November 28, 1972

Gov Cahill's bill giving state of NJ control over use and development of flood-plain regions in NJ clears state Legis on Nov 27; conservationists regard Sen vote of 33-0 in favor of bill as major victory; legis will apply to about 500 sq miles; approval of measure was stipulated by Cahill in Sept as condition to his approval of Tocks Island dam and recreation area proposed for upper Delaware River; although other states have adopted similar laws, proposals here are regarded as controversial because NJ is most heavily developed and most urban state in US

Pres Nixon is at Camp David on Nov 27

H J Rubenstein Assocs, spokesman for prominent real-estate man and atty E R Finch, says sex-oriented bookstores and peepshows in properties held by Finch will be removed by spring of '73 through legal action tied to expiration of leases; statement comes in response to inquiry after name of Finch Corp turned up on list of property owners of sex establishments compiled by Mayor's Office of Midtown Planning and Development; other landlords listed include Bankers Trust Co, Brandt Theaters, and real-estate men S B Durst and S Goldman; bank spokesman says that property, which houses San Francisco Theater on Bway near Times Sq, is being held as investment for pension funds and was leased to Astor Theater Corp, whose pres P Sharp recently reptd plans to build 2,000-room hotel on site; Dept of Consumer Affairs 1st Deputy Comr H J Stern says his agency will soon begin issuing wkly public repts of action taken against offenders; Capri Cinema on 8th Ave is closed on Nov 25 after summonses are issued by Dept of Consumer Affairs for alleged operation without license

SEC charges on Nov 27 Internatl Controls Corp former chmn R L Vesco and 41 other defendants 'spirited' away some $224-million in cash and securities from 4 mutual funds, case growing out of sale of Investors Overseas Services by founder B Cornfeld to Vesco and his co in early '71; SEC says, in civil suit filed in NYC Fed Dist Ct, that $224-million was removed from 'independent and responsible' custodian banks in US and transferred to banks in Bahamas and Luxembourg that were controlled by Vesco; suit alleges that it was detrimental to shareholders of 4 mutual funds as well as to shareholders of Internatl Controls; 4 mutual funds involved are Fund of Funds, Venture Internatl, Transglobal Growth Funds and Internatl Investment Trust; SEC asks ct to enjoin defendants from any further allegedly illegal acts and demands that receivers be apptd to take control of funds, Internatl Controls and certain other entities controlled by Vesco; asks for temporary restraining order; details; previous charges against Vesco noted; list of defendants

SAY WHEN, SAY WHEN, SAY PL A‐3033 Advt.