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AFFAIRS Receiver Frank D. Lawrence Announces Tenders For Assets Will Be Received. With view to closing the affairs the defunct State Bank of Portsmouth, which failJuly 13, 1929, and realizing the from the remaining assets, Frank ceiver State Bank, today tenders vited the uncollected assets, will be received writing Monday, August 29th. The receiver had paid two ten Bank since assuming the affairs, and hopes, by step, ten per cent dividend possibly an additional five per cent. Receiver's Statement. Mr. follows: undersigned, receiver the State Bank Portsmouth, that tenders invited for the uncollected assets the Tenders will received writing the undersigned his office American National Bank, Portsmouth, Virginia, to o'clock Monday, August 29, 1932. "Tenders will be received for each individual judgment held the receiver and for the uncollected assets "Immediately after closing hour for receipt tenders on August 1932, tenders received by dersigned receiver will be submitted the court for authority for action no tender can be accepted unless approved the court. "Anyone interested in tendering any offer these assets, singularwhole, may do and the undersigned receiver will gladly furrequested. (Signed) "Receiver, "State Bank of Portsmouth.' The action asking tenders for the assets of the State Bank, Mr. Lawrence, vicepresident cashier the American National Bank, said today taken at the behest of positors in the defunct State Bank. Want Small Settlement "Many these depositors," Mr. Lawrence explained, anxious secure final settlement now, the matter behind them, and while am not empowered effect any any assets the State Bank, the request for tenders of the assets will give that opportunity. unwilling to proceed against persons notes the State Bank still holds and perhaps force them into bankruptcy when know that precipitating bankruptcy can realize practically nothing. At the time these same people the help their friends could pay sonable compromise fers, certainly more than could hoped for they were pushed into bankruptcy. over three years since the failure of the State Bank and practically of the depositors are anxious close the settle for what they can and behind them. This offers the The paying of two ten percent dividends depositors, ed out today, meets most timistic hopes those familiar with the affairs the defunct bank, and the assurance third ten percent dividend and possibility addi(Continued On Page Twelve)
