Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1913-12-23
BANK FUNDS ARE
i. III. SHORT s13,40O
Discrepancy in Common
wealth Bank of Rich
mond Announced.
STATEMENT IS FILED.
Gives Many Details-Impossible to
Estimate Amount That Will
Be Realized From Assets.

Richmond, Va, Dec. 23.-Report
No. 8 on the condition of the de-
funct Commonwealth Bank, filed yes
terday in the Chancery Court by the
receivers, John B. Lightfoote and Jas
w. Gordon, serves notice that a
careful auditing of the accounts re-
veals ! discrepancy amounting to
$13,400.09 between the individual
ledger balance and general ledger con-
troll. The shortage was brought to
light by the American Auditing Co.,
which has been engaged for several
months in checking up the banks
transactions.
The discrepancy is noted in the au-
cit company's statement of the banks
assets and liabilities at the close OF
business on August %, l913-the day
the institution was ordered closet
Bank Examiner Barksdale. 1t is
again referred to in the summary that
precedes the audit company's exhaus-
tivee 175-page report.
On the question that is uppermost In
the minds of the 5000 or more de-
posiors anxiovsly awaiting tip on
the probability of their getting theil
money back, the receivers report
throws little light. The difficulty OF
answering this question at this time
is indicated in the folloWine, excernt
from the brief report that accom-
panies the exhaustive statement OF
the audit company.
Gan inspection of the report Of the
American Audit Company will dis,
close the complicated nature of the
administration in which your receivers
are engaged. They have been at,
tempting ever since their appointment
TO ascertain the relationship be.
tween the;bank and the various debt
ors brown on the schedule of asset;
attached to the report, and to collect
and secure those assets for the pro
lection of the. creditors of the bank
MANY of the assets shown on the
report are of such a character tha
it will require careful handling ovel
considerable pesiod of time t.
avosa the; sacrifice, of; the. same, ow
ing to various contingencies, it is al
most impossible for your receivers t.
tell at this. time what amount the!
will probably be able to realize ou
of the assets as shown by the report
but they will from time.to time maxi
further report to; the court in regar'
to specific itelhs or. assets as inves
legations. progress J:
According to the American Audi
Company's statement, the Common
wealth Bank had at the close of busli
ness on August 20, commercial an
savings deposits aggregating 1892,
$500. The sum includes the sl5'
4OOse shortage already noted. Their
were also certificates of deposit
amounting to sSl,6ss.7O; cashier
checks totalnig s4,24s.12 and cert
fed checks aggregatnig sl.79s.26
The asests on the same day, &C
cording to the audit company In
Guided as chief items: loans OF var
Gus kinds aggregating SS72,44l.s0
overdrafts, 1922. .43; stocks owne'
Sl74,sSO, and real estate owned, 80
1870. The vaults contained cas-
amounting to S4,114.S5, and guarante
notes worth $4,000.
Judge Moncure, of the Chancer
Court, entered decree acceptins II
report of the American Audit Con
pany and the schedules of books, .;
ners, furniture and fixtures. as an Il
ventory by the receivers of the a
sets of the bank. The decree al
nroyes also the action Of the recei
ers in disposing of minor business
matters connected with the liquid
ton of the banks assets.