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May 20, 1978 - Image 14

Resource type:
Michigan Daily, 1978-05-20

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Page 14-Saturday, May 20, 1978-The Michigan Daily
The Senate: big bucks galore


WASHINGTON (AP) - Missouri's
John Danforth and Pennsylvania's
H. John Heinz are probably the two
richest men in the Senate, with each
showing assets of up to nearly $18
million, newly released financial
documents show.
Danforth, with large holdings in the
massive Ralston Purina Corp., which"
manufacturers everything from break-
fast cereals to dog foods, estimated his
assets at between $7.33 million and
$17.75 million. The freshman
Republican senator said he had no
HEINZ, HEIR to the H. J. Heinz
conglomerate so well known to ketchup
and soup lovers, revealed assets of
between $10.25 million and $17.85
million. His liabilities totalled between
$1.13 million and $2.36 million.
Heinz' fortune may be a trifle
overrated. The Republican senator
listed among his assets a $5 million debt
owed him by his own campaign com-
mittee for money he put into his recent
race for the Senate. That normally
would not be considered a solid invest-
In contrast to the Heinz and Danforth
fortunes, such well known senators as
Ted Kennedy and Russell Long appear
almost middle class.
KENNEDY (D-MASS.), who live in a
house valued at less than $1 million,
showed assets between $2.23 million
and $5.25 million and liabilities between
$1.80 million and $3.61 million.
Long (D-La.) listed assets of
$3,333,791 and liabilities of $40,463.
Surprisingly, Kennedy could have
nearly as much oil and gas holdings as
does oil-rich Long. Long estimated his
oil and gas royalties at $1.1 million.
Kennedy estimated his oil and gas

holdings between $249,000 and $871,000,
with most of his holdings in Oklahoma,
Texas and Kansas.- --
UNDER SENATE rules, senators
are not required to list the actual
amount of their holdings, but only the
broad range in which the amount would
fall. That's the reason the figures are
not precise.
But the financial statements still
reveal enough to show that few mem-
bers of the Senate are poor men. An ex-
ception-according to the forms-is
Sen. John Tower (R-Texas), who
showed his Senate pension fund to be
his only asset and who listed liabilities
of up to $30,000. Tower acknowledged
that his wife had assets but said he had
no knowledge of her holdings and thus
could not report them.
Others on the low end of the Senate
income included Sen. Jasmes Abourezk
(D-S.D.), who showed assets of $80,000
to $95,000 and liabilities of $30,000 to
$100,000, and Sen. John Durkin (D-
N.H.), with assets of $148,000 and
liabilities of $116,000.
ALTHOUGH IT was impossible to
say how many members of the Senate

were millionaires, a substantial num-
ber appear to qualify.
Among the obvious millionaires are
Sen. Lloyd Bentsen (D-Texas), who
listed assets of $4.8 million to $11.2
million; Sen. Charles Percy (R-Ill.),
who said his assets total between $4.7
million and $10 million; and Sen. Her-
man Talmadge (D-Ga.), who listed
'assets between $1.8 million and $4.1
Sen. Richard Stone (D-Fla.) ob-
viously is in the million-dollar club,
with assets of $1.6 million to $3.4
million, as is Sen. Lowell Weicker (R-
Conn.), with assets between $1.2 million
and $3.5 million. Oklahoma Republican
Dewey Bartlett probably is, with assets
between $815,000 and $1.8 million.
Sen. S. I. Hayakawa (R-Calif.) listed
assets of $1.4 million to $3.2 million;
Sen. James Eastland (D-Miss.) showed
assets between $870,000 and $2.2
million; and Sen. Adlai Stevenson (D-
Ill.), who chairs the Senate Ethics
Committeethat oversees the financial
disclosures, showed assets of $775,000 to
$1.9 million.
Several senators showed they were
heavily mortgaged. Sen. Henry
Bellmon (R-Okla.) listed assets bet-
ween $665,000 and $1.5 million but said
his liabilities were between $540,000 and
$1.1 million.
Sen. James Allen (D-Ala.) showed
assets between $120,000 and $330,000
and liabilities between $115,000 and

Alcohol a
viable fuel?
LANSING (UPI) - A Dearborn
Democrat has introduced legislation
creating a special office in the state
Commerce Department to study the
feasibility of using alcohol as a sub-
stitute for gasoline as a motor fuel.
The bill, sponsored by state Rep.
Lucille McCollough, would charge the
special office with serving as a
clearinghouse for information onsthe
potential uses of alcohol and promoting
its use if it proves practical.

Huron Towers co-op
prospects look good

after HUD
(Continued from Page 1)
provided, and other matters. If conver-
ted, it would be the first time in city
history - and one of the few times
nationally - a large apartment com-
plex has been made into a co-op.
George Day, a special assistant at
HUD's Detroit office, has said that
before entering any negotiation his of-
fice would have to determine "if selling
the complex would be feasible" from
HUD's point of view. "We would have to
conduct an investigation to see if sales
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proceeds to a co-op would equal what
we could get in the open market," he
HUD IS NOW looking for contractors
to repair the twin 12-story towers. Ac-
cording to Goray, HUD's "main con-
cern" is improving the complex's
heating system which he labels "inef-
Goray said HUD would re-carpet all
rooms, install storm windows, caulk the
many cracks, and replace both towers'
Other problem spots, he said, include
increasing storage area security,
replacing old refrigerators and stoves,
installing new laundry facilities,
providing better facilities for the han-
dicapped, and.repairing the driveways
to underground parking lots.
At Wednesday's meeting, many
residents expressed concern about the
interim period during which HUD
retains control of the complex. The
residents complained of HUD's lack of
accessability asa landlord.
"You've got to realize that we're
HUD. We are a bureaucracy," defen-
ded HUD representative Beaupied.
"It's not like being in the private sector,
where you can go down to some corner
and finda private contractor.
"You must remember it took seven-
teen years for this building to get in this
cditioqb iap we'y pnly.peej here six
month ',e&dded,." ha #e/

Another ume. Anomer place. Ana an uncommon
family that triumphs over the intergalactic forces that
would destroy it.
By Nebula award nominee Marta Randall.
2 , in pap~em~inckh (

'l' Orpnt 'PuPrto Rico ana Lugano S*itzerlaM
# !- "4*s p Frtf3t :fd 1!* F N, - f+c "? 4 i1 r.fk fa sM'
ik of i M- w i 0 i*

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