Arizona Republic from Phoenix, Arizona on August 16, 1970 · Page 34
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August 16, 1970

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Arizona Republic from Phoenix, Arizona · Page 34

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Location:
Phoenix, Arizona
Issue Date:
Sunday, August 16, 1970
Page:
Page 34
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Page 34 article text (OCR)

f— i I. I Depositors wait in line for 'refunds' Press International EATONTOWN, N.J. - A carrfltal - like atmosphere prevailed outside tfce Eaton National Bank yesterday with customers sipping free soft drinks as they waited patiently for their money. Despite 90-degree heat, more than 2,000 persons stood in line to receive their checks from the Federal Deposit Insurance Corp. (FDIC). the embezzlement which led to the FDIC payments may prove to be the largest in U.S. banking history. The average depositor spent only about 10 minutes inside the bank, prompting one FDIC official to fcay that "at the rate it's going, they should be able to finish up most of it by Tuesday." FDIC Chairman Frank Wylie himself presented the first check to David Leach, 21, a senior at Iowa State College who arrived at the bank with a sleeping bag 10 hours before it opened. ,. Second in line was Robert Koenig who had appeared at 5:15 a.m. because he wanted to be sure of money for a down payment on a new house yesterday. Depositors began arriving in droves by 7:30 a.m., when the tree - shaded cement sidewalk outside the bank was still wet with dew. When the doors opened at! 9 a.m. at least 300 perople were waiting. Thirty officers of FDIC had worked through the night preparing refund checks totaling $16 million for the bank's 13,000 depositors. The government agency, created by President Franklin D. Roosevelt after the bank disasters of the depression, insures each account up to $20,000. The Eatontowni; Bank was padlocked a week ago when federal auditors discovered several million dollars missing. Douglas SchootCj 39, president of the bank since it opened six years ago, was charged Tuesday with misapplication of $5 million in bank cashier checks which he allegedly used [in a stock scheme known as 'fkiting." As the Eatontown bank was drained of itsretaaining funds, the First Merchants . National Bank of Asbury Park solicited accounts. The Asbury Park bank bought Eatontown National's main office, land and vault Friday for a reported $1.5 Million. "Would you like to open an account with First Merchants?" an official asked people lined up for refunds: "We have two windows waiting to serve you right inside." Ron Beuchler, 1 an Army lieutenant stationed at nearby Ft. Monmouth, caused the biggest stir when he burned his deposit Slips! outside the bank. Jill West, 19, pf Oakhurst and her 16 - year • old sister, Kathy, brought, along soft drinks which they passed to fellow depositors as they waited their turn. Denver firm adopts 4-day work week DENVER (AP) - The C. A. Norgren Co., is scheduled to become the Jirst major manufacturing plant in the Rocky Mountain region to initiate a four-day work week beginning Aug. 31, it was announced yesterday. President C. Neil Norgren. said the new schedule for the company's 450 employes includes two shirts working Monday through Thursday with a three-day weekend. He said employes would work 37 hours but be paid for 40 hours, which represents an hourly wage increase of 7% per cent. Comport <rt '1.65 Revto' Everyday DiscountPricftiJt Save everyday at Phoenix, Son., Aug. 18,1970 BuLLUOu The Arizona Republic A-19 Available at Sears Phoenix, Scottsdale and Mesa Sears AFPUBNCE SUNDAY and MONDAY,,. Aug. 16th and 17th ONLY! 60100 Two-Temperature Electric Dryer Sears Price "Heat" setting dries all fabrics thoroughly, "Air Only" fluffs and .freshens. Lint screen cleans easily. Load-a-door makes handy shelf for folding, sorting. Coldpsot 10 cu. ft. Upright Freezer Sears Price Grille-type fast freeze shelves let zero cold air circulate freely around food for efficient freezing. Adjustable cold control. Glide-out bottom basket. 4008 11-in. Diagonal Measure Picture Color TV Sears Low Price Trans-portable TV has color purifier to keep colors vivid all the time. Automat* ic chroma control and keyed gain con* trol cut annoying color pulsations. 1 58120 i Wringer Washer with Safety Roll Stop Sears Price Closed-top wringer mechanism gives maximum safety and protection. Safety roll stop prevents jamming of clothes i]ti housing. Wringer adjusts to 8 positions. 1020 15 cu. ft. Chest 'Thinwall Freezer Sears Price .Thinwall fiber glass insulation saves space and keeps more cold in, heat out. Total contact freezing saves operating costs. Counterbalanced lid. 4109 Save $ 21 on Color 18-in. Trans-Portable TV Regular $299,95 Bold, bright color TV has 18-in. diago* nal measure picture. Automatic color purifier keeps color vivid. Automatic chroma control and keyed gain control. 18100 Washer Cleans with Just One Dial Setting Sears Price 6-vane agitator loosens even the deep- down dirt. Safety switch stops spin action when lid is raised. Porcelain- finished tub, built-in lint filter. ,:.. ' 68300 Coldspot 14.1 cu. ft. Refrigerator-Freezer Sears Price Convenient storage with big, lift-out basket, handy crisper plus -full-width shelves on door. Automatic defrost refrigerator. Adjustable cold control. 5000 Black and White Portable TVs Sears Price Personal size 9-in. diagonal measure picture TV can end the "whoMJvatches- what'* arguments. Compact design, photo-like picture. An ideal second set. 20400 3-Temperature Kenmore Automatic Washers Sears .Price .You control the temperature and the wash time. It's completely automatic', all you do is set the dials. 6-vane agitator gives thorough wash action to loosen stubborn dirt. Safetv-lid switch. Coldspot 15 cu. ft. Frostless Side-by-Side Sears Price You'll never defrost again . . . both sections are All-Frostless. Freezer holds over 187 Ibs. Roomy door shelving in both sections, large crisper. 3262 Sears Solid State Portable Stereo Regular $54.95 Full size, full powered stereo with automatic record changer, front mounted speakers, "Floating" cartridge, instant play. Compact design. USE JSEARS EASY PAYMENT PLAN For Similar Values, Shop Sear* Nearest You SHOP AT SEARS AND SAVE Satisfaction Guaranteed or Jour Money Back Sears PHOENIX STORE 20th Sfc and E. Caiuelback Rd. Phone 263-4141 ' Open MOD. thru Sat 9:30 a,ID, to 9:15 p.m. Sunday 12 Noon to 5 p.m. SCOTTSDALE STORE E. McDowell and Scottsdale Rd. Phone 263-5555 Opc-n Mon, thru Sat. 9:30 a.m. to 9:15 p.m. Sunday 12 Noon to 5 p.in. MESA STORE 21 N. Mrtedonald • 964-4527 Open Mon., Thurs., Fri. 9:30 a.m. to 9 p.m. Tues., Wed.. Sat. 9:30 a.m. to 5:30 p.m. IEABS, ROEBUCK AND CO. AUoAvaiUbIe:SMOW. Indian SehoplRd. 3654 W. ClenebU Ave. 6040 S. Central Ave. 1006N. Arizona, (.handle.

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