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Bank To Pay Out Fully to Depositors (Continued from page 1) as against 80%, to date. for the South Pasadena National Bank. In the case of the 103 banks in question, the average percentage of assessments collected from stockholders was 48.46% In the case of the South Pasadena National Bank the collection was 74.8% In the matter of cost of liquidation of the South Pasadena National Bank, this is approximately onehalf the average cost for the 103 National Banks finally liquidated during 1929. "Using approximate figures, the total assets of the bank at suspension were $797,000. Stock assessments, additional assets acquired and interest collected. brought the total up to $1.004,000. Losses charged off by Federal Court Order, amounted to $61,000. very largely occasioned in the sale of the bonds. Assets have been cancelled by the offset of credit balances to the extent of $55,000. while cash collections to date amount to $640,000. Preferred Creditors Paid "In addition to paying 80% to general creditors up to this time. preferred and d creditors have been paid off in full. in the total amount of $262,000. These consisted principally of State. County and Municipal Treasurer. public money on deposit. scured by bonds. "Approximately $170.000 has n collected by the Receiver. which was not on the books of the bank at suspension. This is made up in part of collections stockholders. under assessment and partly by a cash contribution by certain of the former Directors. For many months, the Receiver has been conducting negotiations with the former Directors. with a view to effecting a settlement in cash, which would avoid any necessity for possible litigation. Efforts in this direction were successful, inasmuch as several of the Directors contributed a total of almost $94,000. as a result of which they were released from further liability. by the Receiver, under a Federal Court Order. Quarter Million Assets Remain "Uncollected assets remaining on hand amount to nearly a quarter of a million dollars. but it is quite impossible to say what proportion of these will be finally collected. inasmuch as a number of these are in process of suit. Due to the congestion of the courts, some unavoilable delay occurs in completing litigation and it is therefore impossible to make any forecast as to the amount or date of future dividends, covering the remaining 20% due to general creditors.' Mr. Heathcote was formerly connected with the Security-First National Bank and its predecessors, the Los Angeles First National Bank and the Pacific Southwest Trust and Savings Bank. C. J. Harrison of the firm of Flint and MacKay is the attorney for the receiver. "In addition to the South Pasadena Nationual Bank. Mr. Heathcote is also liquidating the Colton National Bank which suspended operations in July, 1929.
