Shareholders of University State Bancshares approved the sale of a large block of newly issued common stock to two Johnson County investors — C. Humbert Tinsman Jr. and James E.C. Tinsman. University State Bancshares owned about 80 percent of University State Bank at 955 Iowa. Don Johnston was president. Johnston said the bank had not been sold as such and local control was still due to be prominent. The Tinsmans were to factor in bank expan sion projects.

A libel suit brought by Thomas H. Black Jr. against the World Company was dismissed. Black was the former owner of the Royal College Shop, a shoe store. He had contended that news coverage of the probes into possible arson at the store caused him injury and damage. No payment was involved in the dismissal.

Steady rain was continuing through the day after a frustrating period of drought that had left the entire region parched. There were prospects for a needed inch of moisture and there was a chance for more rain in the next few days.