Article Text
JONES, M'KEE WARN AGAINST BANK DELAY Tell Reorganization Leaders National Policy To Have Little Effect Here (Continued From Page One) initial dividend through any broad national policy for releasing frozen funds, nor will the for depositor dividends affected plan for distributing larger sums to all closed banks, the two Here the Jones' in reply inquiry by CongressDow Harter 'Replying inquiry beg to advise this has which deposiwould receive distribution early date, will affected any plan larger sums all closed banks, and when such plan can made Warns Against Delay would not increase loan to this institution unless there very Any effort lay distribution this possibility larger disawaiting tribution, would not to be the the are anxious to distribute funds closed rapidly but can only collateral. Should any different the loans closed banks, policy naturally glad consider the others. along further service please command talking the Beacon McKee, Journal's Washington correspondent, president's plan is simply other parts the get the people country accomplish what the Akron already trying people believe Akron should hang back the depositors would get more than they have been promised Should Be Pushed believe reorganization plan should be pushed ahead as rapidly possible. McKee said his statement was based the additional banking facilities were necessary Akron. belief shared other officials the expressed the belief that depositors would not get much, any, original payment all funds used for reimbursement none for reorganizawas pointed out that the size the recently proffered predicated the reopening defunct Give Consent The Tuesday had brought consents, volving with 168,000 bentures issued stockholders. was three radio discusof Monday night, by Sheck, attorncy, speaking for the ciation; by Rev. Fr. Joseph pastor St. Mary's church, and one by Edwin Brouse, attorney. Sheck his attack said: might say that when the government take over assets closed banks, including First-Central, then the the depositors Can Wait Days "We every that President Roosevelt will play have waited long for now when he giving you help. lieve we can wait few days longer what will do for Sheck demanded again the names prospective directors and officers of the reorganized bank. declaring: "As long they refuse to give these names, paid, together with other and the new bank, will not the consents. Sheck said Wadsworth bank reorganization those who signed consents received their deposits, while who sign received 55 per cent. Dudley Maxon, sponsoring reorganization declared Tuesday that Sheck sought to mislead those listended to Signers Got More Wadsworth bank was closed almost two years,' Maxon per the depositors signed program. Those signed to reopen, those received when the bank resumed deposit, and tificate participation in the assets of old bank liquidated. objectors to reorganization received the time deposit for per cent, and no participating certificate. "This means the signers received per more than the objectors. Assets be liquidated were one half times than amount the participating certificates "This committee wants underare fighting reorganiSheck continued only withholding members our depositors' sociation. "Why do not the 100 prominent business are for reorganization put up the money open Own they feel that Akron needs so badly, why don't 100 business leaders the organization plan get together with chamber the junior chamber commerce and the rubber industries and others civic minded, and let them finance new bank, instead asking depositors for with which to finance the bank. and then refuse to you know run the bank and how much will they want to do so much for Akron, let do something, too tried impress these the that the depositors who not are not ested whether bank formed, but they only getting money out of the ers "There another reason why have been holding off, and that because find that the zation plan no for the the people do not sign the "Some made for the people who not sign, because must paid common pleas court will force the bank pay depositors who refuse to sign consent agreement." Rev. FT. O'Keefe pleaded with his listeners for support of the reorganization declaring that "circulation the 20 dividend will be paid material assistance home owners, and the citizenship generally. part of the nation we are the great NRA gram,' Brouse pledged our support to this vast scheme restoring the United States. The asking for local "In the reorganization plan every interest has been rightfully of the tor. Until the depositor paid, the has nothing Want Largest Yield depositor interested two things, first the obtaining the largest possible and second, having the assets the bank that he will get the largest possible of the of his "The larger of the depositors' the assets which remain after the initial "Any other idea which has been suggested only the taining loan the ment, and the larger of the stockholder There no for larger payment under any other plan or scheme "Under any plan, the funds for the tors must from loan from the "No other plan which offered has objectives the of going bank. Unless have bank the financial interests of every man, woman and child Akron, Cuyahoga and Barberton will be retarded. "Purchasing power is needed in solution difficulties. means the payment wages, the means wherewith to buy food and clothing, and to obtain money creates purchasing power. Process Speeded resuming bank can act in cooperation liquidating agency. This means that loans will more speedily and more certanily More speedily, because there will greater volume of business which may obtain money with which their cause who dating going concern feel greater to pay than were dealing with receiver liquidator who 'junking' security "So the reorganization method of liquidation will get more money for depositors less time than hasty liquidation would produce.' Thomas Welker post of the American Legion, its meeting Monday night, approved resoluconfidence the reorganization, and pledging help obtaining condepositors to reorganization. Guy Wilhite. bailiff in Judge Oscar pleas court, sponsor of resolution, said there was voice raised. This the first veterans' group sponsor such resolution, was said. Two radio talks on the plans schedfor Tuesday night. Mrs. Alfred Bame of the Peoboard, is talk WADC, and Rev. Dinda 8:30 Mr Dinda will speak in the Solvenian