The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-07-26
COMMONWEALTH BANK
MAILS DIVIDEND CHECKS
Dcpositors in Defuuct Institution
Receive First Payment of
% Per Cent.
RECEIVERS ARE PAID $4,000
Court AUTHORIZES Purchase OF First
Mortgages To Protect ASSETS of
Bank-Reccivers Serve rs .Attor-
ncys Without Extra Pay.

There is rejoicins among the $500
creditors. large and small. OF the de-
tumct Commonwealth Bank Judge
Moncurc. of the chamcery Court, has
approved the report Of Commissioner
overton Howard and issued decree
authorizing the receivers OF the bank
10 distribute a sum equal 10 - per
cent OF the claims
The banks creditors arc now re-
ceivinG their first checks since the
bank was closed, each quarter por-
ton OF their claim,
The decree confirming The commis-
sioner's report, nlcd July s., 1914. in
the action Of the State Corporation
Commission vs.. ;he Commonwealth
Bank, Incorporated. directed ;he re-
ceivcrs OF the bank TO pay to each
OF the creditors CAS- set out in SEIZED
ulc 10 and II. filed with the report OF
Commissioner Howard) "a sum equal
TO % per cent OF the amount OF their
respective claims. as shown in the
schedules specified
COURT AUTHORIZES
TRANSFER or FUNDS
For the purpose OF paying the cred
itors, The receivers were authorized TO
withdraw from funds 10 their credit
as receivers. on deposit in the Ameri-
can National Bank, $4,000. and to de-
post the amount in the Richmond
Trust and Savings Company. dcsiS-
mated dividend account No. !. and to
transfer to this account from tho
funds deposit in the Richmond
Trust and Savings Company sS3.9S4.5i.
the two sums aggregatinE $162,9S4.64.
This constituted Il fund for the pay
ment OF the first dividend ordered.
The receivers were directed TO pay
j. Il. Tucker, out OF any funds In
their hands. not appropriated to the
paymen, Of dividends, $500 for his
services as attorney for the State Cor
poration Commission. for instituting
and prosecuting the suit
\ payment Of $3.50 to Ovcrton How
ard. commiss Toner. in full for his ser
vices was directed 1t the same time
by the court.
HOOK ASSETS OF BANK
EXCEED LIABILITIES
II Will be recalled that tho report
Of the COMM ssioncr of the court car
ried a statement of the condition ot
the banks affairs. showing total OF
sa79.53o.l4 assets. and s65l ,S05.3o liza
bilities This statement, the COM
missioner relates In his report, Is
based upon the reports made to him by
the American Audit Company.
He adds to the specifications OK
planning the items OF the statement:
I'm addition to the foregoing liabili
ties, there are the following claims. or
possible dema nds. which have not
stated as liabilities: Claim of G. w.
Throclimorion for professional ser
vices and cash paid out for account OF
the bank. $4,000; July. 1913. dividends
unpaid. schedule No. ., with deposit
tions of II. G. Proctor. s2l6: sundry
individuals. 1926; total. S2.74l."
phase of the administering OF the
defunct banks affairs by the receivers.
which has been commented upon as UNI
did not follow the usual custom OF
having legal counsel To advise and di-
rect them. This was done In the in
tercst OF economy.
PAYMENTS rO RECEIVERS
AGGREGATE: $4,000
The receivers. James W. Gordon and
John +. LightfoOt. Jr.. are both prac-
ticing attorneys, hence they were able
TO proceed with their work without the
assistance OF paid lawyers. They re-
ceivc no fee whatever as lawyers in
are paid only for discharging the duties
OF receivers.
The total amount paid 10 the re-
receivers in 1913 was $1,000 For
their services this yenr they have re-
ccivcd $4,000.
Another feature OF the rcceivership
OF the Commonwealth Bank out of the
ordinary Is noted in tho manner in
which certain assets were protect ed
To safeguard certain second mort
cages on properties on which the bank
had loaned money. authority was given
by the court TO purchase the first mort
cages on these same properties the
risk of loss on these second mort
l,t,.. l,as. 4,