Washington

The rich and the almost poor: the delegation owns up

THE ILLINOIS congressional delegation is comprised of two millionaires, perhaps three, and several members whose individual net worth is in the hundreds of thousands of dollars. The office, however, does not necessarily mean wealth. Several members of the delegation have a net worth under $100,000, and at least two congressmen appear to be on the minus side with more debts than assets.

Determining the exact wealth of members of Congress is difficult because the officeholders only have to give approximations of their income, holdings and liabilities on their annual financial disclosure statements. For example, if they mark the letter E next to one of their holdings, such as a piece of land, that means it is worth anywhere between $100,001 and $250,000. The letter F indicates the holding is worth more than $250,000. Thus, the net worth of most members cannot be pinpointed.

The disclosure form of Rep. Melvin Price (D., East St. Louis) illustrates how these approximations can lead to a wide range of numbers: Price's net worth could be as low as $5,000; his maximum, $80,000.

But it was easy to determine the wealthiest member of the Illinois delegation in 1980 because his minimum net worth was higher than anyone else's maximum. Sen. Charles H. Percy and his wife have a net worth of between $5.150 million and $12.375 million. Like most of the other members, Percy did not include his $60,700 Senate salary under the "earned income" section of the disclosure form. His earned income totaled only $8,100. Most of the Percy wealth stems from holdings in stocks and farmland. One of Percy's most valuable holdings (marked "F" for over $250,000) is a 320-acre farm three miles northeast of Rock Rapids, Iowa, which contains a farm house, barn, granary, hog house and machine shed. Percy also has an interest in two farms in Illinois, near Blackstone and Chenoa, and his wife has an interest in two large pieces of land near Henry. Despite liabilities somewhere between $450,000 and $750,000, Percy is — at the very least — a millionaire.

Rep. Sidney Yates (D., Chicago) and his wife Adeline had a total net worth in 1980 ranging from $3.135 million to $4.910 million. Again, the majority of the wealth came from their holdings. The Yates have extensive holdings in stocks and bonds, but the most valuable assets are their real estate partnerships. They have an interest in two drive-in movie theaters, one in Owensboro, Ky., and the other in Lakewood, Colo.; a movie theater in Louisville, Ky.; three shopping centers, two in Kentucky and the other in Louisiana; the Midwest Plaza Office Building in Minneapolis; a spa in Palm Springs, Calif.; and an apartment building in Toledo, Ohio. Their Illinois holdings include the First Street Building in Highland Park; University Plaza, a student residence in DeKalb; and an office building at Michigan Avenue and Adams Street in downtown Chicago. The Yates listed no liabilities.

A possible millionaire is Sen. Alan J. Dixon. According to the approximations on the disclosure form, the Dixons' net worth ranges from $635,000 to $1.260 million. Dixon had one of the highest incomes simply because he listed his salary as Illinois secretary of state — $48,686. He also received more than $28,000 in earned income from his Dixon Travel Bureau in Belleville, and more than $13,000 from the Prairie State Food Co. (Wendy's). His holdings include the travel bureau, which he estimated at more than $250,000, his home and lot in Belleville, and an office building at 10 E. Washington St. in Belleville. Dixon had held a half interest in 7.6 acres of land at Lake Kinkaid in Murphysboro but sold at least part of it. Dixon had no personal liabilities.

On the lower end of the financial ladder were Reps. John Porter (R., Evanston) and Marty Russo (D., Oak Lawn). Porter listed income and holdings of between $27,229 and $42,229 and liabilities from $70,000 to $165,000. Porter, an attorney, represents the well-to-do 10th District north of Chicago. Russo dealt with more money, but his liabilities (between $120,000 and $315,000) still exceeded his income and holdings ($103,000 to $255,300).

Two members of the delegation who purposely avoided approximations and listed their exact wealth were Reps. Tom Corcoran (R., Ottawa) and Paul Simon (D., Carbondale). Corcoran's net worth was $39,200; Simon and his wife's was $164,100. It should be noted that Corcoran did not list his House salary of $60,700 as earned income. Rep. Edward Madigan (R., Champaign) listed his House salary and $7,250 in honoraria — payment for speeches to various organizations — for a total income of just over $67,900. Madigan listed no holdings and no liabilities.

House Republican leader Bob Michel of Peoria and House Ways and Means Committee Chairman Dan Rostenkowski (D., Chicago) made the most in honoraria in 1980. Generally, honoraria are $1,000 per speech. Rostenkowski received $22,200 in honoraria but gave $13,100 of it to charity. Michel made $9,000. Only Reps. Price and Robert McClory (R., Lake Bluff) of the veteran members of the delegation, did not receive an honorarium.

August 1981 | Illinois Issues | 33