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V.-C. Firm Sets Bank Receiver Stockholders' Files Report Session Date At Petersburg
Yearly Meeting to Be Held October 10; Notices Will Be Mailed in Few Days
By Robert C. Harper
Stockholders of the Virginia Carolina Chemical Corporation will hold their annual meeting in Richmond on October 10. Notices for the meeting will be sent out within few days by company officials. The stockholders also will receive copy of the annual report covering the company's operations during its fiscal year. As there are approximately 15,000 stockholders of the company, it is customary to send the notice of annual meeting simultaneously with a copy of the annual report, as a matter of economy. V. C. Chemical with assets of more than $30,000,000. does the bulk of its fertilizer business the early part of the the beginning of the planting In financial circles there is considerable interest to the earnings the during its fiscal year While the fertilizer code did much to prevent cut-throat competition, the effect of crop acreage reduction incident to programs is matter of conjecture among local stockholders. who are awaiting the annual report with keen interest. The meeting will be presided over by A. Ivey who was elected president the resignation of George A. Holderness, several months ago. The last two annual meetings of V. C. C. stockholders were marked by sharp contests. one over proposed merger with Armour Fertilizer Works, and the second over matters of company policy incident to purchase. an of per cent preferred stock of the V. C. Chemical Corporation. decision of Virginia's highest legal tribunal resulted in the overthrow of forces opposed to George S. Kemp. retired Richmond broker whose slate of eight candidates for the board of directors was elected. Inasmuch as the decision upheld the right of the per cent prior preference group to name by one. of the board of fifteen members, no along that line is anticipated the October 10 annual meeting Nor are any indications of arising over the personnel of the board. to well-informed financial circles, everything 15 peaceful the V. C. Stockholders will elect the board of directors. which in turn will name the officers.
Central Bank Dividend The board directors of Central National Bank yesterday declared regular quarterly dividend of 11-2 per cent. amounting to $15,000. Checks will mailed to stockholders on September 29. The dividend is payable stockholders of record as September 25. President William H. Schwarzschild announced
Insurance Convention Selden Mankin. A. Braden Diggs and Mrs. G. Evans were among party of Penn Mutual Insurance Company officials and employees leaving yesterday for Swampscott. Mass. to attend the annual Galus W. Diggs. Virginia general agent, will attend the general agents' convention as well as the company's convention.
Sales Up Here Sales and collections in Richmond during August were among the best for all cities in the nation. according to the National Association of Credit Men. Richmond was one of seven cities reporting sales to be good. as compared with poor and fair. and likewise this city was one of eleven places collections were rated in the highest bracket.
Quarterly Statement of Official Shows Assets Collected 50% of Total
[Special to The Times-Dispatch] PETERSBURG, Sept. 12-A state-s ment made today by William Bond, receiver for the defunct First National Bank and Trust Company, showed that of the total of $5,876.597.01 the bank when is closed March 1933, little less than one-half has been collected the receiver. This first quarterly statement, made by Receiver Bond to the United States of currency. shows that the total amount collected as of June 30, when the report was compiled, was $2,453,151.42 Costs of the receivership as of the date of the report is placed at $28.925.42. Mr. Bond was named receiver last November 16 and assumed his duties the following day. The amount collected by Receiver Bond includes $174,075 received from stock assessments. Assessments against stockholders totaled $700,000 and of the assessments paid. all were voluntary but several suits have been instituted in Federal court Richmond by Receiver Bond against shareholders who have refused to pay. Under the heading of collections, the report shows cash collected from all sources follows: Assets and stock assessments, interest. premium and rents. $68,964.78: collections by receiver and held as trustee for owners and trust departnance Corporation loans received. $638 This total $3,204.899 in collections to be accounted for.
Disbursements were listed as follows: Secured and preferred liabilities paid, including dividends. advances in protection of assets such as taxes and insurance. $35 487; expenses receivership. $28,925 42; dividends paid to (50 per cent of deposits paid to depositors soon after the bank was closed). $1.153,312 84: Reconstruction Finance Corporatio loans repaid (current loan), cash in hands of receiver and including liquidating account, $293 Remaining uncollected assets of the bank are listed at 40 and of this total stock assessments amount to $525,925.
Retail Merchants Elect
G. Leonard Elmore, prominent In the retail mercantile business here for number of years and secretary the Stores, Inc., since 1928. has been secretary of the Retail Merchants' Association, succeeding the late Raymond C. Parsons. who was drowned in the James River off Scotland Wharf several weeks ago.. Other officers of the Retail Merchants' Association are W. Lum Jr., president: R. Talmage, first vice-president: Max Jacobs. second vice-president; R. M. Harrison, treasurer.
Man's Death Held Accident
Dr. E. L. McGill, city coroner. said today that he had not decided an would be held into the death of Robert Campbell, 65-yearold tailor, who was found dead in about six inches of water in Brickhouse Run morning. A police probe thus far has failed reveal any sign of foul play believed that met death accidentally. It is thought that he drowned after being stunned by an accidental fall of about eight feet from the concrete culvert. Funeral services for Campbell were held this afternoon at o'clock at the grave in Blandford Cemetery.
Baptist Group Meets
With delegates attending from practically all Baptist churches of Petersburg and vicinity. the twentyeighth annual session of the Petersburg Baptist Association opened in Colonial Heights Baptist Church this morning and will tomorrow afternoon. Jesse R. Stephenson of this city. moderator of the association. is presiding. The morning worship today was conducted by Rev. J. E. Gibson, pastor of Baptist Church and Rev. W. S. Leake. pastor of the host church, extended greetings to the delegates. The sermon was delivered by Rev. R. G. Snowden and report on the Union was made by Miss Nonie Gravatt. The meeting tomorrow will end with general discussion of subjects incident to the welfare of the church.
40 and Officers Installed
John Allison. chef de gare, and other the Petersburg volture the Forty and Eight Society were installed at joint meeting in Medical Arts tonight of the local group and the Hopewell voiture, which also inducted officers at this time The installation was Dr. E. Johns of Roanoke, State chef de gare Local officers. besides Allison ared Walter Andrews of Emporia. chef train: B. Jackson, garde de la porte: Dr. L. S. Early. medicin: J. E. Perkins. pampiste: Garland Barksdale. commissar voyageur: J. C. Kirkpatrick, grand cheminot: William Walton, commissar intendant.
Map Southside Fair
Officers of the Southside Virginia Fair, Inc., and staff of workers are busy plans for the annual fair to be presented at the fair grounds in West End Park October 8 to 13. M. R. Lyons, general manager: R. W. Eanes secretary J. Thompson Wyatt. general counsel. have been busy mapping plans while Franklin Pond, president of the association, has been lining up exhibits.
