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*aBSrao? THE McHENRY PLAINDEALER >• I'M1 'r'f 1 • 4* <"l"i' I |..|..|it4 A PUBLIC MEASURE TO ADOPT ILLINOIS BANKING ACT OFFICE OF THE SECRETARY OF STATE ?• CAPITOL BUILDING, SPRINGFIELD, ILLINOIS. . STATEMENT AND SUGGESTIONS PREPARED BY THE SECRETARY OF STATE AND APPROVED BY THE ATTORNEY GENERAL OF THE STATE OF ILLINOIS To the Voters at the General Election To Be Held Throughout the State of Illinois, Tuesday, November 6, 1956. Pursuant to Senate Bill No. 324 passed as an Act of the 69th General Assembly of the State of Illinois a proposition is to be submitted as a public measure to be yoted on at the general election on November 6, 1956 and the proposition so submitted will appear on the same ballots as the names, of the candidates for state and other offices as follows; Shall "An Act to Revise the Law with Relation to banks and Banking and to Provide penalties for the Violation Thereof, and to repeal certain Acts herein named" be Adopted Effective January .1, 1957?' Yw • No adopt the Illinois Banking Act, which proposition is to be sub* mitted to the voters at the general election on November 6, 1956. And I further certify that said Statement and Suggestions have been submitted to and approved by the Attorney General of the State of Illinois and do hereby certify them to you to have published and posted in accordance with the provisions/ of Illinois Revised Statutes 1955, chapter 7%, paragraph 11, for the general election to be held - on Tuesday, November 6, 1956. - . IN WITNESS WHEREOF, I hereunto set my hand and affix the Great Seal of the State of Illinois. . Done at my office in the Capitol Building, in the City of Springfield, this 5th day of September, A.D. 1956, and of the Independence of the United States the one hundred and eighty-first. CHARLES F. CARPENTIER, , ' Secretary of State. Published this 1st Day of Nov., 1956. RAYMOND D. WOODS, McHenry County, Woodstock, Illinois County Clerk Over 40.000 Registered Voters Recorded In County Continued from Page 1 accordance with "an act relating to the care and treatment by counties of persons inflicted with tuberculosis and providing the means therefor" approved June 28, 1915. Second Proposition The second proposition calls "for" or "against" vote on the levy of an additional tax not to exceed a rate of .075 per cent of the full, fair cash value of the taxable property of McHenry county as equalized or assessed by the Department of Revenue in excess of the statutory limit for county purposes of .125 per cent of the full, fair cash value as equalized or 'assessed by the Department of Revenue for the care and treatment Of persons afflicted with tuberculosis, also in accordance with 4he 1915 act. Both must receive approval to If a majority of the votes Upon such question in such election aire for the adoption of such act, the Governor shall thereupon proclaim the act in force effective January 1, 1957. A statement setting forth in detail the provisions of the proposed Illinois Banking Act has been certified to the County Clerk for filing and preservation for public inspection. Pursuant to the statutes of the State of Illinois in such case made and provided, the following Statement and Suggestions has been prepared for publication and posting as being necessary to afford a proper understanding of the proposition to be voted on as aforesaid. s STATEMENTS AND SUGGESTIONS The proposed Illinois Banking Act applies to all existing and future State Banks and. repeals all the provisions of "An Act to Revise the Law in Relation to Banks and Banking", approved June 23, 1919, ratified by vote of the people November 2, 1920, and Acts Amendatory thereof. In the sense of organization, arrangement and phraseology this is a complete and new banking law. In the sense of substantive content the Illinois Banking Act is a restatement of the law now ,Dass in force with certain changes, additions and 'clarifications which ? The BJue BaJlot fourth are herein noted, The significant changes, additions and clarifications made in this proposed Illinois Banking Act are as follows: (a) The minimum capital requirements of the present Act remain unchanged but in the chartering of new banks and in mergers, conversions and reorganizations the Auditor of Public Accounts is required to determine that, a proposed bank's future earnings prospects are favorable and that the general character of its proposed management is such as to assure reasonable promise of successful operation. The restriction against establishment of additional banks in communities of 2500 or less inhabitants is removed. In the case of the community of over 100,000 inhabitants the requirement of residence of the incorporators within three miles of the proposed bank's location is eliminated. The incorporators are each required to subscribe and pay for not less than one per cent (1%) of the capital, surplus and reserve. (b) The supervisory authority of the Auditor of Public Accounts is broadened and clarified in organizations, bank operations, examinations, liquidations and receiverships. (c) Corrective action may be taken by the Auditor of Public Accounts not only in situations of actual or threatened capital special issue to be voted on. Details appear elsewhere in this issue. Brownie Scouts Brownie Troop 53 Brownie Troop, No. 53, led by Mrs. Lieberson and co-leaders, Mrs. Miller and Mrs. Griesbach, meets on Mondays. A beautiful crystal plant made at a previous meeting is being observed by members. The troop made tray favors of gourds for McHenry hospital patients. This month's officers are: Linda Amann, president; Kathy Barrows, vice-pres impairment but also when a bank's business is being conducted ident; Sara Borchardt, treasurer in an unlawful, fraudulent or unsafe manner. The Auditor's action is under court supervision. (d) As an alternative to liquidation mechanisms for the reorganization of a state bank are provided and statutory minimum requirements for a reorganization plan are defined. (e) There is an express statement of the power of banks to adopt reasonable bonus and pension plans for officers and em-, ployees, to make reasonable donations an<} to pledge assets to secure borrowed money, deposits of public money of the United States and o--f£ ithl e State of ITlllii:n oi• s and9 dJe posits. wvh'e n secur1itay » therefor is required by the national bankruptcy law. The authority and manner by which a bank may own real estate in or with which to do business is stated and clarified. (fT There are provisions for the issuance of preferred stock by state banks .and permissible provisions for its redemption, priority and conversion are set forth. (g) The pre-emptive right of stockholders to acquire a proportionate share ot( stock in the case of a capital increase is stated aiid authority for the issuance of stock for a price in excess of its par value is given. The corporate procedures for banks in many respects are brought into conformity with corporate procedures as established in the Business Corporation Act. (h) The existing prohibition against branch banking is re- - tained, but the proposed Act contains a definition of the words '^banking house," "branch banking", "branch office" and "additional office or agency" under which a place for the conduct of bank business would not be in violation of the branch banking prohibition if such place is adjacent to and connected with the main banking premises, or, if such place is not so connected, it is separated from the main banking premises by not more than an alley, --in which latter event the" connection with the main banking premises may consist of simply a public or private way across the alley although connection by subterranean or overhead passage would still be permitted. However, in any event such place cannot be within any office or room in which any business or service other than the business of the bank is conducted or carried on. In addition under the said definition, a place at which only records of busmess are made, posted or kept would not be in violation of the branch banking prohibition, wheresoever such a place might be located. (i) In mergers and conversions involving state and national hanks federal law controls all matters affecting national banks and the rights of dissenting stockholders where there is a resulting national bank. A new provision provides for mergers between state banks and trust companies under stated conditions. (j) An emergency sale of a bank's assets (with the Auditor's approval) may be directed by a majority vote of the directors instead of the two-thirds vote required under present law. (k) A new exemption from basic loaning limits permits 'lo£sns up to 30% of capital and surplus when such loans are secured by livestock collateral having a value of not less than 115% of the loan. (1) The restraint on dividend payments is changed so as to require not less than one-tenth of earnings to surplus until surplus equals capital. The present law imposes the restraint only until surplus equals 20% of capital. (m) The prohibition against transaction of the business of banking and use of the words "bank", "banker" or "banking" is extended to apply to corporations not having banking powers. (n) In bank receiverships creditors holding two-thirds in amount of claims may appoint a receiver instead of the present law's requirement of two-thirds in both number and amount. Claims in receiverships are given 3% interest thereon and a new provision permits full payment of claims of $10.00 or under in lieu of dividends thereon. (o) A separability clause is added. Invalidity of single pro- , visions does not affect other provisions. CHARLES F. CARPENTIER, Secretary of State. Approved this 12th day of July, A.D. 1956 " LATHAM CASTLE, ^ - Attorney General. OFFICE OF THE SECRETARY OF STATE, STATE OF ILLINOIS * ) CAPITOL BUILDING, ) ss. SPRINGFIELD, COUNTY OF SANGAMON ) ILLINOIS To the County Clerk of McHenry County, Illinois: I, CHARLES F. CARPENTIER, Secretary of State of the State of Illinois, do hereby certify that the foregoing is a true copy of the Statement and Suggestions prepared by me as necessary to afford a proper understanding of the. proposition to and Elaine Bartow, secretary. ON PROBATION Three young people arrested on charges of disorderly conduct for cutting barbed wire fences on several county farms were sentenced to serve short terms in the county jail last Saturday. They will then be on probation for a year. The three were Fred Schnulle, 17, and Robert Schnulle, 15, of Ringwood and Delbert Douglas, 17, of Woodstock. The charge of disorderly conduct was changed to malicious mischief. HOUSE FIRE Fire caused by an overheated furnace in the George Wagner home at Fritzsche Estates, east of McHenry, caused damage to a wall Wednesday afternoon. Local volunteers had to chop away about eighteen inches of the wall so that the flames could be prevented from spreading. V HEBE AND THERE IN BUSINESS New to McHenry business circfes is Freund & Pollock Insurance As*, sociates, located at 308 W. Elm street and operated by Elmer J. Freund and Virgil R. Pollock. OBITUARI Bessie Mqrtin Funeral services for Mrs. Bessie Martin, 71, of Chicago were held Saturday at 1 p.m. at the Peter M. Justen & Son funeral home, with Rev. J. Elliott Corbett officiating. Burial was in Mount Emblem cemetery, Elmhurst. . Mrs. Martin died in Elgin Tuesday, Oct. 23. The deceased was born at Spaulding Aug. 16. 1885. Surviving are two half-sisters, Mrs. Hazel DeMaulin of Danville and Mrs. Mary Christian, and several cousins. Her husband died in June. IN MEMORIAM In loving memory of our dear wife and mother, who left us three years ago Oct. 28, 1953. She will live in our memory forever. *26 B. L. Maynard and children The "N.P." Test is Important! See Page 5 Freshen The Impression 26 PERSONALS Arthur Larson, of Hayward, Wis.; visited relatives here last week enroute to California to spend the winter. Mr. and Mrs. Jack Pepping of Chicago spent the weekend With McHenry relatives. Mrs. Nick Young, Mrs. Anna Miller, Mrs. Jean Driscoll and Miss Joyce Weber attended the card party given for the benefit of St. Peter's clinch at Spring Grove last week. ' Mrs. .Harry Alexander and Mrs. Elva Tbbetts. of Hebron and Mrs. Wm. Kimball of Genoa City were guested in the Robert Thompson home Friday : Mr. and Mi's. Carl L. Antonson, accompanied by friends from Waukegan, have returned from a .^jB-day trip to Washington, D. C., and other pdints of interest in the East. Mrs. Wm. Spencer spent the weekend with Chicago friends. A group of former classmates enjoyed' a reunion and luncheon noar Elgin Saturday. They were Mrs. Kathryn Behlke, Park Ridge; Mrs. Lucille Sayler and Mrs. Laura Hughes, Woodstock; Mrs. Ella Walkup, Greenwood; Mrs. Ruby Shepard, Ringwood; Miss Florence Knox, Crystal Lake; Mesdames Eleanor Foley, Agnes Bienapfl, Anga. Winkelman and Miss Genevieve ftnox, McHenry; and Mrs.. Ethel Smith, Pistakee Bay. Miss Joan Adams spent the weekend in the Ray Walsh home at Fox Lake and Miss Joyce Adams visited in the Math Adams home at Pistakee Bay, while their parents, Mr. and Mrs. "Duke" Adams, vacationed at Neceda, Wis. Mrs/Grace O'Brien and daughter, Jean, were weekend visitors in Chicago, where on Sunday they attended a solemn pontifical Mass of Thanksgiving at Our Lady of Grace church in observance of the fiftieth anniversary of the ordination of the pastor, Rt. Rev. Msgr. Victor B. Primeau his twenty-fifth year in that pas- 1 orate and the fifteenth anniversary of the consecration of the church. They also attended the dinner which followed at the parish hall. Walter Carey spent a few days this week on a business trip to Ixiui^yille, Ky. McHENRY Glenn Paulsen You won't have to 'argue with your kids for TV time in the future. Multi-telecast is around the corner; you'll see several programs at once on a series of wall screens, possibly like your picture frames. Not only that, they will be three dimensional and in full color. And when your phone rings, be sure that the place is tidy or have the telephone-vision turned off. You'll see the caller as well as he will be able to see you. Come to think of it, when y.ou telephone the McHENRY TV in the future, you'll just push-button our 2233 and we'll Allan McKim view your telecast screens in our shop. Depending on the type of service needed, the future picture tubes will flicker a light denoting the type of break-down. We'll immediately relay this information to o u r t e c h n i c i a n who w i l l promptly steer his air-mobile to your home, glide in to your landing strip and remedy your electronic trouble. This, of course, is in the future. But not so far off as .you might think. We'll be around because that's our line. You'll like our modern day service meanwhile as your neighbors do. Ask them about . us. Dr. and Mrs. Henry Freund, their granddaughter, Karen Christian, and , Mrs.- Freund's "^sister, Mrs; Henry .Schade, spent a few days with Relatives at Princeton, 111. ' Mr. and v Mrs. Edward tonyan and the foripeVs mother, Mrs. Elizabeth Toriyan, are spending a few weeks in the home of Mr. and airs. George B. Tonyan, former local residents, in Tucson, A r i z . A ; - . , Mr. and Mrs. Nick B. Freund visited in the . George Scheid -home in W£ucond&; Sunday, evening. , Mr. Roy Johnson of Batavia called on McHenry relatives Saturday.' .-••• Mr. and '.||trs. Nelson Davis have return^ from the West Coast, where he was called on business. Whilje there, Mrs. Davis continued on »'t:o Seattle to visit her daughter and son-in-law, Ensign and "Mrs. John Deroche, formerly of McHenry. Sunday night supper guests in the Otto Mueller home were Mr. arid Mrs. K. Honf arid family of River Forest,: Mr. and Mrs. A. Guest of Round Lake, Mr- and Mrs. B. Bowerman of Round Lake, Mr. and Mrs. Walter Mueller and Mrs. Josephine Wellhoefer of McHenry. Mrs. George Bohr, daughters, Pam and Linda, of Minneapolis, Minn., spent, several days this past, week With Relatives and friends in McHenry. j Dorothy Justen and Elaine Plancencia visited in the Nick M. Justen home Tuesday. Mr. and fcfrs, Math Laures left Monday for Garden Grove, Calif., to visit th$ir daughter and family, Mr, arid Mrs. Richard Holmberg, w)iere they expect to stay for .a month. From there they will go pn to Florida for the remainder of the winter. Mr. and Mrs. Frank Kromer of Highland Park were Sunday guests in the William Staines home. Mr., and Mrs. Carl J. Freund and Mr. and Mrs. Bernard N. Snaith have returned from a few dhys vacation in Wisconsin. Mr. and Mrs. Carl Smith, Miss Mary Jane Parker and Thomas Muldoon of Whiting, Ind., were guests of Mrs., Jack Walsh and other relatives here Friday. Other recent guests in her home were her two nieces, Mrs. Emerson Beverly and Mrs. George West; erman of Elgin. Mr. and Mrs. William Dreyer arid Mr. and Mrs."Norman Lobitz spent Sunday in Chicago. Mr. and Mrs. Martin Christiansen of Lakeview Drive, Sunnyside Estates, visited in Chicago this past week, where they spent some time! with their son and daughter and their families, taking special enjoyment in a visit with their grandchildren. Mr. and Mr. Ai J. Wirtz visited in the .home of their son Jack, and wife in Elgin Sunday. Mr. and Mrs. Harold Phalin and daughter, Diane of Waukegan visited McHenry relatives Sunday. Mr. and Mrs. John McDonaldand baby of Chicago spent the weekend with her parents Mr. and Mrs. Walter Carey. Thursday,November 1,19565 Buy U.S. savings Bonds Who Said Taxis Are A Luxury? ' Add the cost of cleaning this man's rain-s o a k e d clothes and you'll agree door-to-door taxi actually saves money. A cab can help In a hundred different ways. When you need one. CALL 723 McHENRY CAB AMONG THE SICK s / Memorial Hospital . James Harper, Jr., was a sur* , gical patient at Memorial hospi* tal, Woodstock, this week. T Medical patients this week were Master Robert Kames, admitted Oct. 27, and Mrs. Helen SmalleJ# and Ruby ; Crowley, Oct. 30. McHenry Hospital Patients at McHenry hospital this week included Betty Dibelka, Mineral. Springs; Ronald' Spankuch, Rt- 5, McHenry; Laura Sanford, Christina Keller, Doris Moffett, Annie Scott and Ernest Siemans, McHenry; Gary May, Spring Grove; Joseph Mather, McCullom Lake; Dennis Druml^ Wonder Lake; Mary Romoska," John Graves and Helen Lau, Ringwood. A Don't let a clogged or leaky radiator waste your And- Freeze. Our efficient Fac* tory Method cleaning and repairing guarantees you a leak-proof, clean radiator* Low flat-rate prices. GENERAL REPAIRS * Welding Ornamental Iron ADAMS BROS. REPAIR SERVICE Bus. Phone 783 -- Res. 209-J Located in Stilling's Phillips "66" Service Station 300 E. Elm St. McHenry, III. PHONE §238 On Route 120 • t Blkfc But of New Bridge Lee Edwards Presents POLKA - OLD TIME MODERN BALLROOM BROADCAST direct from ballroom Every Sunday Afternoon 8:00 to 4 P.M. WUP -- Kenoslia 1050 On yopr Dial EVERY SATURDAY NIGHT AND SUNDAY AFTERNOON Featuring the Nation's Top Polka - Old Time & Popular Bands at the World Famous Wonder Bar - Twin Lakes Ballroom TWIN LAKES, WISCONSIN "BRING THE WHOLE FAMILY ON SUNDAY AFTERNOON -- CHILDREN WELCOME I'm Thi About my love 11 • • • new furnishings from The House Of Furniture. (and at such wonderful savings!) The beautiful, new House Of Furniture at Richmond stocks a complete- line of everything you need for your home . . . living room, dining room & bedroom sets. And those beautiful lamps . . . what ideal Christmas gifts they'll make. The carpeting department has recently been enlarged for better selection, too. The prices are right and the terms can't be beat! Stop in sqon, you'll be thrilled too. 3fus> Qlou&e 3'uttnitui<e> HILL VIEW SHOPPING CENtER RICHMOND 3461 RICHMOND, ILL. Open Daily: 8:30 to 5:30; Fri. & Sat. 'Til 9 NO MONEY DOWN! EASY TERMS TO SUIT ANY BUDGET Ask about our Xmas Lay-A-Way Plan. "TBI MOST PROGRESSIVE GOVERNOR