The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-07-23
DIVIDENDMAYB BE
PAID DEP0SITORS
Liquidating Agents Sell
ing Assets of Defunct
Institution
270 NOTES STILL DUE
Tulsa Oil Man Purchases
Judgment Against Burk
Petroleum Co.

speclai TO The World.
OKMULGEE, July 22.-Since the
sale was announced Of n portion OF
n Judgment owned by the Bank Of
Commerce against the Burk Pc
troleum corporation to G. II. Teter
OF Tulsa, a representative OF eastern
capital, and since the last report OF
the liquidatlng agents I'm charge Of
the affairs ot the Bank of Com
merce relative TO the amount OF col
lections of debts due TO the failed
hank, the payment OF an initial
dividend to the deposltors appears
not far distant. The failure Of the
Bank OF Commerce in November OF
last year was the first OF n series
Of incidents IN Okmulgec that led
M to the indictment OF Governor
Robertson and developments I'm the
liquidating OF the bank have been
awaited with much interest. not only
on the part of the depositors but
the rest of the citizens of the city.
Cashing In Assets.
OF the failed banks assets over
100000 has been collected by the
agents up TO the last report, which
was made public this week. Assets
Of the defunct bank have been con-
verted into sl05,O00 I'm cash by the
agents. w. w. Folsom, w. n. Crane
and Nat S. Barnett. since they took
charge over two months ago. Ap-
proximately an eighth Of the double
liability payments of the stockhold-
ers OF capital stock amounting to
5000. 600 has been paid. The bal
ance Is being held up by litigation
According 10 the bulletins recent
~ prepared for the use of the de-
AZ
were approximately 27O notes held
by the bank on which payment was
due. ThiS, in round numbers was
n total due OF sf.30O.O0O. ranging
in notes Of $4,000 to $50. 600 in size.
Judgment has been obtained by the
bank on over $4,000 from war
rants. bonds and the like.
Distribution Of n fund of s112. 900
by the Bank OF Commerce has been
prohibited under an injunction OBJ
tained In the federal courts by the
United States Fidelity & Guaranty
Co, which claims preference in the
payment Of United States govern
ment deposits for which It IS surety.
over 100000 had been collected by
the bank before the agents took con-
troll, but n fund OF s123,O0O. which
was on deposit in one Of Okmulgee's
banks was tied up by the bonding
company with suit. but later
agreed to allow the llquidating agents
TO draw s11,500 from this fund to
redeem $4,000 worth OF collateral
by the payment OF $4,000 debt
and the payment Of s1,4O0 interest
on a debt OF 5000 which the Bank
or Commerce had contracted.
Interest IL Valuable.
The sale Of approximately fif-
-siXteenths interests in its iudg-
ment against the Burk Petroleum
will net the Bank of Commerce
about 100000. In the sale OF this
week the bank received sS4.90S.75
cash. This judgment was secured
by the bank on May s, 1922, against
the Burke Petroleum corporation on
certain mortgage covering oil
properties formerly owned by John
II. Rebold and sold by him to the
Burk company. The bank expects to
sell fraction of its Judgment
against the Burlt Petroleum cor
poration which it still holds and the
judgment against Rebold.
IL is said that the deal which cul-
minated In the sale Of part OF the
interests in the judgment has been
In the process OF negotiation for sew
eral weeks. Tho many legal COM
plications involved I'm the final clos
Ing UP OF the deal were ably han
died by Assistant Attorney-General
Fred Hansen, legal adviser for the
Mquidators