 f TBI . r- - VfltUME"l5, NUMBER SALT LAKE CITY, 127 Stolen Stocks, Bonds, May Come To $1 Billion (UPI) The head of a computer company formed to keep track of stolen stocks and bonds said June 29 that unsuspecting financial firms probably have about $1 billion in stolen securities tucked away in their vaults. In testimony to the Senate investigations subcommittee, W. Henry DuPono, president and board chairman of Inc., said that organized crime has been able to profit from the stolen securities racket because there is no system for identifying pilfered 'IS IT THE FOURTH UTAH FRIDAY, JULY 2. 1971 Court Enjoins Hotel From 2 YET?' Sundry Charge CONGRESS. oitecfarattttt WASHINGTON NEW State Waldorf-Astori- a I n III State Supreme Court Justice Harold Baer, some 64,338 guests who stayed at the hotel between Dec. 2, 1969 and May 21, 1970, are entitled to a refund of at least $113,202. Baer acted on an application by State Attorney General Louis J. Lefkowitz, who charged that the spring with the encouragement and blessings of the major New York stock exchanges. Financial firms that subscribe to it report all missing securities to a central computer and are able to check instantly any security presented for sale to see if it is stolen. However, DuPont said, there is on "quite a bit of apathy" to k Wall Street. Sci-Te- Massachusetts Court Upholds Law No-Fau- lt - The Massachusetts Supreme Court has BOSTON (UPI) upheld the state's lt auto insurance law. The ruling, June 29 by Justice Paul C. Reardon said it was "entirely clear" the pioneer system preserved an individual's rights to trial by jury as well as ether rights to due process. first-in-the-nati- no-fau- 46-pa- ge Chief Justice Joseph Tauro agreed, but said he felt the high court "has gone loo far in lauding" the program. He said he would have returned the test case to a Superior Court for a complete no-fau- For Economy . ... "Is it the fourth yet?" the Decisions for the 70's last words of Thomas Jefferson style: July 3rd, as he lay on his deathbed Freedom dared awaiting the fiftieth aniversary of Freedom declared! the Declaration of Independence. Freedom won He died the following day . . . July Freedom spared! 4, 1826. . 1776 lt judicial review. The decision was handed down in the case of Boston postal worker Milton Pinnick, who was involved in two days an accident Jan. 3, 1971 lt effect. took after the system one driven by His car collided with Carl Cleary. lt Under the setup, an individual can sue for "general damages" after he has passed the $500 level in medical bills. He also may sue for anything in excess of $2,000 in loss not recovered under the lt benefits if he is not at fault. Thus, at the $2,000 limit, the plan lt and the inno longer is to dividual can go back the old tort liability system. no-fau- no-fau- no-fau- no-fau- - WASHINGTON (UPI) White House Press Secretary Ronald L. Ziegler announced to newsmen, June 29, that "President Nixon has designated Secretary Connally as his chief economic spokesman." Ziegler insisted that the new title for Connally, "in no way affects the role of any other individual." But it seemed clear that the formal announcement undercuts the prestige of Dr. Paul W. McCracken, chairman of the Council of Economic Advisers, and Dr. George P. Shultz, director of management and budget. economists Meeting to Confront Some Hot Issues, May Dodge Others By Thomas Corpora NEW YORK (UPI) The nation't focus on their attention lawyers - some of the country's most pressing legal problems .next week when the American Bar Association (ABA) convenes its 94th Annual Meeting here. It seems fitting that the ABA chose New York as the setting for the first half of its convention the second half will be held in London a week later since the city's legal tangles are classic. Among the issues to be discussed at the meeting, July are: prison and court reform; judicial conduct; standards of criminal justice; crime prevention and control; Supreme Court decisions; energy and the environment; environmental law; consumer class actions; corporate 1-- 7, responsibility; automobile insurance; universal health insurance; housing and urban development; legal services for the poor; marriage and divorce laws, and airplane hijacking. One issue made conspicuous by its absence from the ABA's agenda is the Vietnam War. But that too will be discussed if a group of younger lawyers opposed to the war gets its way. Burger Featured These issues will be discussed in various ABA section meetings, in the general sessions and in addresses by scores of speakers. Among the speakers will be Chief Justice Warren E. Burger, who will deliver the second annual "State of the Judiciary" message on July 5; two of his Associate Justices, John M. Harlan and William O. Douglas; Sen. Rep. Wilbur Mills, Birch Bayh, and a number of Nixon Administration officials. Burger will speak again during the London session, July The London meeting will be D-Ar- k.; D-In- 14-2- 0. mainly ceremonial and social with almost all the business sessions scheduled for New York. In New York, two professional sections, the ABA cor- poration, banking and business law section and the criminal law section, will ask the House of Delegates, the ABA's policy making body, to adopt resolutions pertaining to the proposed code of the National Commission on Reform of the Federal Criminal Laws. Would Oppose Parts The corporation section wants ABA permission to testify in Congress against parts of the proposed code which it believes would "pose critical problems to business organizations." The section said the code "goes beyond codification and creates new crimes where none exist." The section also wants the ABA to recommend that Congress amend a law to provide for the immediate establishment of a commission on review of the national policy toward gambling with a final report in two years. The criminal law section will also ask ABA endorsement of President Nixon's creation of a national council on organized crime and establishment of a Presidential commission on white collar crime. Vietnam Hot Potato One issue expected to generate controversy is the Vietnam War, which the ABA in 1966 said was "legal" under international law and various treaties. It has taken no other position since then. The Lawyers Committee to End the War, a group of young New York lawyers, will ask the ABA to act on three resolutions: one calling for the immediate withdrawal of all U.S. Continued on back page. have been generally the President's chief as regarded spokesman although without any formal designation. Connally, also present at the conference, ticked off four decisions by the president: "He is not going to institute' a review board. wage-pric- e "He is not going to institute controls. wage-pric- e "He is not going to ask the congress for any sort of tax relief. "He is not going to increase Coast Judge Convicted On Bribe Charges STOCKTON, CALIF. service for its customers - A (UPI) superior Court Judge has been convicted of charges of accepting bribes in return for imposing lighter sentences on convicted criminals. A jury of seven men and five women found Judge Maxwell H. Willens guilty on three counts of accepting bribes after 17 hours of deliberations, June 23. No date was set for sentencing, but a motion for a new trial will be heard August 17. The charges in the seven week trial involved alleged bribes of automobiles and cash ranging from $200 to $5,000 which occurred be- tween December, 1967, and April, 1970, while Willens was a Municipal and Superior Court Judge. The prosecution said Willens received the bribes for granting lighter sentences to criminal court clients of Stockton attorney John Barkett. Albert Weisinger, a Stockton furrier, was accused of acting as middle man. Wesinger was convicted in a separate trial of aiding and abetting the Judge in one of the bribery counts. Barkett is currently on trial for bribery after having his case moved to Redwood City on a change of venue. The jury also found Willens guilty of one count of conspiracy to receive a bribe. was fraudulent and in violation of the General Business Law. In his decision, Baer ruled that "the charge for message services delineated as sundries was fraudulent and unconscionable." Lefkowitz had also sought treble damages against the hotel, but the Justice ruled that under the law he could only compel the hotel to make restriction of the overcharges. CHANGES McCracken and Shultz, both former professors and professional ABA hotel's former practice of adding the two per cent charge to the bills for internal message and telephone BANKRUPTCY Tap Connally As Spokesman began operating this Sci-Te- k The been In a decision handed down by fit negotiable paper. He said his company "conservatively estimates that today, will be detected sooner or later by some institution dealing in the traffic of securities, organized crime will not be deterred in its operations." has former practice of adding a two per cent "sundries" charge to the bills of its transient guests. of there are missing and stolen securities that are approximately $1.2 billion in value". "However", he added "the amount of these securities actually in circulation at any given time is only a fraction of this. We believe that the bulk of these stolen securities lie in the vaults of securities and financial institutions throughout the world." DuPont said that some of the techniques used by organized crime for passing stolen securities "defy detection by all institutions including brokerage houses, banks, accounting firms, the SEC and the FBI. Until complete assurances are provided that every stolen security (UPI) Hotel permanently enjoined from its Sci-Te- k, fool-pro- YORK a ACT PROPOSED Amendments to Chapter XIII of the Bankruptcy Act are being proposed by the American Bar Association Section of Corporation, Banking and Business Law. They would make such plans more acceptable and more readily available to debtors while encouraging greater use by expanding eligibility to include all natural persons whose indebtedness is $100,000 or less regardless of their sources of income. The exception would be those business debtors whose creditors would better be served by a diffrpr?p25cncereet different procedure. Recommendations will be made at the annual meeting of the Bar Association in New York City, July 8. fiscal spending." But Connally said the $3 billion-a-ye- ar business tax change his department approved earlier this month by administrative action without the approval of congress was a tax cut. He added that the federal deficit for the fiscal year ending tomorrow would be "substantially in excess of the $18 billion that was predicted." He refused to be more specific. Connally said ihe whopping budget deficit, probably the second largest since World War II, coupled with recent increases in the money supply means that government policy is stimulating the economy. "These things have been set in motion," he said. "It takes time for them to work. "It's not like a yo-y-o ; It can't go up and down every afternoon or every month." Connally was reminded that it had been widely reported that he had recommended additional tax cuts. He was asked if these reports were true. "It's really immaterial what position I take," Connally replied. He is." said the nation's Connally "I'm not the President; unemployment problems have been aggravated by the winding down of the war in Vietnam, which has resulted in a reduction in the size of the armed forces and has cut jobs in defense industries. "There has never been on an annual basis unemployment down at 4 per cent (the usually accepted full employment level) except in war time," Connally said. "I don't think the American people would be willing to put up with continuation of the war to get 4 per cent Notice BANKRUPTCY MEETING OF CREDITORS Bankrupt: Frank Burt Spencer No. Donna Mae Spencer No. Date: Date: July , 1971 at 11:10 A.M. Place: Room 220, 350 South Main |