Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-12-09
THE FIDELITY AGAIN.
JUDGE HUGHES APPOINTS A RECEIVER
FOR THE LOAN COMPANY.
faction Leads TO the Litisation--Ths
Richmond Agency.
,dge Robert W. Hughes arrived in The

Judge Robert W. Hughes arrived In the
city yesterday morning from Washington
and left in the afternoon for Norfolk.
Judge Hughes has entered In the United
States District Court at Alexandria an
order appointing a receiver for the
Fidelity Building and Loan Association,
Mr.. G. HALEY Norton. OF Alexandria,
being named as the receiver. The action
before Judge Hughes was brought by
Judge ]. X. NJ. Norton. brother OF the
receiver. in behalf OF several share
holders.
The Washington Post, referring to the
receivership says:
1.-THE particulars OF the litigation lead
ing TO the appointment OF Receiver Nor
ton are these. The recent raid on the
companys office IN Pittsburg and other
dissatisfaction among the Shareholders OF
the association, all OF which are alleged
by the officers TO be absolutely groundless,
placed the association In such an embar-
RAISING position that IL was simply impOs-
sible to stand the strain any longer. The
organization was absolutely forced into
insolvency by the repeated attacks upon
H. anu IL 10 OElitNtu lIdN iDc
assets OF the association will be found
to largely exceed the liabilities, and the
officers are in no way alarmed over the
situation.
COLUMBIA NOT AFFECTED.
This appointment has nothing what
ever to do with the old Fidelity Building.
Loan and Investment Association. the
official title OF which was recently
changed 20 the Columbia Building, Loan
and Investment Association, for the Tea-
son that the two companies, doing busl-
ness under practically the same name,
were naturally confused by the custo-
mers The company which has passed
into the hands OF Receiver Norton Is a
stralghtout building and loan associlt ton,
while the other corporation (the Column
bia) transacts an investment business.
receiving weekly deposits from share
holders"
The Post says further on: Everything
was quiet at the general offices yester-
day. even the appearance Of the receiver
failing to attract any attention. Officers
Of the company stated that there was no
thing new In regard to the Plttsburg
trouble. nor in reference 10 the local
movement against the Columbia Building,
Loan and Investment Association. The
attorneys Of the association are Mt work
upon the answer 10 the petition for q
receiver, which will be fled on Monday.
The Fidelity Building and Loan Asso-
citation had at one time an agent in
Richmond. but discontinued business here
a good while ago.
THE COMPANIES HERE.
Mr.. +. b. Tolston. the Richmond agent
OF the Columbia Building and Loan and
Investment Associa ton when seen yester-
day by q Dispatch reporter and asked
about the aforementioned proceeding.
said he had not heard that receiver had
been appointed. II started" continued
Mr.. Tolston, with the Fidelity Building
and Loan Association March 1G, 1892 The
company did business then on both the
weekly and monthly plan. In the fall,
or latter part Of the summer OF 1891 they
discontinued the weekly business in the
Fidelity Building and Loan Association
and started the Fidelity Building. Loan
and Investment Association, which was
also operated on the weekly and monthly
plan | was relieved from this district
in April. 1892. and sent 10 Wheeling, W.
Va, but was under the impression that
the two companies were one and the
same until the fall Of 1898. when | found
that they were different companies, but
managed by the same officers. In the fail
of 1922. or about that time, the name Of
the Fidelity Building. Loan and Invest
ment Association was changed TO the
Columbia Building, Loan and Invest
ment Association. ! left Wheeling in
May, 1894. spent some time In Washing
ton. and in october came back to Rich
mond and re-entered the service OF the
Columbia. I am now working under the
advice Of attorneys, and know nothing
officially OF the affairs Of the association
in Washington.