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GOES FOR PEARL CITY TOO Freeport Standard—Waivers are being signed by 98 percent of the Union Bank & Trust Company in Freeport of which F. H. Altemeir, Pearl City State Bank receiver, was cashier. The committee urges that every one sign so as to avoid a receivership, a method of liquidation which is burdensome and expensive.
LOCAL NEWS The days are warm but the nights are cool. Quality Markers and Monuments. Geo. W. Ivey & Sons, Mt. Carroll, Ill. Wm. Liebergasells and Oscar Miches, south of town, visited the Century of Progress this week. Stockton Herald—Mrs. Ella Krell and son-in-law, I. G. Machamer of Freeport attended the World's Fair Sunday. Edw. Schuler, Carl Schuler and Mrs. Winnifred Shane and children took in the Worlds Fair at Chicago last Thursday. Charles Bender of Red Oak is critically ill. Mrs. Charles Bender is a sister of Charles and Will Liebenstein and Miss Mary Liebenstein. Miss Lucille Koertner accompanied Miss Eloise and Charles Buss to the Century of Progress Exposition in Chicago last Saturday and Sunday. The last of 5 trainload of tires at close-out prices. What's left of 200,000 Pharis Roadgrippers. 4.40-21, $3.98 4.50-21, 4.69. All sizes. Gamble Stores, Freeport. Gerald Edler son of Mr. and Mrs. Henry Edler and LaVerle Aurand son of Mr. and Mrs. Earl Aurand of Freeport recently hitch hiked to the Worlds Fair. The boys were lucky in getting rides both ways. The Lena band gave a street concert on the North Side last evening which was greatly enjoyed. Vocal and guitar solos were contributing factors to a well arranged program. The 4-H Club girls sold candy, popcorn and hot dogs during the evening. Bearing in their youthful active minds that vacation days are rapidly drawing to a close, Eugene and Junior, sons of Mr. and Mrs. Carl Block, spent last week with their uncles and aunts, Mr. and Mrs. Ed Block near Florence and Mr. and Mrs. Parker Taft near Winslow. Mrs. Ellen Finkenbinder has had the buildings on her farm repainted, also a new lawn fence and a new porch has been built on the north side of the house. Geo. Thomas did the work. It makes a fine improvement to the already attractive farm home. The Fred Lott family occupy the place. The depositors of the Freeport Union Bank and Trust Company of which F. H. Altmeier (Pearl City Bank receiver) was cashier, have entered formal protest against receivership. E. R. Shaw, newly elected Democratic Supreme Judge will plead in their behalf today at Springfield. Couldn't Pearl City follow this same course? Liquidation could be worked out in time. Whatever value belongs in the bank belongs to the depositors. A receivers service means added expense and less money every day to start a new bank which the town so badly needs. The continued cool evenings are causing some anxiety among vicinity farmers. There have been temperatures as low as 50 degrees in mid-August. Indications are for an early frost. Guests enroute to St. Louis stopped here Saturday and part of Sunday for a short stay with Mr. and Mrs. Ed Tollmeier. The auto party included Mrs. Nellie Kerch and Miss Jane Kerch of Dundee and Miss Agnes Cartier of Chicago. In company with Mr. and Mrs. Tollmeier all motored to Oregon, Illinois to have Sunday dinner with the DeLorbe family, Mrs. DeLorbe being a sister of Mrs. Tollmeier and Miss Jane Kerch.
If the court ruling is upheld by the Illinois Supreme court, operating banks will be forced to file claims for clearances with those of general creditors of defunct banks and as a result additional funds will become available to closed bank depositors. The ruling, however, will not affect claims already paid by closed bank receivers to operating banks, it was pointed out. The decision, described as of "major importance" to Illinois bankers, was given by Judge Harry Edwards of Dixon. Concurring jurists were Judges Frank Sheean of Galena and Albert S. Manus of Freeport. Two "test cases" synonymous in character were argued before the jurists on March 9. Claims for preference for more than $8,000 were filed against the receiver of the closed Union Bank and Trust company by the First National bank and the Freeport State bank, all of Freeport.
COURT UPHOLDS STATE LAWS ON BANK LIABILITY Illinois Supreme Justices Rule Ordinary Records Will Suffice to Prove Claims. Springfield, Ill., Dec. 19.—(Associated Press.)—The Illinois supreme court was on record today as upholding the constitutionality of the state banking act provisions for assessment of stockholders. By a 4-to-3 decision, the court held that when a master in chancery is assigning assessments to stockholders of a closed bank, it is not a pre-requisite that all claims be proved by the creditors to determine how much individual stockholders owe. The decision was handed down in a case appealed from the Kankakee county circuit court by stockholders of the American Trust and Savings bank. It was written by Justice Paul Farthing and concurred in by Justices Clyde E. Stone, Norman L. Jones and Francis S. Wilson. The stockholders were defendants in a lower court suit brought by creditors who asked assessments against 173 stockholders. The lower court ordered the assessments made, overruling contentions that creditor claims should be proved first. "This proof can be made otherwise," the court said. "The books of the bank and its papers should show what it owes each creditor and when the obligation accrued to him." The decision affirmed the lower court degree. The court held unconstitutional, however, the state law granting a preferred claim to a creditor whose draft is returned to him unpaid from a closed bank. Arthur E. Crum, receiver of the Union Bank and Trust company of Freeport, brought the suit in Stephenson county circuit court against William L. O'Connell, receiver for the Union Bank and Trust company. The court ruled on more than a score Cook county cases. It ordered the release of Arthur Emblen, convicted of assault with intent to murder Eli J. Daiches of Chicago, advertising company official. The court reversed the case on the ground Emblen was not brought to trial within the statutory period.