Commercial National Bank (Waterloo, IA)

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Bank Receiver's Office Moved to Commercial Nat'l

Offices of W. C. Pyle, receiver for the Pioneer National and Commercitl National banks, will be moved to the quarters of the latter concern on the of Fourth and morning, the Saturday. Doors of the Commercial bank will be opened at that time and persons desiring to file claims on either bank or to see the receiver for any reason are asked to see Pyle in the new office quarters. "We making the move to save explained. A small staff will remain in the

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Plan Approved For Opening of Waterloo Bank

WATERLOO, Ia., Nov. 7.—(Associated Press)—The comptroller of currency has approved a plan whereby a new Waterloo bank will be formed and more than $1,500,000 tied up in the closed Commercial National bank will be released.

After approval of the plan by the bulk of the depositors of the Commercial National bank, the receiver would declare a 40 per cent dividend to depositors, approved assets of this amount to be placed in the new bank.

It is planned to sell 2,000 shares of stock at $125 each, making a capital stock of $200,000 and surplus, undivided profits and reserve of $50,000.

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WATERLOO

Comptroller of Currency Approves Plan for Institution comp troller of currency has approved plan whereby new Waterloo bank will formed and more than 500,000 tied in the closed Commercial National bank will be leased.

After approval of the plan the bulk of the depositors of the Commercial National bank, the receiver would declare per cent dividend depositors. approved assets this amount to be placed in the planned to sell shares stock $125 making capital stock and sur plus. undivided profits and

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New Waterloo Bank to Free Money Tied Up in Defunct One

Nov. comptroller currency proved plan whereby terloo bank will formed and than tied the up Commercial National bank be released. After of the plan by the bulk the depositors the mercial National bank, the receiver declare 40 depositors, this amount in

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Bank Sales Army Opens Campaign for Agreements

(CONTINUED FROM PAGE ONE) the excellent results already the volunteer signers and by sales me that Waterwill have bank.' Rath Tells Origin. John Rath, original member the preparing the plan, spoke briefly of the work of setting the plan. plan you are selling proved the comptroller currency, said Rath. was an he gave Even after the compthe the of and cent liquid. bank of that character that the government be to the Waterloo. "Nectssary to Pct. Dividend." Allen Head answered question frequently finalleft doubt "The bank will able dividend old bank the amount of the money going into it," Head declared. "The closed Commercial National be to pay dividend cent the present time without borrowing money from Reconstruction Finance Need 2,600 More.

"Originally there were about 13,000 depositors the bank. Payment depositors full will leave 7,500 depositors. those with deposits $25 or cuts the number 4,500. 1,900 2,600 to be complete the Cheney some number his committee for reports. The reports out were most satisfactory with Tesmer and Chapman has assisted Hoxie getting together his army. explained the card system to be by men.

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ASK OUSTER OF BANK RECEIVER

Willford Wants Demos in Every Position in His District

Refusing to elucidate details of his attempt to unseat W. C. Pyle as receiver of the Commercial Na. tional bank and Pioneer National bank of Waterloo. Congressman A. C. Willford said Wednesday had been recommending the removal for three months. This week, however, he forward ed to the comptroller of the cur rency a letter from an unidentified Waterloo resident protesting Pyle's work.

Wants Jobs for Demos "Pyle is republican, and want democrat on the job," Willford said here. "I want democrats in every appointive office in my district. All a man needs to be is republican and I'm in favor of his removal. That goes for Pyle. No. body can tell me there isn't competent democrat for every competent republican officeholder. and want jobs held by people who want this democratic administration to succeed.'

Dickinson Drawn In Willford declined to comment on a report that Senator Dickinson (R) of Iowa had been drawn into the controversy. Dickinson himself branded the controversy as "an attempt to stir up something that was settled five or six years ago." It had been rumored Dickinson received favor from Pyle during the settlement of Dickinson's receivership. Dickinson denied this, asserting that the case had been settled in the courts and is mat. ter of public record. "Pyle has been a good receiv. er." Dickinson said. "I did not rec. ommend him for the post. as seems to be reported now. He was ap pointed directly by the banking department. This entire matter is over as far as I'm concerned."

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National Bank's Deposits Increase $164,000 in Day

A net gain of $164,000 in deposits over withdrawals was reported by Rodney P. Lien, vice president of National bank, Friday following the opening Thursday of the new bank in Waterloo east, Persons who withdrew part or all the 40 per cent dividend paid by W. C. Pyle, receiver of the Commercial National bank, took out of the bank approximately $50,000, while new deposits totaled approximately Practically the same ratio of deposits to withdrawals was being maintained Friday as number of other business firms opened large accounts at the new bank. School savings depositors continued to make up the majority of those making withdrawals, "The first day's work is over," declared Lien. "Now we can settle down to business.'

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Mornin Named Bank Receiver

Waterloo. Ia., Aug. George Mornin. Cedar Falls, day became receiver for the Commercial and Pioneer National banks here, succeeding W. Pyle. Pyle was receiver of the banks in 1932. His resignation requested by federal currency comptroller. he said.

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Two Defendants Among Five Are Found Not Liable

Miss Conroy's $7,500 Damage Suit Against Other Three Will Go to Jury.

Trial of the personal injuries damage suit in which Miss Della Conroy, stenographer, is seeking judgment for $7,500 against five different will be resumed Monday at with two of the defendants eliminated by directed Following arguments and answers by five attorneys the various which occupied the entire day Friday, Judge George Wood sustained motions to rect for the First National Buildcompany and the First Nationbank, holding that these porations could not be held liable for the accident. This leaves the Commercial National bank (receiver). the H. Maine company, and the Waterloo Window Cleaning company as defendants when issue damages is submitted to the jury Arguments to the jury will be commenced at the opening of court Miss Conroy was injured when an iron pipe, used condult for electric wires street clock and which had been left lying upon

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Gives Miss Jury Conroy $6,500 Damage Verdict

Returned Against Commercial Bank Receiver and H. Maine Company. verdict for $6,500 favor Della injuries suffered March 1932, when conduit pipe on head returned Tuesday jury Judge Wood's dividistrict court against Commercial National bank receiver: Maine and company Van Metre and George Harris, plaintiff's asked $7,500, claiming that severe concussion the brain resulting from blow to the head caused injuries probably lasting exhibited weekly recurring and dizziness At the time injury Miss Conroy was Insurance She has not been to work since her injury. Jury Views Building. The the instructions and permission view the First National building, where the Commerbank tenant the ledge the first story from which the conduit weighing pounds fell Miss Conroy she was returning from lunch The jury excluded Waterloo Wincompany from court previously excluded First National bank and First National Building company Classed Creditor The verdict far as the Commercial bank and are attorneys will Miss Conin the position along other credand depositors of the the Maine Maine and the Window Washing Sullivan represented the Commercial bank and receiver.

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COM'L PAY $280,007 MONDAY

Represents 8 Pct. on Claims, in Addition to 40 Pct. Paid Last June.

Checks in payment of the second dividend to depositors of the closed Commercial National bank ready for distribution 10 Monday, George S. Mornin, receiver, Saturday. The checks represent per cent dividend. the 5,529 claims filed, and may obtained Mornin's office the Waterloo Savings Bank building. When calling for their dividend checks, persons claims against the bank should the pink ceipts given them at the time their claims were filed, said. The major part of the total dividend will depositors Waterloo, there were comparatively few depositors out city. Checks will be mailed latter. The first dividend to Commercial bank depositors was 40 per when the new National opened last June loan obtained Mornin from the Reconstruction Finance corporation made the second dividend time. The bank closed July 14, 1932.