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Newspaper Archive of
Shelton Mason County Journal
Shelton, Washington
June 27, 1974     Shelton Mason County Journal
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June 27, 1974
 
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Group investigati security frauds Millions of dollars have bee,. lost by investors in Washington State due to the sale of fraudulent and unregistered securities, the State Department of Motor Vehicles said this week. Between the years of 1965 and 1971, in the debenture industry alone, more than $70 million were lost. While many of the companies are still involved in rather complicated bankruptcies, not more than 10 or 15 percent of the investment will be returned arm in some cases there will be absolutely no return. In its continuing battle to )revent such tragedies, according to Director Jack Nelson, the Securities Division of the Department of Motor Vehicles has mounted a new attack on the sharp operators. The latest weapon is a relatively small, but highly skilled and experienced pilot task force. "The force includes an attorney with prosecution experience, one with accounting experience (both with expertise in securities) and an investigator with experience in the broker-dealer area," Securities Administrator Eugene Olson c:xplains. "We think the task force may well set an example for other states across the country," he added. "it is the only one of its kind to our knowledge." As he points out, the task force is mobile so that it can investigate complaints or irregularities in any part of the state. The experience on the force allows not only a complete investigation but, if requested, the ability to assist local authorites in appropriate trial action. "'There are few counties that are equipped either financially or with adequate manpower to prosecute a time-consuming and costly securities case," Olson said. "! hope the task force is a new trend. Local authorities continually are given new responsibilities by state legislation, but seldom are they given additional funding ability or help." "We will be able to assist in Ydling this void if they ask," he added, "at least to the extent of the pilot group as supplemented by Securities Division personnel." When the task force moves into an area, it first checks in with local authorities. From that time, the investigation is a cooperative venture. The Securities Division has the authority to issue stop orders and cease and desist orders. The administrator may also refer injunctions to the State Attorney General for filing. Criminal proceedings, however, must be initiated by the local prosecutor. The response of local authorities is best summed up in the comments of Lewis County Prosecutor Brian Baker: "My office is presendy experiencing the drawbacks of insufficient manpower and expertise in the securities area. We are supervising the investigation of an approximately $180,000 fraud. Without the assistance of many agencies, this investigation would not be possible. However, in the interest of dollar savings to the general public it occurs to me that a highly-trained specialized force could accomplish the job in a shorter period of time and in a more economical manner than the method which is presently in use by our office." The director of the task force is John Maxwell who, like Olson, is a former prosecutor. Maxwell explained that there are a number of additional benefits to be gained from the force. Continuing audits will help determine the existence and amount of fraud currently in the securities area, the team will be able to provide on-the-job training and experience for local law enforcement agencies and prosecutors as they assist in the investigation, and both the public and industry will gain a better understanding as to the nature of fraudulent stock offerings. The special task force is being funded under an initial 12-month grant approved by the State Law and Justice Committee. It allows $60,000 for the first year, and there is $9,600 in state matching money. The task force is just one new weapon in the battle against fraud, and it is part of the new look in the Securities Division. Another new service is an expanded statewide information soUrCe. Those who have questions about the purchase of securities, call "toll free" either 800-562-6913 or 800-562-6914. Within minutes, it can usually be determined if the company in question is registered and if there have been any complaints against it. ge convention At exactly 11:30 p.m. June 21, State Master Jack Silvers rapped the gavel that marked the closing of the 85th annual session of the Washington State Grange in Aberdeen. At the time of the grange inception in 1856 when more than 90 percent of the popnlation of the United States made their living farming, the grange was strictly a farm organization. Now with only 5 percent of the people on farms, it is composed of both rural and urban members who are interested in better legislation for the majority of the population. Some 620 voting delegates discussed or debated the merits of 120 resolutions sent in by members of the 448 subordinate granges throughout the state. The I results of these decisions will establish the policy of the 64,000-plus membership of the Washington State Grange for the coming year. More than 3,000 grangers attended the session. The 6th degree (state level) was conferred on 422 candidates Thursday evening, of which 32 were from Mason County. June 16 preceding the convention 24 grange bowling teams played in state competition. Joan Sharp of Matlock won trophies for high game and first in singles in the women's division. Winners of the talent show which was held that same evening will compete again at the National Grange which will be held in Sacramento in November. I Champions ! dlr Paula Zangl Daughter of Harold & Joann Zangl Tridla Wittenberg Daughter of Ted & Dorothy,Wittenberg UND INC. 426-4282 1 mile south on Highway 101 II i F age 20 - Shelton-Mason County Journal - Thursday, June 27, 1974 Hoodsport By DOLORES DRAKE HOODSPORT - 4-H Forestry Project members in the Tyee Timber Tramps 4-H Club of Clallam County and the Mason County Hood Canal Hi Riggers 4-H Club recently participated in a five-day conservation workshop. The conservation workshop was held at Lena Creek Campgrounds in the Hamma Hamma River drainage. The success of this outdoor educational experience was made possible by the participation of local resource people who involved the 29 4H'ers and chaperones in the study of our natural resources. A session on local wildlife and • Seafare Buffet Friday 6-9 • Live Music Fri. and Sat. 9-1:30 • Cocktails -- Mill Room Lamp Post Tavern WE MAKE 'OUR OWN! Order to Go COME IN AND MEET BILL & TOBY POOL & ICE HOCKEY SUNDAY THRU SATURDAY game management was conducted by Wayne Roberts of the Washington State Game Department. A special highlight to the 4-H'ers was the opportunity to examine a large collection of animal pelts the state game protector had taken to the workshop. Prior to the group hike to Lower Lena Lake, Terry O'Sullivan of the U.S. Forest Service spoke on man's impact on the forest recreation areas. The heavy use of this area was evident all along the trail and at the lakeside. Lunch was enjoyed along the warm sunny banks of the lake while one 4-H'er was successful in landing a trout. Then with litter bags in hand, the group gathered litter tossed carelessly around the lakeshore. Additional litter was collected along the three-mile-long trail for a total of two garbage cans full. A program on erosion control and water pollution as related to soils was presented by Bill Petty of the Soil Conservation Service. Following the soils studies, the 4-H'ers tested soil samples they had collected in the area. Fred Page of the U.S. Forest Service involved the group in timber cruising. The participants recorded tree diameters and heights with biltmore sticks they made in camp. Total volume of the 11 marked trees measured was O 5,549 board feet. With the use of more precision forestry instruments, the group also measured a huge Western Red Cedar in the Lena Creek Campgrounds. The tree measured 56 feet in circumference and was 195 feet in " height. Other camp activities included making conservation notebooks from cedar shingles, driftwood and seashell craft, pictures from nature, making conservation and fire prevention posters, and making terrariums and dish gardens. Horseshoes, badminton, frisbies, ball and short hikes kept musdes and appetities in good DINING DANCING MUSIC Hwy. 101, Hoodsport Phone 877-5251 Spri ngw ater Tavern "oklahoma Crude" George C. Scott Fa ye Dunaway "Return of Sahara" Jul "Sex Freedom In Germany', "Naked Countess" GO DANCING TONIGHT! SHELTON ELKS LOUHGE Every Fri. & Sat. Night 9 p.m. to 1:30 a.m. Music by The Frontiers No dance lesson this Friday June 29 YOUR INSTRUCTORS Enroll now in our new Fri. night * Dance Club * This series the exciting Continental Fox Trot 1 mile north of Lilliwaup for good food, cheap[ Friday, June 28, 9:30 p.m. - 1:30 a.m. Funny Farm (Band) Boogie Band appreciation donation at door. INCREASE IN PRICES * Attention! " MEMBERS • PHONE 426-2322 mnmn shape. The conservation workshop was concluded June 19 with a trip to Seal Rock Forest Campgrounds and a day of beachcombing and clam digging on Hood Canal. Fireworks Display The Lake Cushman Sales Company is again sponsoring a 4th of July fireworks display. This year's display will be held at the Lake Cushman Resort July 6. The display will start at dusk and last almost an hour. Temporary Office Open The temporary office for the new Hood Canal State Bank is located along Highway 101 and Finch Creek in Hoodsport. This is MOVIES O the building formerly Lanning's Appliance Center. Subscriptions may be the temporary office which is open for information. committee would like to pledges in before July 9 so proposed bank may get into operation. Birthday Celebration Mrs. Anne Rowe of was honored on her Juno~ birthday with a party Pearl Schmidt and Ilene Also present for the, Ilene's home were Nina Lydia Meadowcroft and Howard J. Crate. Saturday, June 29 Enrollment Dance Music by Tom Baze "Town and Country" Friday & Saturday - 9:30 - 1:30 a.m. Members Only il3 Cola Street HI THERE! JORSTAD CREEK WELCOMES YOU TO... Our orange oyster house has the freshest oysters, shrimp, crab & clams. Jorstad Creek Trailer Park & Campground open year 'round is just across the street. STAR ROUTE1 LILLIWAUP, WA. Open 7 Days a Week Sunday Dinner is Special Prime Rib Baked potato, clam chowder or salad bar, roll & butter -- 5 p.m. until closing. $4.35 Lunch served everyday -- Breakfast weekends Lodge - Dining - Cabins Store -- Boat Dock -- Lounge _Call 877-5296---1 H O O DS PO l ee Blarney Room o( ,, ,dou o( Dining Dancing -- Cocktails -- Thursday - Sunday -- FRIDAY NIGHT Tex Mitchell and Marlene SATURDAY NIGHT Ed Tveden PRO SHOP AND 60IF COURSE -- Open Every Day -- Serving sandwiches, beer. pizza & other short orders. New golf supplies available -- Public Welcome RENTAL CLUBS & CARTS Inn Phone 426-3581 Pro Shop Phon0 426-6290 "It Carnival 'R Boat Races Steak Cook Out • tl Teen Dance • K Adults Dance tkHuge Fireworks Dis Ji y Plan Saturday, July 6th for First and Harvard, Shelton Open Daily 11 to 9 COLONEL SANDERS' RECIPE Only at Kentucky Fried Chicken Colonel Sanders built the Kentucky Fried Chicken Kitchens around a good value for the dollar. Thals lhe way w~ started, and thats the way it is today. Two pieces Of chicken, mashed potatoes, gravy, a roll and corn-on-the cob. still proudly served every day for only 99¢ Colonel Sanders' goodmeal~gooddea anytmedlnner, only99¢