Wochner American State Bank reopens 8 Sept 1933

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Wochner American State Bank reopens 8 Sept 1933 - V v PHONE WANTEDS 4500 THE DAILY PANTAGRAPH,...
V v PHONE WANTEDS 4500 THE DAILY PANTAGRAPH, BLOOMINGTON, AMERICAN STATE BANK GETS PERMIT TO REOPEN SA TURD A Y BUSINESS TO BE UNRESTRICTED $900,000 of Deposits Freed; Other 50 Percent in Trust Liquidation. Files Suit The American State bank, closed sine the Illinois bank holiday was declared by Gov. Horner on March 3, will reopen for business Saturday. Saturday. The reopening will release to the trade channels of Bloomlngton approximately approximately $900,000. or 50 percent of the deposlte that have been kept unavailable to thii bank deposl-tore deposl-tore deposl-tore for six monthe. The release of thla large eum of money la expected to react at once to the furthering of Improved business conditions locally. Tax delinquencies, credit strain and business paralysis are all expected to be materially relieved relieved by the use of these released deposits. Requirements All Met. Permission to reopen the bank was given by the state auditor's department, Friday when the last pt a series of financing require-(Wmenta require-(Wmenta require-(Wmenta had been met. These requirements, requirements, fixed by the auditor the last of June, were: 1, Walvere on 60 percent of deposits; 2, deposit of 1100,000 by the Wochner family; I, deposit of 150.000 by the bank's stockholders; i, sale at par of $100,000 worth of unpledged paper assets, and, S, reduction from 130)1.000 to $300,000 of bills payable to the Reconstruction Finance cor poration. The latest steps of this five-fold five-fold five-fold progrem were completed this week when the Wochner family, pooling their assets in the hands of Adolph Wochner, cashier of the American fit si a bank, negotiated a loan of the $100,000 .0) be deposited, and when through refinancing of farm loans by the Federal Land bank of t Louis, the R. F. C. loan was re duced to $300,000, thus releasing to - the bank bonds and other swuri Ilea held by the R. F. C. totaling In present market value about $1211.000. By the completion of these arrangements, arrangements, permit was Issued by the atata auditor for the bank to reopen on a basis unrestricted far as the unwalved deposits are concerned. . Relief Given 1.100. The accounts of approximately aa.yt.etsi aepoeiiors nave ntfn lira up Q'ln the bank since its closing In T March. Until two monthe ago thla bank, along with the Flret National Bank aad Trust company, and the Liberty State bank, worked toward consolidation of these three Institution Institution Unable, however, to get the approval of the atate auditor for - such program, the American mate bank waa given a prescription DR. SALISBURY ASKS DIVORCE Formal Normal U, Training Schools Dean Files Suit at Reno. Frank S. Salisbury . . former Illinois Slate Normal Normal university faculty member, has charged cruelty In a Rrno stilt for divorce from his wife, Lur C. .Salisbury. opeTsalo! IS OPPOSED State Liquor Control Commission Commission to Organize Today Today in Chicago. The Illinois liquor control com-mission, com-mission, com-mission, of which Arthur S. Smith Bloomlngton, Is a member, assem bled in Chicago Friday to begin formulating a program for super- super- n wine when and If the eighteenth amendment Is repealed. The Panta-graph Panta-graph Panta-graph was advised In press dispatches. dispatches. The consensus of the commission, commission, which Is to go Into session late Friday In the Conk county building, waa strongly opposed to open saloons for dispensation of potent Intnxlrants, It waa said. Senator Harold G. Ward, Chicago, known aa a etudent of liquor traffic traffic and control and as an ardent prohibition opponent, waa favored to ha chosen commission chairman. There la a certain coincidence In name ae far aa the commission membership of State Representative Representative A. B. Lager, Carlyle. la concerned. concerned. He was active in beer legislation legislation earlier this year. Repeal of Dr. Frank S. Salisbury, dean of the training schools at Illinois State Normal university two years, filed a divorce suit against his wife, Lura C. Salisbury, In Reno, Nev., Thursday, according to an Associated Associated Press "dispatch to The Pan-tagraph. Pan-tagraph. Pan-tagraph. He charged cruelty. Dr. Salisbury left his position at Normal ahortly after Dr. H. A. Brown resigned as president of the university late last spring. He has been in Reno several weeks to establish establish residence and make the divorce divorce filing legal. Dr. and Mrs. Salisbury were married at Farm-ington, Farm-ington, Farm-ington, Wash., May 3, 1914. The former dean's appointment at Normal university was announced announced Aug. 23, 1931. Hie position was newly created by Dr. Brown, in a general program of reorganization, reorganization, Instituted by the former president. Dr. Salisbury la a native of In diana and received hia public school training In Michigan. He took the Ph. B. degree from the Michigan State Teachers' college at Tpsllanti, on completion of three year courae, and received A. B. and A. M. degreea from the University of Washington, where he special ised In education. He had two years of graduate atudy at Stanford uni verslty and received the Ph. D. de gree from that Institution. He taught In high schools of South Dakota and Washington, and was a member of the faculty of the State Teachera' college at Balling- Balling- September Grand Jurors Summoned The September session of the grand jury will begirr at 10 a. m. Monday. Summoned for aervlce are Mar ion Stubblefield, McLean; Phillip Carmlchael and Phillip J. Becker, Stanford; LeRoy Stephens, Car-lock; Car-lock; Car-lock; Roland White, Randolph; Edgar Edgar Brown, Bloomlngton township; Louis Bullinger, 1405 East Oakland avenue; Robert Cannon, 614 East Lo cust street; T.T. Hunter and Robert Sweeney, Normal; Harvey Mooney, Lexington; Samuel Rlnkenberger, Grldley; Luke Stoops, Cooksville; Clayton Bellinger, Lexington; P. J. McCarthy, Chenoa; L. D. Cal houn, Farmer City; O. T, Mills, Arrowsmith; Mike Lucas, Cooks ville; Gilbert Brown, Chenoa; J. H. Dunn, Bellflower; H. D. Stlne and Walter Lappln, Stanford, and Al oe r Hager, Anchor, which place he went to Ohio State university at Athens, from which position he came to Normal. D. B. ACCEPT DECATUR BID Macon County Capital Wins Church Conference Over Two Other Cities. The United Brethren Illinois annual annual conference will convene next year at the Third United Brethren church In Decatur, It waa decided Friday by the conference In aesslon at the Second church here. Invita tions were also extended by the Peoria and Springfield churches. General church business and corn- corn- mittee reports occupied the eon ference Frldey, following an early! 3.2 now being legally dispensed. Nine of the 14 members are from Chicago. Twenty-five Twenty-five Twenty-five states being now in tha repeal column and because of the probability that the amendment amendment will be wiped out within the next three months. Gov. Horner has urged the commission to expedite expedite Its work. Senator Ward estimated estimated It will require two or three weeks for holding hearings and formulating taxing and regulatory legislation for the general assembly. assembly. Gov. Horner also aald recently that ha la nnl rartaln ahniit tha the eighteenth amendment would, constitutionality of any lawa passed morning prayer aervlce. Reports were given by the Rev. W.C Hague of Bloomlngton Second church; the Rev. T. D. Mumaw of Anchor, the permit higher alcoholic percent age la beer, ale and lager than the him la expected within the next few days. The consolidation program having having been abandoned as a result of the auditors refusal to aanctlon It by the auditor whereby It might re- re- the state banks are eon- eon- open as an Individual Institution, kerned, the Flret National Bank Liberty Rlatei-nd Rlatei-nd Rlatei-nd Trust company, open Meanwhile. the prior to national repeal. A number of legal experts, he eald, had advised advised him that liquor laws so enacted enacted will stand court teata and had cited decisions to thst effect. Others, however, had expressed doubt Other commission membera are: Ralph M. Shaw, John P. Harding and C. H. Pnppenhausen, Chicago: Reed Green. Cairo; State Senators F. J. Hurkln. Roy C. Woods and A. H. Roberta. Chicago, and H. C aSiStuttle. Litchfield, and State Rep- Rep- Ham W. Powers and David E Shanahan, Chicago, and Michael Fahy, Toluca. BULLETIN BOARD GILLETTE under fed k..k .i.uj .. u.k i.'erai conservator, ronunues io iiqui expected to obtain a prescription )" preparatory to for-... for-... for-... .w. . -i -i .... ...j ... mal disposal of Ita atatua at as .i... -in -in t.a ikt. .liearly date as possible. Definite resentatlvee Matt Frank and Wll organisation and rennanclng or by action concerning thla bank and liquidation under truateeehtp or e-i'- e-i'- e-i'- e-i'- '' !' " reiversblp remains In the handa of 'all. tha state auditor. A decision from Oo" nan me reopening or int American American State hank, four of Bloomlngton Bloomlngton a and both of Normal's banks will have returned business, the one state and one national hank In Norma having been reopened a month after the holiday waa declared, declared, and the McLean County bank, the Corn Belt benk and the Peoples bank In Bloomlngton having having been previously reopened. The deposits waived by depositors depositors of the American State bank. will, according ta tha auditor's program, program, he paid off In amounts, from time to time, aa the assets aet aside to protect the bank a waived deposit deposit liabilities are liquidated. This liquidation. In the bends of the banks trust department, ta In tended to be carried en ever such a period as la required to obtain the fullest return from the eale of aaaeta. The Wochner family, and the bank'e stockholders are pledged KMH4IKNCI CALL. aa salts beeaiiai tea we esne ntt aaeaMai nee at- at- Jaeee a BeseHal. ... tea sawn en SHaaattesta eeaerlaMOt ae raoMe hu lea Nail are artaMM.... Mental Bailee salt , liirsi Mr. aa4 Mi. Itaeael Paraar. lilt Oat-tna Oat-tna Oat-tna saue. a Uri, fears Taraer at a. Jaeeak a aosaiial. Knot iu a not t rrrv. Cfeerlas Harvaa. nSt Baulk La street, le sn Wan Oil, sirael. e tail KaM Ocaae el ran. Ray aMI. I Ma gea Jarkaas street, to IK Kaet Oekiea svaaue. . annual i irr. RW aaaaiaiaa. r. r. t, HaMer, to Ilia atk reeter rial. BKMot hi rami ittt. Mrs Bane iarta, I ant rraasita eeaae, le piratouia. H. . auaiuon uraaaaa. Ankar P. Asssm. ftiaaaimfiaa Heart A. Tkiama. We nasi. KaaaaatT nrana. Mrs. Oieav BrtiaHa. I at BaaUl Caster o leave on deposit the 1150.000 re cently pieced In the bank, and no dividends are to be paid stockholders stockholders until the last dollar of waived deposlta has been paid i I na Hmilir.n pi.i. , i ,1 been m continuous operation, ex rept for the holiday, since Its founding In 1"J by group of eight Bloomlngton men, headed by Albert Wochner, the president, and aea Including Paul T. Belch, Edward T. re nev, uuetave puearner, rrana Oherkoetter, James T. Neville. Charles F. J. Agla and R. F . t. Vmsae ef Arreaeeiita. Mtitt U Pane is Mae rta. far II, I I a ftaaa s eeaitlaa le ajlea nasi si aiae rat II. atrl af tot 1. seats eaSHaia. aaT iLi'S in' a. to Ltela' Monpe The bank waa originally mraiea at ( smii asain siieai but moved lo Ita present location at U North Main street eight years ago. Into tha building owned by the bank. Tha bank enjoyed rapid growth from Ita beginning until In later yeara It has maintained position In Bloomlngton second only to the People hank In amount of de poslta, and has ranked with the Peoples benk and th Flret Na tional bank and Trust company In number pf depositors. raanal Pilliai. Carts af ttjaaki. aa Btisiirtiai aad Bsnlal HeMea, le-Mae le-Mae le-Mae s ii i ii si, M.aa to nasi east-ml east-ml east-ml toass las ear, fees ear res) Oaf's raw a as t as le I e av. oat eerare nmnitin aad is e'afer aeae tor Baal itmaa. rvaaaai. rijmaaa j. arajaaKiaga Tee rtara Summers 625 North Art Now Rtady to Studtnt. for Opening a of Beauty Special Thert i a bright future beauty Summers Graduates 9 mm DT stop wuiv tor a. 4. oro. aora oaten At thse drasticasllf rWocsd pries cam afford th daily luxury of shaving razor bladss that can ba produced. guarantee quality will ba maintained high levels. Pending the printing of you will find a price mark of 50 on five blades and $1.00 on the packages But you pay only the reduced prices

Clipped from The Pantagraph08 Sep 1933, FriPage 3

The Pantagraph (Bloomington, Illinois)08 Sep 1933, FriPage 3
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  • Wochner American State Bank reopens 8 Sept 1933

    meyersci – 24 Oct 2014

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