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To Reorganize Union National New Issue of Preferred Stock Now Being Subscribed For in Local Banking Circles Reorganization plans by the Union National bank, this city, under the terms of which the institution will resume business without restriction, were under in local banking circles An issue preferred stock is being offered the expected fully subscribed within the next day two, when the reorganization will be approved federal reserve and the institution to resume business formerly. Under the plan the services of the present conservator, James Linen, would no longer be required and the own placed charge institution. McCulloch's Statement W. McCulloch, of the discussing plan yesterday declared: provides for entire formity with all the provisions the new law and the regulations of the treasury and the currency. situation the upper valley remained unchanged yesterday. several institutions operating holiday restrictions awaiting the treasury department relative to further procedure.
