The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-04
BANK RECEIVERS
FILE FIRST REPORT
Commonwealth Has Large Num-
Der OF Notes With Limited
Endorsement.
NAME TWO REPOSITORIES
Receivers Select American Ma
tional and Richmond Trust
and Savings Company.

The Commonwealth Bank. according
to a report of its receivers filed yester-
day in the Chancery Court, is the own
CIR OF large number of notes which
it has discounted for it's customers.
Some OF these, the receivers report. are
for fairly large amounts, but the ma
jority are in mparatively small
amounts. and made out and indorsed By
persons OF very limited means.
Among the makers OF these notes. it
Is stated, are large number who have
deposits in the bank. In their report
TO the court yesterday. the receivers
asked for n ruling on the right TO set
of the amount of such deposits against
the notes. Judge Moncure entered n
vacation order yesterday ruling on this
point as follows:
The court instructs the receivers
that in all cases where persons have
balances to their credit on deposit with
the defendant bank or its branches they
shall allow set off of the said bal
ance against any obligation or dis
counted paper due by such dcpositors
TO the defendant bank. taking care in
each case that the balance on deposit
and the obligation is case Of mutual
debit and credit"
Name Depositorfes.
The court approves the selection by
the receivers of the American National
Bank and the Richrond Trust and
savings Company as repositories, and
approves also the bonds executed bv
them with the United States Fidelity
ana Guaranty Company and the Fidcl-
ity and Deposit Company
From many sources, the receivers
report. they have received requests for
the return of notes and other panors
lett Tor collection. In cases where the
receivers were satisfactorily convinced
of the validity of such claims they
were granted. In most cases. how
ever, the receivers report, they have
ueciiheo TO make any delivery until
Iurther investigation should show thar
the bank is in no way Interested in Ihe
coliection OF the notes demanded judge
Moncure, i'll his order, approves this
procedure.
with regard to the disposition OF
sealed boxes and packages contained
In the vaults of the Common weo lth
anu am. bearing the names of individuals.
the court directs that the receivers are
not authorized to break tho seal of
any such packages. but that they shall
De delivered to claimants upon satis
factory proof of ownership.
disposal of $4,000 Check,
On august p, the receivers report.
ene commonwealth Bank purcha sed
eitO -Nallonal state and CITY Bank
a check for $500. drawn by w. NJ
Hill cashier of the American Exchonre
National Bank, New York, in fayor of
H. q. Proctor. trustee. The check was
ihdorsed by H. G. Proctor, cashier, sent
Tor deposit to the Mechanics and
Metals National Bank, New York and
chccks drawn against it,
Whcn the receivers, Iightfoot and
Gordon assumed charge on September
/, they found letter from the Me-
chahics and Metal National Bank rc-
turning the ss.5OO check with the noto
ton that It's Endorsement was NOT nm
proved by the American Exchange Nh
uonal Bank and notifying the Com
monwealth Bank that Its account had
been charged with the amount of the
check. -
The receivers had the check correct.
~ indorsed. H. G. Proctor, trustee and
forwarded for collection on their ac-
count. In their report to the court thev
asked If the proceeds should be re-
mitted to the Mechanics and Metals
National Bank or he retained as mart
OF the assets OF the Commonwealth
Bank. Judge Moncurc reserved his rul-
Ing on this point until he could take
Continued On Second Pagc)