The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-07-11
BANK DEPOS|TORS
TO GET DIVIDEND
Commonwealth Receivers Will
Mail Checks for Is Cents
on Dollar.
BANK HAS S162,63O IN CASH
Further Payments Depend on
Collection of Outstanding
Loans and Discounts.


on about July 90, every person
who has rnoncy on deposit in the de
! funct Commonwealth Bank Will re
ceivc check for % per cent of the
amount Of hs deposit az n first in
stallmcnt towards the settlement Of
his claim b. the banks receivers. The
% per cent dividend has not as Yet
bceG authorized, but AN order directing
u VIII ho entered by Judge Moncure.
OF the Chauccrv Court within the
ncNt ten davs unless some contingency
not now expected prevents
'Thc prospective dividend became a
practical certainty Yesterday with the
hling of a repor, by Commissioner in
chincery Overton Howard. who MAS
directed under Il decree entered by
Judge Noncurc on January :. 1914, 10
prepare statement Of the Common
wealth Banks condition with proper
" attested schedules showing indi-
vidual dcpositorS and complete tables
or the banks assets and liabilities
The report covers niany typewrittcn
pages, and sets the Information before
the court accoinpanie by dispositions
from tho banks officers and account
ants explaining the Significance OF the
major items. y revised statement Of
:he banks conditions is submitted ana
shows that on June ~. la1i the total
hili'ies ss5!.Soj.3@ The statement
shows that the bank mas now cash on
deposit to the amount of sl62.63o.1i.
I IItII: iI'ICiENr CASH
FOR ONE-EoIRTH PAYMENT
In the sam" statement il is shown
that tn" deposits i, excess OF g
mount to i5;o.O3o.lj. - per cent
dividend on this total would amount
20 Si35,o07.53 and it's disbursement
would Stiil leave the bank a cash bal
Y - fs.-s..
T." somewhat reduced by the dividend
/ on the deposits that are smaller than
s.. which DO not appear in the state
I mctit.
The statement 1lcd by Commissioner
/ howard will he held in the Chancery
/ Court for a p.3iod Of ten days to await
the fling OF possible exceptions. Ii no
! exceptions ARE onercd--and none are
/ cNpectcd-ttle receivers. IL is cNpcc:ed
VIII ttlc u condensed statement Of the
banks condition. setting forth sub
4 stantially the game Information that iS
+ contained Ina III" commissioners report
now ON filc With this information be
\ fore hiIn Judge Moncurc. il is ex-
pected, Will enter order directing
I the payment OF a % per cent dividend
/ to all depositors as first installment.
The dividend check Will be 4 well
| come visitor TO approximately $500
Il jepositors, large and small, who were
! caught in the crash when the Com
monwealth Bank at the close OF busi-
ness on August -. posted "A notice on
its doors conveying the Information
/ that il had been compelled To close
because of its temporary inability 10
I meet the demand OF creditor banks for
! The repa$ $mcnt OF money borrowed To
i talk. care %. lis customers.
DEPoS'TOUS WELCOME FIRST
RAY OF ENJOI UNt.EMI.NT
/ Most OF the depositors belong TO the
! indrstria! and workin" classes, and
\ We're hard ait bv the banks failure,
! The practical assurance of AN initial
/ - i,cr cent dividend is the first ray
/ Of encouragement that has penetrated
/ the gloom Of the $500 or more dcpoSi-
/ tors since the affairs Of the institution
! were taken in charge by the receiv-
crs. John x. Li-htfoot, Jr.. and James
/ w Gordon. ten months ago.
/ Although Commissioner Howard's
/ statement of the banks condition on
June -. 1914, shows that the assets
exceed the liabilities by S32s. s.6o6.ao. The
\ ratio between the two is modified by
1 the fact that S5aa.l7o.l6 of the total
assets consists OF loans and discounts
| which are not readily convertible. No
one was willing TO predict yesterday
how much will eventually be realized
! from this big item
/ Upon the amount of cash the dis
counts and loans Will eventually pro-
duce hinges the probability OF further
| dividends to dcpositors. y gradual
! liQuida tion has enabled the receivers
/ To accumulate n cash balance of Si63.-
| 630.!i. which will be largely dissipat-
i cd in the distribution of the - per
! cent dividend. When the size of the
! cash balance will permit another di-
vidcnd is n matter OF pure conjecture.
4 When the bank closed its doors last
\ August the officers of the institution
united with State Bank Examiner
/ Bark sdalc in statements expressing
the belief that depositors would re-
ceive 100 cents the dollar. The
weight Of the data placed before the
| Chancery Court by the receivers would
! appear 10 indicate that the ultimate
I return To the dcpositors VIII be at a
| ratio considerably less.
COMMISSIONER HOWARD
REPORTS BANKS CONDITION
| Commissioner IIoward's statement
| of the assets and liabilities of the
! Commonwealth Bank. as of June IL.
certain small balances OF 5: or less
! due depositors. follows:
! Assets.
! Loans and discounts. S5a9.1791i
! Suspended debt account .... 12,6Sla6
| OverdraftS ................ l,66l.ai
j Stocks and bonds ........., 6l.SaS.SS
! Real estate owned ......... 3.l73.70
/ Due from banks .......... 25137
Receivers investments ..... l0.622.7l
j. II. Harding (shortaGe) -. 13.40OS9
J Furniture. fixtures and vault 1l.946.22
| Notes guaranteed ......... 100000
Cash on deposit (reccivers) 16a.630l4
Total Observation-Disclosures s97o.4lc29
Liabilities.
! Deposits over s.. $500 .03015
| Dividends unpaid ......... 2l6O0