Evening Republican, Volume 19, Number 206, Rensselaer, Jasper County, 31 August 1915 — WINONA SOLD FOR HUNDRED THOUSAND [ARTICLE]

WINONA SOLD FOR HUNDRED THOUSAND

E. Excell, Representing Directors In Reorganization, Buys Wii*ona Assembly. The reorganization of the Winona Assembly and Summer Schools Association was made almost certain as the result of the purchase of the property Monday afternoon by E. O. Excell, of Chicago, who represents the old board of directors. As soon as the sale is approved by Sol A. Wood, receiver in bankruptcy, the reorganization of the new Winona will take place. The property was sold for $100,600, which was $2 above the appraisement. There was no other bid. The debts of the assembly aggregate about $900,000, and members of the old management assert that the property is worth almost that amount. A great cheer went up from the crowd when Mr. Excell handed over his check. It was announced that as soon as the sale was approved the settlement plan would be carried out. This plan provides for a reappraisement of the property for an amount equal to the claims held by those who have signed the agreement, and the property will then be distributed in proportion to the claims held, The reorganization plans provide for a new board of directors with W. J. Bryan at the headier. Dickey will be kept at the head of the Bible conference and in general charge of the program. Many liberal donations have already been made. Shares of stock are now being sold at $lO. One of the provisions of the new organization will be that no debt of more than SIO,OOO can ever be contracted and that amount only on a permanent improvement.