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Young Plan aids business recovery for defunct bank depositors
In Pinebluff Arkansas on November 7 a local banker D C Young introduces spending certificates to aid recovery for more than 8 000 depositors of four closed banks. Certificates from 1 to 100 dollars sell for 100 cents on the dollar and are accepted as cash by merchants. Redeemable at 96 cents per dollar, each certificate must be redeemed within 10 days. Dividends are paid at intervals from the 3 1 3 cents kept, with two thirds for overhead. If a liquidating agent pays a dividend full value is credited to the depositor. Future dividends go to a general fund after full recovery. Young seeks broader use of the plan.
MENTIONED IN THIS ARTICLE
Pinebluff
Ark
Young Plan
D. C. Young
J. A. Perdue, Sr
Young
Jerry Calif
Universal
Theodore Game
Stow High School
Stow, O
L. A. Chamberlin