Evening Republican, Volume 17, Number 66, Rensselaer, Jasper County, 18 March 1913 — NEW BANK BUYS THE HOLLINGSWORTH STOCK [ARTICLE]

NEW BANK BUYS THE HOLLINGSWORTH STOCK

Farmers State Bank Incorporators Negotiate for 350 Shares in'the First National.

For .some time negotiations have been on foot for the purchase by the Farmers State Bank, recently incorporated and which was at this time ready to open its doors, of the EmmeJ L. Hollingsworth stock in the First Bank, of Rensselaer, and last Saturday the terms were agreed to and a contract of sale was entered into. The effect will be the surrender of the new bank charter and will place the First National Bank in the frauds of the joint stockholders with the exception of Mr. .Hollingsworth, who sells all of the 350 shares of stock he owned. The first National Bank was capitalized for $60,000 and, the paw Farmers State Bank for $35,000, and as Mr. Hollingsworth sells 350 shares of stock, the same number that were issued by the new institution, all the shareholders in the latter are provided for and will be interested'in the First National. The stock is understood to have sold for $l5O per share, or sls above bar. while the present surplus in the First National is carried i i liability of the new bank and will be taken up at intervals withip the next two or three years.

Mr» Hollingsworth has large landed interests in Jasper county and it is understood that he will devote his time to the management of these as well as to other private business interests and that for the immediate future at least he will remain in Rensselaer. It is understood that ho has already had several opportunities to become associated with large banking concerns and his friends here think it probable that he will eventually re-enter the banking business in a larger field.

The purchase of his stock in the First National Bank contemplates no change in the bank’s affairs other than, the installation of the new officers and there will be no interruption at all in the business of the bank. The change will probably take place within a few days, or as soon as the necessary details of the sale can be consummated.

The Harris bank building, which had been finished in splendid shape for the occupancy of the Farmers State Bank, will now be for rent and it is understood that several applicants are after it.

Fine assortment of candy at 10c a pound at the 5 and 10 Cent Store.

As the result of a crusade conducted by Dr. J. A. McCuaig, it is said that store managers of Evansville will fix wages of girls so that none will receive less than $5 a week.