The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-12-30
Virginia Safe Deposit
and Trust Corporation
in Receivers Hands.
BRANCH AGENCIES
IN EIG Fl I TOW MS
President Rixey Turns Over His
Real Estate 10 Protect Cred
itors-His Illness Given as
Reason for Suspension.
Receivers Make
Statement.
fs,ocia,,o The Times.Disnatch /

Special TO The -Dispatch.1
Alexandria Va, December 29.-The
Virginia Safe Deposit and Trust Cor
poration, with paid-up capital stock
of 100000 and an authorized capital
stock of sl.0oo,ooo, closed its doors
this morning, following the appoint
ment of John S. Barbour, of Fairfax,
and Judge j. X NJ. Norton, of AleXan-
dria. as receivers to wind up its affairs,
They gave joint bond in the sum OF
$4,000.
A simple notice, written with lead
pencil was tackled on the doors of the
bank this morning, reading: Closed;
in charge of receivers; all notes due
can be paid to any bank in town"
This was the first intimatlon that
there was any trouble, During the
morning hours many depositors gath
cred in small groups and read the no.
tice.
No Hint of Trouble
The news came as a distinct surprise
in banking circles. From what can
be learned, not the slightest intimation
was given that the bank contemplated
winding UP its affairs.
The appointment of receivers was
made in the Corporation Court here
by Judge l.. C. Barley eXactlysfive min
utes after midnight last night. upon
application OF the stockholders and di-
rectors of the company. all except the
president, C. j. RiXey, who is i'll at his
home in Washington.
Their names. as appended 10 the pa
pers filed in the equity suit for the ap-
pointment of a receiver, appear a s fol-
lows: Thomas j. Fannon, Henry *.
Field, c. C. Leadbeater, George s.
French, John p. Robinson and Henry
Baader. All are well known business
men.
No One to Rum Bank.
Owing to illness of the president Of
the defendant company" the applica-
tIon reads, ''and being EithoiEt. reason-
1aole assurance tiIassfe WI De able 20
personally conduct the affairs of the
company for some time TO come, COM
plainants find themselves unable to
carry on the business.
"Complainants further state that
while there are ample assets, they be-
lieve, to meet all the obligations of the
company, yet, as there will be calls
in the near future for large sums OF
money. they doubt their ability to ar
range for them, deprived as they are
by illness OF the assistance of their
president, nor can they see any hope
of successfully conducting the business
of the defendant company in the fu-
ture.
That, because of the conditions, the
purposes for which the company was
formed have failed, and it cannot be
longer conducted profitably or to serve
any purpose of its creation or exist
ence.
That in order to secure all deposi-
tors and other creditors against any
possibility of loss in any event, C. j.
RiXey, the president of the defendant
company, has conveyed to 1t large
properties, mostly valuable real estate,
for an estimated value of $20O,0OO'
Statement by Receivers.
At noon to-day the receivers for the
bank issued the following statement:
The directors, finding that they
would be unable to meet certain large
Withdrawals of deposits, of which they
had been notified in advance, without
what appeared to be unwarranted
sacrifices of the securities of the bank,
and in order to save what appeared to
be the best interest of all depositors
and creditors, and to keep them on an
equal footing, last night applied for
the appointment of receivers. The
court appointed Judge ]. X, NJ. Nor
ton and John S, Barbour, as receivers.
"They have executed the bond re-
quired by the court, and are now in
charge of all the property of the COM
pany. The receivers have not yet
been able to make such an examina-
tion of the affairs of the company as
will justify them in stating definitely
it's conditions. AS soon as this infor-
nation can be ascertained it will be
furnished to those interested.
IN addition to the other assets OF
the company, Its president, c., j. RiXey.
several days ago conveyed directly to
1t large quantity of very valuable
property, real and personal, believed
to be worth about 100000, as a spe-
cial security for all depositors and
creditors, and it is the expectation of
the creditors and receivers that the
assets will prove more than sufficient
to pay all debtors and creditors, This
step was made necessary at this time
by the continued Illness of c. J, RiNey.
and his inability to give the bank his
personal attention.
Eight Branch Agencies.
The Virginia Safe Deposit and Trust
Corporation has eight branch agencies
scattered at the following places
throughout the State: Gordonsvtle,
Dillwyn. Lovingston, Remington, Cul-
peper Charlottesville, Basic City and
Herndon.
1t is understood that the receivers
are arranging as rapidly as possible
to wind up affairs. 1t is not yet known.
however,, when the depositors will be
paid off.
Many people in Alexandria had reg
ular banking accounts AT this institu-
ton number had deposits In the
savings department, which paid 3 per
cent. interest It's branches all did a
good b,~iness, II Is said
The bank was established here sew
eral years, Only a few days ago 1t
erected q modern banking house on
the north side of King street, between
Fairfax and Royal Streets
G. J. RiNey, president Of the con-
Germ is from Culpeper, and is we'll
JlcnptRued on Sixth Page.l
sls